The Fund
An activist fund taking stakes in undervalued companies and taking action to enhance value.

Crystal Amber Fund is an AIM-listed, Guernsey-registered fund. It was listed on AIM on 17th June 2008 with a market value of £ 60 million. It aims to build a concentrated portfolio of predominantly mid-cap UK companies

http://www.crystalamber.com/

Chance of a re-rating on the cards because, yet again investors have failed to realise just how well the portfolio has been performing. In fact the company's net asset value rose from 106.9p to 111.6p during October. No fewer than six of the company's 10 core holdings, which in aggregate account for 85% of an equity portfolio worth £63m. This means the shares , offered in the market at 97.25p are trading 17% below asset value. True a discount of that magnitude would be justified if Crystal Ambers investment performance was lacklustre.But it clearly hasn't been as the company's net asset value has risen 31% this year alone, which compares well with any benchmark you wish to choose.
There is a realistic chance that Crystal Amber's investment returns will continue to outperform when you consider that no fewer than six of the funds 10 core holdings are Investor Chronicle live buy tips. These include - Plymouth marina and property company Sutton Harbour (SUH) shower specialist Norcros (NXR) food producer Devro (DVO) Packaging materials group API (API) public sector outsourcer
Tribal (TRB) and clothing retailer N Brown (BWNG). IC retain hold recommendations on Crystal Ambers other four holdings - Van hire company Northgate, newpaper distributor and 2012 star income tipof the year Smiths news and precision engineer Renishaw and electronic componnents group TT Electronics.
ITS worth noting that 13% of the fund is invested in shares of Sutton Harbour, a holding that is already showing smart gains after Crystal Amber backed a placing and open offer that raised £5.7m at 25p a share at the end of last year. As a result Crystal Ambers shareholding in Sutton Harbour has increased from 8.5m to 26m shares, or around 27% of the share capital. This is likely to be further upside in Sutton Harbour, too. as at 35p the shares are priced well below net asset value of 43p even though the company's property portfolio is valued at about £50m, including buildings around its harbour in Plymouth where void rates are less than 10% and two carparks with 426 spaces.
There is real value to be realised in theb portfolio as redevelopment of thev near by Millbay marina has a valuation potential of £6m and realising profit from the old airport could add £16m to shareholders' funds. To put that valuation anomaly into perspective , Sutton Harbour only has a market value of £33.8m , well below its last reported conservative book value of £41.5m and thats before factoring in upside on those property assets. With net debt cut by a quarter to £15.8m there are no financial worries , either.

Going well

Crystal Amber fund is invested in Sutton Harbour Holdings PLC


Interim Results
RNS
RNS Number : 3070T
Sutton Harbour Holdings PLC
12 December 2012

12 December 2012



Sutton Harbour Holdings plc



Interim Results for the six month period to 30 September 2012



Sutton Harbour Holdings plc ("Sutton Harbour", "the Company"), the AIM listed marine and waterfront regeneration specialist, announces interim results for the six month period to 30 September 2012.



Financial highlights



· Trading activities have continued in line with expectations

· Revenues of £3.93m (2011: £6.06m)

· Gross operating profit* £1.49m (2011: £2.74m)

· Revaluation generates a deficit of £2.59m (2011: £0.38m) through the income statement

· After that charge there is a loss before tax £2.75m (2011 loss £0.65m)

· Net assets of £36.9m (2011: £41.5m)



· Net debt of £16.8m (2011: £15.8m)



* Before administration costs and asset impairments



Operational highlights



· Launch of Sutton Harbour Destination Initiative to transform Sutton Harbour into one of the UK's most attractive waterfront locations

· Indicative master-plan prepared for 113 acre airport site

· Relocation of head office operations

· Achieved completion of the lease and construction agreements for the new King Point Marina development in the Millbay area of Plymouth.

Michael Knight, Chairman, commented:



"During the first half year trading has continued in line with our expectations of challenging trading conditions and we have been implementing specific strategies to build profile and to target new markets. The Company has established its position as a niche real estate operator specialising in waterfront destinations and associated marine activities. We are actively pursuing our plans for the delivery of King Point Marina and marketing of berths; making progress with future ideas for "Destination Sutton Harbour" as well as the former airport site; and, managing the Sutton Harbour estate for long-term income and asset growth."



