TIDMCMB
RNS Number : 4527I
Cambria Africa PLC
30 May 2014
Cambria Africa Plc
("Cambria" or the "Company")
Results for the six months ending 28 February 2014
Cambria Africa Plc, the Southern Africa focussed investment
company,announces its six months results for the period ending 28
February 2014 (the "Period").
Highlights for the Period are as follows:
Operational - Focus on growing regional presence, scale and
scope of core businesses
-- On 19 February 2014 Cambria announced an oversubscribed equity placing with new and existing institutional and other investors of $4.06m to provide working capital to support its regional expansion strategy
-- The Company continues to focus on expanding regional
presence, scale and scope of Payserv Africa (Payserv) and Millchem
Holdings (Millchem)
o Millchem has commenced full operations in both Zambia and
Malawi and on 23 May 2014, announced various new regional
distribution agreements with leading suppliers such as MEKZ,
Centlube (ENI / AGIP lubricants), Sealed Air / Diversey Care and
Donau Carbon
o On 27 May 2014 the acquisition of Chemicals & Marketing
Ltd, a leading Malawi chemicals distributor, was announced
accelerating Millchem's regional expansion with an immediate
leading position in Malawi
o Payserv received its National Payments Licence in Zambia,
signed its first customers in that country, and commenced
processing of bulk payments there. In Zimbabwe, Payserv fully
commenced commercial roll-out of its new eSchedules and PayZIMRA
products
Financial - Cost control and losses contained against market
conditions
-- Revenues from continuing operations contracted by 3% at $4.2m
(2013: $4.3m), lower than prior periods but significantly better
than overall Zimbabwe market conditions, where the economy
increasingly struggles with lack of liquidity
-- Payserv revenues grew 2% to $2.2m while Millchem revenues contracted 7% to $2.0m
-- Gross profit for continuing operations for the Company were
$2.3m (2013: $2.4m), resulting from a 3% point increase in gross
profit margins at Payserv to 93% (2013: 90%) and a 4% point
decrease at Millchem at 16% (2013: 20%)
-- Despite the economic situation in Zimbabwe, Payserv was able
to continue growth during the period through new product launches
at Paynet, a slowly increasing Zambian presence, as well as
determined new customer acquisition, especially at Autopay,
off-setting continuing overall market-declines
-- Millchem's results in particular reflected Zimbabwe's
prevailing market conditions even though it was able to largely
off-set this by growing market share through the addition of new
customers, suppliers, products and services, as well as a slowly
increasing regional presence
-- Millchem's results were further impacted by significantly
reduced introductory pricing in Zambia, substantial investments
made at the Millchem Holdings level, creation of buying
organisations in Europe and South Africa, and launch costs in
Zambia and Malawi, all of which was expensed rather than
capitalised
-- The Company recorded a loss of $2.7m for the Period, compared
to $2.6m during the first half of 2013
Outlook - Good growth since period end despite continuing
difficult market conditions
-- Investments made in the first half of FY2013 have resulted in
gross profit at Millchem since the end of the Period under review,
growing year on year by an impressive 25%, despite an increasingly
difficult situation in the Zimbabwean economy, signalling a
significant improvement in performance
-- Payserv continues to register year on year growth during the
second half of the financial year
-- Cambria continues discussions with interested parties
regarding the disposal of our remaining non-core assets in order to
focus solely on Payserv and Millchem, growing their scale and
scope, as well as their regionalisation
Ian Perkins, Chairman of Cambria Africa, said:
"During the Period the Cambria team continued to deliver on our
strategy of expanding scale, scope and regional presence of our
core Millchem and Payserv businesses, into a headwind of sector and
market decline. We were able to sustain the financial performance
of the Company throughout this period, while maintaining our focus
on cost control and to invest in future growth. Indeed, as a
result, we were able to return to year on year growth in our
businesses following Period end.
"We are continuing discussions with interested parties regarding
the disposal of our remaining non-core assets in order to focus
solely on Payserv and Millchem, growing their scale and scope, as
well as their regionalisation. I look forward to updating the
market as to our progress in the coming months."
- Ends -
*All references to continuing operations relate to the Group's
Payserv Africa ("Payserv") and Millchem Holdings ("Millchem")
investments and head office activities. The prior year comparative
figures for the same period in 2013 have been restated to reflect
this definition of continuing vs discontinued operations. All
figures are unaudited unless specified.
