Cambium Global Timberland sells land in two Georgia counties in Q2 for total of US$17.7M; 8,065 acres in Stewart County sold for US$9.1M, unspecified acreage in Clinch County sold for US$8.6M
July 15, 2014
(Industry Intelligence Inc.)
– Cambium Global Timberland Ltd. sold timberland in two Georgia counties in Q2 for a total of US$17.7 million.
The properties were marketed at the same time, but the sales completed separately.
The first was an unspecified acreage in Clinch County for a gross cash consideration of $8.6 million, according to an April 24 announcement on Cambium’s website. That transaction was set to complete by the end of May.
Cambium then sold 8,065 acres in Stewart County for $9.1 million, as announced in a statement on its website dated May 14. That transaction was scheduled to complete on June 26.
The sales were in line with Cambium’s “stated strategy for the orderly disposal of its assets,” the company said.
The net proceeds from both sales will be applied in discharging associated debt of about US$6.2 million, and surplus cash remaining after providing for working capital requirements will be made available to shareholders.
The Clinch County sale followed a process in which some 60 investors and buyers were approached, 20 of whom signed non-disclosure agreements, said Cambium in the April 24 statement.
The sale price for Clinch represented 86% of the Oct. 31, 2013, carrying value of the asset, and the sale price for Stewart County represented 91%.
The primary sources of this article are two statements on the Cambium Global Timberland Ltd. website, dated April 24 and May 14. To view the original statements, click here and here.