Cambria Africa PLC CES Zimbabwe and FMNA (7095K)
24 August 2012 - 8:00AM
UK Regulatory
TIDMCMB
RNS Number : 7095K
Cambria Africa PLC
24 August 2012
Cambria Africa plc
("Cambria" or the "Company")
CES Zimbabwe and FMNA
Cambria (AIM:CMB) announces that it has executed agreements
related to the conditional sale of its shares in Diospyros
Investments (Pvt) Ltd, a regional IT services company trading as
CES Zimbabwe (CES), to Complete Enterprise Solutions Mauritius (CES
Mauritius) (the "Sale").
Cambria will receive US$190,000 from CES Mauritius for the Sale,
completion of which is conditional on certain regulatory approvals
being obtained. Cambria had to date directly invested approximately
US$155,000 into CES, which was launched January 2011, and over the
six month period ending February 2012 CES generated 2.7% of
Cambria's gross profit.
The provision of IT services through CES was considered a core
business for Cambria. However, CES is currently jointly managed by
Cambria and CES Mauritius through a franchise agreement between CES
Mauritius and Cambria sharing investment, risk and profits in CES.
This structure proved unsustainable.
CES Mauritius is a regional IT services company and itself a
joint venture between Lonrho plc and other individual
shareholders.
Cambria may, at a later stage, reconsider entering the IT
services market, which it continues to consider attractive.
However, at this point, the Company will focus on developing and
strengthening its four remaining businesses: PayServ; Celsys;
Millchem; and the Leopard Rock Hotel.
Cambria also announces it has signed a Memorandum of
Understanding (MOU) with its joint venture partner ForgetMeNot
Software Limited (FMNS) regarding the sale of Cambria's shares in
ForgetMeNot Africa (BVI) Limited (FMNA) to FMNS for US$ 250,000.
The sale price is to be paid by FMNS upon meeting certain
milestones or, at latest, twelve months from completion. Completion
is anticipated within the forthcoming month.
The Company had previously indicated that FMNA was a non-core
investment. Moreover, earlier this year Cambria wrote off all
monies invested in FMNA. Upon completion of the transaction, the
US$250,000 in proceeds will be accounted for by the Company as a
contingent asset.
The Company cannot be certain the above transactions will
complete. It will inform shareholders as developments occur.
About Cambria Africa plc
Cambria Africa plc, quoted on the AIM market of the London Stock
Exchange, is a long term, active investment company, building a
portfolio of investments primarily in Zimbabwe.
Contacts
Cambria Africa plc www.cambriaafrica.com
Ian Perkins +44 (0) 7831 674 585
Edzo Wisman +263 (0) 4 852 434
WH Ireland Limited www.wh-ireland.co.uk
James Joyce / Nick Field +44 (0) 20 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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