PRICE 0.65-1.00 PENCE

From Q1 Results in May 2009:-

"positioning CAM as an attractive partner for a larger scale business"

Makes a very attractive shell for a large investment management/hedge business to reverse into, we have great tax losses that are an asset going forward!!! Could make it rather exciting. I would expect a bit more tidying up first.
Time to prove your deal making ability Mr Fry and redeem yourself for the shocker that was forsyth.

Numbers and comments again from the Q1 results...the company could turn a profit actually at the Interims on 13th August for the first time in a few years. That would also bring about a very dramatic re-rating imo. The loss in Q1 was substantially lower than Q1 of 2008 as per below:-

Loss attributable to shareholders US$2.9 million (Q1 2008: US$26.2 million)

Forward looking comment about Q2 and markets have picked up alot in Q2.

' The board of directors of CAM (the "Board") believes that there are some early signs that the second quarter may be stronger, as investor sentiment improves'.

First time the company has quoted something like the above in a very long while.

Simon Fry, CEO, commented, "We continue to reduce costs and realise assets
wherever possible, with a view to positioning CAM as an attractive partner for a
larger scale business, that will ultimately benefit all shareholders."

Shareholders equity of just over 2 pence at 31 December 2008:-

At exchange rate of 1.64 Equity attributable to equity holders of the Company $u8,184,000. Shares in issue 243,475,000.@ 1.6450 gives 2.04p.

1 MONTH CHART


1 YEAR CHART

Orchard as always difficult to value, worth between 0 and $10m????...i believe in the books at nothing at present.

http://www.orchardpetroleum.com/

'Orchard Petroleum ("Orchard"), in which CAM has a 5% interest (rising to between
9% and 10%, after the repayment of debt to preference shareholders), has an
inventory of 50 wells, of which 41 wells are producing and the remainder are at
various stages of appraisal'.

Year ending 31 Dec 08

Cash and cash equivalents $15,526
Total Assets $24,920

Total Liabilities $15,088

Total Assets - Total Liabilities =$9,832 / 1.64 (exchange rate) = 5,995 million or near 6 million.

243m shares in issue. About 2.50p - 2.70p NAV.

Since year end, continuing to reduce costs and realise assets even more. No value in Orchard stake in above calculation.

'Orchard Petroleum ("Orchard"), in which CAM has a 5% interest (rising to between
9% and 10%, after the repayment of debt to preference shareholders), has an
inventory of 50 wells, of which 41 wells are producing and the remainder are at
various stages of appraisal'.

To put that comment in context rather than the pump and dump context Treacle of course prefers.

From the trading update dated May 2009:

Crosby Wealth Management ('CWM'), in which CAM has a 56.14% interest, modestly increased its assets under management over the quarter. However, margins remained subdued, primarily due to low trading volumes. There were no further significant developments in the legal proceedings, as set out in the announcement of 19 March 2009, brought by a client in Hong Kong concerning a trade execution error. The board of directors of CAM (the 'Board') believes that there are some early signs that the second quarter may be stronger, as investor sentiment improves.

Apollo Multi-Asset Management LLP ('Apollo'), in which CAM has a 51% interest, has still not reached critical mass in terms of assets under management. CAM will continue actively to monitor its position in Apollo, as cost control remains of paramount importance in the current enviroment.

Crosby Active Opportunities Fund ('CAOF') had a year-to-date return, to 31 March 2009, of approximately 5.8% and from inception of -27.85% (excluding side pocket investments). However, given that the recurring fees from CAOF remain modest, the Board continues to monitor its activities closely and no decision has yet been made on its long term future.

Forsyth ('Forsyth') - CAM continued to work on closing the Forsyth fund of funds during the quarter as they had become uneconomical due to the level of investor redemptions in the later part of 2008. It is currently anticipated that a liquidator will be appointed for the Forsyth hedge fund of funds by June 2009. After liquidation of the hedge fund of funds, the only remaining Forsyth funds will be a managed balanced fund and a property fund.

