Ambrian Capital is selling its broking business Ambrian Partners to Australia-based RFC Group.
The final price for the disposal will be based on the balance sheet at the end of October 2011. Both Ambrian and RFC are strong in the mining and energy sectors. The deal should be completed in early 2012.
A loss of £1.5m is expected on the sale. There was a £2.2m write down at the end of June 2011.
Ambrian Partners made a profit of £318,000 in 2010 and £21,000 in the first half of 2011. The NAV, net of intra group loan, was £3.54m at the end of June 2011.
According to the AIM website RFC (http://www.rfc.com.au) has 10 nominated adviser clients, including the recently floated Continental Coal. It has been a nominated adviser since April 2002. Ambrian has 15 nominated adviser clients, plus other broking clients, and provides RFC, which has offices in Sydney and Perth, with a London base. RFC says the combined group will have more mining and energy clients than any other Aim adviser.
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