23rd Dec 2015 10:52
LONDON (Alliance News) - Cambria Africa PLC on Wednesday said the Consilium Corporate Recovery Master Fund Ltd has been ordered to pay Cambria's costs in the dispute between the two.
The pair have been locked in a dispute after Consilium called in the loan it had provided to Cambria, but Cambria disputed the claim it had defaulted on the agreement.
Consilium withdrew its statutory demand for the repayment of the USD4.8 million due in November and, on Wednesday, the High Court of Justice of the Isle of Man ordered Consilium to pay Cambria's costs related to the dispute.
Consilium has now decided to issue proceedings in the Commercial Court of the Isle of Man against Cambria, and Cambria said it intends to file its defence in due course.
Shares in Cambria Africa were down 0.8% at 0.620 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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