Cambria Africa raises just 13pc of target in two month offer

Cambria Africa confirmed the result of its open offer and the conversion of VAL's loan into Cambria ordinary shares on Friday, having initially announcing the offer to qualifying shareholders on 28 November in a bid to raise up to £1.25m.

The AIM-traded company said the open offer closed for applications on 15 February, and said valid applications were received for 15,918,606 new ordinary shares, raising £159,186.06.

Applications under open offer entitlements totalled 11,575,434 while 4,343,172 applications were received under the excess application facility, Cambria’s board said, with an aggregate participation ratio of 12.73%.

“The company is especially encouraged by support from its individual investors,” the directors commented in a statement.

“All applications were from shareholders holding less than 3% of the company's shares.

“Cambria is committed to improving liquidity in its shares by expanding its base of individual investors and creating value for all stakeholders.”