Completion of asset disposal

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 £17.3 million which represents a pre tax gain on sale of £14.0 million (post tax approximately £9.8 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 

 

END

 

 

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