Update on Dispute - Security for Costs
21/12/2016 08:09
RNS Number : 4506S
Cambria Africa PLC
21 December 2016
Cambria Africa Plc
("Cambria" or the "Company")
Update on Dispute
Company to post security for costs in its $1.8 Million counterclaims against Consilium
The Company advised on 18 July 2016 that it has filed $1.84 million in Counterclaims against Consilium in the English High Court.
On 20 December 2016, the High Court ordered Cambria to post security for costs of 381,342.38 and ordered it to pay costs of 30,000 to Consilium. The security is to be paid into court by 6 January 2017 and will be held pending determination of Cambria's counterclaims.
The Company's board was disappointed with the ruling which was made notwithstanding an opinion by the company's auditors, Baker Tilly Isle of Man LLC, that "Cambria would be able to meet costs of 425,000 should they become payable." The board believes that it will comfortably meet the obligations of this ruling and go on to prevail in its counterclaim against Consilium.
| 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 / Nick Prowting | +44 (0) 20 7220 1666 |