Cambria Africa PLC Company Settles Dispute with Consilium (7250S)

TIDMCMB

RNS Number : 7250S

Cambria Africa PLC

04 October 2017

Cambria Africa Plc

("Cambria" or the "Company")

Company Settles Dispute with Consilium for US$ 220,000

Further to the Company's announcement of 21 December 2016 in relation to its dispute with Consilium Corporate Recovery Master Fund (Consilium), on 4 October 2017, the Company executed a settlement deed with Consilium. The terms of the settlement deed provide that;

   --     Cambria and Consilium agree to settle all claims against each other. 

-- Cambria will pay Consilium US$220,000 and each party grants the other and their respective directors and associated parties releases from claims relating to the matters that were in dispute.

   --     The money deposited at the Court Funds Office by Cambria as security for costs in the sum of GBP381,342.38 shall, subject to an agreed amount being paid to Consilium by way of contribution to the settlement amount, be released in full back to Cambria. 

-- To protect the interests of Cambria and its shareholders situations not related to Consilium or the present dispute have been excluded from the scope of the releases granted by Cambria.

The Management and Board of Cambria, supported by the advice of our legal counsel, believe that given the costs associated with proceeding to trial and the inherent risks of litigation that the settlement is in the best interest of shareholders.

 
 Contacts 
 
 Cambria Africa Plc:        www.cambriaafrica.com 
                            [phone] 
 Samir Shasha                0115 
 Email:                     [e-mail] 
 
 WH Ireland Limited: 
                            [phone] 
 James Joyce / Alex Bond     1666 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 04, 2017 10:15 ET (14:15 GMT)