3rd May 2016 17:36
LONDON (Alliance News) - Cambria Africa PLC late Tuesday said it has had to get its majority shareholder to partially pay off the loan provided to the company from Consilium Corporate Recovery Master Fund Ltd after failing to secure all of the funds needed to pay it off.
Cambria Africa was due to pay a total of USD5.1 million to Consilium on Tuesday, but has only managed to pay USD3.3 million. The remaining USD1.8 million has been made available "with the assistance" of Ventures Africa Ltd, which holds a 50.55% stake in the company through a related party and a company of which Director Samir Shasha is a director.
The company said it will reveal further details concerning any agreement with Ventures Africa Ltd concerning the money provided on the company's behalf, but the dispute between Cambria Africa and Consilium continues.
"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," said Cambria Africa Tuesday.
Cambria Africa shares closed down 11.4% to 0.465 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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