Share Name Share Symbol Market Type Share ISIN Share Description
Ambrian LSE:AMBR London Ordinary Share GB0003763140 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 1.50p 0 01:00:00
Bid Price Offer Price High Price Low Price Open Price
1.25p 1.75p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 1,847.19 -31.14 -8.57 3.8

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Date Time Title Posts
24/12/201709:52AMBRIAN CAPITAL389
20/9/201214:43Boardroom Bust Up-
04/8/201010:35AMBRIAN CAPITAL even Evil won't short this one!1,098
04/4/200720:35Ambrian with Charts & News1

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koolio: I'm very pi55ed off at the management here, I sold half of my holding today and took the hit. I do agree that the write offs and the cancelation of the divi are to make it a more attractive bolt on. Good luck all holders. Ambrian Capital, the natural resources investment firm, has seen its share price plummet 20% following the announcement of a balance sheet loss of £1.46m for the six months to the end of June. The figure includes a complete write down of the group's holding in its investment banking operation known as Ambrian Partners, which equates to a £2.15m impairment. The reasoning for this is what the firm described as "financial global equity markets" The loss suffered on Ambrian Partners is partly behind the decision to award no dividend to shareholders for the half year to June. Net loss per share was 1.49p and the net asset value per share hit 31.48p, up slightly on December 2010 when it stood at 31.14. Chief executive Robert Ashley said: "The weakness and volatility experienced in global equity markets since the end of March 2011 have weighed on the Group's corporate finance and equities division. As a result, the transaction pipeline has been weakened and primary and secondary placement activity significantly reduced with little visibility for a short term upswing." He added: "The board is conscious of the substantial discount at which the Company's share price stands to its net asset value and continues to look at ways of reducing this and otherwise enhancing shareholder value."
koolio: 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.
koolio: So, do you think that it's the "Financial Services" label that's frightening investors away? Don't misunderstand, I like a quiet board and the opportunity to buy more Ambrian shares. However I had imagined that share price would be closer to 40p by now. As I believe I pointed out in a previous post copper price has risen about 50% from May 2010 yet Ambrian share price trades at the same level or thereabouts. While there are many who would correctly argue that Ambr have no direct link to copper price rise I believe that they have benefited on the premiums charged. They need to come out with some good announcements and raise the share price or they will find themselves as a bolt on for bigger name.
koolio: I am still surprised that the share price has not gone further. AMBR are on both sides of the metals trade as far as I can understand. They benefit from the metal/copper price rise in the dealing of the metals and they benefit from taking the mining companies to the market and raising funds for them. I personally had my most successful investment period ever in the last quarter 2010 primarily due to my exposure to small cap aim miners and drillers. So I am hopeful that the investment arm of Ambrian "Principal investments" have been able to achieve a similar return on the portfolio. I am therefore expecting the NAV of each share to far exceed the mentioned 32p. The yield of 5% gives me security that I can happily and safely park some funds here while I search for other faster growth investments without losing to out to inflation. Love the margin of safety and I am happy to hold and accumulate. GLA.
davebowler: 1st February 2011 Analyst: Derren Nathan Email: Tel: 0207 562 3671 Ambrian Capital* - Further enhancement to 2010 earnings guidance. Reiterate Strong Buy with a target price of 50.2p Key Data EPIC AMBR Share Price 27.5p Spread 26.5p - 28.5p Total no of Shares 106.92 million Market Cap £29.4 million NMS 6,000 12 Month Range 19.75p - 31.75p Market AIM Website Sector General Financial Contact Tom Gaffney - CEO - 020 7634 4700 Ambrian Capital, the specialist natural resources investment banking group, has today announced a second positive trading update in as many months. Profits before tax and share-based payment charges for the year are expected to be substantially ahead of the £1.82 million estimated in the Trading Update issued on 7th December 2010. We are therefore upgrading our full year pre-tax estimates to £2 million (£1.4 million) post share based payments. Our 2011 estimates have also been raised to £3.4 million (£3.2 million). It is worth noting that for 2011 onwards our forecasts assume no gains on the company's investment portfolio. However, Ambrian's track record of successful portfolio management continues unabated and the company today reports continued growth in the value of the principal investment portfolio. We therefore envisage further upside potential from this division going forward. Ambrian's recovery from its first half losses is a testament to management's focus on swift cost cutting measures, and the ability of Ambrian Partners to leverage its position as a best in class corporate finance and equities house. Further to the trading statement of 7th December Ambrian has today confirmed an uplift in fund raising activity in the last quarter. In December Ambrian partners acted as broker on a £6 million fund raising for Oilex, joint broker on a £41.8 million placing for Kalahari Minerals, and as Nominated Advisor to the AIM IPO of Ferrum Crescent following a successful £10 million fundraising. While we view the macro-economic outlook with some caution, particularly over copper premiums to which Ambrian Metals is exposed, Ambrian has entered 2011 carrying considerable momentum. Furthermore, the company's efforts to diversify its earnings streams, offer some downside protection. Ambrian Energy (physical biofuels trading) which only launched in 2010 is expected to make a positive contribution this year. Ambrian has guided that its Net Asset Value per share at 31st December 2010 will not be less than 32.4p. The withdrawal from its LME Futures and Options business will free up capital to support activities which offer a higher return. Despite the steady flow of good news, the shares are still trading at least at a 15% discount to NAV. When you couple this with a current year PE rating of under 10x, and a dividend yield of 5.5%, this makes for a compelling investment case. We reiterate our strong buy recommendation with a target price of 50.2p.
