Bought these the other day on results day and was certainly taken aback by their fantastic growth over the period focussing in on Asia. Ive copied a report from Killik Brokers who sum up the potential far better than I ever could.

Take note of the last Paragraph.

CROSBY CAPITAL Final Results

We highlighted Crosby Capital last year as an interesting opportunity. Its rather complex business structure makes it difficult to analyse and its introduction to the AIM market through a reverse takeover of a cash shell meant that investors have gradually got to know the story over the past twelve months. Nevertheless, it is fair to say that from a placing price of 15p, the rise to 29p suggests the action is underway.

The group is headed by two well known investment bankers including Simon Fry who was former head of Nomura in structured finance alongside Guy Hands. The company was established to house their interests in handling transactions in the Asian region and late last year, the first fruits were delivered with the injection of its oil and gas agreement with Medco which provided them with a carried interest over disposal proceeds above a $120 million benchmark (the expectation is for a sum significantly higher which will provide Lodore Resources with a useful cash injection). Crosby, having placed down 70 million Lodore shares for 10 million gross (5 million net to Crosby), retains 214 million shares worth around 32 million or around 15p per share.

Partially reflecting this disposal, Crosby has reflected part of the profit as it announces for the year to December 31, 2004, it generated a profit of $34 million on $55 million of revenue. The company states that the actual profit to be recognized on the Lodore transaction will be $82 million or 42 million. The total value of Crosby at 29p (new high up 3p) is 60 million. Simon Fry alludes to a healthy pipeline of new merchant banking opportunities coming through and hopes to conclude some this year.

For investors, it appears one is paying a modest premium over current assets for potential significant further upside. ENDS.

DYOR

Speculative punt, that could be a winner.

cheers GF.







Powered by IST's

This news does not indicate as to whether the profits made in the quater are a result of the sales of the oil and gas assets last year. If they are just the profits of the underlying business, then they are good.

I'm happy with them--time to accumulate at this price I think. Doesn't appear to be oil and gas assets it seems to be the merchant banking and advisory side which is performing well. anything Hong Kong based would appear to have good growth prospects. fingers crossed for quarter 2.

I bought in at a higher price than this,,but did add a few the other day when they were down, i think this has good potential,unfortunately because of the state of the market we may have to wait.

I agree-I think we'll just have to get used to a flat market all over until the autumn--sell in May etc. except this year it should've been sell in April!

Just e-mailed crosby to ask exactly the point raised by tallsiii. Will report on reply when I receive it.
Alan

Crosby leaps out of the red
Date: 13 May 2005

LONDON (ShareCast) - Investment banking and asset management group Crosby Capital Partners swung into profit during the first quarter sending its shares higher today.

Profit before tax in the three months to 31 March came in at $4.7m against a loss of $1.4m in the same quarter last year, while total revenue soared to $8.1m from $0.7m last time.

Crosby, which has dual headquarters in London and Hong Kong, has a large and diversified client base in Asia, the Middle East and Europe.
These have got to be cheap at this price ,anybody know the pe for this year and next it must be low?

Around 3 now and forward P/E 4.

cheers GF.

Are you still in this GF, or are you washing your hands with the whole market.JB.

Thanks for that GF. I think i may have to add another tranch to my portfolio.

Reply to my query about Q1 update
The results were posted purely as an update to the market place rather than being driven by any specific event and we therefore felt that a commentary was not appropriate at this stage.

By way of explanation, the earnings are a combination of merchant banking deals that were substantially completed last year but were finally closed during the first quarter of 2005. Our position in Lodore Resources was re-valued , albeit only marginally, to reflect the fact that Lodore was not a quoted company at last years year end. Although the assets are the same they were held prior to January 2005 in a private vehicle, Sunov Petroleum. (Please be assured that we have maintained our policy for a very conservative valuation of our holding in Lodore due mainly to the size of our holding and the lock-up period that is required by AIM)

Other revenue contributions were from our Chinese corporate finance joint venture, our wealth management activities and other more routine activities.

