LONDON (Alliance News) - Cambium Global Timberland Ltd, the investment company that is gradually realising its assets and returning the money to shareholders after a disappointing asset performance, Wednesday said it has exchanged contracts to sell its 8,065 acre property in Stewart County, Georgia, for USD9.1 million in cash.
It said it expects the deal to complete on June 26 and it will use the proceeds, as well as the USD8.6 million it got for selling a Clinch County, Georgia property last month, to pay off debts of some USD6.2 million. The remainder will be returned to its shareholders, excluding money it uses for working capital, it said.
Cambium's shares were up 3.6% at 28.875 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.