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Cambium Global Timberland Sells Tree Farm In Brazil For GBP6 Million

Thu, 08th Aug 2019 13:12

(Alliance News) - Cambium Global Timberland Ltd on Thursday said it agreed to sell its tree farm at Agua Santa, in Minas Gerais, Brazil.

The plantation forest owner said the agreement will result in a total payments of BRL30.0 million, about GBP6.2 million, paid over a 24 month period. The value of assets agreed for disposal stood at GBP4.9 million as at April 30.

The company noted that it continues to hold its interests in Tocantins, Brazil and two other properties in Minas Gerais, Brazil.

The contract is conditional on the completion of due diligence by an undisclosed buyer and requires a BRL3.0 million down payment on the completion of due diligence, followed by 24 monthly repayments of BRL1.1 million, Cambium noted.

The sale is in line with the company's policy, it said, to realise its assets and will reduce operational expenditure and expedite further returns to shareholders in due course.

Cambium will publish its annual results on July 25, it said.

The stock was trading 8.1% higher in London at 12.70 pence a share on Thursday.

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UK MORNING BRIEFING: ITV Weighs On FTSE 100 Despite Strong Revenue

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24 Apr 2014 12:39

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Cambium Global Timberland To Sell Clinch County Property For USD8.6 Million

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27 Feb 2014 16:58

DIRECTOR DEALINGS: Cambium Global Non-Executive Buys 200,000 Shares

LONDON (Alliance News) - Cambium Global Timberland PLC Thursday said non-executive Director Svante Adde bought 200,000 shares at a price of 26.5 pence per share. The purchase represents Adde's only holding in the company. Shares in the investment company closed at 26.02 pence down 1.9

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31 Jan 2014 10:53

Cambium Global Timberland Hit By Strong Sterling, Asset Write-Downs

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