Contacts
Cambria Africa Plc www.cambriaafrica.com
+44 (0) 20 3402
Ian Perkins / Edzo Wisman 2366
WH Ireland Limited www.wh-ireland.co.uk
+44 (0) 20 7220
James Joyce / Nick Field 1666
Peterhouse Corporate Finance www.pcorpfin.com
Limited
Charles Goodfellow / Duncan +44 (0) 20 7220
Vasey 9791
FTI Consulting www.fticonsulting.com
+44 (0) 20 3727
Edward Westropp / Adam Cubbage 1521
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 Southern Africa.
Chief Executive's Review
Introduction
During the Period, revenues and gross profit of the continuing
operations of Cambria, being the Payserv and Millchem investments,
were US$4.2m (2013: US$4.3m) and US$2.3m (2013: US$2.4m)
respectively, representing corresponding decreases of 3% and 1% to
the equivalent prior period.
The Company recorded a loss of $2.7m for the six month period
ended 28 February 2014, compared to $2.6m loss during the first
half of 2013. Cambria's loss per share for the period was 4.1c,
compared to a loss of 4.0c per share for the same period last
year.
Cambria is actively continuing implementation of its
regionalisation strategy, investing in its future at a rapid
pace.
However, Zimbabwe, where the bulk of group revenues are still
derived, continues to experience significant liquidity shortages
resulting in it being ranked among the slowest growing economies in
sub-Saharan Africa (Source: IMF). For example, retail sales fell
30% in February 2014 from the previous month, 15 factories in the
metals and engineering industries closed during that same month,
and consumer prices declined for a third consecutive month in April
2014 (Source: Bloomberg).
Within Cambria, Millchem's sales at certain points during the
period under review were down 60% year on year. The fact the
Millchem team was able to achieve only a 7% year on year sales
decline for the Period is therefore, paradoxically,
commendable.
This slowdown in the Zimbabwean economy continues to impact
current performance of our investments, and will do so until a
broader regional diversification has been achieved, which Cambria
is successfully executing.
That being said, following the end of the Period, resulting from
our continued investment in scale, scope and regionalisation, the
Company started to again deliver year on year growth.
Divisional reviews
Payserv Africa
Payserv provides EDI switching services (Paynet), 'payslip'
processing (Autopay), and payroll based microfinance loan
processing (Tradanet). It is well-established with all three
products in Zimbabwe, and recently commenced operations in Zambia
with its Paynet and Autopay products.
(US$ '000) 2014 2013 Growth
Revenues 2,185 2,137 2%
Gross profit 2,025 1,918 6%
Gross margin 93% 90% 3% pts
SG&A (1,566) (1,467) 7%
EBITDA 459 451 2%
EBITDA margin 21% 21% -%
Paynet provided Electronic Data Interchange (EDI) services to
all 22 banks and building societies in Zimbabwe, as well as to over
1,500 corporates. Paynet processed 8.21m transactions (2013: 7.22m)
during the period under review, a 14% increase.
Autopay provided payroll services to 150 customers, processed
over 156,000 pay slips (2013: 143,000) during the period under
review, a 9% increase.
Tradanet processed approximately 50,000 (2013: 36,000) loans
during the period, representing a value of US$63.2m (2013:
US$69.5m), a 39% increase and a 9% decrease respectively. At the
end of the period the loan book under management stood at US$112.6m
(2013: US$103.0m), an increase of 9%.
Despite market conditions in Zimbabwe, Payserv was able to grow
gross profit for the period year on year by 6% through, among
others, new customer acquisition, as well as the launch of the new
eSchedules and PayZIMRA products. It is also in the process of
launching PayFT, a joint venture with South African based
BankServ.
Paynet has recently established a presence in Zambia, receiving
its Zambian National Payments Licence there in December 2013. Since
then, it has signed on its first customers in Zambia, including
some leading corporates, and commenced the processing of bulk
payments. Moreover, Autopay has now also established a presence in
Zambia.
Millchem Holdings
Millchem is a value-added chemicals distributor with leading
market positions in Zimbabwe, and recently established operations
in Zambia and Malawi.
US$ '000 2014 2013 Growth
Revenues 1,995 2,154 (7)%
Gross profit 317 438 (28)%
Gross margin 16% 20% (4)% pts
SG&A (755) (410) 84%
EBITDA (438) 28 n/a%
(23)%
EBITDA margin (22)% 1% pts
In line with expectations, Millchem was strongly affected by the
uncertain business environment during the period in Zimbabwe and
saw a year on year decrease in revenues as the economy there
stalled.
