Cambium Global Timberland Limited Portfolio Update (9117H)
08 Diciembre 2020 - 3:32AM
UK Regulatory
TIDMTREE
RNS Number : 9117H
Cambium Global Timberland Limited
08 December 2020
08 December 2020
Cambium Global Timberland Limited
(the "Company")
Portfolio Update
The Company announces the signature on 07 December, 2020 of two
separate agreements with different purchasers (of which one is
conditional) for the sale of the land of Forquilha Farm, located in
the State of Minas Gerais.
Contract 1 is for a value of Brazilian Reals 3,473,565.00
(GBP498,519) and is made up of three designated areas. Area 1,
amounting to GBP235,216 of the consideration, is due to be paid for
in full within two days of execution. Areas 2 and 3, amounting to
GBP263,303 of the consideration, are due to be paid for in three
equal instalments within two days of execution and then 12 months
and 24 months after the date of the first payment. Title will only
pass to the buyer for each area as payments are completed.
Contract 2 is for a value of Brazilian Reals 15,389,148.75
(GBP2,208,620). All monies are due to be received over a 24 month
period in 3 equal instalments. Title will only pass to the buyers
at the end of the payment period. Part of this area also carries a
standing Eucalyptus crop which has already been sold separately to
another party with payments due to Cambium over the next 24 months
as the wood is harvested.
The aggregate contracted sales prices, excluding the mature wood
at Forquilha, translate to GBP2.7m at current exchange rates. These
assets had been carried at GBP1.9m in the 30 April 2020 Annual
Report and Accounts after allowing for the costs of sale.
These further sales are in line with the Company's investing
policy to realise its assets and will reduce operational
expenditure and expedite further returns to shareholders in due
course.
Upon completion of the above sales of these two properties, the
Company's sole remaining investment property will be its claim on
the Lizarda property in Tocantins State which has been valued at
zero in the Company's accounts.
Tony Gardner-Hillman, Chairman, welcomed these additional
significant steps in the right direction which brings Cambium very
close to the end of its stated aim to realise its assets.
For further enquiries please contact:
Chairman
Tony Gardner-Hillman
01534 486980
Broker and Nominated Adviser
W H Ireland
James Joyce
020 7220 1698
Administrator and Company Secretary
Praxis Fund Services (Jersey) Limited
01534 835831
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.
LEI: 213800YGRM8HG1S74M46
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END
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December 08, 2020 04:32 ET (09:32 GMT)
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