Orchard Petroleum ('Orchard'), in which CAM has a 5% interest (rising to between 9% and 10%, after the repayment of debt to preference shareholders), has an inventory of 50 wells, of which 41 wells are producing and the remainder are at various stages of appraisal. The company has struggled to perform profitably due to the decrease in oil and gas prices during the course of the last year.

Loss for the previous three months

$3.133m on revenues of less than $1m

In fact for the comparable 3 month period last year, costs have not decreased one iota, despite the claims of their CEO.

Treat with caution

0.75-1.00p, some buy orders appeared on the order book just now...may see start of rises possibly.

LIBC on 0.80p bid now and 1 MM on 1.25p offer before 2 on 1.50p and then 1 on 3.25p. Started moving and Up 16% at 0.80-1.25p.

A bit more of a rise today after the small tick ups on the price the previous couple of days. Possibly gearing up for bigger rises. L2 on the offer side also looked rather positive at close with just 1 market maker left on 1.10p offer, then 1 on 1.25p, then 1 on 1.50 and 1.55p and then 3.25p.

After Morgan Stanley's wealth management performance announcement yesterday, Credit Suisse have come out with their Q2 results today. More encouraging noises on Wealth management as per muted by Crosby for Q2.

http://news.stv.tv/business/111037-credit-suisses-net-profit-beats-forecasts/

Some news in mid-July on Crosby Asset Management (Pakistan) Limited.

http://www.crosby.com.pk/press.htm

Link Posted on website today. Interims will be on 13th August.

http://www.crosby.com/article.web.ViewArticles.do?localeId=en&cmsTreeNodeId=142&articleTypeId=0&antiCache=1248889687937V7EnH

These are very close to start rising now and breakout...itching to tick up with MACD Indicator firmly in positive territory. Momentum and Upper Bollinger positively ticked up also today despite the price finished unchanged again.

Finally some blue. Few very small buys and maybe short on stock.

0.85-1.15p, still 1 v 1.

treacle take a look at engel east europe n.v/EEE . MKT CAP 1.3m.properties worth 1.7 billion dollars.this sale 5x current mkt cap alone. http://sofiaecho.com/2009/03/26/695529_engel-limits-operations-in-bulgaria-and-romania

facts nav 45p. http://www.sovereign-publications.com/engel-ee.htm

treacle eee is a hidden gem.dyor but i contacted the company nav is now 45p. http://www.stockopedia.co.uk/news/announcement/EEE/090324eee3766p.htm

No thank you, EEE has so much debt and someone dumped 4m shares at 0.50p there last week. I'm very happy with CSB and with more steep rises again today on the main indices, looking forward to Interim results next Thursday.

spoke too company deutse bank dropped 4.86%.nav now 45p+ treacle.nothing amiss news very very soon

No thank you. Your NAV is irrevelant with millions of euros of debt.

You might be better off doing some research on CSB with no debt, mkt cap under pinned with cash and NAV of 2.71p. Q2 muted to be stronger and ofcourse also muted about tie up with large scale partner. One shareholder holds around 210 million shares too out of 243 million in issue.

Price above the 50 Day MA now after a very long while and quite close to the 200 Day MA:-



The last time the price got above the 50 day moving average, it went onto 2.00-2.25p.

Possibly break the long term 200 day moving average tomorrow for the first time since mid-2006 and when the price was at 80p. All the bad news has long been out and would be a big positive signal imo. Also, with no debt, mkt cap under pinned with cash and NAV of 2.71p. Q2 muted to be stronger,there was a massive reduction in Q1 Loss and ofcourse also muted about tie up with large scale partner. Could even turn a profit for Q2 with all main indices up by around 20% in Q2. One shareholder holds around 210 million shares too out of 243 million in issue.

Snippets on Apollo Multi-Asset Management, the joint venture it began in November, had assets under management of about $22.3 million at end-December and had "not yet reached critical mass" as per results in March 2009.

