3 May 2016 18:24
Cambria Africa Plc
("Cambria" or the "Company")
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Settlement of Loan
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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.
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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.
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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.
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Ends
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Contacts | Â |
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Cambria Africa Plc | www.cambriaafrica.com |
Samir Shasha | +44 (0) 781 3919 988 |
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WH Ireland Limited | www.wh-ireland.co.uk |
James Joyce / Mark Leonard | +44 (0) 20 7220 1666 |
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