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Cambria shareholders approve share buy back

Cambria Automobiles' shareholders have today given their approval to its directors for a share buy back.

The AM100 group, led by Mark Lavery, called a general meeting today to consider the proposal.

It comes after one of Cambria's shareholders Promethean decided in August to distribute its 33% shareholding. The date for the distribution was at the beginning of September. The value of the shares was 10p.

Cambria directors now have approval to buy back some of these shares in order to prevent them coming on to the market, "overcrowding" it, and depressing prices.

They were given approval in January at the last AGM to buy 10%.

The goal is now 15%.

However, under a trading law called Rule 9 Mark Lavery and his wife Nicola, who own a major stake in the firm, would have to make a cash offer for the other shares in Cambria. At today's extraordinary meeting shareholders also approved a waiver of this requirement.

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