8 Jun 2010 15:31
08.06.10
Ambrian Capital plc
Result of Annual General Meeting
Ambrian Capital plc ("Ambrian Capital" or "the Company") announces that at its Annual General Meeting held today all resolutions were passed.
Charles Crick, Non-executive Director, Chairing the AGM today, updated shareholders with the following statement:
"Ambrian Capital's revenues in the first five months of the year were in line with the same period last year. Personnel and recruitment costs have increased to a greater extent, however, as a result of the investment in strengthening the Corporate Finance & Equities business. The balance sheet remains strong, but with cash having reduced since the year-end principally as a result of the dividend payment and the payment of 2009 profit-related bonuses.
The Commodities businesses have been performing well but have not enjoyed a repeat of the extraordinary market environment in physical metals that existed in the first half of 2009 when, for example, the copper price rose by 54% and copper premiums CIF Shanghai reached US$170/tonne.
The Corporate Finance & Equities business continues to build on its strong market position in the natural resources sector, taking steps at the beginning of the year to broaden and improve the quality of its earnings. This has resulted in an increase in personnel costs, the revenue benefits of which can be expected to flow through later this year and in 2011.
Ambrian Principal Investments Limited, our principal investment portfolio, has had an excellent first five months of the year showing a 37% growth in net asset value per share.
Ambrian's breadth of activities in the natural resources sector and liquid balance sheet will ensure its resilience and long term growth despite near term market uncertainties."
Enquiries
| Ambrian Capital plc |
|
| Tom Gaffney, Chief Executive | + 44 (0)20 7634 4700 |
|
|
|
| Fox-Pitt Kelton Limited |
|
| Simon Law | + 44 (0)20 3037 5237 |
|
|
|
| M: Communications |
|
| Charlotte Kirkham | + 44 (0)20 7920 2330 |
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 Limited is 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 Limited is 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