Camellia PLC
31 March 2005
Camellia Plc
East African Coffee Plantations Limited ('EACP')
The following is the text of an announcement made today by Linton Park Plc, a
subsidiary of Camellia Plc.
On the 3rd February 2005 Linton Park Plc announced that EACP had received a
takeover offer from Chiquita Brands South Pacific Limited ('Chiquita') at Aus
$7.65 per share payable in cash less a cash dividend of Aus $2.20 per share paid
to EACP shareholders on 2nd March 2005. The Linton Park group owns 70.5%
(4,570,637 ordinary shares) of EACP's issued share capital through its wholly
owned subsidiary, Bordure Limited. Bordure Limited has today accepted Chiquita's
offer.
The offer from Chiquita remains subject to it acquiring an interest in more than
90% of EACP's shares and there being no material adverse change in EACP prior to
closure of the offer on 19th April 2005.
EACP, through its subsidiaries, grows, packs and markets citrus fruit in the
Pacific Rim and manages horticultural property. During the year ended 31st
December 2003, the Linton Park group's share of EACP's profits amounted to
£1,143,000 and the value of the net operating assets was £17,943,000.
It is intended to use the proceeds from the disposal towards reducing the
group's borrowing requirements.
For further enquiries please contact Camellia Plc
Malcolm Perkins, Chairman
01622 746655
31st March 2005
This information is provided by RNS
The company news service from the London Stock Exchange