For further information, please contact





Sutton Harbour Holdings plc

Jason Schofield - Chief Executive

Natasha Gadsdon - Finance Director


01752 204186

Arden Partners

Richard Day

Jamie Cameron


0207 614 5917

Newgate Threadneedle

Graham Herring

Terry Garrett

Robyn McConnachie
0207 653 9850








Chairman's Statement





Overview



During the first half year the Company has made significant progress in advancing its plans for the Sutton Harbour area and also for alternative uses on the former airport site in line with its strategy to be a leading marine, waterfront regeneration and destination specialist in Southern England.



As recently announced, the Company has formally launched its master-plan as a blueprint for the evolution of Sutton Harbour into a visitor destination of regional and national significance. This sets out the vision of bringing together existing attractions of the historic Barbican quarter and Mayflower Steps, the National Marine Aquarium, numerous restaurants and bars and establishing firmer links with the waterfront and Hoe and the City Centre. The master-plan features opportunities for food and beverage outlets, retail, office, hotel and high quality residential development, brought together with improved access all around the harbour perimeter.



It is now almost a year since Plymouth City Airport was closed and no financially substantiated offers have been made by any third parties to acquire the Company's interest and to re-open an airport facility on a commercially sustainable basis. Accordingly, the Company has prepared an indicative master-plan to show what the 113 acre site could deliver as part of the evolving planning policy for the City of Plymouth. The Company is entitled to a 25% share of net proceeds from disposal of the site for alternative use.



Trading activities have continued in line with expectations during the first half year. After a period of sustained growth we are now experiencing a levelling of results in the marine operations segment and the marina team are working hard to maintain berthing occupancy levels. Given the continuing economic malaise, we are now more cautious about improving property occupancy rates in the second half year although going forward these should improve with the increased marketing of Sutton Harbour as a destination. Demand for quality space remains good, although end users are taking more time to make longer term commitments.



The Company continues to take advantage of good estate management opportunities and has recently relocated its head office operations to the smaller Tin Quay House. Its previous head office space, at North Quay House, has now been let to a high quality tenant.



I am pleased to report that we have achieved completion of the lease and construction agreements for the new King Point Marina development in the Millbay area of Plymouth. Construction of the marine and shoreside facilities will commence in January 2013 and is expected to be complete during Summer 2013.



Results and Financial Position



In line with the rest of the UK, the South West area of the country is experiencing difficult market conditions in the property sector. The continuing overall economic situation has clearly had an effect on property prices and it is clear that advisers in the sector are also taking a conservative position on values. We appointed a new firm of independent valuers, DTZ, during the period and they have conducted a valuation of the majority of our estate. The result of this valuation shows a reduction in asset value, reflecting reticent sentiment about provincial commercial space and a general lack of current and relevant evidence of trading specialist assets such as our marina. The valuation does not reflect any marked change in marina occupancy rates and resulted in net initial yield movement on the investment portfolio from 8.0% to 8.6%. In addition, another firm of valuers was commissioned to value the fishmarket, but the recently received results showed that the valuation was inconsistent with the principles adopted for the rest of the estate and the board has decided to retain the independent valuation as at 31 March 2012 of the fishmarket. Overall, the revised values give rise to a deficit of £4.905m (2011: £0.282m). Of this, a £2.593m deficit (2011: £0.380m) is recognised through the income statement in relation to the investment portfolio and a £2.312m deficit (2011: £0.098m surplus) is accounted to the revaluation reserve in relation to the owner-occupied portfolio. Notwithstanding the disappointing downward valuation movement of certain properties, the Directors consider there is considerable potential for value recovery and growth in the portfolio as the development vision is realised. A valuation will be commissioned for our entire portfolio for the year ending 31 March 2013, as in previous years.



The Company's net assets at 30 September 2012 were £36.9m (31 March 2012: £41.5m), expressed as 38.3p per share (31 March 2012: 43.1p per share).



Gearing, expressed as total debt over net assets is 45.5 per cent as at 30 September 2012 (31 March 2012: 38.2 per cent), with net bank debt standing at £16.8m (31 March 2012: £15.8m). As anticipated, the Company expects to see an increase in bank debt over the second half year, once construction starts on King Point Marina in the Millbay area of Plymouth. The Company continues to operate comfortably within its banking covenants.



