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.







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207 yen...

Regulatory Announcement

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Company Crosby Capital Partners Inc
TIDM CSB
Headline Update re IB Daiwa
Released 08:06 24-Jun-05
Number 0039O



24 June 2005



Crosby Capital Partners Inc.



(Crosby or the Company)



IB Daiwa Shareholders approve

appointment of Crosby Executives to its Board of Directors



Crosby takes management control of IB Daiwa


On 31 March 2005, Crosby announced that it had acquired a significant interest in IB Daiwa Corp (IBD) in the form of warrants to subscribe for 107 million new shares in IBD with an exercise price of approximately Y30 per share. If all the warrants are exercised, the options represent an equity interest of 34% on a fully-diluted basis.



IBD held its Annual General Meeting in Japan at 10 am local time (2 am UK time) today. The following 4 directors and executives of Crosby Capital Partners were elected and approved as directors to the board of IBD. IBD will have a total of 7 directors.



Robert Owen (as Chairman, non-executive, of IBD)

Simon Fry

Jose Borromeo

Johnny Chan (also acts as Executive Vice President of IBD).



Simon Fry, CEO of Crosby, said:



We are pleased to have received this magnitude of support from the shareholders of IB Daiwa. They have entrusted us with the management of the company as new members of IB Daiwas Board of directors and I would like to communicate to them in no uncertain terms that we are committed to ensuring that we add value for all shareholders.



He also commented



From a Crosby standpoint, the board appointments and the intrinsic value of the IB Daiwa warrants are of immense importance in many regards, not least economic. Given the expertise that Crosby has developed in natural resources, we look forward to briefing all our shareholders further on IB Daiwas strategy in due course, which will include an expansion into this area.





For further information on Crosby please contact



Simon Fry, Chief Executive Officer in London on +44 (0)20 7590 2800

Johnny Chan, Group Managing Director in Hong Kong +852 2169 2800

Andy Berry, Fishburn Hedges +44 (0)20 7839 4321

END





2004 London Stock Exchange plc. All rights reserved

I think others on this BB had already appreciated the significance of the Daiwa deal, but I was startled by yesterday's news. I think this was a particularly astute move by Crosby which is now going to seriously test their management skills and maybe give us an equally exciting ride for the second half of 2005. Meanwhile they seem to have caught the imagination of Japanese investors.
sd.

from The Independent Online Edition - 25 June 2005

'Crosby Capital, the Asia-focused investment company, rose 2.5p to 55p on news it had secured management control of IB Daiwa, a Japanese conglomerate. This year, Crosby built up a substantial stake in the Tokyo-listed company at 30 a share. Since then the group's stock has soared to 207, leaving the investment company sitting on a very impressive profit. Crosby is likely to try to realise value from the company by breaking it up.'

http://news.independent.co.uk/business/analysis_and_features/story.jsp?story=649427

Could be very rewarding.

cheers GF.

225 yen. bought more today. easy to buy inside the spread.

258 yen today. That values the options at 122m. With CSB valued at 132m I couldn't resist topping up this morning.

I would guess that the Japanese market must have a quite a bit of faith in CSB to push the value of IB Diawa up to 258 from 18 in such a short space of time. Let's hope they can continue to do deals like this.

well the japanese have a reputation of loving and loathing stocks but at the moment continue with the loving.

Pre IB Daiwa annoucement CSB traded at 42p which is a 93 million cap. so on that basis 122+93=215 which is a price close to 97p! discounts are one thing but i think this gas been missed somewhere.

this is such a candidate to leg up in 3 sessions to 80p ish. keep them on watch at least!

rgds
PT

worth a read..

http://www.crosby.com/financial_reports/annual_report_2004.pdf

just paid 57.8 for a few more....something has to said about these somewhere!

Have bought more myself also today. Are you and I the only ones to be do convinced by this opportunity prop?

looks that way! toying with buying just a touch more as well and then buy if they drift off....

I got some. Don't forget me!
Bought in in March at 29.75pps and feeling very smug.
Very amateur at this investing and stockpicking mularky so I tend to lurk on the threads, but I am here and appreciating your posts.
Alan

Alan, good to have you....are you going to average up?

All my spare cash is tied up, unfortunately. I'm actually more likely to wait till I see signs of hitting the top, pull out my original stake and leave the rest in the drawer as free shares and then start trying to play the pound cost averaging game!
This may be a very non professional way of doing it, and is probably the entirely wrong thing to do, but it works for me!!
Alan

whatever works and you are comfortable with....

Still with you guys, just leaving it to the experts to post.

Cheers, Madison

Hi guys,
Help out an amateur here.
Is todays RNS good, bad, indifferent, old, new or what.
Can't quite understand it. It looks like a company CSB own a large chunk of is buying, outright, a company CSB own outright. I'm getting lost in the logic!!!
Alan

On the face of it i did not like the deal BUT there is logic to it.

Firstly it consolidates the assets held by Crosby. secondly it adds weight to the IB Daiwa business and thirdly could build a platform in Japan that Crosby can use to buy assets without diluting the crosby stock.

on the downside it is a deal on the bass of 225 yen - over ten times the price a couple of months ago.

as a lodore shareholder i am a seller at the first tickup....NOT a good deal for me but as a crosby shareholder i am fairly content. It also puts a line under the daiwa price that CSB will need to defend.

any other thoughts??

It does mean that CSB will end up with a huge lot of IB shares. Would feel more confident once they have stayed above Yen150 for a few weeks.

exactly. however they will have a stonkingly good average anyway.

not getting sucked in but may see it all starting to take shape. AIM is CSB and then Japanese and Aussie interests. No point having two aim listings....

will speak later...
rgds
PT