Crystal Amber Investors - CRS

Crystal Amber Investors - CRS

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Stock Name Stock Symbol Market Stock Type
Crystal Amber Fund Limited CRS London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 113.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
113.00 113.00 113.00 113.00
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wbodger: The last two Holdings RNSs reported by DLAR have been about CA selling. They have sold down from over 14% in June to under 10%. Meanwhile CA has bought back its own shares into Treasury, and there are now about 16% there. Those votes cannot control the outcome of the continuation vote but maybe Bernstein is manoeuvring to influence the post-vote future. If he has a friendly investor lined up 16% would be a handy start as a non-diluting placement. The list of significant shareholders is in the Final Results RNS of 28/09, Substantial Interests. Saba has over 25% and the next name Wirral BC is the Merseyside Pension Fund which may have bought most of Invesco's 20% when they exited a year ago. Re 628 it would cost upwards of £100 million to take HUR private. Even allowing for their 26% start they don't have £75 million, besides they may look for an exit for their 26% if someone else makes that sort of offer.
kooba: Well they weren't holding them since 725p like invesco ..think they only got evolved well sub 100p when the company had cleared the decks...unfortunately the decks were not cleared and the overheads were criminal , then further "refocusing" of the portfolio was necessary ...the company has been a how not to do it in venture capital and has been serially over they have a totally inexperienced management in public markets who cant convince any new investors that they can deliver. I reckon you could get nearer a £1 back if federated and one or two others perform...just about timing...but would prefer new management on a deal that firmly aligns them to shareholders in delivering stated business plan.
marmar80: Investors like that update
kooba: SABA have been very active in CEF in US fir a while. This is very much their modus operandi here.In 2015, Saba introduced a fund that invests in closed-end funds, or CEFs, quarterbacked by partner Pierre Weinstein (no relation). Unlike their more common mutual fund cousins, CEFs issue a fixed number of shares when they go public. Shares trade at either premiums or, far more often, steep discounts to their net asset values, or NAVs. Activist investors like Saba buy stakes in discounted funds and cajole management into taking steps to reduce the discount by making tender offers for shares at NAV, converting or merging into open-end mutual funds, or liquidating.Weinstein confesses he likes the moral dimension to his activism. "It gives me a great deal of pleasure that there are thousands of little investors who benefit," he says. Oddly, for the cut-throat world of big egos and sharp elbows, nearly everyone who crosses paths with Weinstein seems to . . . like him. "He was this great combination of super polite, humble, and smart," says Ron Tanemura, who okayed hiring Weinstein at Deutsche in 1998. "A real gentleman," adds David DeLucia, a former Goldman Sachs partner and chess opponent.
hindsight: The 2% plus 20% fees kept me out of these fortunately. Some wise words from Mr Buffet on the subject A flood of money went from institutional investors to the 2-and-20 crowd. For those innocent of this arrangement, let me explain: It’s a lopsided system whereby 2% of your principal is paid each year to the manager even if he accomplishes nothing or, for that matter, loses you a bundle and, additionally, 20% of your profit is paid to him if he succeeds, even if his success is due simply to a rising tide. For example, a manager who achieves a gross return of 10% in a year will keep 3.6 percentage points two points off the top plus 20% of the residual 8 points“ leaving only 6.4 percentage points for his investors. On a $3 billion fund, this 6.4% net performance will deliver the manager a cool $108 million. He will receive this bonanza even though an index fund might have returned 15% to investors in the same period and charged them only a token fee.
gary38: A lot of long term investors see investing in shares that CRS have in their portfolio as high risk, because of their trading style of selling into every rise which stops the share from reaching its full value,with only the hope of a buyout.
quepassa: DLAR does what it does. It is NO COINCIDENCE in my opinion that they have chosen "an insider" (a highly trusted former Director) to be the new Chairman and an outsider to be CEO who is billed as a turnaround specialist. Turnarounds can take many shapes and forms. Not always in my view to the benefit of ordinary shareholders. And DLAR is a company which seemingly doesn't warm to outside activism and investor interference, especially given its very special role in the UK. Even more so, since leaving the EU is now 100% confirmed. ALL IMO. DYOR. QP
dangersimpson2: IMO this is weak today because GI Dynamics has sold off significantly on the ASX overnight - although I can't find any specific news for this. Could be a failed clinical trial or a more general regulation change in the US related to obesity treatments that hasn't made the major news channels yet. The bull case is that CRS is now on a discount to NAV of around 29% at current prices, or 19% if you are cautious and write down GID to zero, and historically it has traded between 15% and 5% discount. You obviously have to believe that the larger holdings like HUR, NTG, EQLS are not massively overvalued at current prices - if you think they are overvalued then this will never be investable - however, a 29% discount buys a lot of leeway if you don't like one or two investments that CRS holds. Most investors tend to act against their best interests - they buy into funds when they have had good recent performance narrowing discounts, and sell when funds have weak recent performance, increasing discounts. In reality, no fund manager goes from hero to villain and back to hero in one or two years and its just a mix of luck and skill, combined with market mean reversion, that causes these cycles. Those who can act counter-cyclically earn both the fund return and the narrowing discount, those who follow the herd pay the market twice.
quepassa: i understand what their modus operandi is and what an activist investor does/means/intends and the sort of situations they like to invest in. i follow them. i judge the impact they have on their target investments and i measure them on their success rate. certainly their investments and impact in and on dlar and cnks, for example, have in my opinion been poorly timed, significantly loss-making for them ( and by extension shareholders) and have not yet - even after several years- helped improve the fortunes of either target company. my own personal opinion of CRS is that they are somewhat lame and lacking weight, reach and punch as an activist investor. good luck all. all imo. dyor. qp
dangersimpson2: I don't like the Woodford link, I've been saying that particular emperor had no clothes for years. Re: DLAR the SFO kind of backs up what RB has been saying though: that the company has been seriously mismanaged by the current management. CRS was clearly too early buying into that story and almost certainly underestimated the challenge of turning things around! You have to hold it all in perspective though, as a listed company CRS cannot control who buys their shares, and the drop in DLAR over the last month has only cost them 5p of NAV. If both DLAR and CNKS go to zero this would still be on a 13% discount to NAV. The overhang from the Woodford sale has depressed the price far below the levels that this typically has traded at and therein lies opportunity for more patient investors.
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