Final Results

 

TIDMAMBR 
 
RNS Number : 9890I 
Ambrian Capital PLC 
23 March 2010 
 

23 March 2010 
 
 
 
                              AMBRIAN CAPITAL PLC 
 
                      Preliminary Announcement of Results 
                      for the year ended 31 December 2009 
 
Ambrian Capital plc, the specialist investment bank, today announced its 
preliminary results for the year ended 31 December 2009. 
 
Highlights 
 
·              Total income GBP18.78 million in 2009 compared to negative total 
income of GBP(1.07) million in 2008. 
 
·              Revenue GBP17.51 million in 2009, up 82% compared to 2008 
(excluding gains and losses from the Investment Portfolio). 
 
·              Corporate Finance & Equities revenue GBP8.95 million in 2009, up 
more than two and a half times compared to 2008. 
 
·              Commodities revenue GBP8.56 million in 2009, an increase of 34% 
compared to 2008. 
 
·              Profit before share-based payment charges and tax GBP4.01 million 
compared to a loss on the same basis of GBP(16.30) million in 2008. 
 
·              Ambrian ranked 1st in small cap metals & mining research (Thomson 
Reuters Extel Survey 2009) and 1st by number of retained corporate clients in 
the AIM Basic Materials Sector (Hemscott Fourth Quarter 2009). 
 
·              Ambrian handled 213,382 tonnes of refined copper in 2009, an 
amount equivalent to approximately 6.9% of China's total imports of refined 
copper in 2009. 
 
·              Net tangible asset value per share increased 7.23% during the 
year to 31.18p at 31 December 2009. 
 
·              Basic earnings per share 2.76p in 2009 compared to a loss per 
share of (12.92)p in 2008. 
 
·              Second interim dividend of 0.75p per share declared and no final 
dividend proposed, taking total dividends for the year to 1.50p per share, 
unchanged from 2008. 
 
Commenting on the results, Tom Gaffney, Chief Executive of Ambrian Capital plc, 
said: 
 
"Ambrian's strong performance in 2009 demonstrates the substantial opportunities 
for growth in our two businesses.  Corporate Finance & Equities revenue 
increased by more than two and a half times and Commodities revenue increased by 
34%. Our growth is reflected in Ambrian's bottom line results. 
 
We have had an encouraging start to 2010 and are well positioned to benefit from 
continuing Chinese demand for commodities and a gradual improvement in the 
economies of Europe and North America." 
 
 
 
Enquiries 
 
 
+------------------------+------------------------+ 
| Ambrian Capital plc    |                        | 
+------------------------+------------------------+ 
| Tom Gaffney, Chief     | + 44 (0)20 7634 4700   | 
| Executive              |                        | 
+------------------------+------------------------+ 
|                        |                        | 
+------------------------+------------------------+ 
| Fox-Pitt Kelton        |                        | 
| Limited                |                        | 
+------------------------+------------------------+ 
| Simon Law/Marc Milmo   | + 44 (0)20 3037 5237   | 
+------------------------+------------------------+ 
|                        |                        | 
+------------------------+------------------------+ 
| M: Communications      |                        | 
+------------------------+------------------------+ 
| Charlotte Kirkham /    | + 44 (0)20 7920 2330   | 
| Ben Simons             |                        | 
+------------------------+------------------------+ 
 
Notes to Editors: 
 
AMBRIAN CAPITAL PLC 
Ambrian Capital plc (AIM: AMBR) is a specialist investment bank active in 
Corporate Finance & Equities, Commodities and Principal Investments. 
 
Corporate Finance & Equities 
Ambrian Partners Limited is known in the market today for its leading positions 
in the metals & mining, oil & gas and cleantech sectors.  It provides corporate 
finance advice, equity research, sales and trading and market making services. 
Ambrian Partners is a member of the London Stock Exchange and is authorised and 
regulated by the Financial Services Authority. 
 
Commodities 
Ambrian Commodities Limitedis a trader and broker specialising in London Metals 
Exchange cleared base metals futures and options. Its customers include metals 
producers, consumers, merchants, traders and financial investors. Ambrian 
Commodities is an Associate Broker Member of the London Metal Exchange and is 
authorised and regulated by the Financial Services Authority. 
 
Ambrian Metals Limitedis an independent physical metals merchant with a 
particular strength in refined copper. Through Ambrian Metals' offices in London 
and Shanghai and agents in New York, Santiago, São Paulo, Seoul and Tokyo, it 
sources non-ferrous metals from producers for distribution to an international 
client base of metals consumers and merchants. 
 
Principal Investments 
Ambrian Principal Investments Limited is an investment company which holds the 
Group's principal investment portfolio.  It is managed by Ambrian Asset 
Management Limited, which is authorised and regulated by the Financial Services 
Authority. 
 
Further information on Ambrian Capital is available on the Company's website: 
www.ambrian.com 
 
 
 
CHAIRMAN'S STATEMENT 
 
Ambrian's financial and operating performance in 2009 demonstrated continued 
progress in meeting our strategic objective.  We are committed to building a 
business that has intrinsic value substantially in excess of net asset value 
based on a differentiated business model and an enduring franchise. 
 
The growth in revenue and profit in 2009, in both Corporate Finance & Equities 
and in Commodities, demonstrates the success of our natural resources focused 
model.  Ambrian continues to emphasise return on capital, cost control and 
maintenance of a strong financial position.  This year we have taken a charge to 
Ambrian's consolidated statement of comprehensive income for the fair value of 
share options granted to staff by the Ambrian Capital Employee Benefit Trust in 
accordance with IFRS 2.  We have also restated the 2008 accounts to reflect this 
charge.  Our remuneration policies are designed to retain and incentivise our 
most talented staff and recruit the best people in the market in order to drive 
growth in shareholder value.  We are in the process of putting in place a more 
effective share incentive scheme for our staff. 
 
