Ambrian Capital Share Discussion Threads

[koolio] 11/4/2011 15:33

Financial Review

Total income was £22.65 million in 2010 up 20.6% from £18.78 million in 2009.

Profit before tax was £2.90 million in 2010 compared to £2.93 million in 2009.

Basic earnings per share were 1.99p in 2010 compared to 2.76p in 2009.

The Corporate Finance & Equities division reported revenue of £9.78 million in 2010 compared to £8.95 million in 2009. The division experienced a very strong second half 2010 performance with revenue of £7.06 million, up 260% from £2.72 million in the first half of 2010.

Our Investment portfolio, principally held through Ambrian Principal Investments Limited ("APIL") showed excellent performance with gains of £4.09 million in 2010, an increase of 222% on the £1.27 million gains generated by the Group's principal investments in 2009.

The commodities physical metals division saw tonnage volume of refined copper rise 13.4% to 242,449 tonnes in 2010 compared to 213,882 tonnes in 2009. The increased volumes were offset by lower premiums that left profitability steady at £2.57 million (2009: £2.69 million).

The commodities energy business had an impressive start, reporting revenues of £1.34 million for its short first trading period to the end of 2010.

The commodities futures and options business reported a higher gross profit of £0.36 million in 2010 compared to £0.22 million in 2009.

Administrative expenses were £19.75 million in 2010 compared to £15.86 million in 2009. This increase included circa £1m of costs incurred during 2010 by Ambrian Partners associated with the non-natural resources stockbroking activities which we abandoned; in addition, there were incremental costs associated with growth initiatives including the physical energy business.

Remuneration expenses, before share-based payment charges, were £10.73 million in 2010 (2009: £9.85 million) of which (i) £8.18 million was represented by salaries, employers' national insurance and benefits (2009: £6.53 million) and (ii) £2.52 million represented a provision for year-end profit-related bonuses (2009: £3.33 million). The ratio of total remuneration expenses (excluding share-based payment charges) to total income was 49.7% for 2010 (2009: 52.5%). Share-based payment charges in 2010 were £0.52 million compared to £1.08 million in 2009.

Total headcount as at 31 December 2010 stood at 78, an increase of 5 (principally in Commodities) in 2010. Of the headcount, 45 are in the Corporate Finance and Equities business and 33 in Commodities activities.

[brad1] 07/4/2011 22:27

results tomorrow? I am getting ready to pounce on these as soon as market opens.

[jfishy55] 07/4/2011 13:36

Marky4: No, those discussion were related to Ambrian Capital PLC (which is the whole group), the company being sold is one company from the group: Ambrian Commodities Ltd.

The way I see it, is £4.3m added to the balance sheet, plus a debt of £6m removed. The £4.3m will be used to generate larger profits in the physical metal & energy sector than ACL was making in the futures metal business.

Seems like a pretty good deal to me :-)

[marky4] 07/4/2011 11:18

Is this sale of the unit the same unit that the previous CEO was going to close for nothing?

[koolio] 07/4/2011 07:38

Ambrian Capital plc (AMBR) announces that it has agreed to sell its wholly owned subsidiary, Ambrian Commodities Limited ("ACL"), to INTL FCStone Inc. ACL is the LME broker-dealer business of Ambrian Capital plc. This sale follows the decision previously announced in December 2010 to withdraw from the business.

The sale is conditional, inter alia, upon the approval of The Financial Services Authority. The consideration will be equal to the net asset value of ACL at 31 March 2011 which is approximately GBP10.3 million (GBP4.3 million net of a debt of GBP6.0 million owing by Ambrian Capital to ACL). This is expected to result in a cash payment to Ambrian Capital of GBP4.3 million, equivalent to the carrying value of ACL in the Ambrian Group's accounts. ACL recorded profits before tax of GBP0.4 million for the year ended 31 December 2010 (unaudited).

Ambrian Capital will apply the consideration arising from this transaction to Ambrian Metals Limited, its physical metals business, and Ambrian Energy, its physical energy trading business.

[koolio] 05/4/2011 18:07

No associated closure costs, that's good on its own.

Fingers crossed for the finals.

[martylangan] 05/4/2011 17:57

It was £4m in the interims...

