Cambria Africa PLC Closing of Acquisition & Distribution Agreements (8999P)
26 August 2014 - 8:01AM
UK Regulatory
TIDMCMB
RNS Number : 8999P
Cambria Africa PLC
26 August 2014
26 August 2014
Cambria Africa plc
("Cambria" or the "Company")
Closing of Malawi acquisition and New Distribution
Agreements
Highlights
-- 5,500,000 new ordinary shares of 0.01p each in the Company issued in connection with the
acquisition of C&M expected to start trading on AIM on 29
August 2014
-- Integration of C&M with the Millchem business is underway and already realising synergies in
purchasing, development and sourcing
-- Millchem also received key regional supply agreements for
leading beverage products, including
the Polyclar beer clarifier from Ashland Inc. (NYSE:ASH) edible
oil purification product Tonsil from
Clariant (SIX: CLN) and Celatom; beverage, sugar and edible oil
filter aids from EP Minerals LLC
Cambria, the Southern Africa focused investment company, is
pleased to announce that further to the announcement of 27 May
2014, regarding the acquisition of leading Malawi chemical
distributor Chemicals & Marketing Company Limited ("C&M"),
application has been made for the admission to trading on AIM of
5,500,000 new ordinary shares of 0.01p each in the Company (the
"Consideration Shares") in connection with the acquisition of
C&M. All conditions precedent being therefore satisfied, legal
completion of the acquisition of C&M has now taken place. The
Consideration Shares will rank pari passu in all respects with the
Company's existing issued ordinary shares. Admission of the
Consideration Shares to trading on AIM ("Admission") is expected to
occur on 29 August 2014.
Integration between C&M and Millchem is underway and making
good progress. C&M's "SUPERGUARD" product is one example of the
multiple synergy opportunities already being realised, as this line
is now produced by one of Millchem's trusted Zimbabwe-based
customers rather than imported from abroad. With C&M now also
joining the Millchem purchasing pool, the landed cost for various
commodity chemicals is dramatically improving; a development which
is welcomed by its customers. Being part of Millchem also
immediately delivers C&M with the benefit of accessto
Millchem's growing list of leading suppliers.
Cambria also announces further progress at Millchem, which,
further to the announcement of 23 May 2014, has received additional
key regional supply and distribution agreements, marking
significant further progress for Millchem. Cambria is pleased to
confirm that Millchem is now distributor for a number of leading
products in the beverages industry. Among others, it has become the
distributor for:
-- Ashland Inc. (NYSE: ASH) in Zimbabwe, Zambia and Malawi for, among others, its well-known
Polyclar range of Beer Clarification. Ashland is one of the
world's leading specialty chemical
companies, and a Fortune Global 500 company
-- Clariant AG (SIX: CLN) in Malawi for its Tonsil product
range, for edible oil purification. Switzerland
based Clariant AG also one of the world's leading specialty
chemical companies.
-- EP Minerals LLC in Zambia and Malawi for its Celatom
products, filter aids for Beverage, Sugar and
Edible Oil producers. EP Minerals, formerly EaglePicher
Minerals, is a specialty minerals producer
headquartered in Reno, Nevada.
Following Admission, the Company's enlarged issued share capital
and total number of ordinary shares with voting rights will
comprise 104,655,162 ordinary shares, which may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
Edzo Wisman, CEO of Cambria, commented:
"This integration between C&M and Millchem is a good example
of how Cambria Africa is driving efficiency across its portfolio,
and enhancing value for shareholders. It is encouraging to see the
synergy benefits that are already being accrued by this
development, and we are pleased to be working with such a number of
high profile businesses across the region as a result."
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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