Update on Dispute

RNS Number : 0335K

Cambria Africa PLC

23 December 2015

 



Cambria Africa Plc

("Cambria" or the "Company")

Update on Dispute

Court orders Consilium to pay Cambria's Costs

Further to Cambria's announcement of 17 November 2015 that Consilium Corporate Recovery Master Fund Ltd ("Consilium") withdrew its statutory demand for the sum of US$4,819,106.18, in response to the Company's application for an injunction, the Company advises that Consilium have been ordered by the High Court of Justice of the Isle of Man to pay the Company's costs of and incidentals to the Statutory Demand claim on a standard basis.

In issuing his Judgement, His Honour the Deemster Doyle stated, "In my judgment the Defendant should have provided, on a timely basis and in any event before the time limit specified in the statutory demand expired, an undertaking not to present a winding up claim on the basis of the disputed debt. It failed to do so. The undertaking provided by the Defendant in the Gough Law* letter dated 5 November 2015 came too late. If an undertaking had been provided on a more timely basis the claim to prevent the filing of a winding up claim would have been unnecessary and the costs of and incidental to the claim would not have been incurred.

The full text of the judgement delivered on 15 December 2015 will be available online at www.judgments.im under reference CHP 15 / 0131 in due course.

Consilium has now chosen to issue proceedings in the Commercial Court against Cambria seeking the Court's determination on whether Consilium is entitled to create a fixed charge on Lonrho settlement monies. Cambria will be filing and serving its Defence in due course and denies that Consilium is entitled to a fixed charge on the receivables of the settlement with Lonrho. The Company is also considering counterclaims it may have against Consilium. 

The Company will provide a further update regarding the dispute in due course, as appropriate.

*Gough Law are Consilium's legal representatives in the Isle of Man

Ends

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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