TIDMCAM

RNS Number : 3382W

Camellia PLC

17 August 2020

17 August 2020

Camellia Plc (the "Company")

Asset disposal

Camellia Plc (CAM.L) announces that Horizon Farms partnership in California has agreed to the sale of the Horizon Farm property together with its growing crop of pistachios and almonds for a gross cash consideration of $31 million to Maricopa Orchards LLC. Horizon Farms, in which Camellia has an 80% interest grows pistachios, almonds and citrus fruits and has been a part of the group since 1990. After sale costs, including withholding and other taxes, it is estimated that the net cash proceeds to the partnership will be approximately GBP17.5 million.

The sale, which is effective 1 July 2020, is expected to complete within 90 days, subject to satisfaction of certain conditions precedent. There is no guarantee that the sale will complete or that it will complete on the same terms.

The profit before tax attributable to Horizon Farms in the year ended 31 December 2020 was GBP1.8 million and the net assets relating to the property and growing crop at 30 June 2020 was GBP9.2 million. The estimated pre tax gain on sale of the assets is GBP14.2 million (post tax approximately GBP10.0 million) which, subject to completion, will be reflected in 2020 full year results.

Interim results

The Company is planning to issue its half year results to 30 June 2020 in the second half of September 2020.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:

 
 Camellia Plc 
  Tom Franks, CEO 
  Susan Walker, CFO               01622 746655 
 Panmure Gordon 
  Nominated Adviser and Broker 
  Emma Earl 
  Erik Anderson                   020 7886 2500 
 Maitland/AMO 
  PR 
  William Clutterbuck              07785 292617 
 

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August 17, 2020 06:17 ET (10:17 GMT)