TIDMCMB
RNS Number : 2006U
Cambria Africa PLC
10 July 2018
Cambria Africa Plc
("Cambria" or the "Company")
Open Offer raises GBP2.1 million Equity
Result of Open Offer
Cambria announced on 15 May 2018 an Open Offer to Qualifying
Shareholders which has raised a total equity investment of GBP2.1
million (US$2.8 million) as a result of issuing 191 million
ordinary shares. A total of GBP503,102.50 was raised in cash from
minority shareholders and GBP1,595,000 was raised through
conversion of its loans into equity by Ventures Africa Limited
(VAL). VAL is the controlling and majority shareholder of the
Company.
Including VAL's Open Offer Participation, the aggregate
participation ratio was 81%. Of minority shareholders, 45%
participated in the Open Offer. Excluding Consilium, and funds
under their management or influence, 60% of minorities participated
in the Open Offer. Cambria signed a deed of settlement with
Consilium in October 2017.
The Open Offer closed for applications at 11.00 a.m. on Friday,
6 July 2018. Applications under Open Offer Entitlements totalled
190,288,648, being 145,000,000 from VAL and 45,288,648 from
remaining shareholders, while 447,945 applications were received
under the Excess Application Facility.
Comment on Open Offer
Commenting on the Open Offer Result, Mr. Shasha said,
"I spoke to many investors who participated in the Open Offer.
Like myself, they were businesspeople and entrepreneurs for whom
this investment is a significant part of their portfolio. This is a
vote of confidence by my co-shareholders for Cambria Africa and
most importantly our explicit strategy of investing in
Zimbabwe.
"The Company is now holding over $2.8 million cash following
completion of the Open Offer and from operations, allowing us to
identify and act on investment opportunities in Zimbabwe. Our
balance sheet is stronger than it has been in a long time , with
net equity per share up 64% at 0.85 cents per share debt down
71%."
Issue of New Ordinary Shares
It is anticipated that trading in the shares issued under the
Open Offer will commence on 16 July 2018 ("Admission"). Following
Admission, the Company will have 544,575,605 total shares in issue.
Cambria has no shares in Treasury, therefore this figure may be
used by shareholders from Admission 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.
Following Admission, VAL will own 377,000,000 Ordinary Shares in
the Company, representing 69.2% of the issued share capital of the
Company. Prior to the Open Offer, VAL owned 232,000,000 Ordinary
Shares (65.6%).
Financial Effects and Pro Forma Balance sheet
As a result of the Open Offer, Cambria's Net Asset Value ('NAV')
per share increases by 0.33 cents (US) per share to 0.85 cents (US)
per share from 0.52 cents (US) per share, a 64% improvement. Debt
will fall by 71% from $2.96 million to $846,000 as a result of
VAL's Open Offer Participation.
Set out below is the unaudited pro forma statement of financial
position illustrating the impact of the Open Offer on the most
recently published Statement of Financial Position of the Company
as at 28 February 2018:
BEFORE Adjustment Adjustment AFTER
1 2
Consolidated Open Offer: Balance Pro forma
& unaudited VAL's Entitlement of Open consolidated
Offer & unaudited
28-Feb-18 28-Feb-18
US$'000 US$'000 US$'000 US$'000
------------------------------- ------------- ------------------- ----------- --------------
Property, plant and equipment 2,802 - - 2,802
Goodwill 717 - - 717
Intangible assets 20 - - 20
Total non-current assets 3,539 - - 3,539
------------------------------- ------------- ------------------- ----------- --------------
Inventories 225 - - 225
Financial assets at fair
value 99 - - 99
Trade and other receivables 1,004 - - 1,004
Cash and cash equivalents 1,518 - 668 2,186
Discontinued operation 2 - - 2
------------------------------- ------------- ------------------- -----------
Total current assets 2,848 - 668 3,516
--------------
Total assets 6,387 - 668 7,055
=============================== ============= =================== =========== ==============
Equity
Issued share capital 51 19 6 76
Share premium account 85,686 2,099 662 88,447
Revaluation reserve 438 - - 438
Foreign exchange reserve (10,625) - - (10,625)
Non distributable reserves 1,905 - - 1,905
Retained losses (75,613) - - (75,613)
------------------------------- ------------- ------------------- ----------- --------------
Equity attributable to owners 1,842 2,118 668 4,628
Non-controlling interests 60 - - 60
Total equity 1,902 2,118 668 4,688
------------------------------- ------------- ------------------- ----------- --------------
Liabilities
Loans and borrowing 1,464 (1,464) - -
- VAL Loan 1,464 (1,464) - -
- CABS Loan - - - -
------------- ------------------- ----------- --------------
Trade and other payables 90 - - 90
Provisions 195 - - 195
Deferred tax liabilities 184 - - 184
Total non-current liabilities 1,933 (1,464) - 469
------------------------------- ------------- ------------------- ----------- --------------
Current tax liabilities 313 - - 313
Loans and borrowings 1,500 (654) - 846
- VAL Loan 972 (654) - 318
- CABS Loan 528 - - 528
------------- ------------------- ----------- --------------
Trade and other payables 714 - - 714
Discontinued operations 25 - - 25
-------------------------------
Total current liabilities 2,552 (654) - 1,898
------------- ------------------- ----------- --------------
Total liabilities 4,485 (2,118) - 2,367
-------------------------------
Total equity and liabilities 6,387 - 668 7,055
=============================== ============= =================== =========== ==============
-
Number of shares in issue
('000s) 353,839 145,000 45,737 544,576
NAV (cps) 0.52 0.85
Notes to adjustments:
1. VAL's Open Offer Participation of 145,000,000 Ordinary Shares
and accordingly, converting GBP1.595 million (approximately $2.12
million) of the VAL Loans into Equity.
2. Open Offer participation by Qualifying Shareholders other
than VAL, of 45,736,593 Ordinary Shares raising GBP503,102.50
(approximately $668,000).
Definitions
This announcement should be read in conjunction with the full
text of the Circular posted to Shareholders on 5 June 2018, a copy
of which is available on the Company's website at
(http://www.cambriaafrica.com/investors/shareholder-documents).
Capitalised terms in this announcement have the same meaning as
given in the Circular.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Contacts
Cambria Africa Plc: www.cambriaafrica.com
Samir Shasha +44 (0) 207 669 0115
Email: info@cambriaafrica.com
WH Ireland Limited: www.wh-ireland.co.uk
James Joyce / Alex Bond +44 (0) 20 7220 1666
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Samir Shasha
-------------------------------------------------------- ------------------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer, Cambria Africa Plc
-------------------------------------------------------- ------------------------------------------------------
b) Initial notification/ Amendment Initial Notification
-------------------------------------------------------- ------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
----------------------------------------------------------------------------------------------------------------
a) Name Cambria Africa Plc
-------------------------------------------------------- ------------------------------------------------------
b) LEI N/A
-------------------------------------------------------- ------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary Shares of 0.01p each
instrument
Identification code IM00B28CVH58
-------------------------------------------------------- ------------------------------------------------------
b) Nature of the transaction Conversion of loan from ultimate beneficially owned
company, Ventures Africa Limited
-------------------------------------------------------- ------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1.10p 145,000,000
-----------------------
-------------------------------------------------------- ------------------------------------------------------
d) Aggregated information
* Aggregated volume 145,000,000
1.10p
* Price
------------------------------------------------------------- ------------------------------------------------------
e) Date of the transaction 6 July 2018
-------------------------------------------------------- ------------------------------------------------------
f) Place of the transaction London Stock Exchange, AIM
-------------------------------------------------------- ------------------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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