TIDMAMBR
RNS Number : 4347O
Ambrian PLC
28 May 2015
LONDON, 28 May 2015
AMBRIAN PLC
Preliminary Results for the year ended 31 December 2014
Ambrian plc ("Ambrian" or the "Company" and with its
subsidiaries, the "Group") today announces its audited consolidated
results for the twelve months ended 31 December 2014.
Financial highlights
-- Traded volumes up 15% when compared to 2013
-- Profit before exceptional costs and tax of $ 2.01 million (2013: $ 4.15 million)
-- Profit after tax of $ 0.53 million (2013: $ 3.92 million)
-- Net asset value per share was US cents 29.0 (2013: US cents 28.8)
-- Completion of the acquisition of a cement mill in Mozambique in March 2015
Commenting on the results, Robert Adair, non-executive Chairman,
stated:
"In 2014 our business was affected by lower than anticipated
economic growth in our key markets compounded by tightening credit
conditions for most of our end-users. Although we did not repeat
the strong performance reported in 2013, we continue to develop our
newer business lines and broaden our geographical footprint. When
market fundamentals improve, we expect to capture the upside
benefits of the efforts put into developing our sourcing and
customer relationships.
The recent purchase of a cement mill operation in Mozambique
represents significant progress towards meeting Ambrian's strategic
objectives of acquiring near term operating assets and providing a
window to other possible investment opportunities and increased
trade flows. This acquisition, diversifying our product lines and
expanding our areas of operations will we hope support our efforts
to build a long-term sustainable business model."
Enquiries
Ambrian plc
Roger Clegg + 44 (0)20 7634 4700
Cenkos Securities plc
Neil McDonald + 44 (0)20 7397 8900
Derrick Lee +44 (0)131 220 9100
Notes to Editors
Ambrian is primarily active in the physical trading of base
metals and minerals. It sources and supplies a variety of
commodities to end users all over the world. Supported by its
offices in London, Shanghai, Taipei and Singapore, with further
support from a network of agents in North and South America, Asia
and the Middle East, Ambrian provides producers and consumers with
its marketing insight whilst emphasizing the financing and risk
management aspect of its trading activities. Ambrian is quoted on
the AIM section of the London Stock Exchange under the ticker
symbol AMBR.
Further information on Ambrian plc is available on the Company's
website: www.ambrian.com
Chairman's and Chief Executive's statement
Against a softer economic background and increased competition,
the year under review was testing for Ambrian plc ("Ambrian" or the
"Company" and together with its subsidiaries the "Group").
Following on from benign trading conditions in the first half of
the year, the market for most commodities became challenging in the
second half of the year as economic growth softened markedly,
compounded by tightening credit conditions in most of our end-user
markets.
Despite increasing the volumes traded in copper and expanding
our more recent non-ferrous business lines, lower volatility and
increased competition in the sector, had the effect of reducing
margins in our merchant activities. To respond to these challenges,
we are concentrating on diversifying our business in terms of
products, geographic location and customers serviced. Finally, to
support and diversify our trade flows and revenue base, we intend
to pursue selective investments in the resources sector. The
sizable investment in a cement mill in Mozambique partly funded by
the Industrial Development Corporation of South Africa represents a
significant development in this direction.
During the year, we opened offices in Singapore and Taiwan. In
addition to supporting the existing trading flows in countries in
which our presence was historically marginal, both our Taiwan and
Singapore offices are contributing to expanding our merchant
activities in non-ferrous metals and minerals other than
copper.
The significant feature which occurred since year end was the
combination of the assets of Ambrian and Consolidated General
Minerals plc ("CGM"). In reviewing the future prospects of the
Group in 2013, it was considered that future growth and prospects
remained constrained by the Group's asset base and the lack of
diverse revenue streams. This acquisition represents significant
progress towards meeting Ambrian's strategic objectives, in
particular:
-- Bringing in near term operating assets into the Group which
have the potential to deliver significant value;
-- Exposing the Group to the fast growing and developing markets
of Mozambique and more generally Southern Africa, thus providing a
window to other possible investment opportunities and increased
trade flows;
-- Broadening the skill set of the Group in support of our
efforts to continue building a long-term sustainable business
model; and
-- Enlarging our shareholder base and improving the Group's
profile in financial markets.
