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
|
Samir Shasha
|
+44 (0)20 3287 8814
|
|
|
WH Ireland Limited
|
|
James Joyce / Sarah
Mather
|
+44 (0) 20 7220 1666
|