Despite the fact there were certain points during the period
where year on year sales were down 60%, the team at Millchem was
able to reduce overall year on year sales losses by adding new
customers, products and services, while competitors in the country
were struggling. The fact the Millchem team was able to record only
a 7% year on year sales decline is therefore, paradoxically,
commendable.
During the period Millchem invested significantly in the future,
maintaining its focus on its long term growth. Besides adding new
products, services and customers in Zimbabwe, it is now fully
operational in Zambia and Malawi, has opened up buying offices in
South Africa and Europe, and also expanded capabilities at Millchem
Holdings level. All these investments were expensed, rather than
capitalised, directly impacting EBITDA performance for the
Period.
Moreover, following Period end, on 23 May 2014, Cambria
announced various new regional distribution agreements for Millchem
with leading suppliers such as MEKZ, Centlube (ENI / AGIP
lubricants), Sealed Air / Diversey Care and Donau Carbon and,
subsequently, on 27 May 2014, Cambria announced the acquisition of
Chemicals & Marketing Ltd, a leading Malawi chemicals
distributor accelerating Millchem's regional expansion with an
immediate leading position in Malawi.
This investment in long term growth is already delivering
results, as, despite ongoing liquidity issues in Zimbabwe, Millchem
has, since period end, achieved a 25% year on year growth in gross
profit.
Central costs
Cambria incurred US$1,183k in central EBITDA costs for the
period under review, compared to US$1,200k for the same period last
year, a reduction of 1%.
Discontinued operations
The Leopard Rock Hotel Group
The Leopard Rock Hotel continues to be classified by Cambria as
held for sale. During the period, the Leopard Rock Hotel Group
generated US$1.1m in sales (2013: US$1.2m) and negative US$343k in
EBITDA (2013: US$230k).
LonZim Air
Through LonZim Air (BVI) Limited Cambria previously owned three
aircraft. Over the years a number of disputes arose in relation to
these aircraft and certain associated contracts. Cambria continues
to pursue recovery of claims related to these disputes that are
estimated to be in excess of US$10m. Cambria incurred US$144k in
operating losses for the period under review, largely related to
exceptional legal expenses related to the above mentioned
claims.
Placement and acquisition
On 19 February 2014 Cambria announced the oversubscribed placing
with new and existing institutional and other investors of
32,406,139 new ordinary shares in the Company. The placing price
was 7.5 pence per ordinary share being a 9.6% discount to the
30-day volume weighted average market price on 10 February 2014.
This placing closed with total raised gross proceeds of GBP2.43m.
Following issue of those shares, the Company had a total of
99,155,162 ordinary shares in issue.
On May 27, 2014, Cambria announced it had executed agreements
relating to the purchase of 100% of the outstanding share capital
of Chemicals & Marketing Company Limited (C&M), a leading
Malawi chemicals distributor, for 5,500,000 ordinary shares in
Cambria. The acquisition accelerates Millchem's regional expansion
with an immediate leading position in Malawi. The acquisition is
subject to certain conditions precedent that have to be met before
the acquisition of C&M can be completed, including the passing
of a resolution to issue further shares and the Company can
therefore not be certain the transaction will complete.
Outlook
Cambria continues to seek the disposal of its remaining non-core
assets in order to focus solely on Payserv and Millchem, growing
their scale and scope, as well as their regionalisation.
In the coming years, both Millchem and Payserv will continue to
expand in additional geographies in a careful and coordinated
manner. Moreover, Cambria anticipates growth for both investments
will include further smaller acquisitions, which may or may not be
made using Cambria shares.
