Camellia PLC Asset Disposal Amendment
RNS Number : 3555W
17 August 2020
17 August 2020
The following amendment has been made to the 'Asset Disposal'
announcement released on 17 August 2020 at 11.17 under RNS No
The reference to the financial year end in the first sentence of
the last paragraph of the Asset disposal section of the
announcement was not correct. The sentence should have read: 'The
profit before tax attributable to Horizon Farms in the year ended
31 December 2019 was GBP1.8 million'
All other details remain unchanged. The full amended text is
Camellia Plc (the "Company")
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 2019 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
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.
Tom Franks, CEO
Susan Walker, CFO 01622 746 655
Nominated Adviser and Broker
Erik Anderson 020 7886 2500
William Clutterbuck 07785 292 617
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact email@example.com or visit www.rns.com.
(END) Dow Jones Newswires
August 17, 2020 08:55 ET (12:55 GMT)