Cambria Africa has asked for trading in its shares to be suspended pending the announcement of its annual accounts. The Company expects to publish its Accounts by the end of May 2015.
It was planning to leave AIM and had asked shareholders to approve this at a meeting planned for 18 February. However it has been approached by Ventures Africa Limited who now hope to subscribe for 107m new shares in Cambria Africa at 0.85p and want Cambria Africa to keep trading on AIM.
Shareholders would have to approve this deal and the waiving of the need for Ventures Africa to make a takeover offer for the company. The target completion date is 1 April 2015, with a long stop date of 15 June 2015. If everything goes according to plan, Ventures Africa would own 50.55% of the voting rights of the Company. They say they would use the proceeds of the placement to provide general working capital for the Company’s existing investments.
UPDATE 17/8
The company has announced that it is still not in a position to publish its accounts and doesn’t know yet when it will be able to. Therefore it remains suspended.
CMB : Cambria Africa trading suspended but may not leave AIM