Ambrian Partners continued to strengthen its position in the UK small and 
mid-cap metals & mining sector.  It took advantage of the fall-out from the 
credit crisis in the UK investment banking sector to hire talented individuals 
in corporate finance, equity sales and trading and research.  Ambrian Partners 
took steps during 2009 to improve the size, quality and sustainability of its 
equities business by selectively recruiting specialist research analysts in 
non-cyclical sectors.  Equity market making showed a significant turnaround 
during the year as a result of the rebound in the junior natural resources 
sector. 
 
Ambrian Commodities remained profitable in 2009 despite a drop in customer 
trading volumes and lower interest rates.  In the second half of the year we 
changed to a new clearing bank and we now fund client margins due to the London 
Metal Exchange (LME) from our own cash resources. 
 
Ambrian Metals benefited in the first half of 2009 from the strength in demand 
for refined copper from China and the Middle East.  We are taking steps to 
upgrade our office in Shanghai from a representative office to a "Wholly Foreign 
Owned Enterprise" (WFOE) which will enable Ambrian Metals to trade with a wider 
range of Chinese customers.  We expect the WFOE to become fully operational in 
the second half of 2010. 
 
In January 2010, we transferred Ambrian's remaining investment portfolio into 
Ambrian Principal Investments Limited (APIL), a wholly-owned Jersey registered 
company, which is managed by Ambrian Asset Management Limited.  This will enable 
the performance of our principal investment portfolio to be clearly identified 
and provides the basis for an audited track record. 
 
We continue to broaden both the services we offer to clients and our 
geographical presence.  In February 2010, we formed Ambrian Resources AG in 
partnership with three ex-Glencore International executives.  Based in 
Switzerland, Ambrian Resources is focused on arranging and managing strategic 
investments which offer the opportunity to complement the activities of our 
other businesses.  We expect to allocate approximately 10% of the Group's 
shareholders' equity to strategic principal investments. 
 
A second interim dividend of 0.75p per share will be paid to shareholders on 30 
March 2010.   This takes the total dividend for the year to 1.50p per share, 
unchanged from 2008.  We are not recommending payment of a final dividend. 
Since our first dividend payment in October 2005, Ambrian has paid shareholders 
a cumulative total of GBP7.12 million in cash dividends.  A further GBP1.10 
million has been returned to shareholders through share buybacks over the same 
period. 
 
The current year will no doubt provide further challenges in a fragile economic 
world but there will also be opportunities for Ambrian.  Despite our 
accomplishments in 2009, we know that there is still much to be done if we are 
to achieve our objective and build our business in the long term.  We benefit 
greatly from our Chief Executive, Tom Gaffney, who has shown outstanding 
leadership in expanding and diversifying our business in a difficult 
environment. 
 
Finally, I would like to thank our clients for entrusting us with their 
business, all of our staff for their hard work over the past year and my fellow 
directors for their guidance and support. 
 
 
 
 
W L Banks 
Chairman 
23 March 2010 
 
 
CHIEF EXECUTIVE'S REPORT 
 
Ambrian's strong performance in 2009 demonstrates the substantial opportunities 
for growth in our two businesses.   Corporate Finance & Equities revenue 
increased more than two and a half times and Commodities revenue increased by 
34%.  Our growth is reflected in Ambrian's bottom line results. 
 
Our activities have grown in size and complexity in recent years which requires 
an increasing emphasis on risk management throughout the Group. Ambrian's 
businesses generate recurring revenue by acting as an intermediary on most 
transactions.  As an intermediary, Ambrian minimises its market risk by matching 
buyers and sellers.  Our market risk taking, other than in the Investment 
Portfolio, is for the most part limited to providing our clients with liquidity 
to facilitate the execution of a transaction. 
 
We are enthusiastic about the strength of our platform and our vision is to 
build the pre-eminent investment bank to the natural resources sector that draws 
on our skills in equities, derivatives and physical metals. 
 
Financial Review 
 
Total income for 2009 was GBP18.78 million, compared with negative income of 
GBP(1.07) million in 2008. 
 
Revenue grew by 82% to GBP17.51 million in 2009 from GBP9.64 million in 2008 
(excluding gains and losses from the Investment Portfolio). 
 
Corporate Finance & Equities revenue increased by 175% in 2009 to GBP8.95 
million from GBP3.25 million in 2008.  Excluding equity market making gains in 
2009 of GBP1.49 million and losses in 2008 of GBP(2.04) million, Corporate 
Finance & Equities revenue was up 41% in 2009 reflecting the recovery in equity 
markets. 
 
Commodities saw revenue increase by 34% in 2009 to GBP8.56 million from GBP6.39 
million in 2008.  The growth in revenue was driven by an increase in physical 
tonnage traded and a widening of metal premiums, particularly during the first 
half of 2009. 
 
The Investment Portfolio had income of GBP1.27 million in 2009 compared with 
negative income of GBP(10.71) million in 2008.  The recovery in the value of the 
investment in Minerva Resources plc (now Nyota Minerals Limited) accounted for 
the majority of the income of the Investment Portfolio in 2009. 
 
Administrative expenses were GBP15.86 million in 2009 (2008: GBP16.54 million), 
of which GBP11.07 million (2008: GBP11.46 million) were represented by fixed 
costs (excluding bonuses, share-based payment charges and non-recurring costs). 
 
