Share Name Share Symbol Market Type Share ISIN Share Description
Crystal Amber LSE:CRS London Ordinary Share GG00B1Z2SL48 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 181.50p 179.00p 184.00p 181.50p 181.50p 181.50p 0.00 07:53:35
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 2.0 -1.3 -1.4 - 178.62

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Date Time Title Posts
23/11/201610:24CRS - Crystal Amber246.00
09/5/201111:57** Croesus - new gold mining play ***68.00
15/2/200409:48Cockney Rhyming Slang5.00

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DateSubject
05/12/2016
08:20
Crystal Amber Daily Update: Crystal Amber is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker CRS. The last closing price for Crystal Amber was 181.50p.
Crystal Amber has a 4 week average price of 181.38p and a 12 week average price of 185.46p.
The 1 year high share price is 193p while the 1 year low share price is currently 143p.
There are currently 98,414,762 shares in issue and the average daily traded volume is 8,763 shares. The market capitalisation of Crystal Amber is £178,622,793.03.
24/10/2016
19:43
bones: After recent advances by Hurricane Energy (HUR) share price, nearly 30% of CRS net asset value is represented by HUR shares. Since that report, last week it was announced that CRS will be subscribing many millions for the latest placing in HUR. Plus CRS hold warrants in HUR to subscribe for over 23M shares at 20p (currently 40p a share in the market).The managers must be having split loyalties between running their big winner and derisking the percentage holding as a proportion of overall net assets!
15/9/2014
08:51
davebowler: I C article; ning small-cap profits Shares in Aim-traded investment company Crystal Amber (CRS: 142p), one of my winners from last year when the price surged 56 per cent on my buy-in price ('Small-caps to buy now', 3 December 2012), have drifted modestly since the spring. When I updated my advice at the end of the year the price was 154p and I recommended running profits on the basis that more than half of the company’s investment portfolio was held in 10 companies, the majority of which I saw clear value in. That gave me enough confidence to believe that the shares would continue to track upwards with the market and offer scope to maintain their outperformance. In the event, Crystal Amber’s share price peaked out at 157p at the end of the first quarter, in line with the company’s net asset value at the start of the year. Small cap indices have been struggling to make headway this year, so given its weighting to this segment of the market Crystal Amber has not surprisingly put in a more subdued investment performance too. The company’s latest net asset value is 156.3p, down from 160.8p at the end of June and unchanged from the start of the year. Currently priced on a bid offer spread of 141p to 142.5p, the shares are rated around 8.8 per cent below end of July book value. I would expect that discount to narrow in the event of an autumn stock market rally and one I have already gone on record as stating is likely (‘Simon Thompson’s market outlook’, 11 August 2014). In that scenario, I would also anticipate an improvement in sentiment towards the perceived higher risk small cap segment. There is scope for enhancing book value through an ongoing share buy-back programme too. For instance, in the second quarter this year Crystal Amber bought back 1.44m shares at an average price of 149.09p as part of its previously announced buyback policy. It was smart business because a couple of months ago 1.15m of these shares were sold at a price of 158p per share, which equated approximately to the net asset value of the company at the time, in consideration for the acquisition of 5.7m shares in NBNK Investments (NBNK: 45p), representing 10.6 per cent of that company’s issued share capital. In 2011, NBNK competed against the Co-op to acquire 631 Lloyds TSB and Cheltenham & Gloucester branches, in earlier rounds. However, when the Co-op failed to complete, Lloyds went ahead with plans to float the business, culminating in the recent IPO. Since failing to buy the branches, or find another banking business to acquire, NBNK's operations have been scaled back and costs reduced to a minimum. As a result, the shares had fallen out of favour, so much so that over the second quarter this year, Crystal Amber increased its stake in NBNK to 25.11 per cent, having acquired its holding at 15 per cent below the value of NBNK's reported net cash. It was an opportune purchase and a low risk one too: NBNK's share price increased by 43.8 per cent between April and June this year, fully justifying Crystal Amber’s investment. The investment accounts for 8.3p a share of Crystal Amber’s net asset value of 156.3p. Crystal Amber's portfolio at 31 July 2014 Top 10 holdings Pence per share Percentage of investee equity held AER Lingus 14.3p 1.9% Sutton Harbour 11.2p 29.2% 4imprint 10.7p 4.2% Thorntons 10.1p 10.2% Leaf Clean Energy 9.9p 15.9% Tribal 9.3p 4.6% Juridica Investments 8.7p 4.5% NBNK Investments 8.3p 26.2% API 8.1p 11.6% TT Electronics 7.4p 1.9% Total of ten largest holdings 98p Other investments 55p Cash and accruals 3.3p Total NAV 156.3p Investments with potential Of the other investments Crystal Amber holds, I am keen on prospects for both Aim-traded property company and marina operator Sutton Harbour (SUH: 31.5p), a company I updated my view on last month (‘Set fair for gains’, 10 July 2014); and also Aim-traded packaging materials group API (API: 73p), a leading manufacturer and distributor of foils, films and laminates used to enhance the visual appeal of products and packaging. I updated my advice on API last month too (‘Packaged for gains’, 15 July 2014). Sutton Harbour accounts for 11.2p a share of Crystal Amber’s book value and API a further 8.1p a share. I also see upside in the Aim-traded high-yielding shares of Juridica (JIL: 134p), a company that provides funding for civil corporate litigation in cases where the plaintiff has a strong case but lacks the finances or time to proceed. Crystal Amber owns a 4.5 per cent shareholding in the company to account for 8.7p a share of its net asset value. There is recovery potential in the shares of chocolate maker Thorntons (THT: 108.5p) if the company can deliver the 30 per cent EPS growth analysts predict in the current fiscal year to end June 2015. On