Camellia PLC Asset Disposal (3382W)
August 17 2020 - 05:17AM
UK Regulatory
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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END
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