Remuneration expenses, before share-based payment charges, were GBP9.85 million 
in 2009 (2008: GBP6.78 million) of which (i) GBP6.53 million was represented by 
salaries, employers' national insurance and benefits (2008: GBP5.47 million) and 
(ii) GBP3.33 million  represented a provision for the year-ended profit-related 
bonuses (2008:GBP1.31 million).  The ratio of total remuneration expenses 
(excluding share-based payment charges) to total income was 52.5% for 2009. 
Share-based payment charges in 2009 were GBP1.08 million compared with GBP1.33 
million in 2008 as restated. 
 
Non-personnel costs were GBP4.92 million in 2009, 42% lower than 2008.  The 
decrease compared with 2008 is principally attributable to a rigorous focus on 
cost control in 2009 and the non-recurring costs incurred in 2008. 
 
Total headcount as at 31 December 2009 stood at 73, up 2 during 2009. 
 
Profit before share-based payment charges and tax for 2009 was GBP4.01 million 
compared to a loss of GBP(16.30) million in 2008. 
 
Profit before tax for 2009 was GBP2.93 million compared to a loss of (GBP17.63) 
million in 2008. 
 
Basic earnings per share were 2.76p compared to a basic loss per share of 
(12.92)p in 2008. 
 
The tax charge for 2009 was GBP0.28 million (2008: tax credit GBP4.77 million) 
which is equivalent to a tax rate of 9.5%.  The reduced tax is primarily due to 
a deferred tax credit of GBP0.54 million arising from the share-based payment 
charge. 
 
Consolidated statement of financial position 
 
Total assets increased to GBP281.55 million at 31 December 2009 from GBP94.35 
million at 31 December 2008 primarily due to increased volumes of physical 
metals contracted for sale and for purchase by Ambrian Metals. 
 
Cash, trade and other receivables and inventory accounted for 49% of total 
assets at the year end.  Trade and other receivables are short-dated and almost 
all are either backed by a letter of credit from a major financial institution 
or we have obtained credit insurance for substantially all of the credit 
exposure.  Our inventory position reflects metals that we hold in conjunction 
with future contractual sales.  The metals we trade in are readily convertible 
for cash. 
 
Contractual obligations from a diverse group of major metals consumers to 
purchase tonnages of physical metals for periods of up to 12 months represents a 
further 48% of the Group's assets.   These assets are valued at the LME closing 
valuation prices at the year end. 
 
The Group's own cash resources, net of amounts due to clients, totalled GBP23.97 
million at 31 December 2009 compared with GBP22.56 million at 31 December 2008. 
The Group's own cash resources at the year end included GBP9.02 million (2008: 
GBP nil) of own cash held with Fortis Bank Global Clearing NV (100% owned by the 
Dutch State), our LME clearer, in respect of margin credit granted to clients of 
Ambrian Commodities.  Cash is also held on deposit principally with Barclays 
Bank plc and Royal Bank of Scotland plc. 
 
The Investment Portfolio was valued at GBP2.53 million at 31 December 2009 
compared with GBP1.50 million at 31 December 2008. 
 
It has always been the Group's policy to provide a reserve in the consolidated 
statement of financial position for the full cost of the potential exercise of 
share options granted by the Ambrian Capital Employee Benefit Trust (EBT).  At 
31 December 2009 the EBT reserve was GBP5.34 million (2008: GBP5.88 million). 
 
Shareholders' equity was GBP32.43 million at 31 December 2009 (31 December 2008: 
GBP30.35 million). 
 
Net asset value per share was 33.55p and tangible net asset value per share was 
31.18p, increases of 6.14% and 7.23%, respectively during 2009.  Net asset value 
per share and tangible net asset value per share are based on 96,652,953 
ordinary shares outstanding at 31 December 2009 (excluding Treasury shares and 
shares held by the EBT). 
 
The aggregate regulatory capital requirement for the Group's regulated 
subsidiaries was GBP4.05 million at 31 December 2009 which was substantially 
exceeded by the aggregate regulatory capital resources of the regulated 
subsidiaries of GBP16.14 million. 
 
Corporate Finance & Equities 
 
Corporate Finance 
 
Ambrian Partners has built a strong franchise in providing high value-added 
corporate finance advisory services with a particular focus on the metals & 
mining sector.  Our corporate clients recognise Ambrian Partners' industry 
expertise, ability to handle complex multi-jurisdictional transactions and 
Nominated Adviser ("Nomad") services. 
 
Among the transactions on which Ambrian Partners advised during 2009 were the 
following: 
 
·           Avocet Mining plc's US$145 million acquisition of Wega Mining ASA 
 
·           Centamin Egypt plc's GBP1.40 billion move to the Official List of 
the London Stock Exchange from AIM 
 
·           Weatherly International plc's US$33 million sale of its smelter 
assets 
 
Ambrian Partners is the recognised leader in the AIM Basic Materials Sector and 
was ranked first by number of retained corporate clients in the Hemscott Fourth 
Quarter 2009 AIM Advisers Rankings Guide. 
 
Ambrian Partners' strategy is to focus its resources on a select group of 
retained Nomad and/or Corporate Broking clients which are of high quality, have 
high growth potential and offer Ambrian Partners the potential to generate 
significant fees on a recurring basis.  At 31 December 2009, Ambrian Partners 
Limited had 32 retained corporate clients compared with 42 at 31 December 2008. 
Ambrian Partners' retained quoted clients had an average market capitalisation 
of GBP104 million at 31 December 2009 compared with the average market 
capitalisation of an AIM listed company at that date of GBP44 million. 
 
Capital Markets 
 
Based on a reputation for bringing attractive companies to the market, Ambrian 
Partners has become a key market intermediary for natural resources companies 
seeking to raise capital in the London market. 
 
In 2009, Ambrian Partners was involved in 20 transactions that provided GBP292 
million in financing for growing companies. 
 
