Extension of maturity on debt financing

RNS Number : 6856D

Cambria Africa PLC

01 May 2013

 



Cambria Africa plc

("Cambria" or the "Company")

Cambria secures extension of maturity on debt financing to three years

·   Cambria has extended the maturity of its existing debt facility with Consilium Investment Management ⁽¹⁾ to three years

·   Extending the term of the facility, which was due in less than 12 months, further strengthens the Company's balance sheet 

Cambria (AIM:CMB) is pleased to announce that it has successfully extended the maturity on its existing US$ 4.5 million debt financing from Consilium Investment Management ⁽¹⁾ (Consilium), by more than 2 years.  This facility, which was due to be repaid by 8 March 2014, now becomes due on 30 April 2016. 

The terms of the facility, which include an early prepayment option, remain unchanged and the extension has been secured with no additional cost.  As previously disclosed on 10 December 2012, it carries a 15% annualized interest rate. 

Cambria's Chief Executive, Edzo Wisman, commented: "Converting our short-term financing with Consilium into debt with the revised maturity date, marks the first time Cambria has been able to access long-term debt financing and increases the strength of our balance sheet."

Consilium, through the various funds it manages, is a substantial shareholder of Cambria, and the transaction is therefore deemed a related party transaction for the purpose of the AIM Rules for Companies.

With the exception of Ian Perkins, who as the director nominated by Consilium's investment manager is exempt from voting, the Directors, having consulted with WH Ireland, the Company's nominated advisor, consider the terms of the debt facility to be fair and reasonable insofar as its shareholders are concerned.

(1)     Consilium Investment Management in this restructuring represented the Consilium Corporate Recovery Master Fund and the Consilium Emerging Markets Absolute Return Master Fund

- ends -

Contacts
Cambria Africa plc	www.cambriaafrica.com
Ian Perkins	[phone]
Edzo Wisman	+ 1 (0) 416 358 1910
WH Ireland Limited	www.wh-ireland.co.uk
James Joyce / Nick Field	[phone]

NOTES TO EDITORS

About Cambria Africa plc

Cambria Africa plc, quoted on the AIM market of the London Stock Exchange, is a long term, active investment company, building a portfolio of investments primarily in Zimbabwe.

 

END

 

 

MSCFMGFDGGFGFZZ