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
-2.50 -2.14% 114.50 14:41:03
Open Price Low Price High Price Close Price Previous Close
116.00 114.50 116.00 114.50 117.00
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Top Posts
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 21/10/2021 00:33 by 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.
Posted at 28/9/2021 17:05 by 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.
Posted at 05/8/2021 09:26 by marmar80
Investors like that update
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.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.
Posted at 31/1/2020 15:41 by 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.
Posted at 21/12/2019 16:15 by 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.
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