REG - Cambria Africa PLC - Final Results Status and Update

Cambria AfricaAnnouncement

09/02/2024 10:15

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RNS Number : 6603C  Cambria Africa PLC  09 February 2024

Cambria Africa Plc

("Cambria" or the "Company")

Final Results Status and Update

Cambria Africa plc (AIM:CMB) ("Cambria" or the "Company"), will not be in a
position to release audited results for the year ended 31 August 2023 ("FY23")
by 29 February 2024 as required under AIM Rule 19 of the AIM Rules for
Companies. As a result, the Company's shares will be suspended with effect
from 7:30am on 1 March 2024 until such time as the audited results are
published and sent to its shareholders.

The Company's cash flow remains positive, but significantly impacted by the
depreciation of the currency.  The Company provides an update of the
following components of NAV            :

·      Sale of Shareholding in A.F. Phillips (Pvt) Ltt.

In its investment update on 27 October 2022, the Company announced that it had
concluded a conditional agreement to sell its 78.2% shareholding in AFP for
$1.74 million in cash. The condition precedent of the agreement was the
reorganization of the Company's subsidiaries to be approved by the Zimbabwe
Revenue Authority by proving the ownership chain of each company. The process
has taken much longer than expected. This is partly due to complex ownership
structures and partly due to inadequate management of the process.  This has
now been addressed and the Company is led to believe it will meet the
conditions precedent of the conditional agreement soon.

·      Commercial Properties

The Company has begun to actively market it prime commercial properties in
Harare. The Company expects any sale to be at the holding level.  The
combined properties were last valued in January 2022 at $2.3 million.

·      Recovery of Legacy Debts

$1.3 million in Legacy Debts due to the Company from its subsidiaries and
deposited with the Reserve Bank in 2019. As announced on 14 September 2023,
The Company had recovered $407,350 as of August 2023, however the Board notes
that repayments from the Ministry of Finance have stalled. Ministry officials
assure us of the Ministry's commitment to fund the balance of the Legacy
Debts.

·      Old Mutual Shares on the ZSE

The Company owns 204,000 Old Mutual shares. Since mid-2020, trading of Old
Mutual shares on the Zimbabwe Stock Exchange (ZSE) was suspended. Prior to the
suspension in 2020, fungibility of shares in dual/multi-listed companies such
as Old Mutual was also suspended. This has prevented the Company from
repatriating 204,000 Old Mutual shares to the Johannesburg Stock Exchange
(JSE), where they were originally purchased. The Company has applied to the
Ministry of Finance for a dispensation to return these shares to the JSE.

·      Cash and Cash Equivalents

Outside Zimbabwe, as of 8 February 2024, the Company holds about $1.45 million
in cash reserves earning an average of 4.9% p.a. In Zimbabwe, the Company
holds US denominated accounts, gold coins, local currency, and shares with an
approximate value of $150,000.

The Company remains steadfast in its efforts to minimize overhead and
administrative expenses wherever possible to maximize and protect NAV. The
Board sees value in its listing and is exploring avenues to capitalize on its
listing while minimizing the associated costs.

 

 Contacts
 Cambria Africa Plc            www.cambriaafrica.com (http://www.cambriaafrica.com/)
 Samir Shasha                  +44 (0)20 3287 8814

 WH Ireland Limited
 James Joyce / Sarah Mather    +44 (0) 20 7220 1666

 

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