AMBR.L Share News (AMBR)

AIM-quoted VSA Capital, which has just changed its name from Third Quad Capital, admits that it has approached Ambrian Capital about a potential merger but says that it has not made a formal offer. VSA says that it is not in talks with Ambrian, which is also quoted on AIM. This means that VSA will not be able to make an offer for six months, unless it is recommended by Ambrian or circumstances change. VSA is a corporate adviser and broker focused on mining companies. AIM-quoted Ambrian's broking business is also focused on mining and resources, as well as cleantech. Ambrian is also a metals trader and LME broker. Last year, Ambrian started a business trading in oil and biofuels. VSA recently completed the sale of its software business so that it could concentrate on its finance activities. Rivington Street is paying £1.3m for the software - £200,000 on completion and eleven monthly payments of £100,000. That won't go very far when it comes to Ambrian. A lot more cash would be need to be raised and/or millions of shares issued to acquire Ambrian.