Among the fund raisings announced in 2009 in which Ambrian Partners played a 
role were the following: 
 
·           African Consolidated plc's GBP10 million equity offering 
 
·           Centamin Egypt plc's C$69 million equity offering 
 
·           Kalahari Minerals plc's GBP17.9 million and GBP20.0 million equity 
offerings 
 
·           SeaEnergy plc's GBP7.5 million equity offering 
 
·           Sylvania Resources plc's GBP10 million equity offering 
 
Equities 
 
Ambrian Partners' equities business performed well in 2009 as a result of the 
rebound in equity markets and, in particular, the sharp recovery in the junior 
natural resources sector.  The FTSE AIM Basic Resources Index rose by 153% in 
2009 after dropping by 73% in 2008. 
 
Ambrian Partners made significant progress in further strengthening its 
institutional client base and improving the consistency of its research-driven 
brokerage revenue.  In 2009, revenue from institutional brokerage commissions 
and commission sharing arrangements (CSAs) increased by 24%. 
 
Ambrian Partners' equities team was ranked first overall in the UK small cap 
metals & mining sector in the 2009 Thomson Reuters Extel Survey. 
 
During the year, Ambrian Partners expanded its mining research coverage from the 
small and mid-cap sector to include the major London-listed mining companies. 
 
The decision was taken during 2009 to take advantage of the dislocation in the 
UK stockbroking sector to recruit a limited number of top quality research 
analysts and equity salesmen to broaden Ambrian Partners' product offering 
beyond the mining sector and AIM. 
 
The plan is to build a larger, more profitable equities business to enable our 
fixed cost base to be shared among a greater number of income generators and 
build on Ambrian Partners' first-rate reputation in the natural resources 
sector. 
 
Our strategy is to build our brokerage presence in equities bought largely for 
their defensive qualities as a counter-balance to the highly cyclical and 
volatile natural resources sector in which Ambrian Partners already has a strong 
presence.  Since the beginning of 2010, Ambrian Partners has hired "thought 
leading" equity research analysts specialising in defensive sectors such as 
utilities, pharmaceutical companies and food retailers. 
 
Ambrian Partners is committed to being a specialist securities firm with 
recognised industry expertise.  Increasingly, Ambrian Partners' skills in 
natural resources will be complemented by expertise in new sectors which will 
provide diverse and sustainable sources of revenue. 
 
Ambrian Partners makes markets in the shares of 55 companies and had GBP2.00 
million of capital allocated to the activity at 31 December 2009. 
 
Equity market making was profitable in all but one month in 2009 and generated 
revenue of GBP1.49 million in 2009 compared to a loss of GBP(2.04) million in 
2008.  Equity market making plays a vital role providing liquidity to our "house 
stocks" and thereby facilitating client activity.  Over 75% of the revenue 
generated by equity market making was in the shares of Ambrian Partners' 
corporate clients. 
 
Commodities 
 
Commodities comprises Ambrian Commodities Limited, the LME broker-dealer and 
Ambrian Metals Limited, the physical metals merchant. 
 
Ambrian Commodities Limited 
 
Ambrian Commodities had a more difficult year in 2009 than in 2008 as a result 
of a 19% reduction in customer activity levels, lower average metals prices and 
lower interest rates.  Nevertheless, Ambrian Commodities remained profitable. 
 
Total LME trading volume was almost unchanged with 112 million lots traded in 
2009 compared with 113 million lots in 2008.   However, in 2009 the US dollar 
notional value of lots traded on the LME declined by 28% to US$7.41 trillion due 
to lower metals prices.  LME volumes were maintained by the activity of 
financial investors despite a decline in end user demand. 
 
Ambrian Commodities' client base primarily consists of industrial metals 
fabricators, of which approximately two-thirds are located in Continental 
Europe. 
 
These industrial customers have a regular need for the metals price hedging 
services provided by Ambrian Commodities regardless of the actual level of 
metals prices. However, their volume of LME activity is directly related to 
their manufacturing production.  Given the weak European economic recovery in 
2009, output was reduced and this depressed Ambrian Commodities' volume of 
activity. 
 
In addition, in the low interest rate environment prevailing in 2009, Ambrian 
Commodities was unable to maintain interest income on cash balances held at the 
same level as in 2008.  During 2009, overnight US$ LIBOR averaged only 0.23% 
compared with 2.33% in 2008. 
 
The allocation of capital to support the granting of margin credit represents 
the largest single constraint to the future growth of Ambrian Commodities and we 
are actively pursuing initiatives to resolve this issue. 
 
 
Ambrian Metals Limited 
 
Ambrian Metals globally sources non-ferrous metals, with a particular focus on 
LME-grade copper cathode and copper wire-rod, from producers for distribution 
primarily on a matched and hedged basis to an international client base. 
Headquartered in London, and with an office in Shanghai, Ambrian Metals has 
agents in New York, Santiago, São Paulo, Seoul and Tokyo. 
 
Ambrian Metals does not speculate on movements in metals prices but generates 
revenue by charging its clients a market-based "premium" over the metal price 
for providing them with a consistently high quality product and logistics 
services. 
 
Ambrian Metals manages all facets of marketing and distribution.  The growth in 
tonnage handled by Ambrian Metals has been supported by major international 
banks that have been prepared to provide growing amounts of trade finance. 
These banks include BNP Paribas, ING, Standard Chartered, Credit Suisse and 
Banque Cantonale Vaudoise.  At the year end, Ambrian Metals had US$200 million 
in uncommitted trade financing facilities compared with US$120 million at the 
end of 2008. 
 
Ambrian Metals benefited during 2009 from record flows of refined copper into 
China.  The total volume of refined copper imported into China in 2009 rose by 
29% to 3.1 million tonnes from 2.4 million tonnes in 2008. 
 
