Camellia PLC Disposal of ACS&T and Relocation of Head Office (0717K)
19 Décembre 2022 - 8:00AM
UK Regulatory
TIDMCAM
RNS Number : 0717K
Camellia PLC
19 December 2022
19 December 2022
Camellia Plc
(the "Company" or the "Group")
Disposal of Associated Cold Stores and Transport Limited
("ACS&T")
Relocation of head office
Disposal of ACS&T
Camellia Plc is pleased to announce that it has agreed to the
sale of its interest in ACS&T to HSH Coldstores Limited ("HSH")
for GBP16.5 million in cash payable at completion (subject to the
potential adjustments described below). A pre completion cash
dividend of GBP3.8 million is also being paid to the Company.
HSH is one of the UK's leading providers of
temperature-controlled storage and distribution solutions and a
subsidiary of Constellation Cold Logistics, Europe's third largest
cold storage network.
The transaction, which is subject to customary warranties and
indemnities is expected to complete on 10 January 2023. There are
no conditions to completion save for the lapse of time.
The final consideration due to the Company remains subject to
agreement on the completion accounts in accordance with the share
purchase agreement, including the actual working capital at
completion against an agreed estimate and adjustments for cash
and/or debt items. It is expected that such adjustments will be
agreed in Q2 2023.
The proceeds from the sale will be applied to support the
Group's strategy of focussing its investment activity on its core
agriculture operations and for general working capital
purposes.
ACS&T, which is a BRCGS accredited food
temperature-controlled storage and logistics expert had revenues of
GBP13.0 million and recorded a profit before tax of GBP0.6 million
for the six months ending 30 June 2022 (year ended 31 December
2021: revenue of GBP22.0 million and profit before tax of GBPnil).
At 30 June 2022, the gross assets attributable to the business were
GBP33.6 million and net assets attributable to the business were
GBP14.8 million. Camellia expects to record a gain on the sale of
ACS&T (net of expenses) in the current financial year of
approximately GBP3.7 million.
Relocation of head office
Following a review of the space requirement appropriate to the
needs of its head office Camellia intends to relocate such office
during 2023 to a recently refurbished investment property owned by
it and located in Wrotham in Kent. The Group's head office is
currently located at Linton Park for which planning approval for a
change of use to residential has been submitted to make the
property more attractive on the rental or sales market.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
Enquiries
Camellia Plc 01622 746655
Malcolm Perkins, Chairman
Susan Walker, Chief Financial Officer
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Emma Earl
Erik Anderson
Maitland/AMO
PR
William Clutterbuck 07785 292617
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END
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