In line with the Cambium Global Timberland's stated strategy for the orderly disposal of its assets, contracts have been exchanged for the sale of the Company's 8,065 acre property in Stewart County, Georgia, for a gross cash consideration of $9.1 million. Completion is expected to take place on 26 June, 2014.

Cambium Global Timberland sells 8,065 acre in Georgia for $9.1 million

14:44 / May 20, 2014

May 21, 2014. /Lesprom Network/. In line with the Cambium Global Timberland's stated strategy for the orderly disposal of its assets, contracts have been exchanged for the sale of the Company's 8,065 acre property in Stewart County, Georgia, for a gross cash consideration of $9.1 million. Completion is expected to take place on 26 June, 2014, as the company said in the press release received by Lesprom Network.

The net proceeds of sale from this disposal and the disposal of Clinch County previously announced will be applied in discharging associated indebtedness of some $6.2 million. Surplus cash remaining after providing for working capital requirements will be made available to shareholders and another announcement will be made in due course following further consultation with shareholders.

The Stewart County property was marketed alongside the Clinch County property. The sale price represents 91% of the 31 October 2013 carrying value of the Stewart County asset.

Lesprom Network

Cambium Global Timberland sells 8,065 acre in Georgia for $9.1 million

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