June 2009 Newsletter:-

'Pleasingly both Apollo funds again did well in May although slightly underperforming their respective sector averages
but still demonstrating the ability of a multi asset approach to perform well in both rising and falling markets. Some 6
months after launch both are making good positive returns with the IFDS Apollo Balanced Fund +14.4% ranked 11/167
and the IFDS Apollo Cautious Fund +10.3% ranked 10/146'. (Source: Financial Analytics 27th November to 31st May
2009 bid to bid, based on D share class net of charges)

'plot a safe path by using protected trades
to gain exposure to opportunities generated by this crisis. We still believe that worldwide there are many opportunities
for a multi asset investor. These decisions must be made in a prudent and measured risk‐adjusted manner. A skew to
equities is inherently risky and dependent upon accurate market timing and a belief in a sustained V‐Shaped recovery.
Having said that, at times you must use asset allocation to your advantage, since 1st March, Russia is up over 100%, Brazil
40% and China over 30%, whilst the UK is up less than 20%. We have had most of our equity exposure in emerging
markets rather than the West, although at this stage we are trimming our exposure and have sold our Russian ETF but
continue exposure through a protected structured note'.

http://www.apollomultiasset.com/uploads/Views/6%2009%20Cautious%20Update%20No_7%20V-shaped_recovery.pdf

And from the July 2009 Newsletter on Apollo Multi-Asset management joint venture...more better performance of funds and in all more information on how Q2 for Crosby could actually turn out to be quite strong and with the strong peformance levels it can achieve 'critical-mass'.

'Seven months in, we are very happy with the progress made and current positioning of the fund and remain optimistic
that our multi asset approach, Japanese equities are after all being only one part of the portfolio, can continue to deliver
strong risk adjusted returns going forward.
Since launching the IFDS Apollo Balanced fund six months'.

'Since launching the IFDS Apollo Balanced fund six months ago, it has returned more than 16%, beating over
90% of the funds in the IMA Balanced Sector*'.

http://www.apollomultiasset.com/uploads/Views/Update%208%20-%20Big%20in%20Japan%2021_2.pdf

Excellent news again for Crosby for Q2 with the performance in the joint venture of Apollo Multi Asset Management.

Have to buy article to read more....but the below snippet.

Apollo hails potentially "spectacular" Japanese returns.

Investment Adviser (published by FT Business): July 13, 2009
Immediate Online Access Available

By Unknown Author ( 285 words )

Byline: Nick Rice

Multi-manager house Apollo Multi-Asset Management has hailed potentially "spectacular" returns in Japan after investing 13 per cent of its Balanced fund in the sector.

https://www.peribus.com/business-news/apollo-hails-potentially-spectacular-japanese-returns

Also more, Apollo Asset Management on excellent peformance expanding as per below article in late April 2009. Its been a long time since anything to do with Crosby has started expanding.

Apollo targets 15% returns with multi-asset best ideas

27 Apr 2009 | 01:00
By Beth Brearley

Apollo is planning a multi-asset best ideas fund for launch within the next few months. The fund wi...

Apollo is planning a multi-asset best ideas fund for launch within the next few months.

The fund will target returns of 12%-15% over an investment cycle of three to five years through a portfolio of around 20 holdings.

Structured as a Guernsey protected cell company, the fund will be a concentrated global portfolio with a more aggressive risk profile than the group's existing balanced and cautious funds.

By investing in funds, structured products, index trackers and directly in securities, the vehicle will seek exposure to eight asset classes: equities, bonds, commodities, currency funds, alternatives, managed cash, private equity and property.

Using the same stock ideas as the balanced and cautious vehicles, the fund will be run by the existing funds' managers, Tom McGrath, Steve Brann and Craig Wetton.

"We take a collegiate approach to fund management and have the skill-set to run a more adventurous fund," says director Jon Brokenshire.

"This will be an alpha-type fund which focuses on the upside rather than defence of the downside. On a risk scale of one to 10 it will sit at seven plus, whereas the existing funds have risk profiles of four and six."