As mentioned in our annual report, the number of deals that are currently still being developed remain substantial and we remain confident that we will be able to close some of these transactions within the current financial year.

I hope this goes some way to helping understand better our progress and would be delighted to answer any questions you may have, subject of course to not compromising your position as our shareholder.

With kind regards,


Simon Fry,
Chief Executive Officer
Crosby Capital Partners

Hewittalan6: Thanks for posting the info from CSB. Everything I hear about this Co. is positive and I expect to be topping up soon.
sd.

Yes thanks Hewittalan6 .JB.

These fallen to 39p... worth buying today??? or shall I wait?

Crosby Capital Partners Inc
24 May 2005

24 May 2005



Crosby Capital Partners Inc.
Potential Acquisition


Crosby Capital Partners Inc. ('Crosby') announced earlier today in Australia
that it intends to make an offer to acquire, in conjunction with a consortium of
investors led by Crosby (together the 'Crosby Group'), all the ordinary shares
in Tethyan Copper Company Limited ('Tethyan'). Tethyan is listed on the
Australian Stock Exchange (ASX: TYC).



Crosby's intention to bid announcement stated:



'The Crosby Group intends to make an off-market takeover bid, through a nominee
company, for all the outstanding shares of Tethyan, including shares issued on
the exercise of outstanding options, at A$0.64 cash per share (the 'Bid'),
valuing Tethyan at approximately A$101 million on a fully diluted basis'.



As yet Crosby has only announced its intention to bid for Tethyan and under
Australian take-over regulations a Bidder's Statement would have to be submitted
within 6 weeks of this announcement. It is unlikely that Crosby will be able to
update its shareholders on the progress of the bid until the Bidder Statement
has been finalised.



A full copy of the Intention to Bid announcement is available from Crosby's
website and also from the website of the Australian Stock Exchange
(
www.asx.com.au
).



Tethyan's website and its latest announcements state that it controls the Reko
Diq Project in Pakistan, a giant porphyry copper and gold complex with total
Indicated and Inferred Resources of 943 million tonnes at 0.64% copper and 0.3g/
t gold, containing 6 million tonnes of copper metal and 9 million ounces of
gold. A further 14 mineralised porphyry bodies are known to exist, with the
potential to place Reko Diq Project among the largest undeveloped copper
resources on the globe.



For the year ended 30 June 2004, Tethyan's audited consolidated accounts showed
a turnover of A$379,653, a loss before taxation of A$171,827 and net assets of
A$16,531,931.




For further information on Crosby Contact:


Simon Fry, Chief Executive Officer +44 (0) 207 590 2800


Andy Berry, Fishburn Hedges +44 (0) 207 839 4321

Good news this morniing Jimmy. Still holding but not quite as many as when I was actively trading them.

cheers GF.

Good news maybe GF, but it looks like we will have to wait a while, i got in a bit late on these..JB..

From Minesite.

Feature Story
Date: May 26, 2005

AIM listed Crosby Partners Tables Aggressive Bid For ASX Listed Tethyan Copper


By Our Man In Oz

Geologists often curse long dead map makers in the Foreign Office for drawing colonial borders which ensured that the best orebodies were put in the worst possible places. The loudest insults on that score will have been saved for the chaps who created the elongated triangle where Pakistan-meets-Afghanistan-meets-Iran. It is smack in the middle of that little hotbed, on Pakistani soil but about 30kms from Afghanistan, that a small Australian company called Tethyan Copper has its foot on a world class copper/gold prospect, a fact that most investors have duly ignored, until today (Wednesday) when Tethyan found itself on the receiving end of a takeover bid from an AIM-listed merchant bank called Crosby Partners, with major offices in London and Hong Kong. Crosby may not have a high profile, but it is well funded and has highly placed contacts in China.

