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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ambrian | LSE:AMBR | London | Ordinary Share | GB0003763140 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 1.25 | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0688X Ambrian Capital PLC 23 May 2007 Ambrian Capital plc Result of Annual General Meeting Ambrian Capital plc ("Ambrian Capital" or "the Company") announces that at its Annual General Meeting held yesterday all resolutions were passed. Amongst the resolutions were board changes including the appointment of W Lawrence Banks CBE as non-executive Chairman of Ambrian Capital, replacing Malcolm Burne. Mr. Banks previously acted as non-executive director of Ambrian Capital and Chairman of Ambrian Partners Limited, the corporate finance and stockbroking subsidiary of Ambrian Capital. Prior to this, Mr. Banks was Deputy Chairman of Robert Fleming Holdings Limited. Mr Banks updated shareholders with the following statement: "As stated in the Chairman's Statement, in the current year we will be obliged to report under International Financial Reporting Standards ("IFRS") rather than UK GAAP. Under IFRS our portfolio investments will be valued on the Group's balance sheet at market value rather than the lower of cost or net realisable value. The group's level of profit for the current year will therefore depend upon the changes in the value of the investment portfolio during 2007 and the unrealised gains of #13.9 million as at 31 December 2006 will be reflected in reserves. Movements in value thereafter will be reflected in the profits. As stated in the accounts at 31 December 2006, the value of shareholders' equity plus unrealised gains was approximately #51 million before any tax adjustments. Though this has not been formally audited, we estimate that this will be the opening shareholders' equity as at 1 January 2007 under IFRS. Since the year-end there has been a significant increase in value of three major investments: Jubilee Platinum plc, the Golden Prospect Precious Metals Fund Ltd and Commodity Watch plc (previously 'Minesite'). Despite difficult conditions in the market for mining securities we have made a good start to the current year, reflecting the Company's exposure to the broader commodities spectrum, including soft commodities and renewable energies. We are particularly excited by our new agreement with Sun Hung Kai & Co. Ltd. in Hong Kong and are delighted to welcome Lee Seng Huang to the Board and David Chong as his alternate at today's meeting. Lee Seng Huang is the Chairman of Sung Hung Kai & Co. Ltd., a company listed on the Hong Kong Stock Exchange with a market capitalisation of US$1.5 billion It has key businesses in Corporate Broking, Securities Finance, Corporate Finance and Consumer Finance. A team from London has already visited SHK to explore possible areas of collaboration. Additionally, Charles Crick was appointed as a non-executive director of Ambrian Capital. Mr Crick trained as a solicitor with Allen & Overy and from 1996 to December 2004 Mr Crick was Head of Corporate Finance (joint from June 2003) and a main board director of Numis Corporation plc. Since March 2007 Ambrian Partners has been involved in several M&A transactions, notably the acquisition of a controlling stake in Monterrico Metals plc by a Chinese consortium. We have taken on a number of new clients and plan to begin Market Making activities within the coming weeks. At Ambrian Commodities, the metal traders have continued their progress whilst we have commenced trading in soft commodities and in carbon credits, both areas where we believe that there are significant opportunities for our company. Ambrian Asset Management has just begun operations and we have identified a number of areas where we believe that we can create new funds. The transformation from an investment holding company to an investment bank is far from complete, but considerable progress has been made and we are well on the way. I am honoured to be elected as Chairman of your company in succession to Malcolm Burne and hope that I can help to repeat the achievements he made over the past 10 years. I would like to take this opportunity to thank Malcolm Burne and Richard Lockwood on behalf of the Company and our shareholders. Malcolm and Richard were the original founders of Golden Prospect plc and it was their vision which helped to grow the business into what Ambrian Capital is today. I am delighted that they will continue to work alongside our asset management business on a consultancy basis. Thank you ladies and gentleman." Further to the RNS announcement of 21 March 2007 and in accordance with Schedule 2 (g) of the AIM Rules for Companies, the Company provides the following information in respect of the appointment of Lee Seng Huang and Charles Crick to the Board of the Company as Non-Executive Directors. Lee Seng Huang Current directorships Sun Hung Kai & Co. Limited. (Executive Chairman) Mulpha International Bhd. Mulpha Australia Limited. FKP Property Group Previous directorships in last five years. Lippo Limited. Lippo China Resources Limited. Auric Pacific Group Limited. MEDCO Holdings, Inc. Sun Hung Kai & Co. Limited SHK Barton Limited (Now known as Wah Cheong Development (B.V.I.) Limited SHK Online Limited Sun Hung Kai Online Limited SHK Financial Data Limited I-Market Limited Sun Hung Kai Capital Markets (Cayman) Limited (Dissolved) Upper Selection Investments Limited Earnest Finance Limited Miliconcept Credit Limited (Striking off in process) SHK Finance Limited Top Progress Investments Limited Charles Crick Current directorships/Partnership interests Ambrian Partners Limited. Dial a TV Group Holdings Limited. Longbow Capital LLP Moonguard LLP Previous directorships in last five years. Numis Corporation PLC. Numis Securities Limited. Numis Education Limited. Numis Corporate Finance Limited. Abbey Legal Holdings Limited. Sun Hung Kai & Co. Ltd owns 9,806,250 shares in Ambrian Capital representing 9.03% of the issued share capital in the Company. Charles Crick owns 50,000 shares representing 0.05% of the issued share capital of the Company. No other information is required to be disclosed pursuant to Rule 17 and Schedule 2g of the AIM Rules. Enquiries Tom Gaffney Tel: +44 (0) 20 7776 6400 Chief Executive, Ambrian Capital plc Simon Atkinson Tel: +44 (0) 20 7523 8306 Collins Stewart Europe Cathy Malins / Annabel Leather Tel: +44 (0) 20 7851 7480 Parkgreen Communications Ambrian Capital plc, formerly Golden Prospect plc, is an independent investment bank quoted on the Alternative Investment Market of the London Stock Exchange (Ticker: AMBR) which has three wholly-owned subsidiaries: Ambrian Partners Limited, a corporate finance advisor and stockbroker; Ambrian Commodities Limited, an Associate Member of The London Metal Exchange and a broker-dealer of LME traded metals, precious metals, carbon credits and soft commodities; and Ambrian Asset Management Limited, a specialist investment management business. Further information about the Group is available on Ambrian Capital's website: www.ambrian.com This information is provided by RNS The company news service from the London Stock Exchange END RAGOKBKQFBKDQPB
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