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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Crystal Amber Fund Limited | CRS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 77.00 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 77.00 | 77.00 | 77.00 | 77.00 | 77.00 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 08/12/2023 10:24 by richcarr The stock market has been on a tear over the last month on hopes for a dovish pivot from the Fed, but investors like me have seen this movie before whereby i'm left pondering if to sell off 30% of my $450k portfolio which comprised of plummeting stocks or hold on. |
Posted at 22/11/2023 13:53 by wbodger Saba still have a big interest in a company that (supposedly) trades at a >30% discount to its NAV.If CA are right that Mystic Med could have a valuation of 40 million plus, then they should stick around. I was hoping for rumours of ALM's investor meeting, but ... |
Posted at 24/10/2023 13:42 by wbodger 24/10/23 Post taken off with release of results.(I'll put it back if relevant) |
Posted at 21/3/2023 08:10 by peterbill Half Year Results out ...Key Points · Total returns in the six months ended 31 December 2022 were 4.4% (£16.6 million) reflecting total dividend payments of 20p per share (two 10p dividends) during the period. As a result, Net Asset Value ("NAV") per share fell by 10% over the period to 130.05p per share. · The Fund's performance compares to a 1.3% increase in the Numis Small Cap Index. · Further progress in delivering profitable exits, with disposals of Equals Group plc and Board Intelligence Limited realising profits in the period of £7.8 million. · Recommended offer for Hurricane Energy plc announced post period end in March 2023 following formal sale process. · De la Rue cut profit guidance by a third at its October interims. · GI Dynamics enrolled its first patients to the clinical trial in India. · The Fund undertook no buybacks during the period. Share price discount to NAV averaged 22.7%. · Crystal Amber Fund named as the sixth most influential global activist investor of 2022 by Insightia delivering a return of 27.9%. |
Posted at 21/12/2022 23:01 by wbodger Annual Report for year ending 30/06/22 came out on 28/11, available to download on CRS website.Notable: The section Investment Policy starting on page 10 sets out the plans for 2023. - end of Dividends. Future capital returns will be by "tax-efficient means such as redeemable shares and/or tender offers"; - Company looking at ways of monetising GI Dynamics (81.5% shareholding, estimated value £23 million) by end 2023... "In due course, the Company will consult with investors about the longer-term plans for GI Dynamics to realise value for the Company’s Shareholders. A trade sale is a potential crystallisation path.Alternatively, as the Company continues its disposal programme of its listed investment portfolio, it is possible that the Company’s listing may provide a suitable and cost-effective vehicle for GI Dynamics to be listed, raise its profile and potentially, following the achievement of milestones, provide the Company’s Shareholders with direct exposure to its growth prospects, as well as liquidity." |
Posted at 22/12/2021 10:51 by cousinit I'd say Saba are more motivated than we are here that the incentive fee is reasonable. With their short positions it is closer to a discount play and more fees are relative to that. With their shares and CRS associated shares presumably not voting to avoid conflicts of interest, then only a reasonable proposal should pass.Taking the clock explicitly out here in the short term has got to be a good thing for sentiment. What proportion of investors actually have a 2+ year time horizon in 2021? |
Posted at 01/12/2021 18:37 by mrscruff The wind up is excellent news for new investors. Selling 18 percent of a company is not hard given the time scales. Look forward to hopefully having more than 20 to 30 percent upside within about 18 months. More upside if the shares go up and the UK is in favour! |
Posted at 25/11/2021 07:51 by talygarn tom Saba have been doing this for years. There is nothing new here. The continuation vote simply affords Saba control. The articles are clear; "The Articles now require the Fund to formulate proposals to reorganise, reconstruct, or wind up the Company." Again, the rewards for Saba come when they can realise their shares at NAV.Comments from Seeking Alpha article on Saba Capital Income & Opportunities Fund We don't have to fear the activists. They can disrupt our funds, but it is generally a short-term disruption that is usually a positive catalyst. And the long-term impact is usually neutral at worst. The primary route of an activist is this; they come in and start accumulating a position. They communicate to the Board of the target fund that they want a tender offer. A tender offer is the usual go-to course of action. Liquidation is also a possible course of action, and so is trying to force a merger. These are all short-term measures that don't address things that could lead to better long-term results. They would start targeting management fees and expenses if they genuinely wanted a long-term idea to help generate shareholder benefits. However, that isn't their goal at all. It is to capitalize on inefficiencies in the CEF space as quickly as possible. From there, the Board can choose to prolong a proxy fight or just cave and enact a tender offer. Our previous article on "Here Are The Dates You Need To Know For Tender Offers" can be an excellent primer for investors that may be new to such actions. We use other Voya funds that were targeted in this onslaught to help provide references for these events. Essentially though, a tender offer is only a short-term catalyst to prop up a fund's discount in most cases. BRW appears to be one such case itself as it also went through tender offers. This saw the reduction of its discount but has widened back out as we generally observe. The most recent offer went through July 19th, 2021. It was 30% of outstanding shares at 99% NAV. Thus, we saw a significant reduction in the discount for it only to collapse back afterward. |
Posted at 24/11/2021 18:12 by talygarn tom The principle here is straightforward. Saba buys shares in the trust as a discount to NAV. Currently around 20%. They then force the board to close the discount to NAV and where possible to realise their assets at NAV and to distribute the proceeds back to shareholders. They can do this through one-off distributions or increased dividends. For example, if they were to increase the dividend to 8% more income investors may look to hold the shares, increasing demand and reducing the discount. In previous cases Saba have pressed the trust in question to tender for one third of the shares at close to NAV. Reducing the number of shares can help reduce the discount to NAV. |
Posted at 25/6/2021 10:07 by 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.Weinstei |
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