Tradanet Arbitration

RNS Number : 6073R

Cambria Africa PLC

10 March 2016

 

Cambria Africa Plc

("Cambria" or the "Company")

Tradanet (Pvt) Limited ("Tradanet") Arbitration

In its results announcement of 29 February 2016, the Company referred to the arbitration process in terms of which the Company's subsidiary, Payserv Africa Limited ("Payserv") was defending a claim brought by the minority shareholder in Tradanet, relating to its right to acquire Payserv's 51% share in Tradanet, allegedly triggered by the change in control of Cambria as a result of Ventures Africa Limited's subscription in April 2015 ("the VAL Subscription").

The Company announces that the arbitration process has been concluded with the arbitrator granting an award in favour of Payserv Africa and confirming that the VAL Subscription did not trigger any right held by the minority shareholder to acquire Payserv's 51% interest in Tradanet.

Set out below is a summary of Tradanet's contribution to Cambria's results for the financial year ended 31 August 2015:

		31-Aug-15
		US$'000
Revenue		1 430
Profit before tax		829
Profit after tax		595
Cambria's shareholding %		51%
Contribution to Cambria's earnings		303
Contribution to Cambria's earnings per share (cps)		0.2

Contacts
Cambria Africa Plc	www.cambriaafrica.com
Samir Shasha	[phone]
Josie Watenphul	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
James Joyce / Mark Leonard	[phone]

 

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