15th May 2018 17:32
LONDON (Alliance News) - Cambria Africa PLC said Tuesday it will propose an open offer at 1.10 pence to raise up to GBP4.28 million, which will include GBP1.60 million through the conversion of loans into equity by Venture Africa Ltd.
Venture Africa will limit its open participation to converting a maximum of GBP1.60 million in its outstanding debt to equity. Remaining shareholders open offer entitlement will be more than three times that of Venture Africa.
If all open shares are subscribed for - up to 243.7 million - Venture Africa shareholding will be diluted to 50.8%.
The 1.10p open offer price represents a discount of 8% of the average price of 1.19p per share for the 30 days to May 4.
The investment company also said it will be issuing 5 million shares to its directors. The issue is in lieu of payment - which the directors have not received since 2015. Chief Executive Officer Samir Sasha, who owns 65.6% of Camria shares, will not participate in the directors share issue.
Non-Executive Director Josephine Petra Watenphul will receive 2.5 million the shares. The most of the four receiving shares.
Shares in Cambria Africa went untraded Tuesday but last closed at 1.20p each.
Related Shares:
Cambria Africa