this basis, the PE ratio drops from around 13 to 10. Thorntons is one of Crystal Amber’s top 10 holdings, accounting for 10.1p a share of its net asset value of 156.3p. Another core holding is Tribal (TRB: 174p), a company providing schools and universities with student management systems, inspections and surveys. The shares are rated on a modest 13 times earnings estimates and are a live IC buy tip. Crystal Amber owns 4.6 per cent of the company’s share capital and this accounts for 9.3p a share of its own net asset value. Keeping an open mind I do have reservations on some of the other top investments though and I am keeping an open mind on Crystal Amber’s largest holding, AER Lingus (AER: €1.35), the Irish flag carrier whose trading has been negatively affected by the threat of strike action by cabin crew. True, a resolution to labour issues, and clarity surrounding pressure on Ryanair to dispose of its 29.8 per cent stake, could provide the catalyst for realising shareholder value especially as the company retains €585m of net cash on its balance sheet, or the equivalent of 80 per cent of its market capitalisation is €731m. However, given the uncertainty caused by the labour dispute, the board’s current guidance is that operating profit will be 10 to 20 per cent below last year when the company reported adjusted profit of €61m. AER Lingus accounts for 14.3p a share of Crystal Amber’s net asset value. I am also keeping an open mind on the company’s 15.9 per cent shareholding in Aim-traded investment company Leaf Clean Energy (LEAF: 40p). This stake accounts for 9.9p a share of Crystal Amber’s book value per share. Interestingly, Leaf Clean Energy’s board has just announced that it will pursue a strategy to realise value from its portfolio of investments and return capital to shareholders. If successful, and there is significant execution risk here, then you would expect Leaf Clean Energy’s share price discount to book value to narrow significantly in time given that net asset value is more than double its current share price. Six weeks ago Crystal Amber increased its holding in Leaf Clean Energy from 10.3 per cent to 15.9 per cent, acquiring over 7m shares at around 30p. Crystal Amber initial acquisition of 11.612m shares in Leaf Clean Energy in October last year valued each share at 46.5p, so I reckon the carrying value of the stake is around the current share price, or well under half Leaf Clean Energy’s net asset value of 85p a share. Upside/downside risk Importantly, the team managing these interests are ready to bank profits where they believe maximum value has been realised. That’s always a good sign. Positions exited in the second quarter included newspaper and magazine distributor Connect (CNCT: 154p) and shower supplier Norcros (NXR: 18.2p). Crystal Amber realised profits of £2.7m and £3.9m, respectively, not insignificant for a company with a market capitalisation of £111m. So having assessed the merits of each company in Crystal Amber’s current portfolio, on balance I can see further upside potential in its portfolio which is now 98 per cent invested in equities. Therefore, if you followed my advice to buy Crystal Amber shares I would continue to run your profits.
08/3/2014
21:55
agnes: LEAF's share price has halved in 7 years. CRS has only been going for 6 years and is up nearly 60% and pays dividends. I think if CRS does pay a performance fee its all in shares. I see the CEO of LEAF has taken CASH bonuses of $700k in the last two years- nice darts!
05/11/2013
17:51
cockerhoop: Edwardt, It's only just over a year that the CRS share price was at a 24% discount to NAV, i'm not quite sure what the reason was there!! :-)
25/10/2013
07:49
edwardt: er - selling shares out of treasury way above the current share price - can anyone clarify the rules on this??
05/7/2013
06:55
cockerhoop: Hi Dashton, The only purchase in the Top 10 holdings was SUH from 28.42% to 28.6%, THT holding has remained static at 4.3% but moved above HSD due to share price performance (4.8p NAV v 4.5p NAV at HSD). Updating my model with new data gives end of month NAV of £1.329 which suggests my model accurate but original error was caused by company performance outside of top 10 which apart from HSD and CNKS is is not modelled by me (currently 21.2p of NAV).
04/7/2013
12:48
dashton42: The latest nav rns says that the secondary share issue is still under consideration - i.e. no news yet, and overall nav was 133.05p as at the end of June. Cash and accruals down to 10p per share, "...as the Fund took advantage of recent share price weakness in holdings in which it is currently accumulating positions". Presumably THT was one of these, as it makes it onto this month's top ten holdings, displacing Hansard?
11/6/2013
13:02
cockerhoop: As i've said previously I think the buybacks will continue to support the share price allowing a secondary issue of shares at around NAV. The newly issued shares are likely to be tightly held as they probably will be issued at a premium to the prevailing share price suggesting the institutional buyers are taking a medium to long term view. My concern is if the buybacks then cease the discount may well widen again though I do accept that if the good investment performance continues along with the higher profile the secondary issue brings the perception of CRS may improve keeping the discount in single figures.
07/6/2013
09:12
cockerhoop: I think we're in a relative special situation here, I suspect Invesco would like a larger holding but are constrained by the fact they already own approx 30.0%. They may therefore be happy to purchase newly issued shares at NAV but clearly it would be much more palatable for them if the share price is close to NAV at the point of issue. I therefore believe that CRS are being particularly aggressive with the buyback program currently to narrow the discount to successfully allow the issue of new shares which will obviously increase the total management fees they receive in the medium term. IMO once the new shares are issued the discount may widen in the short term to more historic levels therefore I see more short term downside than upside at the moment with regard to the discount to NAV.
13/12/2012
08:01
dashton42: Badly-received interims from Sutton Harbour yesterday; we'll see what effect this has on the CRS share price...
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