LONDON (ShareCast) - (ShareCast News) - Cambria Africa updated the market on its dispute with Consilium on Wednesday, after it advised on 18 July that it had filed $1.84m in counterclaims against Consilium in the English High Court.
The AIM-traded company said that on 20 December, the High Court ordered Cambria to post security for costs of £381,342.38 and ordered it to pay costs of £30,000 to Consilium.

It said the security is to be paid into court by 6 January, and will be held pending determination of Cambria's counterclaims.

"The company's board was disappointed with the ruling which was made notwithstanding an opinion by the company's auditors, Baker Tilly Isle of Man LLC, that 'Cambria would be able to meet costs of £425,000 should they become payable.'," the board said in a statement.

"The board believes that it will comfortably meet the obligations of this ruling and go on to prevail in its counterclaim against Consilium."

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