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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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

IB seems to be consistently over 200Yen for a while now. The value of the IB options still equate to about 80% of the value of CSB, so I am still in for the long term, or till we see three digits!

Good to see you back again tallsiii. Was wondering whether you'd been on holiday or I'd been reading the wrong threads!

Cheers, Madison

Have been out and about a bit in the last few weeks. In the mean time the AIM market has made a remarkable recovery from its recent depths. Let's hope it continues!

added a few more of these today as we must be nearing a trading update or some news!