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10 Mar 2016 07:00
Cambria Africa Plc
("Cambria" or the "Company")
Tradanet (Pvt) Limited ("Tradanet") Arbitration
In its results announcement of 29 February 2016, the Company referred to the arbitration process in terms of which the Company's subsidiary, Payserv Africa Limited ("Payserv") was defending a claim brought by the minority shareholder in Tradanet, relating to its right to acquire Payserv's 51% share in Tradanet, allegedly triggered by the change in control of Cambria as a result of Ventures Africa Limited's subscription in April 2015 ("the VAL Subscription").
The Company announces that the arbitration process has been concluded with the arbitrator granting an award in favour of Payserv Africa and confirming that the VAL Subscription did not trigger any right held by the minority shareholder to acquire Payserv's 51% interest in Tradanet.
Set out below is a summary of Tradanet's contribution to Cambria's results for the financial year ended 31 August 2015:
|
| 31-Aug-15 |
|
| US$'000 |
|
|
|
Revenue |
| 1 430 |
Profit before tax |
| 829 |
Profit after tax |
| 595 |
Cambria's shareholding % |
| 51% |
Contribution to Cambria's earnings |
| 303 |
Contribution to Cambria's earnings per share (cps) |
| 0.2 |
Contacts |
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|
|
Cambria Africa Plc | www.cambriaafrica.com |
Samir Shasha | +44 (0) 781 3919 988 |
Josie Watenphul | +41 (0) 79 9085 430 |
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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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