Crystal Amber Share Discussion Threads

[edwardt] 30/4/2013 09:55

positive development at northgate with debt restructuring -albeit the fees invovled are eye watering.

[dashton42] 29/4/2013 14:59

tftc :-)

(i.e. thanks for the clarification)

[edwardt] 29/4/2013 09:00

fast moving consumer goods group. sorry for the jargon!

[dashton42] 26/4/2013 14:08

I'm trying (and failing) to work out what fmcg stands for.

[edwardt] 26/4/2013 10:04

broker upgrades coming fast for tht - looks like a nice story with its transition to a fmcg.

[dashton42] 25/4/2013 16:49

Who - CRS or you?! Actually, thanks; I'd missed that RNS.

(But they should've bought more when the shares were at the 40-50p level...)

[cockerhoop] 25/4/2013 13:56

Been stocking up on the Chocolate - over 4% of THT now.

[cockerhoop] 25/4/2013 11:59

My current estimated NAV is £1.275, of the smaller holdings the model includes CKS and THT but does not include any changes to holdings of BWNG, MAYG or UTG since 31/03/13.

[dashton42] 24/4/2013 18:14

They reduced their position in BWNG, as mentioned in the interims, but as far as I know, they still have a residual holding. With the benefit of hindsight, they sold down too early, but I suppose it shows their discipline to sell when price targets are met...

[edwardt] 24/4/2013 16:06

aren't they out of n brown?

[dashton42] 24/4/2013 15:28

Good results/trading update from CRS holdings BWNG and THT today, and I see MAYG has had an uprated offer. All good for CRS, and that nav must be ticking up again, even though these are all smaller holdings.

[cockerhoop] 23/4/2013 16:09

Not sure about that - just because shares are issued at NAV it doesn't follow that they'll remain at that level. That would depend on a number of factors. I suspect there may be a narrowing of the discount - which is what happened today on the news.

[edwardt] 23/4/2013 15:53

it should bring the discount into near zero by my reckoning....

[cockerhoop] 23/4/2013 14:29

I think it could be a mechanism for Neil Woodford to have a more meaningful stake in the fund (Investco currently own approx 30% and can't really increase % holding).

He's probably happy to pay over the odds for a long term holding but in return requires that the discount is actively managed.

I can't see any dilution if shares sold at NAV.

I'd say it's mildly positive for current holders but it'll be harder to calculate a running NAV as the top 10 holdings are likely to be a smaller % of the total fund.

[edwardt] 23/4/2013 12:09

good question. i can not see how we get diluted given the discount. It certainly looks like the buy back has more legs.

[dashton42] 23/4/2013 10:30

I'm not sure what to make of that RNS - it seems ironic to me that just as the buy-back seems to have paused, they're thinking of issuing more shares - even if priced at or above nav. Confusingly (to me) they also seem to imply that the buy-back will continue.

They did have quite a lot of cash on the books, so the need for this cash to invest in larger companies and expand the portfolio seems to indicate a step-change in the way the fund operates.

Does the proposed pricing mean that any dillution would be mitigated, to some extent?

[edwardt] 23/4/2013 10:13

interesting development - not sure i would want to back it at nav but it appears the big boys do.

[edwardt] 23/4/2013 10:13

interesting development - not sure i would want to back it at nav but it appears the big boys do.

[cockerhoop] 15/4/2013 10:55

Topped up SUH holding to 28.42%



Director sale at £1.17



This director sale well be a sign that the current buybacks have run their course. With the possibility of the discount widening again I've reduced but will continue to monitor NAV for a suitable re-entry point. My current estimated NAV is £1.282.

No stamp duty on this as Guernsey registered so makes trading a little cheaper.

[dashton42] 08/4/2013 15:05

I think there's also been a small top-up of FOUR since the last NAV update, and a small realisation of NTG?

It's a good trick to increase your buy-backs at the same time as increasing the overall NAV month on month - even with the woes of SUH taken into account.

There was a reasonable tick-up in the NAV of the "others"; I wonder how much of this was down to fairly good recent performances from BWNG and THT, but not including any uplift from CNKS' results last week.

[cockerhoop] 08/4/2013 09:17

I agree, interesting commentary Dashton
They appeared to have topped up SUH (from 27.0 to 27.9%) and API since end of Feb.
NAV value still £1.275 after Friday's selloff.
Will be interesting if the current buyback extends beyond 2m shares.

[dashton42] 08/4/2013 09:08

Another buyback, and an interesting nav update. They've made some "opportunistic investments", are still buying back shares, still have lots of cash, and see opportunities for further investments on a market sell-off.

It would be interesting to know what they have in mind for SUH...

[cockerhoop] 05/4/2013 07:51

Yes we're talking nearly 2m shares in this batch of buybacks, pretty aggressive and still a 10% discount.