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Business Reporter
Southern Africa focused investment company, Cambria has completed the reconstitution of its board following the reappointment of Mr Paul Turner to the board.

Mr Turner, who was appointed to the board last week, is the last of four directors to be appointed to Cambria’s reconstituted board in the past month following the acquisition of 50,55 percent of the voting rights by Ventures Africa Limited (VAL). Prior to his latest appointment Mr Turner, a chartered accountant and past president of the Institute of Chartered Accountants of Zimbabwe, was the deputy chairperson of the board.

He resigned from the board in May this year pursuant to the Share Subscription Agreement with VAL.

Mr Turner, who is independent from the majority shareholder VAL, is expected to maintain the independence of the board.

Apart from Mr Turner three new directors who are nominees of Ventures Africa Limited also joined the board. These include Ventures Africa Limited owner, former Zimbabwe Online chief executive and businessman Mr Samir Shasha and chartered accountants Mr Dipak Champaklal Pandya and Ms Josephine Petra Watenphul.

They replaced Messrs Itai Mazaiwana and Fred Jones stepped down as non-executive directors in April. Apart from the four other board members include Messrs Ian Perkins and Edzo Wisman.

Ventures Africa Ltd subscribed for the 107 million ordinary shares in Cambria 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 (AIM)

The proceeds of the recent placement have been used to provide for the significant costs in relation to legal fees to the previously announced litigation against Lonrho, Cambria group overhead, and working capital for the company’s existing investments. VAL also provided a standby facility for Cambria amounting to $1,12 million to be used as security for costs in connection with the on-going litigation against Lonrho.

The funds are held by way of deposit in the client account of Allen & Overy LLP (Cambria’s solicitors in the current litigation). VAL will not charge Cambria for providing the standby facility and in the event that it is not used the funds will be returned to VAL.