Results
For the year ended 31 December 2014, the metals and minerals
trading business had a creditable performance despite the generally
bearish market. Net revenues for the year were $7.79 million (2013:
$13.91 million). Although we did not repeat the strong performance
reported in 2013, we did develop our newer business lines in zinc,
lead, tin and aluminum, while increasing overall volumes traded.
When market fundamentals improve, we expect to be in a position to
capture the upside benefits of the efforts we have put into in
developing our sourcing and customer relationships.
In 2014, the Group recorded an operating profit before
exceptional items and tax of $2.01 million (2013: $4.15 million).
Exceptional costs of $0.90 million were incurred during the year
(2013: nil). These exceptional costs relate to advisory fees in
connection with the combination of assets of Ambrian and CGM,
referred to above.
As a result of lower gross profits and one-off costs, the Group
reported a pre-tax profit of $1.10 million (2013: $4.15
million).
Transaction with CGM
During 2014, the Company and CGM held discussions relating to
the combination of their businesses. At the time, CGM held a near
30 per cent interest in Ambrian, and Ambrian held a 11.36 per cent
interest in CGM. In February 2015, we announced that the Company
had entered into a conditional agreement to merge Ambrian Metals
Limited and CGM (Schweiz) AG pursuant to a "merger by absorption"
governed by Swiss law and the subsequent acquisition by the Company
of CGM's shareholding in the resulting Swiss merged entity,
together with all the indebtedness of CGM (Schweiz) AG owed to CGM.
In March 2015, the Company announced that the merger had become
unconditional.
Consideration for the acquisition by the Company was satisfied
by the issue of convertible securities of 165,020,739 on 8 May
2015. A further 9,707,102 convertible securities remain to be
issued upon the dissolution of CGM which is anticipated towards the
end of 2015.
As a result of the transaction described above, the Group's core
business of physical trading and logistics is supplemented by the
acquisition of a custom built cement mill operation in Beira,
Mozambique. The acquisition of this 110 tonne per hour facility was
justified by its long-term economic rationale and also by the
opportunity to build internal capabilities in servicing trade flows
in bulk commodities such as the raw materials that are to be used
in the cement mill.
Company premises
In June 2014, the Company relinquished its long term lease on
its head office at Old Change House in London and moved into new
smaller offices in the City of London. The new premises are better
adapted to our activities in London and the number of employees.
Costs for these premises are approximately 50 per cent less than
those for the old offices.
Board changes
As a result of the transaction referred to above, we (Robert
Adair and Jean-Pierre Conrad) joined the Board of the Company as
Non-executive Chairman and Chief Executive Officer respectively, on
27 March 2015.
During the year, Charles Crick retired as a Non-executive
Director and Chairman of the Company. The Board is grateful to
Charles for his contribution to the Group over the years.
Roger Clegg joined the Board on 17 November 2014 as an Executive
Director, having been the Company's Chief Operating Office for a
number of years before his appointment to the Board.
As previously announced, Kevin Lyon and Ed Marlow were appointed
as directors of the Company on 21 February 2014.
Outlook
During the first quarter of 2015 trading conditions in most
commodities continued to be subdued following on from similar
conditions in the last quarter of 2014.
Whilst long-term contracts with our customers continue to be the
core of our revenues, spot business has become increasingly
significant due to the uncertain economic environment and our
customers' desire to limit inventories. However, there are some
signs of an improving market; the negative curve on the terminal
market forward spreads is easing, thus enabling the cost of
financing to be partially offset, particularly in the short-term,
and we are moving from a backwardation market to a more normal
contango market. Accordingly, margins on premiums and volatility
are increasing, creating more opportunities to physically arbitrage
the products we trade.
The opening of the Taiwan office in February 2014 and the
Singapore office in late 2014 has allowed the Company to gear up
its expansion into other metals. The intention is to continue to
expand both in terms of geography and commodities in the current
year. We also intend to grow traded volumes and, more
significantly, will continue to diversify our product lines into
areas commanding higher margins, the target being to position the
Group to generate a greater "base load" profitability. The
acquisition of the cement mill business in Mozambique marks an
important step change in the growth and development of the Group,
increasing its asset base and also diversifying its revenues. We
look forward to the start of the financial contribution from this
project in the second half of 2015 as production commences at the
plant.
