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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cambria Africa Plc | LSE:CMB | London | Ordinary Share | IM00B28CVH58 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.225 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Svcs Allied W/exchanges, Nec | 920k | -178k | -0.0003 | -7.33 | 1.2M |
TIDMCMB
RNS Number : 5557V
Cambria Africa PLC
31 January 2017
Cambria Africa Plc
("Cambria" or the "Company")
FY 2017 Trading Update Leads to Open Offer Extension
Last Friday the Company announced a trading update for the current financial year indicating Payserv, the Company's largest subsidiary, achieved a 131% increase in Profit Before Tax for the 4 months ended 31 December 2016 (http://www.cambriaafrica.com/rns?id=13109693). Accordingly, Cambria is extending the closing date of its Open Offer to 15 February 2017 to allow Qualifying Shareholders to consider the significance of this and other updated results repeated below in their investment choices.
The Open Offer Issue Price of 1.00p per share represents a discount of 16.7% to the closing price of 1.20p on Friday, 27 January 2017 and a 17.4% discount to the 10-day Volume Weighted Average Price of 1.21p.
The Open Offer guarantees Qualifying Shareholders a price of 1.00p per share for up to a 1.194 Open Offer shares for each share held. If they take up their full Open Offer Entitlement, shareholders can apply for additional Open Offer Shares through an Excess Application Facility .
Qualifying Shareholders have received the Open Offer Circular and Application which appear on the Company's website (http://www.cambriaafrica.com/investors/shareholder-documents). If you are a Qualifying Shareholder and have not been notified or have questions about the application process, please contact the Company's registrar, Capita Asset Services by telephone on +44 (0)371 664 0321.
The revised timetable of principal events is detailed below. Capitalised terms in this announcement are as defined in the Open Offer circular (http://www.cambriaafrica.com/investors/shareholder-documents) unless the context otherwise requires.
Trading update
As outlined in the Company's results announcement of 27 January 2017 and repeated below, FY 2017 has started positively.
After Fiscal Year-End 2016, unaudited management accounts for the 4 months ended 31 December 2016 reflect an acceleration of the performance gains achieved in FY 2016.
In comparison to the same period in FY 2016, the salient results are as follows:
Payserv:
-- PBT increased by 131% to $660,000 from $286,000, -- EBITDA increased by 51.8% to $850,000 from $560,000, -- Revenues increased by 23.4% to $2.16 million from $1.75 million, -- Paynet's EDI volumes up by 46.3%, -- Tradanet loan volumes down 35.4%.
The significant increase in EDI volumes is believed to be attributable to an increase in electronic payments as a result of the cash shortages in Zimbabwe and multiple salary payments during the same month by employers. Tradanet loans fell as a result of a temporary discontinuation in the credit partner loan program. This program is expected to be reinstated in early 2017 and will result in a restoration of loans to FY 2016 levels.
Although the current record EDI volumes may abate in future should current conditions change, Paynet's management expects normalisation of Tradanet loan volumes to mitigate any such reduction.
Millchem:
-- Revenues flat at $1.2 million, -- EBITDA loss further reduced by 30% to $38,000 from a loss of $55,000, -- Pre-tax loss reduced by 27.7% to $47,000 from a loss of $65,000.
Central:
-- Central costs, excluding legal expenses, continue to track the improved levels reported in FY 2016.
OPEN OFFER: REVISED TIMETABLE OF PRINCIPAL EVENTS
Recommended latest time and date 4:30pm on 9 for requesting withdrawal of Open February 2017 Offer Entitlements from CREST Latest time and date for depositing 3.00pm on 10 Open Offer Entitlements into CREST February 2017 Latest time and date for splitting 3.00pm on 13 Application Forms (to satisfy February 2017 bona fide market claims only) Latest time and date for acceptance 11.00am on 15 of the Open Offer and receipt February 2017 of completed Non-CREST Application Forms and payment in full under the Open Offer or settlement of relevant CREST instruction (if appropriate) Announcement of result of Open 16 February Offer 2017 Admission and commencement of 22 February dealings in the Shares on AIM 2017 New Ordinary Shares credited to 22 February CREST members' accounts 2017 New Ordinary Shares in certificated 1 March 2017 form
All references are to London time.
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
Contacts Cambria Africa Plc: www.cambriaafrica.com +44 (0) 207 669 Samir Shasha 0115 Email: info@cambriaafrica.com WH Ireland Limited: www.wh-ireland.co.uk +44 (0) 20 7220 James Joyce / Nick Prowting 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGMGFMNMZGNZG
(END) Dow Jones Newswires
January 31, 2017 02:04 ET (07:04 GMT)
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