Last checked at 15 Feb 2013 07:00
Cambria Africa plc
("Cambria" or the "Company")
Completion of sale of FMNA
Cambria (AIM:CMB) is pleased to announce it has successfully completed the sale of its shares in ForgetMeNot Africa (BVI) Limited (FMNA), to ForgetMeNot Software Limited (FMNS), for US$ 250,000.
The sale price will be paid by FMNS upon achievement of certain milestones or, at latest, twenty-four months from completion. FMNS was the joint venture partner of Cambria in FMNA.
Cambria had previously stated FMNA was a non-core investment and its disposal constitutes a strategic exit. It was a significant financial drain on Cambria, disclosing operating losses for FMNA of $776k during the first half of financial year 2012.
During the financial year 2012 the Company had already written off all monies invested in FMNA. The pending sale, which has now been completed, was announced in an RNS on August 24 2012
The US$ 250,000 in proceeds will be accounted for by the Company as a contingent asset.
The sale of Cambria's shares in Diospyros Investments (Pvt) Ltd, a regional IT services company trading as CES Zimbabwe (CES), to Complete Enterprise Solutions Mauritius (CES Mauritius) (the "Sale") is still pending certain regulatory approvals. The Company cannot yet be certain the sale of CES will complete, but will inform shareholders promptly as developments occur.
As previously indicated in an RNS on August 24, 2012, the sale of both FMNA and CES is in line with Cambria's continued strategy, to actively streamline its portfolio, as it focuses on value creation within its profitable, core investments.
About Cambria Africa plc
Cambria Africa plc, quoted on the AIM market of the London Stock Exchange, is a long term, active investment company, building a portfolio of investments primarily in Zimbabwe.
Contacts
Cambria Africa plc www.cambriaafrica.comIan Perkins +44 (0) 7831 674 585Edzo Wisman +263 (0) 4 852 434
WH Ireland Limited www.wh-ireland.co.ukJames Joyce / Nick Field +44 (0) 20 7220 1666