Chinese demand for copper was particularly strong during the first half of 2009 
and was fuelled by strategic stockpiling but also, in large part, by the RMB 4 
trillion (US$585 billion) stimulus package announced by China in November 2008. 
Approximately US$450 billion was targeted for investment in infrastructure, 
rural development and other fixed asset investments which are large consumers of 
raw materials.  Refined copper, for example, is converted into a range of 
products within the building, construction and electrical sectors. 
 
The effect of increased Chinese demand for refined copper was to push up 
worldwide market premiums per tonne.  Premiums per tonne "CIF Shanghai" rose 
sharply from approximately US$38/tonne at the start of 2009 to a high of 
approximately US$170/tonne in April.  Premiums fell back to around US$40/tonne 
in the second half of the year but rebounded at the year end to approximately 
US$100/tonne in anticipation of further Chinese demand and a recovery in global 
economies in 2010. 
 
In 2009, Ambrian Metals handled 246,296 tonnes of physical metals.  This 
included 213,382 tonnes of refined copper which was equivalent to approximately 
6.9% of China's total imports of refined copper in that year.  In 2008, Ambrian 
Metals handled 79,573 tonnes of physical metals.  Total sales of physical metals 
in 2009 were $1,238 million compared to $630 million in 2008. 
 
Approximately 39% of Ambrian Metals' tonnage volume in 2009 was to customers 
located in the Middle East and 37% was sold to Chinese customers through Ambrian 
Metals' office in Shanghai.  The balance was primarily taken up by customers in 
Europe and North America. 
 
Financial events in Dubai in the second half of 2009 had only a limited impact 
on the tonnages sold by Ambrian Metals into the Middle East. 
 
During 2009, Ambrian Metals sourced refined copper from producers located around 
the world including Russia, Kazakhstan, Japan, Zambia, Brazil, India and Chile. 
 
Principal Investments 
 
The Investment Portfolio generated income of GBP1.27 million in 2009 compared 
with negative income of GBP(10.71) million in 2008.  The most significant gain 
of GBP0.80 million was attributable to the investment in Minerva Resources plc 
which was acquired in an all share transaction by Nyota Minerals Limited in 
August 2009. 
 
The total value of the Investment Portfolio at 31 December 2009 was GBP2.53 
million compared with GBP1.50 million at 31 December 2008. 
At 31 December 2009, the largest publicly listed holdings in the Investment 
Portfolio were Nyota (valued at GBP0.80 million) and Rivington Street Holdings 
plc (valued at GBP0.32 million).  The unlisted investments had an aggregate 
value of GBP0.16 million (2008: GBP0.28 million). 
 
On 4 January 2010, the holdings in the Investment Portfolio were transferred 
from Ambrian Capital and Ambrian Partners to Ambrian Principal Investments 
Limited (APIL), a new wholly-owned Jersey registered limited company.  The 
assets of APIL are now managed by Ambrian Asset Management Limited, an FSA 
regulated investment management company, which is wholly owned by Ambrian 
Capital. 
 
APIL's investment objective is to produce superior investment returns by 
investing in a portfolio of equities and derivatives in the metals & mining and 
energy sectors. 
 
In due course, Ambrian Asset Management intends to widen its activities from 
managing Ambrian Capital's proprietary investments to managing funds on behalf 
of third parties. 
 
Outlook 
 
China remains the largest single factor driving demand for raw materials. 
Despite near term concerns about financial overheating, China remains 
underdeveloped.  China's GDP per capita is estimated by the IMF to be $3,566. 
According to analysts, in real terms, this is the same as the US in 1934 and 
Japan in 1960.  China's 2009 GDP per capita is 23% of Taiwan's, 22% of South 
Korea's and less than one-tenth that of the United States. 
 
2010 has started well with Ambrian's total income in the first two months of the 
year exceeding total income in the same period last year.  Ambrian Partners and 
Ambrian Metals have again been the drivers of growth. 
 
The range of Ambrian's activities in the natural resources sector and London's 
position at the world's centre of equity capital raising and metals trading, 
positions us well to benefit from continuing Chinese demand for commodities and 
a gradual improvement in the economies of Europe and North America. 
 
 
 
 
Tom Gaffney 
Chief Executive 
23 March 2010 
 
 
 
 
 
 
                 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
                          Year ended 31 December 2009 
 
