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

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.