Two Cambria directors step down

stepping-down
Business Reporter

Two directors of Southern Africa focused investment company, Cambria have stepped down following the successful subscription of 107 million shares in Cambria for £909 500 by Ventures Africa Limited. Messrs Itai Mazaiwana and Fred Jones stepped down as non-executive directors last week. This paves the way for Ventures Africa Limited to nominate three additional directors, subject to due diligence of such directors as it now owns 50,55 percent of the voting rights in Cambria.

Messrs Turner and Mazaiwana had remained on the board to oversee the transition. Following their resignation, the board now comprise of Messrs Ian Perkins, Edzo Wisman and Paul Turner.

“The company takes this opportunity to thank Messrs Itai Mazaiwana and Fred Jones who have made a valuable contribution to the company during their tenure,” the company said.

Ventures Africa Ltd subscribed for the 107 million ordinary shares in Cambria at a price of 0,85 pence per share, payable in cash on completion of the allotment.

The success of the subscription agreements will result in Cambria maintaining its listing on the Alternative Investment Market (AIM)

Cambria, which wanted to delist from the Alternative Investment Market in January, announced in February that it had shelved plans to delist after it entered into a conditional share subscription agreement with Ventures Africa Ltd.

Ventures Africa Ltd wants Cambria to maintain its quotation on AIM and believes that the money raised through the agreement will invalidate the reasons given for its original intention to delist.

The two companies were initially expecting to complete the transaction by April 1 although there is a long stop date of June 15, 2015.

Cambria will use the money raised from the transaction for general working capital for its existing investments.

The company’s existing investments include Payserv and Millchem. The Payserv Group is Zimbabwe’s leading provider of Payments and Business Process Outsourcing services targeted at financial and related sectors.

The group comprises four business units, Paynet Zimbabwe, AutoPay, Loanserv and Softserv.

Paynet Zimbabwe provides an outsourced payments transfer platform linking 22 financial institutions and over one thousand two hundred corporate institutions in all sectors of the Zimbabwean economy.

The payments transfer platform is well known as the Paynet system in Zimbabwe and widely used for bulk salary transfers, supplier payments and direct debits.

Millchem is a value-added chemicals distributor in Zimbabwe.

It distributes industrial solvents and metal treatment products. The company was established in 1986 as Millpal and rebranded to Millchem in 2011.