29 Aug 2014 10:00

29 August 2014
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Cambium Global Timberland Limited
(the "Company")
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Disposal of property at Tarrangower, Australia
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The Directors of the Company announce that contracts have been exchanged for the sale of the Company's Australian timberland assets for a gross cash consideration of AU$2.1 million. In addition to the cash element, the Company has secured a profit share in the majority of the assets, under the terms of which the Company will be entitled to 25% of net sell-on profit for a period of 12 months following the sale. A deposit of AU$210,000 has been received and the balance is due on completion 42 days after exchange of contracts.
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The Directors intend to return surplus capital to Shareholders in an efficient manner. Shareholders will be advised of the details and timing of any such distributions in due course.
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The sale of the Australian property is the latest in a series of disposals by the Company. The gross sale price maybe compared with the carried value of AU$1.5 million as at 30 April 2014, itself a considerable write down on the previous year's carried value.
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Broker and Nominated Adviser
Panmure Gordon
Paul Fincham/Jonathan Becher
0207 886 2500
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Investment Manager
CP Cogent Asset Management
Rich Standeven
+ 1 214 871 5400
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