Update Regarding Dispute
17/11/2015 08:47
RNS Number : 9596F
Cambria Africa PLC
17 November 2015
Cambria Africa Plc
("Cambria" or the "Company")
Update Regarding Dispute
Further to Cambria's announcement of 23 October 2015 regarding the dispute over the terms of the secured loan agreements held with Consilium Corporate Recovery Master Fund Ltd ("CCRMF"), the Company advises that in response to its application for an injunction, CCRMF has undertaken it will not file any proceedings for the winding up of Cambria based on the Statutory Demand in the Isle of Man in which CCRMF had formally demanded the sum of US$4,819,106.18 pursuant to the secured loan agreements.
The Company continues to dispute CCRMF's claim that there has been an event of default that entitles Consilium to accelerate repayment of the loan and maintains that the due date of the loans as disclosed in its audited financial statements and as defined in the loan agreements, as amended, is 30 April 2016. The Company is also considering counterclaims against Consilium.
The Company will provide a further update regarding the dispute in due course, as appropriate.
Ends
| 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 |