Issue of New Shares

RNS Number : 5308N

Cambria Africa PLC

01 October 2012

 

Cambria Africa plc

("Cambria" or the "Company")

Issue of New Shares

•       Cambria announces it has raised USD 1,400,000 via the placement of 8,615,115 new ordinary shares

•       The Placing has received support from directors, who subscribed for 22.5% of the offering, as well as existing shareholders

•       WH Ireland, nominated advisor and broker to the Company, subscribed for 23.8% of the offering

Cambria (AIM:CMB) is pleased to announce that USD 1,400,000 (before expenses), or approximately GBP 860 thousand, has been raised by a placing with new and existing institutional and other investors of 8,615,115 new ordinary shares in the Company (the "Placing Shares"). 

The placing price was 10 pence per Ordinary Share (the "Placing"), being the volume weighted average market price on 28 September 2012.

The Placing will provide working capital for the Group's existing businesses, which will benefit from further investment in order to sustain their present high growth rates, and will provide the Company with the ability to continue implementing its investment strategy.

The Company has received acceptances in respect of the Placing Shares. The Placing will complete on receipt of cleared funds and the Company will then make an announcement of the issue of the Placing Shares and their date of admission to trading on AIM. The Placing Shares will rank pari passu in all respects with the Company's existing ordinary shares.

Following issue of the Placing Shares, the Company's issued share capital will be 66,749,02 ordinary shares. The Placing Shares will represent approximately 12.9% of the Company's enlarged issued share capital

The Placing has been conducted amongst new and existing institutional and other investors, including Russell Investments Limited ("Russell") who prior to the Placing held 18.6% of the issued share capital of the Company. Russell will increase its percentage interest from 18.6% to 19.6% by subscribing for 2,308,000 new ordinary shares in the Company.

Directors of the Company, namely Ian Perkins, Fred Jones, Edzo Wisman and Tania Sanders have also participated in the Placing. Prior to the Placing the directors held 1.06% of the issued share capital of the Company. Following the Placing the Directors percentage holding will increase from 1.1% to 3.8% as a result of subscribing for 1,938,030 new ordinary shares in the Company.

The Company's nominated adviser and broker, WH Ireland, has subscribed for 2,053,845 new ordinary shares.

For the purposes of the AIM Rules for Companies, the participation of the Directors and Russell is a related party transaction.

Having consulted with WH Ireland, the nominated advisor to the Company, the independent non-executive directors of the Company, being Paul Turner, Paul Heber and Itai Mazaiwana who are neither participating in the placement nor represent Russell, consider the terms of the Placing to be fair and reasonable in so far as all the shareholders of the Company are concerned.

About Cambria Africa plc

Cambria Africa plc, quoted on the AIM market of the London Stock Exchange, is a long term, active investment company, building a portfolio of investments primarily in Zimbabwe.

Contacts
Cambria Africa plc	www.cambriaafrica.com
Ian Perkins	[phone]
Edzo Wisman	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
James Joyce / Nick Field	[phone]

 

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