In parallel with implementing our business strategy, we will
strengthen our operations, finance and risk management systems and
processes to support our enlarged operations. We will continue to
provide a reliable service to our customers and counterparties
whilst ensuring that our business remains resilient in rapidly
changing market conditions. Also clearly critical to our business
model is the availability of capital. We will continue to secure
the ability to fund our working capital, primarily through trade
finance banking facilities. We have increased our bank lines to
$425 million at year end from $365 million at the end of 2013. We
will continue fostering our existing banking relationships and
strive to add more institutions to our existing banking group of
over ten banks.
Finally, our business is very much driven by people. We intend
introducing a revised compensation structure in 2015 to motivate a
responsible commitment towards the Group's long-term success and
promote management depth and stability.
Robert Adair Jean-Pierre Conrad
Chairman Chief Executive Officer
Ambrian plc
Consolidated statement of comprehensive income
for the year ended 31 December 2014
Year to 31 December Year to 31 December
2014 2013
US $ 000's US $ 000's
Turnover 2,885,069 2,565,694
Cost of Sales (2,877,276) (2,551,785)
--------------------- --------------------------
Net revenue 7,793 13,909
Investment portfolio gains and (losses) 784 (1,476)
--------------------- --------------------------
Total income 8,577 12,433
Administrative expenses (6,571) (8,285)
Exceptional items - acquisition costs (904) -
--------------------- --------------------------
Total administrative expenses (7,475) (8,285)
Profit before tax 1,102 4,148
Taxation (574) (228)
--------------------- --------------------------
Profit after tax 528 3,920
--------------------- --------------------------
Other comprehensive income
Items that may be subsequently reclassified
to profit or (loss)
Exchange (loss)/profit arising from
translation of foreign operations (344) 285
--------------------- --------------------------
Total other comprehensive profit (344) 285
--------------------- --------------------------
Total comprehensive profit 184 4,205
===================== ==========================
Profit attributable to:
Owners of the parent 518 3,915
Non-controlling interest 10 5
--------------------- --------------------------
528 3,920
--------------------- --------------------------
Total comprehensive profit attributable
to:
Owners of the parent 174 4,200
Non-controlling interest 10 5
--------------------- --------------------------
184 4,205
--------------------- --------------------------
Earnings per share in USD cents:
Basic earnings per share 0.51 3.89
Diluted earnings per share 0.51 3.86
Ambrian plc
Consolidated statement of changes in equity
for the year ended 31 December 2014
Total equity
Share attributable
Share based Employee to the owner
Share premium Treasury Retained payments benefit Exchange of the Non-controlling Total
capital account shares earnings reserve trust reserve parent interest equity
US $ US $ 000's US $ 000's US $ 000's US $ 000's US $ 000's US $ 000's US $ 000's US $ 000's US $
000's 000's
Balance at 31
December
2012
(Restated) 17,665 18,044 (1,986) (3,931) 8,013 (11,446) (1,567) 24,792 (71) 24,721
-------- ----------- ----------- --------------- ----------- ----------- ------------ ------------- ----------------- -------
Comprehensive
income
Profit for the
year - - - 3,915 - - - 3,915 5 3,920
Foreign
currency
adjustments - - - - - - 285 285 - 285
-------- ----------- ----------- --------------- ----------- ----------- ------------ ------------- ----------------- -------
Total
comprehensive
income/(loss)
for
the year - - - 3,915 - - 285 4,200 5 4,205
Transactions
with
owners
Share-based
payment
charge - - - - 39 - - 39 - 39
-------- ----------- ----------- --------------- ----------- ----------- ------------ ------------- ----------------- -------
Transactions
with
owners - - - - 39 - - 39 - 39
Balance at 31
December
2013 17,665 18,044 (1,986) (16) 8,052 (11,446) (1,282) 29,031 (66) 28,965
======== =========== =========== =============== =========== =========== ============ ============= ================= =======
Comprehensive
income
Profit for the
year - - - 518 - - - 518 10 528
Foreign
currency
adjustments - - - - - - (344) (344) (2) (346)
-------- ----------- ----------- --------------- ----------- ----------- ------------ ------------- ----------------- -------
Total
comprehensive
