Cambria Africa PLC US$ 2.7 million settlement with Lonrho plc (7796J)
22 Juli 2013 - 8:00AM
UK Regulatory
TIDMCMB TIDMTTM
RNS Number : 7796J
Cambria Africa PLC
22 July 2013
Cambria Africa plc
("Cambria" or the "Company")
Cambria achieves US$ 2.7 million settlement with Lonrho plc
-- Cambria has agreed a settlement with Lonrho plc (Lonrho)
relating to various claims between both parties as well as a number
of loan assets
-- As a result of this final settlement, Cambria will receive
US$ 2.7 million
-- The settlement strengthens Cambria's balance sheet, frees up
time and resources spent on these disputes and ends Lonrho's
involvement with the Leopard Rock Hotel
-- Cambria's claims against Lonhro pertaining to leasing of
aircraft to what were then Lonrho subsidiaries have been excluded
from the settlement
Cambria (AIM:CMB) is pleased to announce it has achieved final
settlement with Lonrho plc with regards to all on-going disputes,
loan assets, and management contracts related to Lonrho. As a
result of this settlement, Cambria will receive from Lonrho US$
2,665,000 dollars.
The settlement agreed relates to, among others, the Aldeamento
Turistico de Macuti, S.A.R.L loans, the Churchill Estates (1995)
(Private) Limited loan, the Lonrho Management Services Agreement,
and the Hotel Refurbishment and Management Agreement.
Only Cambria's claims against Lonhro related to three aircraft
lease agreements with what were at the time subsidiaries of Lonrho
have been excluded from the settlement.
Other than any aircraft lease related claims, the settlement
achieves that any residual issues related to Lonrho are now placed
firmly in the past, ensuring Cambria can focus on the future.
The settlement achieved with Lonrho strengthens Cambria's
balance sheet, frees up substantial amounts of management time and
resources, and brings involvement of Lonrho Hotels at Cambria's
Leopard Rock Hotel to an end.
Moreover, the settlement makes funds available for further
attractive investment opportunities in Cambria's Payserv and
Millchem subsidiaries.
Lonrho was a substantial shareholder within the last 12 months
and consequently the settlement is therefore deemed a related party
transaction for the purpose of the AIM Rules for Companies. The
directors, having consulted with WH Ireland, the Company's
nominated advisor, consider the terms of the settlement fair and
reasonable insofar as its shareholders are concerned.
Cambria's Chief Executive, Edzo Wisman, commented: "We are
pleased to have worked effectively with Lonrho to make this
settlement possible. The disputes between the parties have been
settled on terms satisfactory to both sides. At Cambria our team
looks forward to pursuing our growth strategy with this situation
firmly behind us."
Astin Capital Management and StoneHedge Partners acted as
financial advisors to Cambria.
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
MSCRLMJTMBJBTIJ
Cambria Africa (LSE:CMB)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Cambria Africa (LSE:CMB)
Historical Stock Chart
Von Jul 2023 bis Jul 2024