Edzo Wisman
Chief Executive Officer
30 May 2014
Cambria Africa Plc
Interim consolidated income statement
For the six month period ended 28 February 2014
*Restate
Unaudited Unaudited
6 months 6 months
ended 28 ended 28
February February
2014 2013
US$'000 US$'000
-------------------------------------------- ---------- -----------
Continuing operations
Revenue 4,180 4,292
Cost of sales (1,838) (1,942)
-------------------------------------------- ---------- -----------
Gross profit 2,342 2,350
Operating expenses (3,782) (3,430)
Other income 4 2
Operating loss (1,436) (1,078)
-------------------------------------------- ---------- -----------
Finance income 2 160
Finance costs (637) (426)
-------------------------------------------- ---------- -----------
Net finance costs (635) (266)
-------------------------------------------- ---------- -----------
Loss before tax (2,071) (1,344)
Income tax expense (161) (151)
-------------------------------------------- ---------- -----------
Loss for the period from continuing
operations (2,232) (1,495)
-------------------------------------------- ---------- -----------
Discontinued operations
Loss for the period from discontinued
operations, net of tax (448) (1,061)
-------------------------------------------- ---------- -----------
Loss for the period (2,680) (2,556)
-------------------------------------------- ---------- -----------
Attributable to:
Owners of the Company (2,770) (2,610)
Non-controlling interests 90 54
-------------------------------------------- ---------- -----------
Loss for the period (2,680) (2,556)
-------------------------------------------- ---------- -----------
Earnings per share - all operations**
-------------------------------------------- ---------- -----------
Basic and diluted loss per share (cents) (4.1c) (4.0c)
-------------------------------------------- ---------- -----------
Earnings per share - continuing operations
-------------------------------------------- ---------- -----------
Basic and diluted loss per share (cents) (3.5c) (2.4c)
-------------------------------------------- ---------- -----------
*Amounts have been restated due to reclassification of certain
entities to discontinued operations.
** EPS for all operations in 2013 has been restated to correct
an arithmetic error in weighted average shares.
Cambria Africa Plc
Interim consolidated statement of comprehensive income
For the six month period ended 28 February 2014
Unaudited Unaudited
6 months 6 months
Ended ended
28 28
February February
2014 2013
US$'000 US$'000
------------------------------------------ ---------- ----------
Loss for the period (2,680) (2,556)
Other comprehensive income
Items that are or may be reclassified
to income statement:
Foreign currency translation differences
for overseas operations (18) -
Total comprehensive loss for the period (2,698) (2,556)
------------------------------------------ ---------- ----------
Attributable to:
Owners of the Company (2,788) (2,610)
Non-controlling interests 90 54
------------------------------------------ ---------- ----------
Total comprehensive loss for the period (2,698) (2,556)
------------------------------------------ ---------- ----------
Cambria Africa Plc
Interim consolidated statement of financial position
As at 28 February 2014
Unaudited Unaudited Audited
28 28 31
February February August
2014 2013 2013
US$'000 US$'000 US$'000
---------------------------------------- ---------- ---------- ---------
Assets
Property, plant and equipment 2,742 24,671 2,881
Biological assets - 86 -
Goodwill 717 717 717
Intangible assets 85 1,365 179
Long-term receivables 1,145 2,635 361
Total non-current assets 4,689 29,474 4,138
---------------------------------------- ---------- ---------- ---------
Inventories 809 1,080 925
Financial assets at fair value through
profit or loss 58 60 58
Trade and other receivables 2,087 2,807 814
Cash and cash equivalents 1,392 1,548 2,136
Assets held for sale 16,218 316 16,164
---------------------------------------- ---------- ---------- ---------
Total current assets 20,564 5,811 20,097
---------------------------------------- ---------- ---------- ---------
Total assets 25,253 35,285 24,235
Equity
Prepaid share reserve 3,200 - -
Issued share capital 12 12 12
Share premium account 78,798 78,798 78,798
Revaluation reserve 77 3,046 77
Share based payment reserve 86 86 86
Foreign exchange reserve (10,659) (10,624) (10,641)
Non-distributable reserves 2,241 2,128 2,241
Retained losses (62,522) (49,845) (59,752)
---------------------------------------- ---------- ---------- ---------
Equity attributable to owners of the
Company 11,233 23,601 10,821
Non-controlling interests (2) (1,789) (80)
---------------------------------------- ---------- ---------- ---------
Total equity 11,231 21,812 10,741
---------------------------------------- ---------- ---------- ---------
Liabilities
Loans and borrowings 6,500 4,500 6,500
Trade and other payables 52 53 53
Provisions 202 415 203
Deferred tax liabilities 553 4,182 553
---------------------------------------- ---------- ---------- ---------
Total non-current liabilities 7,307 9,150 7,309
---------------------------------------- ---------- ---------- ---------
Bank overdrafts 53 535 398
Current tax liabilities 268 211 187
Loans and borrowings 649 948 94
Trade and other payables 1,674 2,150 1,322
Liabilities held for sale 4,071 479 4,184
---------------------------------------- ---------- ---------- ---------
Total current liabilities 6,715 4,323 6,185
---------------------------------------- ---------- ---------- ---------
Total liabilities 14,022 13,473 13,494
---------------------------------------- ---------- ---------- ---------