income for
the year - - - 518 - - (344) 174 8 182
Balance at 31
December
2014 17,665 18,044 (1,986) 502 8,052 (11,446) (1,626) 29,205 (58) 29,147
======== =========== =========== =============== =========== =========== ============ ============= ================= =======
Ambrian plc
Consolidated statement of financial position
at 31 December 2014
Year to 31 December Year to 31 December
2014 2013
ASSETS US $ 000's US $ 000's
Non-current assets
Property, plant and equipment 442 69
Deferred tax asset 252 602
----------------------- --------------------
694 671
Current assets
Financial assets at fair value through
profit or loss 21,933 1,926
Inventory 329,545 208,872
Trade and other receivables 78,505 59,633
Cash and cash equivalents 9,661 22,075
Total assets 440,338 293,177
LIABILITIES
Current liabilities
Financial liabilities at fair value
through profit or loss - (2,371)
Short-term borrowings (315,065) (176,890)
Short-term liabilities under sale
and repurchase agreements (45,701) (33,055)
Trade and other payables (50,209) (51,096)
Current tax payable (216) (800)
----------------------- --------------------
Total liabilities (411,191) (264,212)
Total net assets 29,147 28,965
======================= ====================
Capital and reserves
Share capital 17,665 17,665
Share premium 18,044 18,044
Treasury shares (1,986) (1,986)
Retained earnings 502 (16)
Employee benefit trust (11,446) (11,446)
Share-based payments reserve 8,052 8,052
Exchange reserve (1,626) (1,282)
Total equity attributable to the
owner of the parent 29,205 29,031
Non-controlling interest (58) (66)
Total equity 29,147 28,965
======================= ====================
Ambrian plc
Consolidated statement of cashflows for the year ended 31
December 2014
Year to Year to
31 December 31 December
2014 2013
US $ 000's US $ 000's
Profit for the year 528 3,920
Adjustments for:
Depreciation of property, plant and equipment 52 19
Foreign exchange (gains) (533) (375)
Taxation expense 574 228
Realised (gain)/loss on financial assets designated
at fair value (18) 13
Proceeds of sale from disposal of financial assets
at fair value through profit and loss - 225
(Increase)/decrease in inventories (120,673) 153,505
(Increase)/decrease in trade and other receivables (18,872) 46,924
Unrealised (losses)/gains on financial liabilities
at fair value (2,371) 1,400
Unrealised (losses)/gains on financial assets at
fair value (19,989) 1,577
(Increase) in trade and other payables (1,471) (13,346)
Share-based payment charge - 39
Loss on disposal of property, plant and equipment 49 -
------------- -------------
Cash (used)/generated in operations (162,724) 194,129
Taxation (paid) - -
Net cash flow (used)/generated in operating activities (162,724) 194,129
------------- -------------
Investing activities
Disposal of subsidiary undertakings - 2,701
Purchase of property, plant and equipment (488) -
Disposal of property, plant and equipment 14 -
Net cash (used)/ generated in investing activities (474) 2,701
------------- -------------
Financing activities
Increase/(decrease) in short term liabilities under
sale and repurchase agreements 12,646 (142,523)
Increase/(decrease) in short term borrowings 138,175 (60,987)
Net cash (used)/generated in financing activities 150,821 (203,510)
------------- -------------
Net (decrease) in cash and cash equivalents (12,377) (6,680)
Cash and cash equivalents at the beginning of the
year 22,075 28,217
Effect of foreign exchange rate differences on cash
and cash equivalents (37) 538
Cash and cash equivalents at the end of the year 9,661 22,075
============= =============
1. Basis of preparation
The financial information set out in this announcement does not
constitute the Group's statutory accounts for the year ended 31
December 2014 or 2013 but is derived from those accounts. Statutory
accounts for the 2013 have been delivered to the Registrar of the
Companies, and those for 2014 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 statements under
section 498 (2) or (3) of the Companies Act 2006. The results for
the year ended 31 December 2014 were approved by the Board of
Directors on 27 May 2015 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 (IFRS's) as endorsed for use in the European Union, this
announcement does not itself contain sufficient information to
comply with IFRS's. The accounting policies adopted in this
announcement have been consistently applied and are consistent with
the policies used in the preparation of the statutory accounts for
the period ending 31 December 2014.