The Company achieved a gross operating profit of £1.492m (2011: profit £2.741m) before accounting for administration costs and asset impairments and a loss before taxation of £2.751m (2011: £0.652m loss) for the period. The results for the comparative period include £0.517m loss in relation to costs of closure of the airport business.



As previously reported, the half year results include final consideration in connection with the disposal of surplus airport land to a developer and the profit on disposal of the investment in Express LIFT Investments Limited, a public private partnership engaged in the provision of healthcare premises. A further write down of project inventory amounting to £0.639m has been made in the period (2011: £0.970m).



The Board is not recommending payment of an interim dividend (2011: nil), as it continues to work through and more firmly establish its strategies for future growth.



Summary and Outlook



We have made considerable progress to reduce costs together with changes to our professional advisers including auditors, lawyers and valuers. Ongoing administrative expenses have continued to contract.



During the first half year trading has continued in line with our expectations of challenging trading conditions and we have been implementing specific strategies to build profile and to target new markets. The Company has established its position as a niche real estate operator specialising in waterfront destinations and associated marine activities. We are actively pursuing our plans for the delivery of King Point Marina and marketing of berths; making progress with future ideas for "Destination Sutton Harbour" as well as the former airport site; and, managing the Sutton Harbour estate for long-term income and asset growth.









Michael Knight

Chairman

dont like the way Sutton Harbour Holdings PLC have fallen today. Must have an effect on this company

:-))

Not exactly the big winner IC suggested a couple of years ago, when Pinewood was the jewel . . . indeed pretty flat so far . . . . but then it is based in Guernsey, a warning of sorts for me. + Did I miss a big payout from Pinewood sale, and will Sutton Harbour be the same?
dreamcatcher, yr post of Dec2012 rather suggests the Market is at fault (share-rating), but this state can continue for a long time. The problem with "build" projects is they take so long everyone has forgotten when they started. All they remember are "delays" although I'm not aware of any yet, maybe that is priced-in as "uncertainty"?
I guess I'm about evens only. (still, better than many other invests, eh?)

Seems to be just floating at the moment.

Interim Results
RNS
RNS Number : 4219Z
Crystal Amber Fund Limited
07 March 2013



7 March 2013



Crystal Amber Fund Limited

(the 'Fund' or the 'Company')



Interim results for the period ended 31 December 2012



The Company announces its interim results for the period ended 31 December 2012.



Highlights:

· Net asset value (NAV) recovers strongly in second half, delivering a 35.3 per cent growth over 2012 calendar year.

· NAV per share of 120.08p at 31 December 2012 (105.59p at 30 June 2012).

· Excellent gains across the portfolio holdings, including strong share price performances of Sutton Harbour, N Brown, Renishaw and Smith News.

· Sustained engagement with the Fund's main investments and newer holdings, including Northgate and Hansard Global.

· Buy-back of one million shares in December had the immediate effect of reducing the discount of the Fund's share price to its NAV. The Board continues to monitor the discount and will take further action as appropriate.

· Investment Manager's fee structure to be revised to reinforce the alignment of the Investment Manager's and shareholders' interests. From April 2013, investment management fees will be calculated using the lower of NAV and market capitalisation.

· Further progress in NAV since period end: at 28 February 2013, NAV per share was 124.05p.



William Collins, Chairman, commented:

"I am pleased to report a strong rise in the Fund's net asset value over the period, helped by excellent gains across the portfolio. We have continued to engage closely with our main investee companies. Most of this engagement takes place in private but we are prepared to go public where necessary. The response of managements and boards to our suggestions has generally been most encouraging

:-))

Crystal Amber Fund mulling secondary issue of shares after strong year
Tue 23 Apr 2013


Crystal Amber Fund mulling secondary issue of shares after strong year LONDON (SHARECAST) - Crystal Amber Fund, the AIM-listed, activist fund, has reported that preliminary discussions have been initiated with some of its major shareholders regarding the potential to finance further investment opportunities through a secondary issue of shares.

The board said that by increasing the size of the fund, it would be able to acquire larger holdings to potentially increase its influence and invest in a wider portfolio of companies while also providing greater liquidity for shareholders.

The fund, which is registered in Guernsey, takes stakes in undervalued companies and then takes action to enhance their value.

Over the 2012 calendar year, the fund’s net asset value (NAV) per share rose 35.3%, and a further 6.8%, over the three months to March 31st 2013.

