Cambria Africa PLC Extension of maturity on debt financing (6856D)
01 Mai 2013 - 8:00AM
UK Regulatory
TIDMCMB
RNS Number : 6856D
Cambria Africa PLC
01 May 2013
Cambria Africa plc
("Cambria" or the "Company")
Cambria secures extension of maturity on debt financing to three
years
-- Cambria has extended the maturity of its existing debt
facility with Consilium Investment Management (1) to three
years
-- Extending the term of the facility, which was due in less
than 12 months, further strengthens the Company's balance sheet
Cambria (AIM:CMB) is pleased to announce that it has
successfully extended the maturity on its existing US$ 4.5 million
debt financing from Consilium Investment Management (1)
(Consilium), by more than 2 years. This facility, which was due to
be repaid by 8 March 2014, now becomes due on 30 April 2016.
The terms of the facility, which include an early prepayment
option, remain unchanged and the extension has been secured with no
additional cost. As previously disclosed on 10 December 2012, it
carries a 15% annualized interest rate.
Cambria's Chief Executive, Edzo Wisman, commented: "Converting
our short-term financing with Consilium into debt with the revised
maturity date, marks the first time Cambria has been able to access
long-term debt financing and increases the strength of our balance
sheet."
Consilium, through the various funds it manages, is a
substantial shareholder of Cambria, and the transaction is
therefore deemed a related party transaction for the purpose of the
AIM Rules for Companies.
With the exception of Ian Perkins, who as the director nominated
by Consilium's investment manager is exempt from voting, the
Directors, having consulted with WH Ireland, the Company's
nominated advisor, consider the terms of the debt facility to be
fair and reasonable insofar as its shareholders are concerned.
(1) Consilium Investment Management in this restructuring
represented the Consilium Corporate Recovery Master Fund and the
Consilium Emerging Markets Absolute Return Master Fund
- ends -
Contacts
Cambria Africa plc www.cambriaafrica.com
+44 (0) 7831 674
Ian Perkins 585
Edzo Wisman + 1 (0) 416 358 1910
WH Ireland Limited www.wh-ireland.co.uk
James Joyce / Nick Field +44 (0) 20 7220 1666
NOTES TO EDITORS
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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