 
+---------------------------+----------+----------+----------+----------+------------------+------------------+ 
|                           |          |          |                     |      2009        |      2008        | 
|                           |          |          |                     |                  |    Restated      | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |       GBP        |       GBP        | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| Revenue                   |          |          |                     |       17,512,917 |        9,642,656 | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| Investment portfolio      |          |          |                     |        1,270,636 |     (10,711,147) | 
| gains and losses          |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     | ---------------- | ---------------- | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| Total income              |          |          |          |                  18,783,553 |      (1,068,491) | 
+---------------------------+----------+----------+----------+-----------------------------+------------------+ 
|                           |          |          |          |                             |                  | 
+---------------------------+----------+----------+----------+-----------------------------+------------------+ 
| Administrative expenses   |          |          |          |                (15,857,033) |     (16,537,853) | 
+---------------------------+----------+----------+----------+-----------------------------+------------------+ 
| Finance costs             |          |          |          |                           - |         (20,928) | 
+---------------------------+----------+----------+----------+-----------------------------+------------------+ 
|                           |          |          |          |            ---------------- | ---------------- | 
+---------------------------+----------+----------+----------+-----------------------------+------------------+ 
| Profit/(loss) before tax  |          |          |          |                   2,926,520 |     (17,627,272) | 
+---------------------------+----------+----------+----------+-----------------------------+------------------+ 
|                           |          |          |          |                             |                  | 
+---------------------------+----------+----------+----------+-----------------------------+------------------+ 
| Taxation                  |          |          |          |                   (276,759) |        4,765,777 | 
+---------------------------+----------+----------+----------+-----------------------------+------------------+ 
|                           |          |          |                     | ---------------- |   -------------- | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| Profit/(loss) for the     |          |          |                     |                  |                  | 
| year attributable to      |          |          |                     |                  |                  | 
| owners of the parent      |          |          |                     |        2,649,761 |     (12,861,495) | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |       ========== |       ========== | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| Other comprehensive       |          |          |                     |                  |                  | 
| income                    |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| Exchange loss arising on  |          |          |                     |        (117,807) |        (499,045) | 
| translation of foreign    |          |          |                     |                  |                  | 
| operations                |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     | ---------------- |   -------------- | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| Total comprehensive       |          |          |                     |        2,531,954 |     (13,360,540) | 
| income attributable to    |          |          |                     |                  |                  | 
| owners of the parent      |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |       ========== |       ========== | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| Earnings/(loss) per       |          |          |                     |                  |                  | 
| ordinary share            |          |          |                     |                  |                  | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| - basic                   |          |          |                     |            2.76p |         (12.92)p | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
| - diluted                 |          |          |                     |            2.74p |         (12.92)p | 
+---------------------------+----------+----------+---------------------+------------------+------------------+ 
|                           |          |          |          |          |                  |                  | 
+---------------------------+----------+----------+----------+----------+------------------+------------------+ 
 
 
 
                  CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
                              at 31 December 2009 
 
 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |     2009      |     2008      |     2007      | 
|                                       |    |               |   Restated    |   Restated    | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |      GBP      |      GBP      |      GBP      | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| ASSETS                                |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Non-current assets                    |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Property, plant and equipment         |    |       317,511 |       352,317 |       126,852 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Intangible assets                     |    |     2,290,109 |     2,430,109 |     1,836,828 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Deferred tax asset                    |    |     1,254,128 |     1,051,417 |             - | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |  ------------ |  ------------ |  ------------ | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |     3,861,748 |     3,833,843 |     1,963,860 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Current Assets                        |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Financial assets at fair value        |    |     4,698,734 |     2,636,135 |    23,888,023 | 
| through profit or loss                |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Inventory                             |    |    58,551,732 |     9,008,759 |             - | 
| Trade and other receivables           |    |   175,898,683 |    30,578,089 |     5,989,445 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Current tax recoverable               |    |     1,107,775 |     1,169,155 |             - | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Cash and cash equivalents             |    |    37,432,137 |    47,123,092 |    27,080,761 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |  ------------ | ------------- | ------------- | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |   277,689,061 |    90,515,230 |    56,958,229 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |  ------------ | ------------- | ------------- | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Total Assets                          |    |   281,550,809 |    94,349,073 |    58,921,909 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |  ------------ | ------------- | ------------- | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| LIABILITIES                           |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Current liabilities                   |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Financial liabilities at fair value   |    |   (7,709,922) |  (19,981,091) |             - | 
| through profit or loss                |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Trade and other payables              |    | (240,956,741) |  (43,633,216) |  (10,311,594) | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Current tax payable                   |    |     (453,535) |     (381,539) |   (1,482,563) | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |  ------------ | ------------- | ------------- | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    | (249,120,198) |  (63,995,846) |  (11,794,157) | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Non current liabilities               |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Deferred  tax liabilities             |    |             - |             - |   (2,090,110) | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |  ------------ | ------------- | ------------- | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Total liabilities                     |    | (249,120,198) |  (63,995,846) |  (13,884,267) | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |  ------------ | ------------- | ------------- | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Total net assets                      |    |    32,430,611 |    30,353,227 |    45,037,642 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |       ======= |       ======= |       ======= | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| CAPITAL AND RESERVES                  |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Share capital                         |    |    11,136,121 |    11,136,121 |    11,136,121 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Share premium account                 |    |    11,105,383 |    11,105,383 |    11,105,383 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Merger reserve                        |    |     1,245,256 |     1,245,256 |     1,245,256 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Treasury shares                       |    |   (1,093,889) |   (1,092,831) |     (163,217) | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Retained earnings                     |    |    12,357,624 |    11,783,542 |    26,364,590 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Share-based payment reserve           |    |     3,639,675 |     2,555,461 |     1,229,328 | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Employee benefit trust                |    |   (5,342,707) |   (5,880,660) |   (5,879,819) | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Exchange reserve                      |    |     (616,852) |     (499,045) |             - | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |  ------------ | ------------- | ------------- | 
+---------------------------------------+----+---------------+---------------+---------------+ 
| Total equity attributable to owner of |    |    32,430,611 |    30,353,227 |    45,037,642 | 
| the parent                            |    |               |               |               | 
+---------------------------------------+----+---------------+---------------+---------------+ 
|                                       |    |       ======= |       ======= |       ======= | 
+---------------------------------------+----+---------------+---------------+---------------+ 
 
 
                      CONSOLIDATED STATEMENT OF CASH FLOWS 
                      for the year ended 31 December 2009 
 
