LONDON (Alliance News) - Cambium Global Timberland Ltd Thursday said it has exchanged contracts to sell its property at Clinch County in Georgia, for a gross cash consideration of USD8.6 million.
Cambium Global Timberland said the Clinch County property sale price represents 86% of the carrying value of the asset, as at October 31, 2013.
The Jersey-based closed-ended investment company said it has already been paid a deposit, and it will use part of the net proceeds to reduce its outstanding debt, while using the rest for working capital purposes pending further disposals.
Shares in the company were down 1.8% Thursday morning, at 26.75 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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