Asset Disposal Amendment

17 August 2020   

The following amendment has been made to the 'Asset Disposal' announcement released on 17 August 2020 at 11.17 under RNS No 3382W.

The reference to the financial year end in the first sentence of the last paragraph of the Asset disposal section of the announcement was not correct. The sentence should have read: 'The profit before tax attributable to Horizon Farms in the year ended 31 December 2019 was £1.8 million'

All other details remain unchanged. The full amended text is shown below.

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 £17.5 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 2019 was £1.8 million and the net assets relating to the property and growing crop at 30 June 2020 was £9.2 million. The estimated pre tax gain on sale of the assets is £14.2 million (post tax approximately £10.0 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.    

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