+----------------------------------------+---------------+---------------+ 
|                                        |     2009      |     2008      | 
|                                        |               |   Restated    | 
+----------------------------------------+---------------+---------------+ 
|                                        |      GBP      |      GBP      | 
+----------------------------------------+---------------+---------------+ 
| Cash flows from operating activities   |               |               | 
+----------------------------------------+---------------+---------------+ 
|                                        |               |               | 
+----------------------------------------+---------------+---------------+ 
| Profit/(loss) for the year             |     2,649,761 |  (12,861,495) | 
+----------------------------------------+---------------+---------------+ 
| Adjustments for :                      |               |               | 
+----------------------------------------+---------------+---------------+ 
| Depreciation of property, plant and    |       192,574 |       174,691 | 
| equipment                              |               |               | 
+----------------------------------------+---------------+---------------+ 
| Impairment of property, plant and      |             - |       118,571 | 
| equipment                              |       140,000 |       140,000 | 
| Amortisation of intangible assets      |      (84,552) |       (2,979) | 
| Foreign exchange gains                 |               |               | 
+----------------------------------------+---------------+---------------+ 
| Taxation expense/(credit)              |       276,759 |   (4,765,777) | 
+----------------------------------------+---------------+---------------+ 
| Unrealised (gains)/losses on financial |               |               | 
| assets designated at fair value        |     (550,268) |     9,606,263 | 
+----------------------------------------+---------------+---------------+ 
| Realised (gains)/losses on financial   |               |               | 
| assets designated at fair value        |   (1,244,789) |     1,148,420 | 
+----------------------------------------+---------------+---------------+ 
| Net (cost on acquisitions)/proceeds on |               |               | 
| disposals of financial assets          |     (267,542) |    10,571,205 | 
| designated at fair value               |               |               | 
+----------------------------------------+---------------+---------------+ 
| Increase in inventories                |  (49,542,973) |   (9,008,759) | 
| Increase in trade and other            | (145,320,594) |  (23,834,652) | 
| receivables                            |               |               | 
+----------------------------------------+---------------+---------------+ 
| Unrealised (gains)/losses on financial |  (12,271,169) |    19,981,091 | 
| liabilities at fair value              |               |               | 
+----------------------------------------+---------------+---------------+ 
| Increase in trade and other payables   |   197,323,525 |    32,200,320 | 
+----------------------------------------+---------------+---------------+ 
| Share-based payment charge             |     1,084,214 |     1,326,133 | 
+----------------------------------------+---------------+---------------+ 
|                                        | ------------- | ------------- | 
+----------------------------------------+---------------+---------------+ 
| Cash generated from operations         |   (7,615,054) |    24,793,032 | 
+----------------------------------------+---------------+---------------+ 
| Taxation paid                          |     (346,094) |     (693,635) | 
+----------------------------------------+---------------+---------------+ 
|                                        | ------------- | ------------- | 
+----------------------------------------+---------------+---------------+ 
| Net cash flow (used in)/from operating |   (7,961,148) |    24,099,397 | 
| activities                             |               |               | 
+----------------------------------------+---------------+---------------+ 
|                                        | ------------- | ------------- | 
+----------------------------------------+---------------+---------------+ 
|                                        |               |               | 
+----------------------------------------+---------------+---------------+ 
| Investing activities                   |               |               | 
+----------------------------------------+---------------+---------------+ 
| Purchase of property, plant and        |     (157,768) |     (424,172) | 
| equipment                              |               |               | 
+----------------------------------------+---------------+---------------+ 
| Disposal of property, plant and        |             - |        58,832 | 
| equipment                              |               |               | 
+----------------------------------------+---------------+---------------+ 
| Acquisition of subsidiary (net of      |               |               | 
| cash acquired)                         |             - |     (545,652) | 
+----------------------------------------+---------------+---------------+ 
|                                        | ------------- | ------------- | 
+----------------------------------------+---------------+---------------+ 
| Net cash used in investing activities  |     (157,768) |     (910,992) | 
+----------------------------------------+---------------+---------------+ 
|                                        | ------------- | ------------- | 
+----------------------------------------+---------------+---------------+ 
| Financing activities                   |               |               | 
+----------------------------------------+---------------+---------------+ 
| Purchase of shares by employee benefit |     (232,960) |         (841) | 
| trust                                  |               |               | 
+----------------------------------------+---------------+---------------+ 
| Sale of shares by employee benefit     |       138,565 |             - | 
| trust                                  |               |               | 
+----------------------------------------+---------------+---------------+ 
| Purchase of treasury shares            |       (1,058) |     (929,614) | 
+----------------------------------------+---------------+---------------+ 
| Dividend paid to owners of the parent  |   (1,443,331) |   (1,719,553) | 
+----------------------------------------+---------------+---------------+ 
|                                        | ------------- | ------------- | 
+----------------------------------------+---------------+---------------+ 
| Net cash used in financing activities  |   (1,538,784) |   (2,650,008) | 
+----------------------------------------+---------------+---------------+ 
|                                        | ------------- | ------------- | 
+----------------------------------------+---------------+---------------+ 
|                                        |               |               | 
+----------------------------------------+---------------+---------------+ 
| Net (decrease)/increase in cash and    |   (9,657,700) |    20,538,397 | 
| cash equivalents                       |               |               | 
+----------------------------------------+---------------+---------------+ 
| Cash and cash equivalents at the       |    47,123,092 |    27,080,761 | 
| beginning of the year                  |               |               | 
+----------------------------------------+---------------+---------------+ 
| Foreign exchange gains/(losses)        |      (33,255) |     (496,066) | 
|                                        |               |               | 
+----------------------------------------+---------------+---------------+ 
|                                        | ------------- |  ------------ | 
+----------------------------------------+---------------+---------------+ 
| Cash and cash equivalents at the end   |    37,432,137 |    47,123,092 | 
| of the year                            |               |               | 
+----------------------------------------+---------------+---------------+ 
|                                        |       ======= |       ======= | 
+----------------------------------------+---------------+---------------+ 
 