However, the recent statement from Ambrian noted that it was closing so it would free up cash. So not sure how much of this £4m will be actual profit?
Also not sure if this £4m is already counted in the recent estimate of 32.4p NAV...

Thoughts anyone?

[jfishy55] 05/4/2011 16:29

Ambrian Commodities Ltd is the LME business that AMBR has been planning to close.
Good to see they will get some money for it rather than just closing it.

Not sure what the NAV of Ambrian Commodities is though...

[koolio] 01/4/2011 18:30

I sent an email to Ambrian today about the delay in releasing the results and received a reply by close of business. Good to see that they are still in the office at 6pm on Friday.

The company anticipate the release of the results within the next 7 days.

[koolio] 22/3/2011 16:52

Ambrian will announce its final results for 2010 in the latter part of March 2011.
Does any one have ideas, this week or next?

Edit: Well looks like it will be next week, quite relieved that it didn't come late part of this week, lets for for Monday or Tuesday. GLA.

[traderabc] 18/3/2011 19:15

Malcolm Brune used to run Ambrian (when it was a more successful company).

[koolio] 18/3/2011 17:34

Does the GPR announcement have any relevance to Ambrian?

[traderabc] 18/3/2011 13:07

Mr. Major replaces Malcolm Burne, a former chairman and director of the Company since 1987.

"After almost twenty-four years with the Company, and having provided guidance and support to bring it to its current status as a profitable and rapidly growing silver mining company, Malcolm has decided to retire from its Board." said Kaare Foy, Executive Chairman, today. "We thank him and express our appreciation for almost a quarter century of exemplary stewardship and commitment."




Great Panther Silver Adds Mining/Metallurgical Expertise to Board



Press Release Source: Great Panther Silver Limited On Thursday March 17, 2011, 12:25 pm EDT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/17/11) - GREAT PANTHER SILVER LIMITED (TSX:GPR - News)(AMEX:GPL - News) (the "Company") is pleased to announce the appointment of Ken Major, P. Eng., to the Board of Directors of the Company.

[martylangan] 02/3/2011 14:24

Monk is shaking up Ambrian

Round one, with a knockout, to Andrew Monk in the takeover tussle for stockbroker Ambrian. City Spy reported last week how chief executive Tom Gaffney had refused to parlay with former Blue Oar and Oriel boss Monk about a possible bid for all or parts of the business. Not quite the attitude shareholders applaud. A few days later, and Gaffney resigns "to fulfill family commitments". Chairman Lawrence Banks announces his "regret".
Not surprising, that, from Gaffney's old ally. Expect Banks to be next out the door.

* As City Spy has revealed, Monk had offered to discuss a takeover of Ambrian's metals business at the London Metal Exchange. Gaffney refused and decided to shut the division down instead. Now, we hear, the business is to be retained with a view to launching another search for a buyer. Brokers were abuzz with talk at the International Petroleum Dinner at the Grosvenor House hotel last week that Monk would come in with another bid. Under takeover rules, he's not allowed to make an offer for the whole company for six months unless the board asks him to, or a rival bidder enters the fray.

* Meanwhile, we hear attendees at the events of IP Week, the annual jamboree for the oil industry, were attending more to their BlackBerrys than usual during the worthy seminars last week. Even during Tuesday morning's lecture "Exploring the Middle East". Events elsewhere on their minds, apparently...

[gardenarc] 01/3/2011 17:14

Ticking up nicely at last long may it continue.

[koolio] 01/3/2011 17:00

About todays announcement.

So a net change in ownership of 9125398 shares (about 9%) of Ambrian.
These shares have passed from Rule family trust to.....?
Surely there should be an RNS from the purchaser(s)does anyone else think that this transaction is part of a more strategic purchase ?
It is interesting for me to imagine that someone as wealthy and shrewd as Rick Rule likes a minnow like Ambrian enough to purchase back about 4% of this company.



Happy to hold Ambrian. GLA.

[martylangan] 28/2/2011 10:41

Ambrian acts as NOMAD and broker to Energetix's £2.5 million fundraising
22 February 2011

Ambrian Partners Limited ("Ambrian"), a wholly-owned subsidiary of Ambrian Capital plc, is pleased to announce that it has acted as NOMAD and broker to the conditional £2.5 million placing with institutional investors announced today by Energetix Group ("Energetix").