The fund will reside in the IMA Active Managed sector and minimum investment will be 1,000.

Since launch on 27 November, the 15m Apollo Balanced fund has returned 10.13% against the IMA Balanced Managed sector average of 2.72% while the 10m Apollo Cautious fund has returned 7.5% against the IMA Cautious Managed sector average of 0.57%, as at 16 April.

http://www.investmentweek.co.uk/investment-week/news/1395931/apollo-targets-returns-multi-asset-ideas

Another bit of positivity in relation to joint venture of Apollo Multi-Asset Management:-Marlborough Fund Managers possibly buying a controlling stake.

Expert blend
James Smith - Boutique View - 23-Jul-2009

'Looking forward, the group is also developing on offshore product suite, buying a controlling stake in the Guernsey-based Apollo Investment Management this year. This business will likely be rebranded Marlborough International'.

https://secure.moneymarketing.co.uk/cgi-bin/item.cgi?id=190544&d=340&h=341&f=342

0.85 - 1.25p, up again on just 30,000 shares in buys. With Q2 results next Thursday and looking promising as per research the market makers may about to take these back up prior imo to fair valuation of 2p. On the verge of breaking the 200 day moving average for the first time since mid-2006 when the price was at 80p. Would indicate a change in the long term trend which has been downwards since 100p.

Better, highest size purchase for a long while. 250,000 buy at 1.05p. 0.90-1.25p, 1 v 1. The price has also imo got like a coiled spring for one of those bigger rises and with Interims next week that may provide the spark.

Some very recent news on Orchard Petroleum in which Crosby has a 5-10% stake which could be valued between $5-10 million minimum based on the $133m takeover price, also the Active Opportunities Fund of Crosby's has a separate similar stake. This news has not been released by Crosby.

Modena Resources - Modena Acquires Interest in Orchard Petroleum, Inc.
Wed, 29 Jul 2009

ORCHARD HIGHLIGHTS Proved and probable reserves (2P) of 24 million barrels of oil equivalent as of 31 December 2008 of which 9 million barrels of oil equivalent are in the proved reserves (1P) category based on a reserve study of Orchards assets by Netherland, Sewell & Associates, Inc.;
In May 2009, Orchard achieved an average production rate of over 1,200 barrels of oil equivalent per day (gross) and obtained positive results from a new well stimulation method which could result in a substantial increase in production rates and lower completion costs.

http://wotnews.com.au/announcement/modena_resources_modena_acquires_interest_in_orchard_petroleum_inc/00972563/

Another little rise today. Nearly right on cue to break out over the upper bollinger band and also the 200 day moving average for the first time as iterated since mid-2006 when the price was at 80p. Was muted that Q2 could be stronger and research indicates quite a bit of positive news on Orchard Petroleoum and on Apollo Multi Asset Management. Markets have risen alot in Q2 too so remaining interests of Wealth Management and Active Opportunities fund should have also done well imo.

Re:Orchard Petroleum

Modena acquires 14.17% interest for a forward valuation of at $u11.5m that puts a value of $u84.05m on company's equity in my view,it is slightly unclear whether this is new equity [dilutive] or existing equity..lets assume existing.

"At Orchard Petroleum Inc (Orchard), the five per cent. owned (subject
to the level of repayment of principal to preference shareholders, this
will rise to an effective economic interest of between nine per cent.
and ten per cent.)"

So Crosby currently own just 5% which would be worth $u4.2m [with possible additional $u4.2m depending on preference payback.

Crosby active opportunities master fund then has up to 8% depending on preference repayment but it is unclear whether cam has a direct economic interest.

All relatively encouraging as the holding could be worth 5m worth or over 2p per share over the stated nav.also could cam be the seller? The company has stated about trying to realise as much cash they can through the sale of assets.

"Modena will also seek to acquire up to an additional 5.83% shareholding in ESK on the same terms and conditions as above, potentially taking Modenas total shareholding to 20.00% in ESK. This acquisition is from other shareholders of ESK and is currently under negotiation"

Monday, July 27, 2009
Modena Resources to acquire interest in Californian producing oil and gas assets



Modena Resources (ASX: MDA) has signed a deal to acquire a 14.17% interest in a privately held company in California which has estimated proved and probable reserves of 24 million barrels of oil equivalent.

