Share Name Share Symbol Market Type Share ISIN Share Description
Crystal Amber Fund Limited 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
  0.00 0.0% 99.50 97.00 102.00 99.50 99.50 99.50 15,000 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 3.3 0.3 0.4 261.8 88

Crystal Amber Share Discussion Threads

Showing 626 to 648 of 650 messages
Chat Pages: 26  25  24  23  22  21  20  19  18  17  16  15  Older
They've previously got round cash shortages by converting some of the positions to CFD (at 10% margin). May do that again if confident (& when are they not - perhaps when looking at the ten year performance).
Expect a disposal of stock in De La Rue after results are released tomorrow, no cash available for Crystal Amber buy backs let alone the Management Fees and charges which ultimately end up in the pockets of the poorly performing management who squandered so many millions on the always indebted Hurricane!! Equals share price under pressure while this continuing liquidity persists! Meantime NAV discount is illusory!!
Regardless of any profits in the past, recent mistakes on HUR seem to be unending. Not just the initial purchases but buying recently when the board had already indicated that the restructuring would severely reduce shareholder stakes in the company. HUR say: As at the date of this Explanatory Statement, one major shareholder has held discussions with the Plan Company, but this shareholder has not undertaken, or given any indication that it would be willing, to provide additional financial support sufficient to dispense with the need for the Restructuring. Another major shareholder indicated to the Plan Company's nominated advisor that it would not be prepared to enter into confidential discussions regarding an unnamed company, being the Plan Company, that would involve the sharing of inside information in respect to that company and during which the identity of the Plan Company would have been disclosed. Since the launch of the Practice Statement Letter on 30 April 2021, this major shareholder has requested the resignation of both the chairman and the senior independent Director of the Plan Company. Both Directors retain the full support of the Board. So it seems, according to HUR, Kerogan refused to put extra cash in and CRS refused to enter into any discussions that would take them inside, and hence HUR were unable to discuss any options for CRS to refinance them. With this as the background, I doubt CRS will be able to prevent a court from deciding the restructuring plan was the only option. Then the requisition of the General Meeting to remove all the directors gives 28 days for HUR to call the meeting by which time the plan will be approved by the court and the newly-appointed directors will come in just in time to implement the restructuring or call in the administrators. HUR clearly not covered themselves in glory, but CRS seem to have made a lot of very preventable errors here.
Agreed. As for Hurricane Energy, I wish I'd banked £43 million in profits! "Since investing in Hurricane, the Fund has realised profits of £43 million."
These are the top 4 holdings of the company with their current value: De La Rue plc 57.5p Equals Group plc 21.6p GI Dynamics Inc. 18.0p Allied Minds plc 13.9p These four add up to 111p so you are already getting a 10% discount from these 4 with all other investments thrown in for free. Hurricane Energy is a red herring and irrelevant to the valuation of this company.
@edwardt - CRS certainly been wrong on HUR, consistently. Can't blame them for not wanting to get wiped out in the D4E tho. But if they didn't like management, the time to call an EGM was long ago. Seems to be a pattern - CRS punt something (be it Northgate, DLAR, ALM, HUR), it goes wrong, they average down, it goes more wrong, they eventually kick up a stink. Unconvinced the discount's large enough here. Effectively paying fees (2% pa) for a portfolio you could replicate yourself (ex the unlisteds), and in sizes you could get out of again. Few if any of CRS's holdings are sellable if/when things go wrong (eg 14% of DLAR, 23% of EQLS, 21% of ALM). And to top that, the stock-picking seems particularly poor. S/P where it was a decade ago.
While totally agree with the requested action to hold the failed management at Hurricane responsible, what about the responsibility of the fund itself in its repeating support of a failure of investment? Someone taking that stupid investment decision to be sacked or fee deducted?
being wrong and knowing the company has value but needs the brooms at the top changing is different. i like his gumption.
Wouldn't it be better to just admit you're wrong, and move on? "Since 2013, the Fund has been a shareholder in Hurricane. To enable Hurricane to commence and continue its workstreams, the Fund was, on three separate occasions, asked to provide capital to Hurricane. Each time, the Fund responding favourably, investing a total of more than £25 million. The board of Hurricane had previously presented the company as a strategic asset of national importance. However, it has failed to reconcile its earlier estimates of the value of Hurricane's West of Shetland portfolio with its latest, downbeat assessment." "Requisition of General Meeting Hurricane Energy plc, the UK based oil and gas company, announces that it has received a requisition notice (the "Requisition Notice") from Crystal Amber Fund Limited pursuant to section 303 of the Companies Act 2006 (the "Act"), requiring that Hurricane's board (the "Board") convenes a general meeting of shareholders for the purposes of considering the following ordinary resolutions: 1. That Steven McTiernan be removed from office as a director of the Company with immediate effect. 2. That Dr David Jenkins be removed from office as a director of the Company with immediate effect. 3. That John van der Welle be removed from office as a director of the Company with immediate effect. 4. That Sandy Shaw be removed from office as a director of the Company with immediate effect. 5. That Beverley Smith be removed from office as a director of the Company with immediate effect. 6. That John Wright be appointed as an additional director of the Company with immediate effect. 7. That David Craik be appointed as an additional director of the Company with immediate effect.."
Latest NAV down 10.3p on disastrous Hurricane Energy loss, no cash, disproportionate portfolio dominated by De La Rue - 45% of total portfolio. Time for the largest shareholders to take action!
I think the fight there has just begun.
what a mess they made of HUR
Monthly Net Asset Value Crystal Amber Fund announces that its unaudited net asset value ("NAV") per share at 31 March 2021 was 139.24 pence (28 Feb 2021: 132.51 pence per share). Worth reading the commentary:
KMR got further to go IMO.
It looks like a shrewd move to have sold kmr and cam and bought into dlar.
shall we just rename this fund de la rue. i almost choked reading that he has bought more. what % of the trust is it??
ergo opportunity.
They seem to have got a big move in the de la rue shares without moving their own!
CRS sold its £5m holding in redde nothgate a couple of months ago at around 170 - 180p. Redde, currently trade at 285p, up 63% from their selling point. It is time this vehicle for director self interest was wound up.
Dec nav and manager commentary:
EQLS on the other hand is one where they have 25% of the equity. Most of the holding was bought as FairFx, at 20p a share in a placement in 2016..(£5.25 million for 25%, 26 million shares). It looks like they were diluted to about two thirds of that %age in 2017 with the change to EQLS. Since then they have bought back to about 25% of the increased float. The original 26 million shares will be standing at a good profit, the shares bought in at higher prices less so but still profitable afaics. As always, dyor.
KMR has been rising, outpacing a good mining sector, and recently spiked a bit. Just RB's luck to have sold most of the few shares they had, when they should have been adding. Never more than 1.4% of KMR equity. I'm not sure CRS have any left. (Just my luck too - I watched them from around £2 and never got around to it.)
Both EQLS and KMR had a strong rise today. No sign of any new holdings recently, is the outlook for a slow winding up?
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