LONDON – Zimbabwe-focused investment company Cambria Africa PLC said Wednesday it has been ordered by the High Court of Justice in England to post security for costs and pay costs in its court case against Consilium Corporate Recovery Master Fund Ltd.
The High Court ordered Cambria Africa to post security for costs of GBP381,342 and pay costs of GBP30,000 to Consilium. The security is to be held pending determination of Cambria Africa’s USD1.8 million counterclaim against Consilium over a disputed loan repayment.
Cambria Africa said it was “disappointed” with the ruling, but believes it will “comfortably meet the obligations of this ruling and go on to prevail in its counterclaim against Consilium”.
Shares in Cambria Africa were untraded on Wednesday, having last traded at 0.865 pence last Friday.- Alliance News
