TIDMCMB

RNS Number : 1686M

Cambria Africa PLC

14 July 2014

14 July 2014

Cambria Africa plc

("Cambria" or the "Company")

Cambria issues formal claims totalling approximately US$ 10 million against Lonrho Ltd

Cambria Africa plc, the Southern Africa focussed investment company, announces it has launched legal proceedings in the High Court against Lonrho ltd ("Lonrho"). The particulars of the proceedings, inter alia, state that Cambria:

-- seeks to rescind the settlement agreement previously reached with Lonrho, as announced on 22 July 2013, resulting from alleged fraudulent misrepresentations by or on behalf of Lonrho Ltd during the settlement negotiations;

-- claims in relation to monies which are alleged by Cambria to have been unlawfully transferred by Lonrho for the benefit for one of their subsidiaries whilst Lonrho were managing Cambria in 2008; and,

-- claims for US$ 8.8 million related to three aircraft previously owned by Cambria, which were leased to then subsidiaries of Lonrho. These alleged claims include (i) fraudulent misrepresentations by Lonrho to Cambria relating to the purchase of one of the aircraft by Cambria from Lonrho; (ii) breaches of contract, negligence and breaches of fiduciary duty resulting in (a) unpaid maintenance reserve and lease charges; (b) diversion of insurance claims proceeds by Lonrho to one of its subsidiaries which were properly due to Cambria; and, (c) loss of value of the aircraft due to the poor condition of the aircraft when they were repossessed by Cambria, including, but not limited to, missing engines, missing avionics, and missing propellers.

Cambria and its advisors are continuing to make further investigations into other possible instances of Lonrho's mismanagement of Cambria.

Cambria will update the market of any material updates to the above proceedings.

 
 Contacts 
 
 Cambria Africa Plc                www.cambriaafrica.com 
                                   +44 (0) 796 4908 
 Ian Perkins                        951 
                                   +44 (0) 796 4908 
 Edzo Wisman                        950 
 
 WH Ireland Limited                www.wh-ireland.co.uk 
                                   +44 (0) 207 220 
 James Joyce / Nick Field           1666 
 
 Peterhouse Corporate Finance      www.pcorpfin.com 
  Limited 
 Charles Goodfellow / Duncan       +44 (0) 207 220 
  Vasey                             9791 
 
   FTI Consulting                  www.fticonsulting.com 
                                   +44 (0) 203 727 
 Edward Westropp / Adam Cubbage     1521

This information is provided by RNS

The company news service from the London Stock Exchange

END

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