Crystal Amber’s share price was up 1.72% to 118p at 10:02 on Tuesday.

CRS:LSE set a new 52-week high during today's trading session when it reached 126.00. Over this period, the share price is up 44.17%.

Issue of Equity

http://www.moneyam.com/action/news/showArticle?id=4639397

Final Results

RNS


RNS Number : 0175R

Crystal Amber Fund Limited

08 September 2014






8 September 2014



Crystal Amber Fund Limited

(the 'Fund' or the 'Company')



Final results for the year ended 30 June 2014



The Company announces its final results for the year ended 30 June 2014.



Highlights:



· Good performance over the year with Net Asset Value ("NAV") per share rising 20.8 per cent to 160.8p per share (133.1p at 30 June 2013)

· Share placing in August 2013 raised £26.4 million before expenses and increased Fund size above £100 million; no cost to existing investors

· Significant contributions to NAV performance from Plus500 Limited, TT Electronics PLC, Sutton Harbour Holdings PLC, STV Group PLC and Cenkos Securities PLC

· Total realised gains over the year of £17.1 million including £3.9 million on Norcros PLC, £2.7 million on Connect Group PLC (formerly Smiths News PLC) and £2.5 million on Northgate PLC

· Significant positions in Leaf Clean Energy Company and NBNK Investments PLC acquired from institutional investors in exchange for treasury shares in the Fund

· Successful share buy-back programme maintained. Average discount to month end NAV through the year of 3.6 per cent





William Collins, Chairman, commented:



"I am pleased to report another successful year for the Fund with NAV per share rising by 20.8 per cent, supported by significant gains from a number of our investments. The proceeds received from the fundraising in August 2013 have enabled us to make new investments and to add to existing positions. Our engagement with investee companies continues and we are confident that this will help to generate further gains in the coming year."

Half yearly report

ST of IC today



Crystal clear path to gains

It’s taken time, but subject to Ryanair accepting International Consolidated Airlines


(IAG: 564p) indicative cash offer of €2.55 a share for the budget airline’s 29.9 per cent stake in Irish carrier Aer Lingus

(AER: €2.44), then the end is now in sight for this long drawn out bid battle. With the Irish government agreeing to sell its 25 per cent stake in Aer Lingus to IAG last week, and IAG confirming it will not raise the offer any higher, then it’s difficult to see Ryanair’s board turning down the opportunity to bag a €405m windfall from a stake that analysts believe has a book value of only €226m.

It’s also good news for Aim-traded Crystal Amber

(CRS: 153p), the activist investment company I included as one of my 10 Bargain shares for 2015. The company predominantly buys into small- and mid-cap UK equities where it sees opportunities to enhance long-term shareholder value through active engagement with companies. Crystal Amber also identified a great value opportunity in the shares of Aer Lingus well before the company became a takeover target.

It’s proved a smart move as the company’s 2.8 per cent shareholding in the Irish carrier is worth around 30.4p a share to Crystal Amber’s shareholders, the company’s largest investment by quite some way, assuming of course Aer Lingus is taken out at €2.55 a share as now seems likely. To put that figure into some perspective, Crystal Amber had a net asset value of 155.7p at the end of April 2015, a rise of around 5 per cent over the course of the month, including cash of 5.3p a share and a valuation of 27.4p at the time on the Aer Lingus stake. In other words, we can realistically expect a further 3p a share increase in Crystal Amber’s book value per share from its holding in Aer Lingus, to give the company around 36p a share of cash to deploy on new investments.

Importantly, the company has been making some decent progress on new investments, having snapped up just over 2m shares at 375p each in iconic film studio Pinewood

(PINE: 455p) in a share placing at the end of March. That investment is showing a paper profit of 20 per cent already. The £30m raised by Pinewood in that placing is earmarked for the first stage of a three phase project to ultimately double the existing capacity of Pinewood Studios through the addition of a total of 100,000 sq metres of new facilities, comprising stages, workshops and production offices. Completion of the first phase is due in the first quarter next year and will significantly expand Pinewood's capacity to accommodate major feature films, television programmes, commercials and other screen-based productions. It will also enhance Pinewood's position as a leading facility for the global screen-based industries. Crystal Amber also has a 6.6 per cent stake in Scottish media company STV

(STVG: 412p), shares of which we have a buy rating on.

