Cambium Global Timberland Final Results have been released. These cover the year that ended on 30 April 2014. Over this time Cambium’s net asset value fell to 40p from 59p. Almost 40% of this relates to currency movements but the bulk relates to changes in the value of their investments. $17.6m was raised from the sale of two assets in Georgia (USA).
One of the directors, Robert Rickman, is becoming the company’s Operations Manager (effectively taking on the role of fund manager, making the company self-managed). Cambium has served notice on the current manager. The current manager fell foul of the Jersey Financial Services Commission.
An additional £1.23m has been provided against the lien on the 3R Tocantins Property. Big writedowns in the value of the assets in Hawaii and Australia were recorded. In the former case related to poor export prices and in the latter related to poor quality timber and the distance to market (though this clearly hasn’t changed!).