koolio: The way that I see AMBR benefiting is that as an established metal dealer on the LME with a string of established contracts and good history of supplying China the shortness of supply will push the premiums higher. Ambrian are also the house broker for many small cap junior mining companies, including WTI. 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. 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. I believe the premium that is referred to is the fee added to the price of metal for immediate delivery on the London Metal Exchange,which many say will increase to $115 a metric ton from $85. I could be reading all this information completely wrong in which case I would be grateful to any who will point out my errors. I admit that I have jumped to some conclusions w/o the advantage or experience of following commodities trading companies in previous years. This company seem to be solid, paying a dividend, dealers of a commodity with increasing demand v supply pressure and the house broker responsible for raising funds for the miners and drillers in the biggest rally in prices that we have seen for years. I don't imagine that the share price will rocket without some positive news flow but I am happy to hold AMBR and watch the commodities story unfold.
brad1: There should be a rule that options can only be granted at current share price or at best monthly average. What better way to bankrupt a company than offer shares at such a discount!
stewacg: Don't despair traderabc. This company is steadily diversifying and improving. They have a much wider focus than they used to and have been steadily taking on high quality people, especially recently. The share price is also stabilising at a higher upland plateau and building a base to move higher. I have been in and out of Ambrian over the years as their fortunes waxed and waned, but bought back in the other day when they announced a second interim dividend. It's not often that companies feel compelled to do that, so clearly things are going well enough for them to be comfortable with offloading cash. I often find that you know in your gut when a company are really progressing. Usually the shareprice follows at some stage, often just after you take your eye off that company. Don't take your eye off this ball just yet!
hywel: View from GE&CR: Ambrian Capital On 27th September Ambrian Capital, the AIM listed fully integrated independent investment bank, announced its results for the six months ended 30 June 2007, reporting a pre-tax profit of £10.02 million, up from £8.40 million, on revenues of £14.87 million, up from £12.16 million. Ambrian reported earnings per share of 6.6p, an increase of 20% and period end net cash of £19.91 million, up from £6.71 million twelve months previously. The Group's net asset base increased to £51.91 million, from £45.75 million at June 30th 2006. However we do not expect the second half of this year to be as strong and, accordingly have reduced, our 2007 forecasts and as a result have cut our price target to 82.4p from 99.4p. However, with the shares at 57.25p our stance remains buy. Operational highlights of the first half include Sun Hung Kai Financial, Hong Kong's largest non bank financial institution acquiring a 9.1% stake in Ambrian; an expansion of the LME metals sales team and a commencement of Market Making operations. Revenues from investment banking increased by 26.5% to £5.35 million, partly due to the completion of nine successful capital raisings totalling a value of £68 million. The equity placements include £18 million for Sylvania Resources Ltd, £15 million for Monto Minerals Ltd, £15 million for TMO Renewables Ltd, £6 million for Zenergy Power Plc and £4.5 million for IPSO Ventures Plc. Ambrian Partners has also been active in providing M&A advisory services to the Zijin Consortium on its recommended £95 million cash offer for Monterrico Metals Plc and Kalahari Minerals Plc in connection with a £26.4 million merger of its uranium assets with Extraction Resources Ltd. Ambrian Partners also commenced Market Making in July of this year which will enable the Company to provide a superior level of service to its institutional clients. The first half also saw an expansion of Ambrian Commodities' LME metals team as the business continued to benefit from the volatility of metals prices and high customer activity levels. The expansion of the team has further strengthened Ambrian Commodities' presence in the global metals market and at the same time has broadened the geographical client base. Ambrian Commodities has also recruited senior traders and salesmen to commence trading in both the carbon credits and soft commodities markets. In January 2007, Ambrian Commodities began trading carbon products quoted on the European Climate Exchange ('ECX') of which Ambrian Commodities is now a member. Ambrian