Settlement of Loan

RNS Number : 1376X

Cambria Africa PLC

03 May 2016

 

Cambria Africa Plc

("Cambria" or the "Company")

Settlement of Loan

Cambria has today given instructions to effect payment in satisfaction of the sums owed to Consilium Corporate Recovery Master Fund Ltd ("Consilium"), which fell due for payment today in a total amount of USD 5,072,327.66. Of this sum, approximately USD 3,293,000 has been paid by Cambria; the remainder has been made available with the assistance of Ventures Africa Limited, a related party by virtue of being 50.55% shareholder and a company in which Samir Shasha (a director in the Company) is the beneficial holder, on terms yet to be agreed.

The Company will provide further details on any agreement with Ventures Africa Limited in relation to the sums provided on Cambria's behalf once finalised, in accordance with AIM Rule 13.

Consilium assert claims relating to their legal costs in their premature attempt to foreclose on the loan agreement; these costs are disputed by the Company. Cambria meanwhile continues to assert claims against Consilium.

Ends

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

 

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