14 May 2014 07:00
Cambium Global Timberland Limited (the Company)
Disposal of property at Stewart County, Georgia
The Directors of the Company announce that, in line with the Company's stated strategy for the orderly disposal of its assets, contracts have been exchanged for the sale of the Company's 8,065 acre property in Stewart County, Georgia, for a gross cash consideration of US$9.1 million. Completion is expected to take place on 26 June, 2014.
The net proceeds of sale from this disposal and the disposal of Clinch County previously announced will be applied in discharging associated indebtedness of some US$6.2 million. Surplus cash remaining after providing for working capital requirements will be made available to shareholders and another announcement will be made in due course following further consultation with shareholders.
The Stewart County property was marketed alongside the Clinch County property. The sale price represents 91 per cent. of the 31 October 2013 carrying value of the Stewart County asset.
Broker and Nominated Adviser
Panmure Gordon
Paul Fincham/Jonathan Becher
0207 886 2500
Investment Manager
CP Cogent Asset Management
Rich Standeven
+ 1 214 871 5400