Total equity and liabilities 25,253 35,285 24,235
---------------------------------------- ---------- ---------- ---------
Cambria Africa Plc
Interim consolidated statement of changes in equity
For the six month period ended 28 February 2014
Attributable to owners of the Company
---------- --------------------------------------------------------------------------------------
Share Share Re-valuation Foreign Share Retained NDR Total Non-control- Total
Prepaid Capital premium reserve exchange based earnings ling Equity
Share reserve payment interests
Unaudited reserve* reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 31
August 2013 - 12 78,798 77 (10,641) 86 (59,752) 2,241 10,821 (80) 10,741
Loss for the
period - - - - - - (2,770) - (2,770) 90 (2,680)
Other
comprehensive
income - - - - (18) - - - (18) - (18)
--------------- ---------- -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Total
comprehensive
(loss)/
income for
the year - - - - (18) - (2,770) - (2,788) 90 (2,698)
--------------- ---------- -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Contributions
by and
distributions
to owners of
the Company
recognised
directly in
equity
Dividends paid
to minorities - - - - - - - - - (12) (12)
Issue of
ordinary
shares 3,200 - - - - - - - 3,200 - 3,200
Total
contributions
by
and
distributions
to owners
of the
Company 3,200 - - - - - - - 3,200 (12) 3,188
--------------- ---------- -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Balance at 28
February
2014 3,200 12 78,798 77 (10,659) 86 (62,522) 2,241 11,233 (2) 11,231
--------------- ---------- -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Cambria Africa Plc
Interim consolidated statement of changes in equity
For the six month period ended 28 February 2013
Attributable to owners of the Company
--------------------------------------------------------------------------------------
Share Share Re-valuation Foreign Share Retained NDR Total Non-control- Total
Capital premium reserve exchange based earnings ling Equity
reserve payment interests
Unaudited reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 31
August 2012 11 77,399 3,124 (10,629) 355 (47,312) 2,128 25,076 (1,785) 23,291
Loss for the
period - - - - - (2,610) - (2,610) 54 (2,556)
Other - - - - - - - - - -
comprehensive
income
------------------ -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Total
comprehensive
(loss)/
income for the
year - - - - - (2,610) - (2,610) 54 (2,556)
------------------ -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Contributions by and distributions
to owners
of the Company recognised directly
in equity
Reclassification
of reserves - - (78) - - 29 - (49) - (49)
Disposal of
entity - - - 5 - 48 - 53 52 105
Dividends paid to
minorities - - - - - - - - (110) (110)
Issue of ordinary
shares 1 1,399 - - - - - 1,400 - 1,400
Share based
payment
transactions - - - - (269) - - (269) - (269)
------------------ -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Total
contributions by
and
distributions to
owners
of the Company 1 1,399 (78) 5 (269) 77 - 1,135 (58) 1,077
------------------ -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Balance at 28
February
2013 12 78,798 3,046 (10,624) 86 (49,845) 2,128 23,601 (1,789) 21,812
------------------ -------- -------- ------------- ---------- -------- --------- -------- -------- ------------- --------
Cambria Africa Plc
Interim consolidated statement of cash flows
For the six month period ended 28 February 2014
Unaudited Unaudited
6 months 6 months
ended ended
28 February 28 February
2014 2013
Note US$'000 US$'000
-------------------------------------------------------------- ----- ------------- -------------
Cash used in operations 3 (2,234) (2,196)
Taxation paid (80) (228)
-------------------------------------------------------------- ----- ------------- -------------
Net cash used in operating activities (2,314) (2,424)
Cash flows from investing activities
Proceeds from disposal of property, plant
and equipment 12 11
Purchase of property, plant and equipment (51) -
Interest received 2 161
Net cash used in investing activities (37) 172
Cash flows from financing activities
Dividends paid to non-controlling interests (12) (110)
Interest paid (621) (491)
Proceeds from the issue of share capital 2,300 1,400
Loans repaid (319) -
Proceeds from the drawdown of loans 775 2,335
-------------------------------------------------------------- ----- ------------- -------------
Net cash from financing activities 2,123 3,134
Net (decrease)/increase in cash and cash
equivalents (228) 882
-------------------------------------------------------------- ----- ------------- -------------
Cash and cash equivalents at beginning
of period 1,738 131
Foreign exchange movements (14) -
-------------------------------------------------------------- ----- ------------- -------------
Cash and cash equivalents at end of period 1,496 1,013
-------------------------------------------------------------- ----- ------------- -------------
Cash and cash equivalents as above comprise
the following:
Cash and cash equivalents 1,392 1,548
Bank overdraft (53) (535)
Cash in assets held for sale 157 -
-------------------------------------------------------------- ----- ------------- -------------
Cash and cash equivalents at end of period 1,496 1,013
-------------------------------------------------------------- ----- ------------- -------------
Cambria Africa Plc
Notes to the interim consolidated financial statements
1. Reporting Entity
Cambria Africa Plc is a public limited company which is listed
on the AIM London Stock Exchange and is incorporated in the Isle of
Man under the Isle of Man Companies Act 2006.
