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Cambria announces that further to its announcement of 12 June, Payserv Africa Limited and Paynet Zimbabwe (Pvt) Ltd have instructed their legal practitioners in Zimbabwe, Titan Law, to commence legal action against the Bankers Association of Zimbabwe (BAZ) and related parties for anti-competitive practices seeking damages of US $100 million. Payserv Africa and Paynet Zimbabwe are subsidiaries of Cambria.
Payserv Africa and Paynet Zimbabwe continue to engage individually with suspended banks on the Paynet platform as well as the Reserve Bank of Zimbabwe to find a solution to an impasse which has resulted in the suspension of services. Cambria believes this has exposed the banking sector to significant security and privacy risks. It understands banks are currently managing payments using manual spreadsheets sent by email and flash drives - much of this information is unencrypted or insufficiently encrypted.
The Company will update the market on material developments in due course.
This share moves really fast
Does anyone out there know if the stand-off with the banks still prevails ?
As long as Paynet revenues are remitted to Mauritius in hard currency the company is gradually being derisked. Other revenues feed into Radar investment when possible to create tangible asset. Trick s to avoid holding local currency deposits. Investors need plenty of patience here.
Dont know how they go forward from here.
Pi's selling out on the cheap. Big buy at the end of the day. This share moves very quickly.
Summary of Fiscal Half Year Results ended 28 February 2019:
-- Cambria's Profit after Tax (PAT) increased 50% to a record $1.66 million for the six months ended 28 February 2019 compared to the same period in 2018.
-- Earnings Per Share (EPS) of 0.27 US cents for the period remained on par with the same period last year despite a 54% increase in weighted average shares in issue to 544.6 million from 352.6 million at 28 February 2018.
-- Consolidated EBITDA increased 23% to a record $2.06 million from $1.67 million for the same period in 2018.
folk will start buying again. A commitment to pay by mid-Sept is not quite the same as money in the bank. Dodging a 1.5m loss, if it all goes well, doesnt exactly build confidence.
Good last Rns. Cannot believe people selling their shares on the cheap.
And bottomed drawled this. See you all in six months or so...
There isn’t really, company has lots in the pipeline. I’m a holder.
I have read the RNS. Where is the bad news?
Nice results for a tiddler. Never heard of this before. Will take a look today and may stick my slog profits in here.
Nice little fintech company
Cambria's Profit after Tax (PAT) increased 50% to a record $1.66 million for the six months ended 28 February 2019 compared to the same period in 2018.
· Earnings Per Share (EPS) of 0.27 US cents for the period remained on par with the same period last year despite a 54% increase in weighted average shares in issue to 544.6 million from 352.6 million at 28 February 2018.
· Consolidated EBITDA increased 23% to a record $2.06 million from $1.67 million for the same period in 2018.
· Cambria's central costs increased by $42,000 to $98,000. Cambria's CEO and Directors rendered services to Cambria without compensation during the Period.
· Group interest costs fell 83% to $24,000 from $143,000 in 2018 after the partial conversion of Venture Africa Limited's (VAL) loans implemented in July 2018. Consolidated debt decreased to $0.43 million from $3.05 million at 28 February 2018.
· Net Equity increased by $5.29 million to $7.13 million from $1.84 million at 28 February 2018. Net Equity excluding investments increased by $4.1 million to $6.0 million from $1.9 million at 28 February 2018
· The Statement of Comprehensive Income includes a foreign currency translation adjustment (profit) of $107,000 attributable to Cambria.
Interims due here soon and the macro position looking much better.
2p or not 2p very soon?
hxxps://www.sundaymail.co.zw/strong-investment-appetite-for-zim
Waiting on results here while it's under the radar
Sorry for delay. Been in Mexico. Millchem based in Harare. The key is commissions remitted to Mauritius in USdollar account. This partially derisks the business. Hopefully CMB will be able to raise stake in Radar. News due soon.
Thanks for your comment silverknight._ I'm sure that they will not go unscathed by the storm..
Do you know where their physical facilities are located for Millchem ?
Can't fail to as Zim was badly affected as well. At least the core business is about as safe as you can get investing in a very fragile economy.
Does anyone out there know if the recent cyclone that made landfall on Mozambique is likely to impact on the daily business of CMB ?
I’m back in at 0.875
Bought 0.92p interims due next month. Chance to get in now before everyone else. Dyor
Time is nearing
has nothing to do with it. This is about greed and fear. Ask any serious investor how they feel about Zimbabwe based companies. The mugs chase the price up when the results come out then they fall back quickly to where they were. 3 times this has happened.