So with Crystal Amber set to get a cash boost, and the company deploying its cash wisely, I feel that the shares are worth buying on a bid-offer spread of 151p to 153p. There is also the prospect of a 5p a share dividend this year. Buy.

Activist investor Crystal Amber bucks trend by ploughing cash into North Sea oil

By Laura Chesters For The Daily Mail

Published: 21:49, 28 June 2015 | Updated: 16:21, 29 June 2015
Crystal Amber has invested heavily in North Sea oil

Fresh from making millions from its stake building in Thorntons and Aer Lingus, activist investor Crystal Amber is ploughing cash into a small North Sea oil explorer.

Crystal Amber has built up a stake of just under 12 per cent in AIM-listed Hurricane Energy and is now its largest shareholder.

Hurricane is exploring in the Shetland Basin and has said test data suggests there is potentially at least 400 million barrels of oil.

It is currently looking for a partner to help fund getting the oil out of the ground.

Crystal Amber bought in at 46p and then sold out last autumn. It then bought in to the company again at 16p a share. Hurricane’s shares are currently 16.75p.

The fund, run by Richard Bernstein, made £7.5million from selling its stake in chocolate company Thorntons when it sold its shares to Italian rival Ferrero Rocher which is taking over the company for around £111.9million.

Crystal Amber also decided to sell its stake in Irish airline Aer Lingus, netting £11million. Aer Lingus is currently being taken over by British Airways owner IAG. The deal is still awaiting full competition approval and still needs to agree a deal with 29.8 peer cent shareholder Ryanair.

IAG has offered €2.55 a share and Crystal Amber bought in at €1.36 and sold at €2.42.

Bernstein said: ‘We decided to sell out of Aer Lingus as there is so little upside left for us and we would be better to invest elsewhere.’

Bernstein believes the potential in exploring in the North Sea, despite other bigger players selling out after the collapse in the oil price.

Bernstein said Hurricane can make money as long as the oil price stays above $40 a barrel. The current price of Brent crude is $63 a barrel.

* Crystal Amber will face the Aim-listed owner of Pinewood Studios this week where it is pushing for change.

CRYSTAL AMBER

08 Sep 2015 07:00:00



Crystal Amber Fund Limited



8 September 2015

Crystal Amber Fund Limited

(the ?Fund? or the ?Company?)

Final Results for the year ended 30 June 2015

The Company announces its final results for the year ended 30 June 2015.

Highlights:
•Net Asset Value (?NAV?) per share up 4.6 per cent in year to 168.26 pence (160.81p per share at 30 June 2014, 152.72p at 31 December 2014)
•Dividend increased tenfold from 0.5p to 5p
•Successful exits from investments in Aer Lingus Group plc and Thorntons plc with realised gains of �8.7 million and �7.5 million respectively
•Total net realised gains of �24.4 million for the year, including realised losses on derivatives
•Share placing to existing and new investors in January 2015 raised �32.3 million before expenses, at no cost to other existing investors
•Successful buy-back programme contributed to an average discount to NAV of 3.7 per cent over the year. Discount at the end of August 2015 was 6.0 per cent.
•New positions acquired in Grainger plc, Coats Group plc, Dart Group plc and Balfour Beatty plc.

William Collins, chairman of Crystal Amber Fund, commented:

?The year saw the profitable exit of two of the Fund?s largest investments, Aer Lingus and Thorntons, which combined realised a profit of �16.2 million. The Fund has already redeployed that capital into promising new opportunities. We continue to engage with our investee companies with the confidence of our proven activist investment process?.

ST of IC today - The bottom line is that the odds favour an outperformance of Crystal Amber's share price over the rest of this year, both in absolute and relative terms, driven by likely investment gains on its portfolio as the catalysts I have outlined come into play. There is also a decent 5p a share divided too. On a bid-offer spread of 157p to 162p, I continue to rate Crystal Amber's shares a buy.

ST of IC - So, having previously included the shares as one of the constituents of my 2015 Bargain Shares portfolio when the price was 149.25p, and last advised holding at 147p when I updated the portfolio (‘How the 2015 Bargain share portfolio fared’, 5 Feb 2016), I now rate them a trading buy on a bid-offer spread of 147p to 148p given the deep discount to net asset value and likelihood of hefty cash returns on some of its holdings. Buy.

Good recovery