Cambria clears listing hurdles

the company to achieve its goal of listing in Zimbabwe. The company has a primary listing on the Alternative Investment Market in England.
“Shareholders are advised that all conditions precedent for the scheme of arrangement, proposed by Cambria Africa Plc have been met,” said Cambria.

“The scheme has been duly lodged with the Registrar of Companies.”
The effective date of the scheme is August 15. According to Cambria, shareholders will have seven days to make an election for the form of consideration offered for their Celsys shares.

Shareholders not electing for cash for their Celsys shares will be allocated shares.
Celsys shares are expected to stop trading on the ZSE on August 30, while Cambria will list on the bourse the following day.
The company said making Celsys a private company would save costs for the printing company.

The company, formerly LonZim plc, had an initial listing timeline of June this year after a planned delisting of Celsys, which failed to materialise.
Meanwhile, the company said it had sold two aircraft owned through its wholly-owned subsidiary LonZim Air (a Fokker F27-500 Cargo and an ATR 43-320) for US$200 000 to a Kenyan operator.

The aircraft were leased to 540 (Uganda) Limited and 540 Aviation Limited (Kenya).

A 10-percent down payment would be made upon signing of the agreement and thereafter in five equal monthly instalments, following formal transfer of the aircraft and registration.

Cambria said the aircraft had been kept in poor condition, had missing equipment and are not currently airworthy.
The price represents a book loss on sale of US$3,3 million.
Cambria recognised a contingent asset of US$2,9 million in the interim to February 29, 2012 relating to amounts payable by 540 in relation to the two aircraft, which was over and above an amount payable by 540 of US$1,4 million previously accrued.

Cambria will now further recognise a contingent asset amounting to approximately US$500 000 relating to additional amounts payable by 540 in respect of ongoing maintenance and lease charges and related contractual interest, to the date of sale.
It also accrues additional contingent asset of US$2,2 million relating to the deterioration in market value of the aircraft due to the poor condition.