MULTINATIONAL investment firm Cambria Africa has been suspended from the London Stock Exchange (AIM) for failing to provide the audited results for the year ended August 31, 2022 as required by trading regulations.
The company, whose investments in Zimbabwe include the Payserv Group and Millchem, was required to publish its annual audited accounts by February 28, 2023, but did not do so, leading to a temporary suspension of trading on the international bourse.
“Trading on AIM for the under-mentioned securities has been temporarily suspended from 01/03/2023 7:30am, pending publication of the company's annual audited accounts,” the AIM notice to shareholders read in part.
Cambria told shareholders on February 20, 2023, that it would not be able to comply with Rule 19 of the AIM rules for Companies, which calls for the release of audited accounts for the fiscal year ended August 31, 2022, by February 28, 2023.
As a result, on March 1, 2023, the company's shares were suspended until audited results were released and distributed to its shareholders.
Meanwhile, the business revealed that management was actively working to maximise and realise net asset value per share and to get the share price as near to that figure as possible.
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“In this respect, the company remains on track with respect to proposed realisations of asset values at the holding level including share sale of Lonzim Enterprises UK for US$1,7 million,” it said.
The multinational investment company declared that it would maximise the value of the US dollar for the deposit of $1,3 million, which was reduced to US$2 000 at the Reserve Bank of Zimbabwe in order to settle obligations owed by its subsidiaries in Zimbabwe.
Along with adding value to the intellectual property owned by Payserv Africa and Tradanet, it also aims to generate cash from the sale or leasing of the commercial space used by Paynet Zimbabwe.
The company claimed that it was on track to reduce interest expenditure and overhead costs to nearly non-material levels, as well as to achieve a minimum return of 3% on capital held in Mauritius by Payserv Africa.
The Payserv Group is the country’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. Millchem is among Zimbabwe’s leading distributors of industrial solvents and metal treatment products.