The consolidated financial statements of the Group have been
prepared in accordance with the Companies Act 2006 and
International Financial Reporting Standards (IFRS) as developed and
published by the International Accounting Standards Board (IASB) as
adopted by the European Union (EU).
Presentational currency
The financial statements have been presented in US Dollars which
is the functional currency of the company's principal trading
subsidiary, Ambrian Metals Limited.
2. Segmental analysis
The Group has two reportable segments attributable to its
operations and unallocated central revenues and costs:
o Physical metals and minerals trading
o Investment portfolio - comprises the Group's investment
portfolio
o Head office costs relate to overheads incurred in connection
with operating the public limited company and providing support
functions to the Group.
The measurement of the segmental revenue, profit before tax,
capital expenditure, depreciation, total assets, total liabilities
and net assets have been prepared using consistent accounting
policies across the segments.
Head office
Trading Investment Portfolio costs Total
2014 2014 2014 2014
US $ 000's US $ 000's US $ 000's US $ 000's
Turnover 2,884,979 - 90 2,885,069
Cost of Sales (2,877,276) - - (2,877,276)
Revenue - 784 - 784
------------ --------------------- ------------ ------------
7,703 784 90 8,577
============ ===================== ============ ============
Head office
Trading Investment Portfolio costs Total
2013 2013 2013 2013
US $ 000's US $ 000's US $ 000's US $ 000's
Turnover 2,565,463 - 231 2,565,694
Cost of Sales (2,551,785) - - (2,551,785)
Revenue - (1,476) - (1,476)
------------ --------------------- ------------ ------------
13,678 (1,476) 231 12,433
============ ===================== ============ ============
Year to 31 December Year to 31 December
2014 2013
US $ 000's US $ 000's
Profit/(loss) before
tax
Trading 2,542 7,949
Investment portfolio 784 (1,527)
Head office costs (1,320) (2,274)
Exceptional items (904) -
1,102 4,148
==================== ====================
Geographical split of Total income for the Group where > 10% per region
Year to 31 December Year to 31 December
2014 2013
US $ 000's US $ 000's
Turnover Turnover
Eastern Asia 2,042,216 949,307
Western Asia 286,480 1,000,621
Other 556,373 615,767
Major customers of the Group where individually >10% of Total income
Year to 31 December Year to 31 December
2014 2013
US $ 000's US $ 000's
Customer Customer
Customer A 432,878 282,226
Customer B 144,293 307,883
Other 2,307,898 1,975,585
Year to 31 December Year to 31 December
2014 2013
US $ 000's US $ 000's
Investment portfolio losses represents:
Unrealised gains/(losses) on financial
assets
designated at fair value 766 (1,463)
Realised gains/(losses) on financial
assets designated at fair value 18 (13)
784 (1,476)
==================== ====================
Year to 31 December Year to 31 December
2014 2013
US $ 000's US $ 000's
Total assets
Trading 436,565 288,779
Investment portfolio 328 437
Head office 3,445 3,961
-------------------- --------------------
440,338 293,177
==================== ====================
Total liabilities
Trading 410,951 262,281
Investment portfolio 1 1
Head office 239 1,930
-------------------- --------------------
411,191 264,212
==================== ====================
3. 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.
The profit attributable to the owners of the Company for
continuing operations used in the calculation below is that
presented in the consolidated statement of comprehensive
income.
