REG - Cambria Africa PLC - Tradanet Arbitration <Origin Href="QuoteRef">CMBC.L</Origin>

Cambria AfricaAnnouncement

10/03/2016 07:00

RNS Number : 6073R
Cambria Africa PLC
10 March 2016
Cambria Africa Plc
("Cambria" or the "Company")
Tradanet (Pvt) Limited ("Tradanet") Arbitration
In its results announcement of 29 February 2016, the Company referred to the arbitration process in terms of which the Company's subsidiary, Payserv Africa Limited ("Payserv") was defending a claim brought by the minority shareholder in Tradanet, relating to its right to acquire Payserv's 51% share in Tradanet, allegedly triggered by the change in control of Cambria as a result of Ventures Africa Limited's subscription in April 2015 ("the VAL Subscription"). 
The Company announces that the arbitration process has been concluded with the arbitrator granting an award in favour of Payserv Africa and confirming that the VAL Subscription did not trigger any right held by the minority shareholder to acquire Payserv's 51% interest in Tradanet. 
Set out below is a summary of Tradanet's contribution to Cambria's results for the financial year ended 31 August 2015:
31-Aug-15
US$'000
Revenue
1 430
Profit before tax
829
Profit after tax
595
Cambria's shareholding %
51%
Contribution to Cambria's earnings
303
Contribution to Cambria's earnings per share (cps)
 0.2 
Contacts
Cambria Africa Plc
www.cambriaafrica.com
Samir Shasha
+44 (0) 781 3919 988
Josie Watenphul
+41 (0) 79 9085 430
WH Ireland Limited
www.wh-ireland.co.uk
James Joyce / Mark Leonard
+44 (0) 20 7220 1666

This information is provided by RNS
The company news service from the London Stock Exchange
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