PRICE 0.65-1.00 PENCE

From Q1 Results in May 2009:-

"positioning CAM as an attractive partner for a larger scale business"

Makes a very attractive shell for a large investment management/hedge business to reverse into, we have great tax losses that are an asset going forward!!! Could make it rather exciting. I would expect a bit more tidying up first.
Time to prove your deal making ability Mr Fry and redeem yourself for the shocker that was forsyth.

Numbers and comments again from the Q1 results...the company could turn a profit actually at the Interims on 13th August for the first time in a few years. That would also bring about a very dramatic re-rating imo. The loss in Q1 was substantially lower than Q1 of 2008 as per below:-

Loss attributable to shareholders US$2.9 million (Q1 2008: US$26.2 million)

Forward looking comment about Q2 and markets have picked up alot in Q2.

' The board of directors of CAM (the "Board") believes that there are some early signs that the second quarter may be stronger, as investor sentiment improves'.

First time the company has quoted something like the above in a very long while.

Simon Fry, CEO, commented, "We continue to reduce costs and realise assets
wherever possible, with a view to positioning CAM as an attractive partner for a
larger scale business, that will ultimately benefit all shareholders."

Shareholders equity of just over 2 pence at 31 December 2008:-

At exchange rate of 1.64 Equity attributable to equity holders of the Company $u8,184,000. Shares in issue 243,475,000.@ 1.6450 gives 2.04p.

1 MONTH CHART


1 YEAR CHART

Orchard as always difficult to value, worth between 0 and $10m????...i believe in the books at nothing at present.

http://www.orchardpetroleum.com/

'Orchard Petroleum ("Orchard"), in which CAM has a 5% interest (rising to between
9% and 10%, after the repayment of debt to preference shareholders), has an
inventory of 50 wells, of which 41 wells are producing and the remainder are at
various stages of appraisal'.

Year ending 31 Dec 08

Cash and cash equivalents $15,526
Total Assets $24,920

Total Liabilities $15,088

Total Assets - Total Liabilities =$9,832 / 1.64 (exchange rate) = 5,995 million or near 6 million.

243m shares in issue. About 2.50p - 2.70p NAV.

Since year end, continuing to reduce costs and realise assets even more. No value in Orchard stake in above calculation.

'Orchard Petroleum ("Orchard"), in which CAM has a 5% interest (rising to between
9% and 10%, after the repayment of debt to preference shareholders), has an
inventory of 50 wells, of which 41 wells are producing and the remainder are at
various stages of appraisal'.

To put that comment in context rather than the pump and dump context Treacle of course prefers.

From the trading update dated May 2009:

Crosby Wealth Management ('CWM'), in which CAM has a 56.14% interest, modestly increased its assets under management over the quarter. However, margins remained subdued, primarily due to low trading volumes. There were no further significant developments in the legal proceedings, as set out in the announcement of 19 March 2009, brought by a client in Hong Kong concerning a trade execution error. The board of directors of CAM (the 'Board') believes that there are some early signs that the second quarter may be stronger, as investor sentiment improves.

Apollo Multi-Asset Management LLP ('Apollo'), in which CAM has a 51% interest, has still not reached critical mass in terms of assets under management. CAM will continue actively to monitor its position in Apollo, as cost control remains of paramount importance in the current enviroment.

Crosby Active Opportunities Fund ('CAOF') had a year-to-date return, to 31 March 2009, of approximately 5.8% and from inception of -27.85% (excluding side pocket investments). However, given that the recurring fees from CAOF remain modest, the Board continues to monitor its activities closely and no decision has yet been made on its long term future.

Forsyth ('Forsyth') - CAM continued to work on closing the Forsyth fund of funds during the quarter as they had become uneconomical due to the level of investor redemptions in the later part of 2008. It is currently anticipated that a liquidator will be appointed for the Forsyth hedge fund of funds by June 2009. After liquidation of the hedge fund of funds, the only remaining Forsyth funds will be a managed balanced fund and a property fund.

Orchard Petroleum ('Orchard'), in which CAM has a 5% interest (rising to between 9% and 10%, after the repayment of debt to preference shareholders), has an inventory of 50 wells, of which 41 wells are producing and the remainder are at various stages of appraisal. The company has struggled to perform profitably due to the decrease in oil and gas prices during the course of the last year.

Loss for the previous three months

$3.133m on revenues of less than $1m

In fact for the comparable 3 month period last year, costs have not decreased one iota, despite the claims of their CEO.

Treat with caution

0.75-1.00p, some buy orders appeared on the order book just now...may see start of rises possibly.

