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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looking GREAT

There's some mileage left in this one yet

Up 11% and cant find any news, NICE.

cheers GF.

The only news is that CSB have a hugh chunck of LRS shares which are up by quite a lot over the last couple of days. If I had been more confident that the market would have followed, then i'd probably have topped up myself.

Now up over 12%.

cheers GF.

Have just been talking to my broker about this one. The market makers are putting the current strength down to LRS. Technically it is an interesting one because the sellers that gave resistence at 40p have now all dried up. The was bit more selling it first got up to 45p, but now they have gone away. It will be interesting to see what happens next!!!

i know these guys because i was holding Novus when it was taken over by Medco and CSB was bidding with Bob Williams (who was CEO of Novus) against Medco primarily so they could gain control of the Padre Island assets.

Bob is now head of LRS, and CSB owns a chunk of LRS. Medco is a seller of Padre Island and LRS has expressed an interest to buy it in a recent RNS. Not alot of dots to fill in here guys!

Up over 18%, great on a poor day overall.

cheers GF.

GF

Is the smart money already in?

MD

Not if you are going by the valuation. Last time I worked it out the P/E was just over 6 (havent worked it out the new P/E after todays rise). And we are promised plenty of newsflow by the management.

cheers GF.

Just hoping for more of the same wednesday.

cheers GF.

bought LRS yesterday.

Going well again today, did expect profit taking but its gone on for more gains.

cheers GF.

Some very strong trading early on. LRS still going up.

nice summary in the FT today as well re the move yesterday and Durlachers comments.

What are Durlachers comments in brief PropT. I notice theres some heavy buy volume and a lot is still coming in. Really delighted on this ones progress.

cheers GF.

Noticed this one in the Independent today. Talk of a broker note coming out showing Crosby trading at just 4 times earnings. Might just be able to squeeze out a small investment for this one- dont want to miss out.

back page of companies and markets in FT.

basically all we know plus " Durlacher highlighted the likelyhood of further profits being booked..from Sunov. Crosby is an investment banking and asset man business with an Asian focus." then a nit on wealth mannagene and Diawa. "Crosby's management team has clearly demonstrated its ability to generate value." said durlacher.

should have got a job as a secretary...

hope it works for you GF

rgds
PT

Im in with a very small investment. Couldnt resist this one being so dirt cheap.

Many thanks for that guys, looks like the MMs are holding this one back compared to yesterday.

cheers GF.