2 Feb 2012 10:00
2 February 2012
Cambium Global Timberland Limited ("Cambium" or "Company")
Corrigan Land Sale
The Company is pleased to announce that an agreement has now been reached on the purchase price adjustment for the sale of the remaining 7,270 acres of land around Corrigan, Texas, which has been impacted by the "Bearing" fire. The sale price has accordingly been agreed at $9.15 million.
The latest transaction is anticipated to be accretive to NAV as contained in the interim accounts ending 31 October 2011 by approximately $500,000, or 0.3p per share.
As required under the terms of the loan agreement, $3.5M of the proceeds will be used to pay down principal on the amount borrowed by the Company in May 2010. The remaining amounts provide additional liquidity to the Company for general business purposes and support for its investment program.
The transaction is expected to complete on 28 February 2012, with the net proceeds being available to the Company shortly thereafter on completion of certain legal and tax formalities
For further enquires please contact:
Investment Manager
CP Cogent Asset Management
Richard Standeven
+ 1 214 871 5400
Broker
Matrix Corporate Capital LLP
Paul Fincham / Jonathan Becher
+ 44 (0) 20 3206 7000
Nominated Adviser
PwC
Melville Trimble / Krysia Sturgeon
+ 44 (0) 20 7213 8898 / + 44 (0) 20 7212 5504