Modena will issue 24,400,000 million fully paid new ordinary shares to the un-named company at an issue price 15 cents per share. Last price was 9.3 cents.

There is also a deferred consideration equivalent to a value of US$11.5 million, less the value at the completion date of the shares initially issued, payable in cash or new shares of the Company by December 2010, at Modenas election.

The target company owns production, development, and exploration assets in California

Modena will also seek to acquire up to an additional 5.83% shareholding in the Target on the same basis as above, which could potentially take Modenas total shareholding in the Target to 20.00%.

The acquisition is subject to completion of due diligence and sale and purchase agreement being finalised.

Modenas Chairman, Wayne Bellman said the acquisition is potentially a very significant, high‐quality opportunity for Modena; one that could add considerable production and proven reserves and has the ability to deliver substantial value to our shareholders.

The Target has a low‐risk, high quality portfolio of oil & gas assets in a geography that we like because it is a large energy market with a long production history and under‐utilized infrastructure."

http://www.proactiveinvestors.com.au/companies/news/2079/modena-resources-to-acquire-interest-in-californian-producing-oil-and-gas-assets-2079.html

Good start this morning. May get a strong rise sooner rather than later imo. 1-1.40p.

Broken the long term 200 day moving average this morning for the first time since mid-2006 when the price was at 80p. A big positive signal imo. IMO also indicates start of rising trend with positive newsflow expected next week.

Few more buys come through today. Very confident with research especially about Orchard and as such IMO these are primed to spike to the 2.50-3.00p area minimum before or when the Interims come out anyday now. Price above all moving averages and Technical Indicators are also v.positive.

1.10-1.50p, up near 6% again this morning on no buys. These are so primed imo for one of those big rises and just waiting for volume. Already risen to where the price is this week on hardly much volume. Chart & Indicators couldn't be more positive whilst we await the Interims next Thursday. Small resistance point will be 2p whilst they will be slightly more resistance at 3p.

Next interim announcement Confirmed 13th August 2009

http://www.hemscott.com/companies/key-dates.do?companyId=5434

Originally I had a 2p target when I first bought in on around 21st July. That was based on the net asset value through the information in the public domain i.e. the final results. Subsequently, after my purchase I did more research and hence my statement about Q2 being stronger. The company had stated that in the Q1 Results in May. I wanted to know abit more as to why it could be stronger.

1. Main Indices have risen so much in Q2 (around 20%) - so would help Wealth Mangement arm and Active Opportunities Fund

2. Apollo Asset Management - new joint venture as of last November. Had a brilliant Q2 as per articles posted as funds were invested in emerging markets - Japanese. Helps achieve more critiical mass i.e. assets with excellent returns on the funds. Some talk I believe about Malborough Fund Managers buying a controlling stake.

3. Orchard Petroleoum - last weeks news about Modena buying a stake is excellent news as Crosby's holding could be valued at somewhere around 5 million or equivalent to around 2.25p a share on its own.

With all the above now, I think there is now scope to achieve more than 2p especially because of the Orchard news. The new value could be around 5p now with Orchard holding 2.25p on its own. Also, should look at the technical indicators and free float of shares and both are positive where the price is above all the moving averages now and the free float is very small. I think there is every scope for bigger rises to around the 4p level which could possibly still be below the new asset value.

In the medium to long term, the company who are currently in the process of trying to realiase as much cash as they can hope to complete a possible reverse takeover transaction with a similar business reversing into the company as per below muted in the Q1 Results. Would be very appealing for a private company as Crosby has millions of pounds worth of tax losses that can be used on future profits. As with nearly most RTO transactions shares rise alot in anticipation on that too and if more on that is muted that then over the medium term to long term, the price could get back into double digits. This is the best time for such transactions as PMA went through with one as such and the 400% rise and as per the articles posted on that thread.