The bid itself appears enticingly priced at A64 cents, 32 per cent above Tethyans pre-bid price of A48.5 cents, and 37 per cent above Tethyans 12-month average price. The sales pitch which came with the offer played heavily on the fact that Tethyan would struggle to fund the development of the Reko Diq copper/gold project, whereas Crosby was so well connected that it would find the job a breeze. There is some strength in that claim as a check of Crosbys places of work reveals a branch office in Karachi.

Tethyans chief executive, David Moore, who also doubles as the boss of the small Australian nickel miner, Mincor, told Minesite that he was not particularly impressed with Crosbys offer, but the due process would now be followed with advisers to be appointed and a formal reply to be drafted. Moore said he knew little of Crosby, but acknowledged meeting some of its people, at Crosbys request, about two or three weeks ago. It was at that meeting that a proposal was put by Crosby to handle the financing of Reko Diq, but this was not an offer which Moore found interesting. That was the first and only time I had contact with anyone from Crosby until the fax turned up this morning offering to buy the company, Moore said.

It is too early to say how the takeover will play out, though it has the potential to be a useful case study in how Australian investors refuse to take on foreign risk. The departure of Aquarius Platinum from Oz was an early example of this xenophobia. A polite thank you, but no thanks, response earlier this year to an invitation from Tethyan to Minesites man in Oz to join a visit to Reko Diq in the province of Baluchistan is another example though the rejection was more to do with the two-day safari to get to site, and two days back, and nothing to do with the two-hour helicopter flight up the ever-narrowing triangle with Iran to the left and Afghanistan to the right (note to editor: thats my story, and Im sticking to it!).

Disregard the politics of the situation (which really is an impossible request) and the geology of Reko Diq is fabulous. Technically discovered by South Africas Kumba Resources (when known as Iscor) and BHP Billiton, Reko Diq passed to Mincor when Kumba spun off its foreign assets. Moore, a career Iscor man kept Reko Diq in-house for a few years before acknowledging that it would do better on its own, most probably with London support, specifically from the expat Pakistani community. That led to the late 2003 float of Tethyan at a price of A30 cents, including an in-specie distribution to Mincor shareholders, and strong London support because of a greater comfort level with the location, and genuine delight at the prospect of getting hold of a prospect with an inferred resource of a whopping 943 million tonnes at 0.64% copper and 0.3 g/t gold..

In fact, Reko Diq is so huge that to even try and drill out the many structures would be pointless. Tethyans aim has always been to kick-start a smallish mine based on the H4 deposit (152 million tonnes at 0.7 per cent copper and 0.3 per cent gold) producing around 42,000 tonnes of copper a year, and to use the profits to fund growth. A whiff of the future growth potential came as recently as last Friday when Tethyan reported the latest drilling on the H35 structure, which included a 135 metre section assaying 0.72 % copper and 0.29 per cent gold, within an overall mineralised section of 384metres assaying 0.4 g/t gold and 0.18 % copper. What makes the result even more spectacular is that the hole started and finished in mineralisation.

It is the world-class nature of the latest drill intercepts, coupled with the Australian market knocking A2 cents off Tethyans price after their release (from A51 cents to A49 cents) which may have played a part in firing up Crosbys takeover ambitions. Moore doubts whether Crosby would have any greater success at financing H4 and the greater Reko Diq project. He says financing discussions are well advanced as part of the H4 bankable feasibility which is due for completion later this year. It is now up to Tethyans shareholders to see if a red hot orebody (in more senses than one) should be passed to a new owner who is happy to fly around a part of the world where risk takes on an entirely new meaning. And the fact that the Chinese are seeking primary production of copper should not be overlooked.

cheers GF.

Doing well today - any particular reason for the healthy buying?

Cheers, Madison

Now up 12.82%. Excellent.

Cheers, Madison

Yes i nearly sold these in the last couple of weeks, i can't find any news as to why its up, where's GF !!