Cambium Global Timberland Limited Portfolio Update (7733H)
07 December 2020 - 10:23PM
UK Regulatory
TIDMTREE
RNS Number : 7733H
Cambium Global Timberland Limited
07 December 2020
07 December 2020
Cambium Global Timberland Limited
(the "Company")
Portfolio Update
The Company announces the signature of an agreement on 04
December 2020 for the sale of Fazenda 3R, located in the State of
Tocantins, which is being sold for a total price of Brazilian Reals
18,500,000.00 (GBP2,655,083). Brazilian Reals 18,100,000 of the
consideration is due to be received within five days of signing the
agreement with the balance of Brazilian Reals 400,000 being payable
pro-rata on the resolution of a dispute with third parties relating
to the possession of 295 hectares.
This asset had been carried at GBP2.3m in the 30 April 2020
Annual Report and Accounts, after allowing for the costs of
sale.
The sale is in line with the Company's investing policy to
realise its assets and will reduce operational expenditure and
expedite further returns to shareholders in due course.
The Company shortly expects to announce the sale of Forquilha
Farm, located in the State of Minas Gerais, split between two
contracts with different purchasers.
Upon completion of the above sales of these two properties, the
Company's sole remaining investment property will be its claim on
the Lizarda property in Tocantins State which has been valued at
zero in the Company's accounts.
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.
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.
LEI: 213800YGRM8HG1S74M46
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END
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