Cambium Global Timberland Limited Timber Disposal (4373O)
November 07 2016 - 2:00AM
UK Regulatory
TIDMTREE
RNS Number : 4373O
Cambium Global Timberland Limited
07 November 2016
7 November 2016
Cambium Global Timberland Limited
(the "Company" or "Cambium")
Timber Disposal
Cambium Global Timberland Limited has entered into a wood supply
agreement with SUZANO PAPEL E CELULOSE S.A, a publicly owned
Brazilian pulp and paper company ("Suzano"), to sell to Suzano
substantially all of the standing timber on Cambium's 3R property
in Tocantins state, Brazil.
The Cambium board is delighted with the commercial terms of the
agreement, which is expected to generate an income to Cambium
approximately equalling the current book value of the trees (before
legal and financial advisory costs related to the transaction). The
final price to be paid by Suzano will be determined pursuant to a
pre- harvest inventory to be commissioned in early 2017. Broadly, a
deposit is payable to Cambium within 15 days of the agreement which
is expected to amount to approximately 20% of the total purchase
price (the total price to be finally quantified after the
pre-harvest inventory), with approximately 60% due after the
pre-harvest inventory in the first half of 2017 and the balance
before the end of 2017 once all the wood has been removed.
This sale is part of the planned orderly realisation of
Cambium's assets. The board continues its efforts to realise
remaining assets and looks forward to making further announcements
at appropriate times.
- END -
Broker and Nominated Adviser
Panmure Gordon
Paul Fincham/Jonathan Becher
0207 886 2500
Sub-Administrator and Delegate Company Secretary
Praxis Fund Services Limited
Janine Lewis/Matt Falla
01481 737600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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