Cambria Africa PLC FY17 Trading Update Leads to Open Offer Extension (5557V)
31 January 2017 - 6:04PM
UK Regulatory
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
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