30 May 2017 16:34
30 May 2017
Cambium Global Timberland Limited (the "Company")
Portfolio Update
The Company announces today a further update on the sale of its Hawaiian assets (the "Transaction"). Those assets comprise the Company's leasehold interests at the Pinnacle and Pahala Estates.
The Company has agreed, in return for a non-returnable additional payment to the Company of US$ 156,000 (received today), that the purchaser has until 31 July, 2017 to close the Transaction. If it does not do so, the Company has the right to terminate the Transaction by serving notice requiring the escrow agent to pay to the Company from the escrow account the earnest money deposit of US$ 300,000. If the purchaser elects to close the Transaction, the Company will receive from the escrow account the full aggregate purchase price, namely US$ 3,300,000 (in addition to the US$ 156,000 received today).
For further enquiries please contact:
Chairman
Tony Gardner-Hillman
01534 486980
Broker and Nominated Adviser
Panmure Gordon
Paul Fincham/Jonathan Becher
0207 886 2500
Sub-Administrator and Delegate Company Secretary
Praxis Fund Services Limited
Matt Falla/Poppy Tolcher
01481 737600
Inside information
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014). Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.