LIBC on 0.80p bid now and 1 MM on 1.25p offer before 2 on 1.50p and then 1 on 3.25p. Started moving and Up 16% at 0.80-1.25p.

A bit more of a rise today after the small tick ups on the price the previous couple of days. Possibly gearing up for bigger rises. L2 on the offer side also looked rather positive at close with just 1 market maker left on 1.10p offer, then 1 on 1.25p, then 1 on 1.50 and 1.55p and then 3.25p.

After Morgan Stanley's wealth management performance announcement yesterday, Credit Suisse have come out with their Q2 results today. More encouraging noises on Wealth management as per muted by Crosby for Q2.

http://news.stv.tv/business/111037-credit-suisses-net-profit-beats-forecasts/

Some news in mid-July on Crosby Asset Management (Pakistan) Limited.

http://www.crosby.com.pk/press.htm

Link Posted on website today. Interims will be on 13th August.

http://www.crosby.com/article.web.ViewArticles.do?localeId=en&cmsTreeNodeId=142&articleTypeId=0&antiCache=1248889687937V7EnH

These are very close to start rising now and breakout...itching to tick up with MACD Indicator firmly in positive territory. Momentum and Upper Bollinger positively ticked up also today despite the price finished unchanged again.

Finally some blue. Few very small buys and maybe short on stock.

0.85-1.15p, still 1 v 1.

treacle take a look at engel east europe n.v/EEE . MKT CAP 1.3m.properties worth 1.7 billion dollars.this sale 5x current mkt cap alone. http://sofiaecho.com/2009/03/26/695529_engel-limits-operations-in-bulgaria-and-romania

facts nav 45p. http://www.sovereign-publications.com/engel-ee.htm

treacle eee is a hidden gem.dyor but i contacted the company nav is now 45p. http://www.stockopedia.co.uk/news/announcement/EEE/090324eee3766p.htm

No thank you, EEE has so much debt and someone dumped 4m shares at 0.50p there last week. I'm very happy with CSB and with more steep rises again today on the main indices, looking forward to Interim results next Thursday.

spoke too company deutse bank dropped 4.86%.nav now 45p+ treacle.nothing amiss news very very soon

No thank you. Your NAV is irrevelant with millions of euros of debt.

You might be better off doing some research on CSB with no debt, mkt cap under pinned with cash and NAV of 2.71p. Q2 muted to be stronger and ofcourse also muted about tie up with large scale partner. One shareholder holds around 210 million shares too out of 243 million in issue.

Price above the 50 Day MA now after a very long while and quite close to the 200 Day MA:-



The last time the price got above the 50 day moving average, it went onto 2.00-2.25p.

Possibly break the long term 200 day moving average tomorrow for the first time since mid-2006 and when the price was at 80p. All the bad news has long been out and would be a big positive signal imo. Also, with no debt, mkt cap under pinned with cash and NAV of 2.71p. Q2 muted to be stronger,there was a massive reduction in Q1 Loss and ofcourse also muted about tie up with large scale partner. Could even turn a profit for Q2 with all main indices up by around 20% in Q2. One shareholder holds around 210 million shares too out of 243 million in issue.

Snippets on Apollo Multi-Asset Management, the joint venture it began in November, had assets under management of about $22.3 million at end-December and had "not yet reached critical mass" as per results in March 2009.

June 2009 Newsletter:-

'Pleasingly both Apollo funds again did well in May although slightly underperforming their respective sector averages
but still demonstrating the ability of a multi asset approach to perform well in both rising and falling markets. Some 6
months after launch both are making good positive returns with the IFDS Apollo Balanced Fund +14.4% ranked 11/167
and the IFDS Apollo Cautious Fund +10.3% ranked 10/146'. (Source: Financial Analytics 27th November to 31st May
2009 bid to bid, based on D share class net of charges)

'plot a safe path by using protected trades
to gain exposure to opportunities generated by this crisis. We still believe that worldwide there are many opportunities
for a multi asset investor. These decisions must be made in a prudent and measured risk‐adjusted manner. A skew to
equities is inherently risky and dependent upon accurate market timing and a belief in a sustained V‐Shaped recovery.
Having said that, at times you must use asset allocation to your advantage, since 1st March, Russia is up over 100%, Brazil
40% and China over 30%, whilst the UK is up less than 20%. We have had most of our equity exposure in emerging
markets rather than the West, although at this stage we are trimming our exposure and have sold our Russian ETF but
continue exposure through a protected structured note'.

http://www.apollomultiasset.com/uploads/Views/6%2009%20Cautious%20Update%20No_7%20V-shaped_recovery.pdf