Year to 31 December Year to 31 December
2014 2013
US $ 000's US $ 000's
Continuing operations
Profit attributable to shareholders 518 3,915
Diluted profit attributable
to shareholders 518 3,915
Weighted average number of shares 100,602,104 100,602,104
Dilutive effect of share options - 916,300
Basic earnings per share US
$ cents 0.51 3.89
Diluted earnings per share US
$ cents 0.51 3.86
4. Financial assets at fair value through profit or loss
Year to 31 December Year to 31 December
2014 2013
US $ 000's US $ 000's
Financial assets at fair value 18,669 -
through profit and loss - derivatives
Investments:
Unlisted investments 3,264 1,926
-------------------- --------------------
21,933 1,926
Financial liabilities at fair
value through profit and loss - 2,371
- 2,371
Included in the unlisted investment portfolio is the Company's
stake in CGM valued at $3.08 million. This valuation is based upon
the transaction with Ambrian plc, as noted in the post balance
sheet event note.
All amounts presented in respect of unlisted securities have
been determined with reference to financial information available
at the time of the original investment updated to reflect all
relevant changes to that information at the reporting date. This
determination requires significant judgement in determining changes
to fair value since the last valuation date. In making this
judgement the Board evaluates, among other factors, changes in the
business outlook affecting a particular investment, performance of
the underlying business against original projections and valuations
of similar quoted companies and the most recent fund raise achieved
by the investee company.
All financial assets/liabilities at fair value through profit or
loss represent commodity futures. These are used to hedge inventory
of metals, and purchases and sales of metals. Hedges take into
account both contango and backwardation market conditions and are
marked to market at the year-end closing price.
5. Non-controlling interest
The non-controlling interest disclosed in the statement of
comprehensive income and statement of financial position represents
a 20% minority interest in Ambrian Resources AG held by
shareholders other than Ambrian plc.
6. Post balance sheet events
During the financial year 2014, Ambrian plc entered into
discussions with the board of directors of Consolidation General
Minerals plc ("CGM"), about a possible acquisition of their CGM
Schweiz operation, which owns a newly constructed cement
manufacturing plant in Mozambique. On 17 February 2015 Ambrian
announced that it had entered into a conditional agreement relating
to the merger of Ambrian plc's Swiss subsidiary, Ambrian Metals
Limited, with CGM Schweiz pursuant to a 'merger by absorption'
process governed by Swiss law and a subsequent acquisition by
Ambrian plc of CGM's shareholding in the resulting Swiss Merged
Entity, together with all the indebtedness of the CGM Schweiz Group
owed to CGM.
On 6 March 2015 the deal was approved by a majority shareholding
of both entities. On 27 March 2015 the deal was declared
unconditional with all conditions precedent having been met. At
this point, CGM had two directors appointed to the board of Ambrian
plc, Robert Adair (as Chairman) and Jean-Pierre Conrad (as Chief
Executive Officer).
The transaction serves a strategic purpose in diversifying
Ambrian plc's revenue stream by bringing an operating asset into
the Group, while giving it further exposure to the fast growing and
developing market of Mozambique. Further it helps increase Ambrian
plc's shareholder base, with the consequent prospects of additional
liquidity in share trading and improving the Group's profile with
institutional investors.
Details of the fair value of identifiable assets and liabilities
acquired, and purchase consideration are as follows:
Fair value at 31 March
2015
(Provisional)
US $ 000's
Property, plant and equipment 56,394
Land 610
Investment in associate 1,410
Trade and other receivables 2,659
Cash and cash equivalents 424
Loan and overdraft facilities (25,151)
Trade and other payables (1,391)
Deferred tax liability (4,756)
Total net assets 30,199
=======================
Fair value of consideration payable
Year to 31 March 2015
US $ 000's
(Provisional)
Contingently issuable convertible
securities:
Tranche 1 28,522
Tranche 2 -
Tranche 3 1,677
Total consideration 30,199
----------------------
Goodwill -
======================
The value applied to the equity to be issued is based on Ambrian
plc's closing price (11.62 pence) on the day the transaction
completed (27 March 2015). The closing exchange rate on the day the
transaction completed was USD 1.4874, and was applied to the
Sterling share price above.
The convertible securities to be issued are made up of 3
tranches and will be issued once specific criteria have been
met.
-- Tranche 1: issued. The number of convertible securities
issued in this tranche is 165,020,739
-- Tranche 2: convertible securities will not convert to
ordinary shares, as a specific condition has not been satisfied
-- Tranche 3: issued
There has been no material change to the CGM Schweiz business
with regard to income or expenses since the take on balances as
shown above.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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