Update Regarding Dispute

RNS Number : 9596F

Cambria Africa PLC

17 November 2015

 



Cambria Africa Plc

("Cambria" or the "Company")

Update Regarding Dispute

Further to Cambria's announcement of 23 October 2015 regarding the dispute over the terms of the secured loan agreements held with Consilium Corporate Recovery Master Fund Ltd ("CCRMF"), the Company advises that in response to its application for an injunction, CCRMF has undertaken it will not file any proceedings for the winding up of Cambria based on the Statutory Demand in the Isle of Man in which CCRMF had formally demanded the sum of US$4,819,106.18 pursuant to the secured loan agreements.

The Company continues to dispute 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 is also considering counterclaims against Consilium.

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	[phone]
Josie Watenphul	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
James Joyce / Mark Leonard	[phone]

 

END

 

 

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