

Cambium Global Timberland, the AIM-listed fund that went into liquidation in 2013, has issued a £5 million ($7.6 million; €6.4 million) share offer to its investors in the wake of some forest disposals. The share offer will close on January 26, according to a filing.
When shareholders voted to wind up the fund in February 2013, they were warned it could take up to four years to dispose of all the assets and return capital to them.
The latest announced sale was of Cambium’s Australian timberland assets for A$2.1 million ($1.7 million; €1.4 million) in August. The vehicle has also sold a property in Georgia, US, for $9.1 million in June.
Cambium has shared a similar fate to another listed timber vehicle, Phaunos Timber Fund, which has suffered losses and is in the midst of a recovery process; it is not being liquidated, however.
“It is just a coincidence that both vehicles are listed; that is not the reason for their demise,” said a source close to Cambium. Instead he put Cambium’s poor performance down to execution, timing and currency fluctuations.
Cambium was managed by CP Cogent Asset Management, a US-based firm, until the latest AGM in October when the firm was terminated as manager. Robert Rickman, a non-executive director, took over as operations manager at that point. Panmure Gordon, the fund’s broker and adviser, is organising the share purchases.
There was no one available for comment at CP Cogent Asset Management’s Dallas or London offices before Agri Investor went to press.