Cambria Africa PLC Update regarding dispute (3140D)
October 26 2015 - 4:39AM
UK Regulatory
TIDMCMB
RNS Number : 3140D
Cambria Africa PLC
26 October 2015
Cambria Africa Plc
("Cambria" or the "Company")
Update regarding dispute
Further to Cambria's announcements of 21 September 2015 and 30
September 2015 regarding the terms of the secured loan agreements
held with Consilium Corporate Recovery Master Fund Ltd ("CCRMF"),
the Company advises that the dispute remains unresolved.
As announced previously, the Company strongly disputes CCRMF's
claim that there has been an event of default that entitles
Consilium to accelerate repayment of the loan and maintains that
the due date of the loans as disclosed in its audited financial
statements and as defined in the loan agreements, as amended, is 30
April 2016. The Company has received a statutory demand in the Isle
of Man in which CCRMF has formally demanded the sum of
US$4,819,106.18 pursuant to the secured loan agreements. In
response to the statutory demand, the Company has stated that there
is a genuine and substantial dispute as to whether the debt is
presently payable and that any future presentation of a winding up
petition would constitute an abuse of the Court's process.
Furthermore, on the 9 June 2015, Cambria announced the provision
of a standby facility of $1.12m made available by Ventures Africa
Limited ("VAL") to the Company which was to be used as security for
costs in relation to its now settled litigation against Lonrho.
Pending the resolution of the dispute with CCRMF, as a consequence
of which CCRMF has converted their floating charge on Cambria's
assets, particularly the Company's primary bank accounts, the
Lonhro settlement as well as the shares of Lonzim Holdings Limited,
the Company is relying on this standby facility to fund its
day-to-day operations.
The Company will provide a further update regarding the dispute
in due course, as appropriate.
Ends
Contacts
Cambria Africa Plc www.cambriaafrica.com
Samir Shasha +44 (0) 781 3919 988
Josie Watenphul +41 (0) 79 9085 430
WH Ireland Limited www.wh-ireland.co.uk
James Joyce / Mark Leonard +44 (0) 20 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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