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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Welcome aboard Jimmy.

cheers GF.

In at 49 today. Not my best timing, but that will be history soon.

Cheers, Madison

Welcome aboard Madison.

cheers GF.

Am glad I started reading this thread a few weeks ago.

Me too. I hope we get another positive day tomorrow.

cheers GF.

Dont forget it IS DERD CHEAP, trades on EPS of 8p per share therefore on a mid price of 49.7p we are talking about an historic/rolling P/E of only 6.2

Goodness knows how low the prospective P/E is. Any one have the figure from the house Broker?????????????????????????????????. Should be a lot more to come especially with promises from the management that deals will be concluded this financial year.

cheers GF PS, hope your looking in JOE.

I have managed to get hold of a copy of the durlacher note. It is in pdf format so it will have to emailed, so if you would like to have it then please give me your email.

Not a good start,,i sent you my email tallsiii ,i would like to see the Durlacher note,,thanks ..JB..

All those buys and the price wont rise back up..

Buys only just started to nose past sells Jimmy. But they're coming on now. Just deliberating a top up myself.

Cheers, Madison

For those of you that haven't read it yet, the Durlacher not predicts 2005 profits to be higher than that of 2004. Also it states that a number of parts of the business are not included as assets on the balance sheet. Based on that i'd say we have some way to go yet.

Tallsiii

Madison,do you see it breaking through 50p again and upwards this week..JB..

Just taken advantage of the weakness and topped up at 47p. 50p does look like a bit of a resistence point, but hopefully we'll break it today with the buys coming through now.

Jimmy B, not had time to read Durlacher yet and just off out. Certainly see it breaking through 50p! Wouldn't worry about when too much...

tallsii - thanks

Cheers, Madison

Cheers ,after reading the note it looks good..JB..

cheers for the note...please see email.

rgds
PT

just read the note, it is inaccurate but tells a good basic story.

for the record Medco bid for Novus and Crosby countered after hooking up with Sunov which was being lead by Bob Williams who was the Novus CEO at the time (and had excused himself from executive control of Novus to be part of the bid).

Crosby didn't initiate the takeover and in the end lost but bought the assets off the successful bidder (Medco) who really just wanted the Indonesian assets anyway.

during all this i was long Novus and Golden Gate (who own 10% of the US assets on Padre island).

I lived in south east asia for 5 years so that is how i hooked up with these names. Not that i am always such a bloody knowall but i wanted to help put everyone in the picture.

More buys now than sells but still the bid drops.JB.

If you check the time of transaction you'll see that the 35,570 was atually a sell. There may also be a large order in the backgroud bringing things down today. But I am still confident in this one for the longer term.

Tallsiii

poor day all round guys.