Energetix has three businesses with cost-effective products to meet the growing global demand for alternative energy, focused on distributed generation, energy storage and energy efficiency. The funds raised will be used to accelerate the commercial development of both Genlec and Pnu Power, and for general working capital purposes.

The placing is conditional upon the passing of a special resolution at a General Meeting of the Company on 14 March 2011.

Richard Chase, Managing Director of Ambrian Partners, said:

"I am delighted that we have successfully completed this important fundraising for Energetix, raising financing from new and existing institutional shareholders to enhance the Company's commercial development. This deal is another example of the efficacy of our specialist approach to the Cleantech sector and the third 'clean technology' related fundraising by the team since October 2010."

[koolio] 26/2/2011 16:58

I think you may be right on the nail about Monk. One of my main reasons to buy these was that they represented a good takeover target.
The appointment of an interim CEO could be because the BOD feel that they have found a suitable match/purchaser and they don't intend to seek a full time CEO for a company that might be taken over shortly. This is speculation of course.
I would be disappointed to receive less than the equivalent of 65p for each AMBR share.

[martylangan] 23/2/2011 23:59

...agree Koolio.

Also thinking more about todays news with that from 15th & 17th Feb announcements below...

IMHO, there is a big possibility that Monk wants to do serious business and has gone direct to the other board members to explain how Gaffney is preventing talks. The board could have then thought it was too good an opportunity to turn down and offered Gaffney an easy exit... Interesting few weeks ahead...

17th Feb.
"No love lost in the world of stockbroking between Andrew Monk and Tom Gaffney, it seems.

Monk, runs a broking outfit called VSA Capital which is keen to buy rival broking house Ambrian, run by Gaffney. For his part, Monk claims Gaffney refuses to take his calls but after reports of his interest emerged elsewhere in these pages this week, he made his interest known through a Stock Exchange announcement.
• City Spy hears Gaffney despatched one of his top brass, Malcolm Freeman, to find a buyer for Ambrian's London Metals Exchange futures and options brokerage business. When Monk expressed an interest, Freeman told Gaffney who apparently exploded with words to the effect of "I'm not selling anything to that man!"

15th Feb
"Whilst the Board would like to enter into a dialogue with and has made a tentative approach to Ambrian to explore a business combination with VSA it confirms that VSA is not in talks with Ambrian about any such business combination and is not in the course of preparing, and has no intention of making, an offer for Ambrian."

[koolio] 23/2/2011 15:26

Robert Ashley our interim CEO has an impressive CV.

Mr. Ashley is a career bullion banker having spent 18 years with NM Rothschild Group companies as Headof Treasury at Rothschild Australia and later as Global Head of Treasury in London. His financial engineering skills were a key contributor to Rothschild Australia's well recognized leadership in the financing and hedging of Australian gold projects. He has been directly involved in most aspects of the gold industry from the acquisition and revitalisation of the Golden West and MRO refineries, in Perth and Port Moresby, to the wholesale supply of finished bars into Asian markets. He was Chairman of the London Gold Market Fixing Limited and a member of the Management Committee of the London Bullion Market Association.Mr Ashley has a continuing professional interest in trading and risk management in commodities marketsand in the development of financing strategies for metals producers.He is based in London, has an association with the commodities division of an international bank and is Chairman of Trafigura Asset Management Limited

[koolio] 23/2/2011 15:11

I would agree with Marty:
How any CEO can simply "not recall" an offer for his/her company is utter twaddle. When he was caught/pressed to say that he would sell nothing to that man is total arrogance.

I imagine it went something like this.

TG: "I won't let that man do due diligence with a potential offer on Ambrian as long as I am CEO, that is why I vastly underestimated the 2010 figures in the Dec 7th trading statement throw him off the scent eh".
BOD: "See you Tom, shall we say you resigned for family reasons or would you like to be fired Oh by the way Robert has agreed to take the post starting immediately".

[martylangan] 23/2/2011 11:06

Nah bet this has something to do with the news the other day...

[traderabc] 23/2/2011 10:43

Mr Tom Gaffney, the Chief Executive, has resigned from the Ambrian Group

Anyone know why he has resigned? Malcolm Brune's departure coincided with the crash of both Ambrian and the commodity market, I hope Gaffney hasn't timed his departure similarly.