Camellia PLC Completion of asset disposal (3496F)
November 16 2020 - 02:00AM
UK Regulatory
TIDMCAM
RNS Number : 3496F
Camellia PLC
16 November 2020
16 November 2020
Camellia Plc
Completion of asset disposal
Camellia Plc (CAM.L) is pleased to confirm the completion of the
previously announced sale of the Horizon Farm property together
with its growing crop of pistachios and almonds. The gross cash
consideration is $31 million and in addition, the purchaser will
reimburse certain cultural costs incurred by the Group in the
period from 1 July 2020 (being the effective date of the sale). Any
proceeds from the sale of crops which were harvested before 1 July
2020 remain for the account of the Group.
Horizon Farms, in which Camellia has an 80% interest, grows
pistachios, almonds and citrus fruit. After sale costs, including
withholding and other taxes, it is estimated that the net cash
proceeds to the partnership from the sale will be approximately
GBP17.3 million which represents a pre tax gain on sale of GBP14.0
million (post tax approximately GBP9.8 million) which will be
reflected in the 2020 results. These figures exclude the benefit of
the cultural cost reimbursement and any future proceeds from the
sale of crops which were harvested before 1 July 2020.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries
Camellia Plc 01622 746655
Tom Franks, CEO
Susan Walker, CFO
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Emma Earl
Erik Anderson
Maitland/AMO
PR
William Clutterbuck 07785 292617
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