Camellia launches GBP9.0 million share buyback after sale completed

(Alliance News) - Camellia PLC on Friday approved a GBP9.0 million share buyback programme after ...

Alliance News 6 December, 2024 | 10:48AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Camellia PLC on Friday approved a GBP9.0 million share buyback programme after the sale of USD100 million BF&M Ltd shares was completed.

The Kent, England-based agriculture and engineering services firm said the board approved the programme to reduce the company's share capital, improve share liquidity and return capital to shareholders.

Camellia also said the sale of its entire 37% stake in BF&M to Bermuda Life Insurance Co Ltd, a subsidiary of Argus Group Holdings Ltd, completed on December 5.

The company confirmed it took a net profit of around GBP10.7 million from the sale.

Chief Executive Officer Byron Coombs said: "The completion of this transaction is an important step for Camellia, enabling it to continue focusing on its strategy of growing its agricultural businesses, through investment in its existing group companies as well as seeking new opportunities."

Shares in Camellia were down 3.9% to 4,772.00 pence in London on Friday morning.

By Michael Hennessey, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Camellia PLC 4,740.00 GBX -2.27 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures