Director dealings: Ambrian CEO ups stake amid metals withdrawal

Ambrian chief executive Jean-Pierre Conrad made only a modest purchase of shares in the lossmaking industrial assets investor as it looks to exit its metals trading activities.

Conrad, a Swiss investment banker who became chief financial officer of Xstrata before it merged with Glencore, bought 50,000 shares in the AIM-listed company at a price of 2.25p.

Following the purchase of 1.15m shares last week at similar prices, this takes his total to 24.5m shares, representing roughly 9.7% of the total.

Last month, due to the uncertain environment in the commodity sector that saw it lose £8.5m in the first half of the year as net assets shrank 21%, Conrad and the rest of the Ambrian board decided to wind down the company's metal trading activities over the next few months.

"Unlike the capital engaged in the company's industrial asset base, capital employed in the metal trading activities can be released within a relatively short time span, strengthening the company's resources," they said in a statement.

"As a consequence, following the closure of its metals trading business, Ambrian will focus on the development of its industrial asset base and on building a portfolio of businesses with a balanced risk profile and defensive income drivers."

The industrial assets currently consist of a cement plant and ready-mix concrete facility in Mozambique.

Conrad said last month that the board was "assessing a number of strategies, investments and corporate transactions" which it believed could achieve its targets.

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