Asian Citrus Holdings Ltd Market Update (4489M)
May 07 2015 - 4:00AM
UK Regulatory
TIDMACHL
RNS Number : 4489M
Asian Citrus Holdings Ltd
07 May 2015
For immediate release 7 May 2015
Asian Citrus Holdings Limited
("Asian Citrus" together with its subsidiaries, the "Group")
Market Update
Asian Citrus provides the following update on the financial and
operational impact of the presence of Huanglongbing (the "HLB
Disease") identified at the Group's Xinfeng Plantation, as
previously announced on 15 April 2015.
Based on the current information available to the Board from the
comprehensive investigation, as announced on 15 April 2015, the
Board confirms that the rate of infection of HLB Disease is
currently anticipated to be approximately 18% of the total orange
trees in Xinfeng Plantation.
In order to prevent the spread of the HLB Disease and protect
the unaffected orange trees, approximately 300,000 orange trees
infected with HLB Disease are expected to be removed in May 2015.
The estimated removal and additional pesticides costs amounting to
approximately RMB12 million will be incurred in the fourth quarter
for the financial year ending 30 June 2015. The Group's insurance
policy does not cover damage from the presence of any diseases and
as such there will be no reimbursement for the losses incurred from
the HLB Disease.
The Board estimates the 2015 winter harvest from Xinfeng
Plantation will see a significant reduction compared to the 2014
winter harvest, which will have an ongoing adverse effect on the
results of the Group from the financial year ending 30 June
2016.
The Board wishes to highlight that the HLB Disease itself,
despite current industry know how, is fatal once the trees are
infected. The content contained in this announcement is based on
the latest information available to the Board and it should be read
in conjunction with the Market Update as previously announced on 15
April 2015.
For further enquiries please contact:
Asian Citrus +852 2559 0323
MarkNg, Executive Director and Chief Financial Officer
Cantor Fitzgerald Europe (NOMAD and Broker) +44 (0) 20 7894 7000
Rick Thompson/David Foreman (Corporate Finance)
Richard Redmayne (CorporateBroking)
Weber Shandwick Financial +44 (0) 20 7067 0700 Nick Oborne,
Stephanie Badjonat, Tom Jenkins
This information is provided by RNS
The company news service from the London Stock Exchange
END
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