 
                              NOTES TO THE ACCOUNTS 
                          Year ended 31 December 2009 
 
 
1          The financial information set out in this announcement does not 
constitute the Group's statutory accounts for the years ended 31 December 2009 
or 2008 but is derived from those accounts. Statutory accounts for 2008 have 
been delivered to the Registrar of Companies, and those for 2009 will be 
delivered in due course. The auditors have reported on those accounts; their 
reports were (i) unqualified, (ii) did not include a reference to any matters to 
which the auditors drew attention by way of emphasis without qualifying their 
report and (iii) did not contain a statement under section 237 (2) or (3) of the 
Companies Act 1985 in respect of the accounts for 2008 nor a statement under 
section 498 (2) or (3) of the Companies Act 2006 in respect of the accounts for 
2009. The results for the year ended 31 December 2009 were approved by the Board 
of Directors on 22 March 2010 and are audited. 
While the financial information included in this preliminary announcement has 
been prepared in accordance with the recognition and measurement criteria of 
International Financial Reporting Standards (IFRSs), this announcement does not 
itself contain sufficient information to comply with IFRSs. The Group expects to 
publish full financial statements that comply with IFRSs in May 2010. 
2          Prior Year Adjustment 
The Group has restated its prior year consolidated statement of comprehensive 
income and consolidated statement of financial position to reflect the 
share-based payments charge on options granted by the Employee Benefit Trust. 
This charge in relation to 2008 amounted to GBP1,127,194 and has been included 
within administrative expenses. This increased the loss for the year by 
GBP1,127,194 with a corresponding adjustment to share based payment reserve and 
this has GBPnil impact on total equity. 
The charge for previous years amounted to GBP592,986 and has been treated as an 
adjustment between the opening balances on retained earnings and the share-based 
payments reserve in 2008. 
3          Financial Reporting Review Panel 
The Group has recently concluded discussions about its 2008 Annual Report and 
Financial Statements with the Financial Reporting Review Panel.  Certain 
additional disclosures have been included in our 2009 Financial Statements as a 
consequence of these discussions, particularly in relation to the 2008 
Consolidated Statement of Cash Flows which has been restated and the 
classification of intangible assets between goodwill on consolidation and 
customer relationships. 
 
4          Earnings per Ordinary Share 
 
The calculation of the basic earnings per share is based on the earnings 
attributable to ordinary shareholders divided by the weighted average number of 
shares in issue during the year, excluding shares held in the Employee Benefit 
Trust and treasury shares. 
 
The calculation of diluted earnings per share is based on the basic earnings per 
share adjusted to allow for the issue of shares through the share option schemes 
on the assumed conversion of all dilutive options. 
 
Reconciliations of the earnings and weighted average number of shares in the 
calculations are set out below : 
 
 
 
 
+-----------------+--------------+--------------+-------------+--------------+--------------+--------------+ 
|                 |              |         2009 |                            |         2008 |              | 
+-----------------+--------------+--------------+----------------------------+--------------+--------------+ 
|                 |     Earnings |     Weighted |         Per |     Restated |     Weighted |     Restated | 
|                 |          GBP |      average |       share |              |      average |          Per | 
|                 |              |       number |      amount |     Earnings |       number |        share | 
|                 |              |           of |     (pence) |          GBP |           of |       amount | 
|                 |              |       shares |             |              |       shares |      (pence) | 
+-----------------+--------------+--------------+-------------+--------------+--------------+--------------+ 
| Basic           |              |              |             |              |              |              | 
| earnings/(loss) |              |              |             |              |              |              | 
| per share       |    2,646,761 |   96,169,277 |        2.76 | (12,861,495) |   99,579,821 |     (12.92)p | 
+-----------------+--------------+--------------+-------------+--------------+--------------+--------------+ 
|                 |      ======= |      ======= |     ======= |      ======= |      ======= |      ======= | 
+-----------------+--------------+--------------+-------------+--------------+--------------+--------------+ 
| Dilutive        |              |              |             |              |              |              | 
| effect of       |              |              |             |              |              |              | 
| share           |              |      551,985 |             |              |            - |              | 
| options         |              |              |             |              |              |              | 
+-----------------+--------------+--------------+-------------+--------------+--------------+--------------+ 
|                 | ------------ | ------------ | ----------- | ------------ | ------------ | ------------ | 
+-----------------+--------------+--------------+-------------+--------------+--------------+--------------+ 
| Diluted         |              |              |             |              |              |              | 
| earnings/(loss) |              |              |             |              |              |              | 
| per share       |    2,649,761 |   96,721,262 |        2.74 | (12,861,495) |   99,579,821 |     (12.92)p | 
+-----------------+--------------+--------------+-------------+--------------+--------------+--------------+ 
|                 |      ======= |      ======= |     ======= |      ======= |      ======= |      ======= | 
+-----------------+--------------+--------------+-------------+--------------+--------------+--------------+ 
 
No dilutive effect of the share options is shown for the year ended 31 December 
2008 as their effect is anti-dilutive. Had there been a dilutive effect for the 
year ended 31 December 2008, the calculation would have been based on a weighted 
average number of shares of 99,733,870. 
 
5          Cash and Cash Equivalents 
 
Cash and cash equivalents includes amounts of GBP13,463,398 (2008: 
GBP24,561,062) held as deposits on trading positions and on behalf of third 
parties. 
 
            Within the above amounts held as deposits in trading positions, 
there is a potential restriction in the use of GBP4,203,770 (2008: 
GBP11,993,088) cash to the extent that contracts for the future physical 
delivery of metals move to a liability position due to adverse market price 
movements.  Where the bank has an exposure in connection with that liability it 
has the right to withhold repayment of these cash deposits.  This relates to the 
business of Ambrian Metals Limited. 
 
Copies of the 2009 Report and Financial Statements will be posted to 
shareholders in due course.  Copies of this announcement are available from the 
Company at Old Change House, 128 Queen Victoria Street, London EC4V 4BJ. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR KKBDBBBKBPNB