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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It's had its little step down and my charts are still telling me that CSB is going to 110/120p by Xmas. Add to that the strengthening Nikkie and the possibility that having more or less digested Daiwa, they could well be sniffing around for another take-over, the future looks very encouraging.
sd.

Good news today. Nice to have a share in this one.

cheers GF.

Crosby Capital Partners Inc
28 November 2005

28 November 2005



CROSBY CAPITAL PARTNERS INC.

('Crosby' or 'the Company')





Indago Petroleum Limited raises 70 million in AIM IPO



Crosby notes that Indago Petroleum Limited ('Indago') has announced the
completion of a new issue and placing to a broad base of institutional investors
of 100 million shares in connection with its proposed admission to AIM. Indago
has raised 70 million (before expenses), and will have a market capitalisation
of 187 million at the placing price of 70p per share. The board of directors of
Indago have announced that it is expected that Indago's admission will become
effective, and that dealings will commence, on AIM on 2nd December, 2005.



Following admission, via its 56.6% owned subsidiary Silk Route Petroleum Limited
('Silk Route'), Crosby will own 35,000,000 shares in Indago which represents
13.12% of Indago's issued share capital. Silk Route has undertaken not to sell
its shares for a period of one year following admission. Based on the placing
price of 70p per share, the value of Silk Route's shareholding is 24.5 million
and Crosby's net interest after taking into account minority interests, is
valued at 13.8 million.



Indago is an operator of six petroleum exploration and production concessions
located in Oman and the United Arab Emirates that were acquired from Novus
Australia Energy Company Pty ('Novus'). Indago plans to drill a number of
highly prospective onshore exploration wells targeting gas and condensate during
the next year.



Commenting, Simon Fry, CEO of Crosby, said:



'The completion of the Indago IPO has occurred much earlier than we had
anticipated. Our partners, Meridien Securities, who are the majority
shareholders of Indago prior to the dilution caused by the IPO placement, have
been excellent in managing a complex process, and as a result, in bringing this
unique company onto the AIM market. We are very excited about the near and
medium term potential of the company and remain committed shareholders as the
exploration and development programme unfolds in 2006'



He added 'from a purely financial standpoint as far as Crosby is concerned, the
IPO of Indago means that the last of the assets related to Novus Petroleum that
we acquired in mid 2004, now have a transparent value either because the assets
have been restructured and are now listed, or we have otherwise monetised them.
The combined value placed by the markets on these assets, including Indago after
the funds raised in this IPO, is over US$496 million, and Crosby's share of this
value, if we assume current market prices or cash where Crosby has sold shares
in the companies after they were restructured, is approximately US$102 million.'



For further information please contact



At Crosby
Simon Fry Tel: +44 207 590 2800


At Fishburn-Hedges
Andy Berry Tel: +44 207 839 4321

GF: Totally agree, and I hope that despite indications from the timing of these posts to the contrary, that like me, you sleep soundly with these shares.
Those guys look more and more like real pros in wealth management.
sd.

LOL, good point squidd. The market in small caps is and as been rather frustrating over the last 4 or 5 months. Im hoping for a new year rally fingers crossed. 75 % cash at the moment.

cheers GF.

Hi All,
Joined you guys yesterday after looking at their latest RNS. Its a shame I did not get on board a bit earlier even though I have had it on my watch list for the last few months when it was around 70-75p, too busy with the oil sector ( cant complained as I have made some good profit). Regardless, I think the fundamentals are great for this company. I am holding for long-term.

GF: Surprised to hear you have so much in cash. Myself am expecting a 99 style Xmas boom, particularly in CSB and if so, I'll try some swing trading and sell, hoping to buy back in the January sales. Elsewhere my bottom fishing seems to be paying off, from heavyweights like ELA to lightweights like PMK and CMX; but even without a new peak, CSB is up there with the leaders and I'm grateful for your original post which drew it to my attention.
sd.

In recent days, CSB has been lagging behind the rest of the Japanese economy where today the banks were particularly strong. If it doesn't pick up soon, will have to consider taking profits.
sd.

So the lates RNS would be good then? ;-)
Hope you stayed in Squidd.
Alan

would have expected a better rise in the sp--has anyone noticed Alan??

Think it must be our little secret.
Bugger. Could do with a few noticing it though to get the sp moving again.
Alan

I came out of these to invest in BPRG - so I am happy that they are languishing for now - and hopefully for another couple of weeks - so that I can get back in later at these prices.

Luckily I also came out of ASOS - which got hit by the oil fire - they are just not having any luck at all

Baza

what another great annoucemnet....CSB will hoit 100p by the end of the month. ib daiwa stock comes out on thge 15th and should propel higher.
rgds
PT

Decided I couldn't sell CSB at these prices, so still have my boots full, but the've been overtaken by ELA in the scramble up hill, probably temporarily though. With the Japanese banks continuing to rise, surely CSB is going to deliver some Xmas cheer. very soon.
sd.

ib daiwa stock comes in on the 15th of this month. this is 100% realised capital and profit. i fancy a big figure in CSB very shortly.

I'm glad CSB is showing faint signs of life this morning, I was beginning to fear an early periodic dip.

Prop, what do you mean IB Daiwa comming in?

Hey what news are we talking obout have I missed something?. Anyone have the link?.

cheers GF.

My sharescope has suddenly begun to list CSB as a full member of the LSE, rather than as an AIM share. Can someone confirm its status.
I note also that CSB recently lost out to Antofagasta in its bid for the Tethyan copper mine, which may explain why it's lagging behind the Nikkie.

1 in 2006?

easily. CSB has a respected following and i think now that the Lodore issue is out the way, IB Daiwa is the one to watch...that is where the CSB price could kick into high triple figures...it is a complex play but if you take the time to look into it as i have done there is enourmous upside.

how goes it Tallsiii?