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NBNK Investments

  • BY: Andrew Hore |
  • POSTED: 24/11/2014 |

Aim-quoted activist investor Crystal Amber Fund has bought further shares in NBNK Investments following the departure of Wilbur Ross from the board.

Crystal Amber has increased its stake to 28.2%. It has taken advantage of the drop in the share price in October.

Wilbur Ross stepped down as chairman of NBNK in order to take up an appointment as a director of Bank of Cyprus.

His company WL Ross subscribed for 6.27m of shares in NBNK at 39p each at the beginning of 2013 and it has been seeking an acquisition for NBNK in the financial services sector.

At 38.5p a share, NBNK is valued at 20.7m. There was a 105,000 cash outflow in the six months to June 2014, and there was still 20.1m in the bank.

Download the latest AIM Journal from http://www.hubinvest.com/ AIMPDFNovember2014_62

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