Business / Companies
Cambria Africa to proceed with listing on the ZSE
29 May 2012 at 07:25hrs | Views
Cambria Africa said today it will proceed with a listing on the Zimbabwe Stock Exchange.
It comes after shareholders of security and commercial printing group Celsys Ltd approved a takeover by the company.
Cambria already held 60 per cent of Celsys and the approval means it can acquire the outstanding shares, offering new Cambria shares or cash.
As reported earlier this month, if all Celsys shareholders accept Cambria shares, the new shares will amount to approximately 1.58 per cent of the enlarged capital.
Should they accept the cash alternative the amount payable will be approximately US$192,000.
Cambria will retain its primary listing on AIM.
The company believes the ZSE listing is a natural development given the majority of its assets are in Zimbabwe.
It also believes the proposed ZSE listing will increase liquidity in its shares, leading to more efficient pricing, while strengthening the growth prospects of the company.
Cambria will be the first secondary listing of a European company on the ZSE since 1999, the first public listing of shares on the ZSE since 2010, and the second listing of shares on the ZSE since the introduction of US dollarization increased economic stability in Zimbabwe.
It comes after shareholders of security and commercial printing group Celsys Ltd approved a takeover by the company.
Cambria already held 60 per cent of Celsys and the approval means it can acquire the outstanding shares, offering new Cambria shares or cash.
As reported earlier this month, if all Celsys shareholders accept Cambria shares, the new shares will amount to approximately 1.58 per cent of the enlarged capital.
Should they accept the cash alternative the amount payable will be approximately US$192,000.
Cambria will retain its primary listing on AIM.
The company believes the ZSE listing is a natural development given the majority of its assets are in Zimbabwe.
It also believes the proposed ZSE listing will increase liquidity in its shares, leading to more efficient pricing, while strengthening the growth prospects of the company.
Cambria will be the first secondary listing of a European company on the ZSE since 1999, the first public listing of shares on the ZSE since 2010, and the second listing of shares on the ZSE since the introduction of US dollarization increased economic stability in Zimbabwe.
Source - proactiveinvestor
