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Cambria Africa

  • BY: Andrew Hore |
  • POSTED: 19/02/2013 |

Zimbabwe-focused investment company Cambria Africa has secured an additional $1.5m of debt finance.

The finance has been supplied by Consilium Investment Management and it takes the debt facility to $4.5m. The annualised interest rate is 15% a year. Consilium is also a shareholder in Cambria and as part of the facility deal Consilium has a warrant for 5m shares at an exercise price of 13p a share.

Cambria’s chemicals distribution subsidiary Millchem will use the cash to expand into Zambia.

Cambria still has not published its full year figures to the end of August 2012. There are plans for a listing on the Zimbabwe Stock Exchange following the publication. Lonrho has sold its stake in Cambria.

WH Ireland forecasts a $3.6m loss for the year to August 2012. The NAV is estimated to be 32 cents a share.

At 9.62p a share, Cambria is valued at £6.42m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2013_41.pdf

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