30th Sep 2015 17:04
LONDON (Alliance News) - Cambria Africa PLC Wednesday said it "strongly disputes" claims made by a company that is trying to reclaim a loan provided to the company at an earlier date than agreed.
Cambria Africa is currently in dispute over over loans provided to the company by Consilium Corporate Recovery Master Fund Ltd. The company said Consilium is trying to "accelerate the repayment of the loans".
Cambria said Consilium tried to speed up the repayment following Cambria shareholders approving a subscription of 107.0 million shares in the company, which led to Ventures Africa Ltd owning over a 50% controlling stake, which was classed as a change in ownership.
The company, upon taking advice, strongly disputes the claims and maintains that the due date of the loans is April 30, 2016, as originally agreed. The company has previously said it was confident of raising further funds before the due date but said it will need further funds if Consilium's claim is upheld.
Talks between the two companies continue to try and reach a mutually acceptable agreement.
"There can be no certainty there will be a mutually agreeable resolution or further funds raised. The company will provide a further update in due course," it said.
Cambria shares are currently suspended.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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