Date: Tuesday 18 Sep 2012
LONDON (ShareCast) - Zimbabwe focused investment firm, Cambria Africa, says it is considering a potential asset sale and share buyback as its stock price continues to lag behind its tangible asset value.
Revenues in the 12 months to the end of August were $12.9m, up 35% on the prior year, while gross profit was $6.9m, also up 35%.
Cambria has four main investments: the Leopard Rock Hotel; solvent importer and distributor Millchem; printing outfit Celsys; and payment and outsourcing firm Payserv.
All of the main businesses appear to be doing well. Cambria says the share price is currently at a 70% discount to tangible asset value, and adds: “Were this position to continue the board may review strategic alternatives for one or more of its investments to unlock (and/or make more apparent) some of the value built-up within its underlying investments. If this review were undertaken it may include, but would not be limited to, a potential sale of certain assets.
“In this context, the company's board may consider targeted buybacks of its own shares were a realisation of any assets completed.”
The market was unimpressed - the stock fell 4.55% in morning trading and has now lost 38% of its value since February.
BS
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Currency | UK Pounds |
Share Price | 0.23p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 0.33 |
52 Week Low | 0.19 |
Volume | 0 |
Shares Issued | 544.58m |
Market Cap | £1.23m |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
CEO | Samir Shasha |
CFO | Josephine (Josie) Petra Watenphul |
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