2. Basis of preparation
The condensed consolidated interim financial information for the
six months ended 28 February 2014, has been prepared in accordance
with the accounting policies that are expected to be adopted in the
Group's full financial statements for the year ending 31 August
2014 and are not expected to be significantly different to those
set out in the Group's audited financial statements for the year
ended 31 August 2013.
The financial information for the half years ended 28 February
2014 and 28 February 2013 is neither audited nor reviewed. They do
not include all of the information required for full annual
financial statements, and should be read in conjunction with the
consolidated financial statements of the Group as at and for the
period ended 31 August 2013, which are available upon request from
the Company's registered office at Appleby Trust (Isle of Man)
Limited, 33-37 Athol Street, Douglas, Isle of Man, IM1 1LB or at
www.cambriaafrica.com.
After making enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the half-yearly condensed consolidated financial
statements.
3. Note to the cash flow statement
Unaudited Unaudited
6 months 6 months
ended ended
28 28
February February
2014 2013
US$'000 US$'000
----------------------------------------------- ---------- ----------
Loss for the period (2,680) (2,556)
Adjusted for:
Amortisation of intangible assets 132 310
Depreciation of property, plant and equipment 142 516
Loss on the sale of property, plant and
equipment 9 (11)
Valuation adjustments to inventories,
receivables and other assets 21 (21)
Finance income (2) (161)
Finance expense 660 491
Share based payment charge - (270)
Increase/(decrease) in provisions 87 316
Foreign exchange (7) 58
Other non-cash movements - 141
Income tax charge 161 -
----------------------------------------------- ---------- ----------
Operating cash flows before movements
in working capital (1,477) (1,187)
----------------------------------------------- ---------- ----------
Decrease/(increase) in inventories 116 (149)
Decrease/(increase) in trade and other
receivables (1,118) (182)
Increase/(decrease) in trade and other
payables 245 (678)
Net increase/(decrease) in cash and cash
equivalents (2,234) (2,196)
----------------------------------------------- ---------- ----------
4. Events after the period end
On 19 February Cambria announced the successful placing with new
and existing institutional and other investors of 32,406,139 new
ordinary shares in the Company. The placing price was 7.5 pence per
ordinary share being a 9.6% discount to the 30-day volume weighted
average market price on 10 February 2014. The placing closed in two
tranches after the period end as follows.
On 3 March 2014, Cambria announced that 28,000,000 new ordinary
shares of 0.01 pence in the Company, being the first close of the
placing shares, were issued. Issue of these first close placing
shares raised gross proceeds of GBP2.10m. Following issue of those
shares, the Company had a total of 94,749,023 ordinary shares in
issue.
On 11 March Cambria announced the second close of the above
placing. 4,406,139 new ordinary shares of 0.01 pence in the Company
were issued. Issue of the second close placing shares raised gross
proceeds of GBP0.33m. Following issue of the second close placing
shares, the Company has 99,155,162 ordinary shares in issue.
The placing provides working capital to support the Company's
expansion strategy for Millchem and Payserv.
On May 27, 2014, Cambria announced it had executed agreements
relating to the purchase of 100% of the outstanding share capital
of Chemicals & Marketing Company Limited (C&M), a leading
Malawi chemicals distributor, for 5,500,000 ordinary shares in
Cambria. The acquisition accelerates Millchem's regional expansion
with an immediate leading position in Malawi. The acquisition is
subject to certain conditions precedent that have to be met before
the acquisition of C&M can be completed, including the passing
of a resolution to issue further shares and the Company can
therefore not be certain the transaction will complete.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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