Update on Dispute - Security for Costs

RNS Number : 4506S

Cambria Africa PLC

21 December 2016

 

Cambria Africa Plc

("Cambria" or the "Company")

Update on Dispute

Company to post security for costs in its $1.8 Million counterclaims against Consilium

The Company advised on 18 July 2016 that it has filed $1.84 million in Counterclaims against Consilium in the English High Court.

On 20 December 2016, the High Court ordered Cambria to post security for costs of £381,342.38 and ordered it to pay costs of £30,000 to Consilium. The security is to be paid into court by 6 January 2017 and will be held pending determination of Cambria's counterclaims.

The Company's board was disappointed with the ruling which was made notwithstanding an opinion by the company's auditors, Baker Tilly Isle of Man LLC, that "Cambria would be able to meet costs of £425,000 should they become payable." The board believes that it will comfortably meet the obligations of this ruling and go on to prevail in its counterclaim against Consilium. 

Contacts
Cambria Africa Plc:	www.cambriaafrica.com
Samir Shasha	[phone]
Email:	[e-mail]
WH Ireland Limited:	www.wh-ireland.co.uk
James Joyce / Nick Prowting	[phone]

 

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