Simon Fry, CEO, commented, "We continue to reduce costs and realise assets
wherever possible, with a view to positioning CAM as an attractive partner for a
larger scale business, that will ultimately benefit all shareholders."

More steep rises on the markets last week which is good for the Wealth Management and Active Opportunities Fund arms. Could see positive outlook also for Q3 imo on back of increasing investor sentiment. Also, positive for medium term target of partnering a large scale partner with markets looking better. Already know as per research how good news expected on Orchard Petroleum and Apollo Multi Asset Management. Interims on Thursday!

Anoher snippet from a couple of days ago on how asset management and inflows has gone up significantly for another company with the strong rises on the markets.

Lyxor sees strong demand for emerging market ETFs
07 Aug 2009 | 17:00
Barney Hatt

Emerging market ETF sales soared 200% at Lyxor Asset Management during the second quarter to the end of June.
The Societe Gale subsidiary says net inflows into emerging market ETFs totalled $900m.
The most popular emerging market ETF was Lyxors MSCI AC Asia-Pacific (ex-Japan) which raised $260m followed by the China Enterprise and MSCI India ETFs.
Assets under management increased by 81% compared to the previous quarter, up from $2.9bn to $5.2bn.

http://www.investmentweek.co.uk/investment-week/news/1519444/lyxor-strong-demand-emerging-market-etfs

100% now imo that Modena Resources have acquired Crosby's and Crosby Active Opportunities Fund's holding of 14.17% in Orchard Petroleum at around 2.25p-2.75p per share imo. This means imo that the new Net Asset Value for when the company accounces the Interims this week could be anywhere between 4.00-6.00p.

'MODENA RESOURCES ACQUIRES INTEREST IN ORCHARD PETROLEUM, INC. 29 July 2009 Modena Resources Limited (Modena or the Company) refers to the announcement on 27 July 2009 and confirms that it has signed a non-binding agreement to acquire a 14.17% interest in privately held ESK Limited (ESK), which owns production, development, and exploration assets in California. ESKs indirect wholly owned subsidiary, Orchard Petroleum, Inc. (Orchard), has a portfolio of low risk, high quality production, development, appraisal and exploration projects in the prolific San Joaquin Basin in California'.

http://wotnews.com.au/announcement/modena_resources_modena_acquires_interest_in_orchard_petroleum_inc/00972563/

Crosby's holding shown at 14.17% on the Orchard Petroleum website as per below:-

http://www.orchardpetroleum.com/au_profile_structure.cfm

Up 20% on no buys this morning at 1.25-1.75p, looking good for rest of the week.

Excellent rise today and getting bigger and also on just one 100K odd buy but the 20% rise had happened prior to that trade. Very encouraging imo and as per research fully expect these to do one of those 100%+ rises on news this week to possible new NAV of 5-6p. Chart looking very promising now.

.... roll on Thursday then .... ?

Yes indeed. I'm just so glad that I kept researching since my purchase at 0.85p and everything imo is looking so good.

Yeep .... all you need do now is to persuad 8trade of that ;-)

Anyway, only another two and a half days to wait and see ....

Orchard Petroleoum's website has been revamped since the weekend.

http://www.orchardpetroleum.com/index.html

Up another 5% so far today ahead of Interims tomorrow.

1.50-2.00p, 4 v 1 and imo could see more of a rise yet today.

Good rise today and very good volume. IMO set well now for Interims mid-morning tomorrow. Should imo see positive statements and Q2 performance should be good and ofcourse some news about minimum 2.25p valuation on sale of stake in Orchard Petroleoum should be included. My research calculated a new fair valuation of 4 to 6p.

Link confirms how I have been saying that all the technical indicators are also so positive which always accelerates rises and then rises also exceeed expectations etc.

Buy all the way!
http://quote.barchart.com/texpert.asp?sym=csb.ls&code=BSTK

Wonder where treacle is these days.

Treacle should have held on