LONDON (Alliance News) - Cambium Global Timberland Ltd Friday said it has exchanged contracts with an unnamed buyer on the sale of its Australian timberland assets for AUD2.1 million.
Along with the AUD2.1 million cash consideration on the sale, the company has secured a profit-share agreement in the majority of the assets, giving it the right to a 25% net sell-on profit for a period of 12 months following the sale.
Cambium said it is intending to return the proceeds of the sale to shareholders and will provide more details on those plans in the near future.
The sale is the latest in a slew made recently by the investment company, including the USD9.1 million sale of its Stewart County property in the US state of Georgia in May and the USD8.6 million sale of its Clinch County property, also in Georgia, in April.
Cambium Global Timberland shares were untraded Friday, quoted at 25.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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