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Southern Africa focused investment company, Cambria’s deputy board chairperson Mr Paul Turner has stepped down from the board resulting in it remaining with two members.
Mr Turner resigned last week. The board now comprises of Messrs Ian Perkins and Edzo Wisman.
“The company takes this opportunity to thank Paul, who has made a valuable contribution to the company during his tenure,” the company said in a statement.
The resignation of Mr Turner brings the number of directors that have resigned over the past month to three.
The other two directors Messrs Itai Mazaiwana and Fred Jones stepped down as non-executive directors last month.
The resignations will allow Ventures Africa Limited, which now owns 50,55 percent of the voting rights in Cambria to nominate three directors to the board.
The Ventures Africa Limited nominees will, however, only be appointed after a due diligence exercise.
Ventures Africa gained the majority of voting rights after successfully subscribing for 107 million shares in Cambria for £909 500 last month.
Messrs Turner and Mazaiwana who were initially expected to resign at the beginning of March had remained on the board to oversee the transition.
Ventures Africa Ltd subscribed for the 107 million ordinary shares in Cambria.
This was at a price of 0,85 pence per share, payable in cash on completion the allotment.
The success of the subscription agreements resulted in Cambria maintaining its listing on the Alternative Investment Market.
Cambria, which wanted to delist from the Alternative Investment Market in January, last month announced that it had shelved plans to delist after it entered into a conditional share subscription
agreement with Ventures Africa Ltd.
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