Camellia PLC
10 December 2004
Camellia Plc
Linton Park Plc - Closure of tea operations in South Africa
Linton Park Plc ('the company'), a subsidiary of Camellia Plc, has today made
the following announcement:
The Chairman's statement on the company's interim results for the six months'
ended 30th June 2004, released on 23rd September 2004, reported that the tea
operations of Sapekoe (Pty) Ltd, the group's 70 per cent owned South African
subsidiary, were no longer viable as a result of the strength of the rand, the
imposition of a comparatively high minimum wage and the abolition of duty
protection against tea imports. It was also reported that provision had been
made for an impairment charge of £2.3 million offset in part by an associated
goodwill write back of £1.6 million. Following extensive discussions with the
South African government concerning the future of the tea industry in South
Africa, Sapekoe (Pty) Ltd has today announced the closure of its tea operations
with immediate effect. The redundancy costs arising from the closure will be
approximately £1.5 million.
For further enquiries please contact Camellia Plc
Malcolm Perkins
01622 746655
10th December 2004
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.