Asset Management is the manager of Golden Prospect Precious Metals Limited (GPPM), a Guernsey registered, closed ended investment fund listed on AIM dedicated to equity investments in the precious metals sector. In May 2007, Ambrian Capital placed 2.85 million shares of GPPM with institutional investors and reduced its interest in GPPM to 49.96%. As a result GPPM has ceased to be a consolidated subsidiary of Ambrian Capital and is now held, instead, as an equity investment. Ambrian Asset Management receives a monthly management fee for managing GPPM and is eligible to receive a performance related fee at the end of the current year equal to 20% of the increase in the NAV of GPPM after a hurdle of 8% has been attained. Ambrian Capital's Investment Portfolio showed gains of £9.52 million up from £7.93 million in the first half of 2006. The total value of Ambrian Capital's Investment Portfolio at 30 June 2007 was £34.37 million. Approximately 94% of the Investment Portfolio is in the shares of quoted companies. Precious metals investments represented approximately 56% of the Investment Portfolio and energy investments represented a further 28% of the Investment Portfolio. The balance comprised a range of other resources and technology orientated investments. Revenue from the Investment Portfolio for the six months ended 30 June 2007 was £9.52 million. Approximately £4.0 million of revenue from the Investment Portfolio was attributable to the 77.5% rise in the Jubilee Platinum share price from 68.75p to 122p between 1 January 2007 and 30 June 2007. Ambrian Capital holds 7.64 million Jubilee Platinum shares. The Investment Portfolio was valued at £32.11 million at 24 September 2007 of which Jubilee Platinum represented £7.02 million. We have reduced our full year forecasts on the basis that we expect second half investment banking revenues to be unchanged on the first half while costs have increased and because we are not forecasting any further profits from the trading book during the remainder of the year – that view may be overly cautious. Hence we are reducing our 2007 sales forecast from £22.7 million to £20.22 million, our pre-tax estimate from £14.8 million to £10.52 million and our earnings forecast from 10.2p to 6.8p. We continue to value Ambrian by valuing the earnings stream from investment banking and share trading on a current year multiple of 5 and the rest of the business on an assets basis: the investment portfolio is currently valued at £32.11 million (30p per share), plus there is net cash of £19.9 million (18.4p per share). Hence our sum of the parts valuation is revised from 99.4p to £88.9 million or 82.4p per Ambrian share. At the current price of 56.75p per share there is still a very real upside and our stance remains buy.
pinemartin9: GPM is a fund floated by AMBR of assets/stocks that AMBR owns/owned. They launched the fund to enable AMBR to pocket money in the form of management charges, it also means that profits realised from sales etc of stocks held within the fund are treated at a better tax rate as opposed to being subjected to corporation tax. I guess these profits will be reinvested by GPM thus increasing the NAV/share price. This should in turn benefit AMBR share price both through an increase in the NAV of GPM and also through increased annual management charges. What confuses me is that we are told AMBR transferred in 9.4 M of assets into GPM "in return for the equivalent investment of ordinary shares and warrants in this new investment vehicle". There are 12.93 M shares in circulation giving GPM a market cap of 14.61 M. At laucnh we were told AMBR put in 9.4 M and the fund was capitalised at 12.9 M. Therefore did AMBR own 72.8% of this fund at launch? As more people buy into the fund does AMBR's % holding of GPM get diluted or have I missed something fundamental in the way funds are set up and run? However, as the market cap of the fund increases so too will AMBR's annual management charge. Assuming an AMC of 2.5 % (ish?)on a fund capitalised at approx. 15 M this would correspond to an income of £375,000 on an annual basis. If AMBR launch an oil and gas focussed fund in the new year (and assuming a similar capitalisation) then we can see how we start to get increased income from different streams. My concerns: -how much will AMBR's share price fluctuate with that of GPMs? I assume with time this correlation will be reduced? -in the interims trading activities contributed 7.18 M gross profits. I assume that these were heavily taxed as net profit on all activities was only 5.38M. Would it be right to assume that we will see a fall in profits at AMBR as contributions from trading activities will be reduced as more funds are launched. All very complicated but just trying to fully understand the model... Any ideas???
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