[Zimabawe]Cambria Africa bounces on Consilium debt offer
Zimbabwe-focused investor Cambria Africa has revealed it is considering the terms of an offer from Consilium Investment Management in relation to a dispute over the payment of a debt, while its finance director has stepped back to take a non-executive role in the company.
Alongside Monday's results announcement, Cambria revealed it and Consilium, which owns 14.9% of Cambria's shares, had agreed to the litigation arising from the dispute being stayed until 30 April 2016.
"Cambria wishes to clarify that it has received an offer from Consilium to such a stay and that it is considering the proposed terms thereof," it said on Wednesday afternoon.
Chief financial officer Josie Watenphul, who had been in place since last August, was also said to now be acting as non-executive director only, with an announcement regarding the appointment of a new CFO to be made "when appropriate".
Watenphul was appointed alongside current CEO Samir Shasha and chairman Paul Turner, a few weeks after Edzo Wisman and Ian Perkins, a director of Consilium, tendered their resignation as CEO and chairman respectively.
Southern Africa-focused entrepeneur Shasha, who was appointed as a non-executive last June after his Ventures Africa Ltd (VAL) vehicle invested £0.9m in new shares last April, has spent much time on the Consilium dispute, which arose after the Consilium Corporate Recovery Master Fund (CCRMF) attempted to accelerate the repayment of loans it had provided to the company after VAL's cash injection.
Cambria, formerly known as LonZim, has been investigating all the claims it may have against CCRMF and the former Cambria directors who are also directors of Consilium.
Shares in Cambria were up 27% to 0.51p immediately after the announcement.
