Cambium Global Timberland Limited Portfolio Update (4367I)
08 August 2019 - 9:28PM
UK Regulatory
TIDMTREE
RNS Number : 4367I
Cambium Global Timberland Limited
08 August 2019
8 August 2019
Cambium Global Timberland Limited
(the "Company")
Portfolio Update
The Company announces today the signature of a conditional
agreement for the sale of its tree farm at Agua Santa, in Minas
Gerais, Brazil. The agreement will result in total payments over a
24 month period which, at today's exchange rate, amount to GBP6.22m
(contracted as a total of BRL 30.0m). Title will only pass to the
buyer at the end of the payment period.
This asset had been carried at GBP4.9m in the 30 April 2019
Annual Report and Accounts.
The contract is conditional on the completion of due diligence
by the buyer and requires a BRL 3,000,000 down payment on the
completion of due diligence, followed by 24 monthly repayments of
BRL 1,125,000. The Company will update the market on completion of
the sale in due course.
The sale is in line with the Company's policy to realise its
assets and will reduce operational expenditure and expedite further
returns to shareholders in due course.
Tony Gardner-Hillman, Chairman, welcomed the sale as a further
significant step in the right direction against a backdrop of
market conditions in Brazil which continue to be slow, a situation
which was covered in more detail in the Annual Financial Report for
the year to 30 April 2019, released on 25 July 2019.
The Company continues to hold its interests in Tocantins, Brazil
and two other properties in Minas Gerais, Brazil.
For further enquiries please contact:
Chairman
Tony Gardner-Hillman
01534 486980
Broker and Nominated Adviser
W H Ireland
James Joyce
020 7220 1698
Administrator and Company Secretary
Praxis Fund Services (Jersey) Limited
01534 835831
Inside information
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014). Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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