Crystal Amber Share Discussion Threads

[quepassa] 15/7/2019 11:56

or maybe the market might think that the value of some of the portfolio holdings may go down further.

good luck. hope it works.

personally i remain unimpressed by the recent share price performance and particularly by their seeming lack of clout as an activist investor.

it is clear that their share buy-back programme has not stopped the recent slide in share price and one can but wonder to oneself how much further the share price may have fallen without such a programme.

all imo. dyor.
qp

[dangersimpson2] 15/7/2019 11:38

Yes they have had a few poor performers but the overall NAV performance has not been bad. I can understand why sentiment may be weak but that's also what gives opportunity as people overreact to negative news.

[quepassa] 15/7/2019 11:28

you don't think the markets are difficult.....but you do reference the unsavoury Woodford affair.... ?????...well if that isn't a significant difficulty which has had a major impact on sentiment and appetite for small cap and illiquid stocks, I don't know what to think.


and also look at some of the really poor performers in CRS stable like Cenkos and De La Rue....

personally, i see a 20-25% discount as a realistic in today's difficult markets, especially with some of the underperforming assets in their holdings.


all imo. dyor.
qp

[dangersimpson2] 15/7/2019 11:11

While a discount of 20%+ isn't unusual in closed-end funds, it is unusual for CRS which often trades at a very small discount. I don't think the market is that difficult and volatile for such funds. GHS discount has narrowed from almost 30% to 15% in the last 6 months or so; DSM is on a 10% discount and arguably has a much riskier portfolio. WPCT is at a big discount but we all know the real valuations on that are nowhere near the stated NAV in the current fire-sale environment.

I wonder if the current discount it is a spillover from the Woodford debacle given that they shared a few cross-holdings. If the 194p seller that CRS bought back shares from was Woodford getting out that would be very good news from both the overhang being removed and the discount to NAV of the buyback.

[quepassa] 15/7/2019 09:53

I would suggest great circumspection in today's difficult and volatile markets.

And I would suggest that for a fund

1. invested with relatively chunky portfolio holdings in generally small-cap stocks which are somewhat illiquid by their very nature

2. and/or invested in other distressed/unloved stocks

that a discount To NAV of 20-25% is , in this difficult market, neither wholly unreasonable, nor surprising.

ALL IMO. DYOR.
QP

[kooba] 15/7/2019 09:27

Think your discount looks about right certainly over 20%.The investment manager buying a decent amount end of last week round here also bodes well...Mr Bernstein through his investment management company already significant holder so aligned.Unfortunately what were strong and supportive holders in WIM and Invesco are under the pressure and hence the discount...this will get resolved over time so current discount hopefully a good opportunity...also you get a 2.5p dividend payable to shareholders on the register as at 19 July 2019 with an associated ex-dividend date of 18 July 2019 and a payment date on or around 19 August 2019.

[gostevie63] 15/7/2019 08:33

Bought in this morning at 200p.

[jonthetourist] 14/7/2019 15:25

Interesting that last week as HUR rose CRS fell in tandem. No idea why.

[melody9999] 14/7/2019 09:46

I now have this on a discount to NAV of over 23%... much higher than any discount in recent years. On this basis I bought in some size on Friday at 196p. If you want to see my calcs, just PM me.

[quepassa] 30/5/2019 08:42

De La Rue - one of Crystal's major holdings down a whopping circa 26% this morning on the back of a poor outlook in today's results.

DLAR was Crystal's 4th largest holding representing 25.9p of the fund's NAV as at 9th. May 2019.

DLAR have held their divi this year but on the back of the weak outlook, one can but wonder to oneself if they will be able/willing to hold the same divi in the future.


ALL IMO. DYOR.
QP

[davidosh] 14/5/2019 03:04

Just to mention Richard Bernstein of Crystal Amber will be doing a keynote presentation at the Mello2019 event in Chiswick, London W4 which starts this Thursday...



There are over 60 companies coming to the event and some great speakers and panel sessions.

You can get tickets at 30% discount if you use the discount code Advfn30 before 16th May

[edwardt] 03/5/2019 10:41

as i say , in the spread.

[phowdo] 03/5/2019 10:30

LEAF up 170% so adds about 4.6*1.7 = +8p to CRS shareprice/NAV

[edwardt] 03/5/2019 10:21

it is in the spread already...

[hpcg] 03/5/2019 10:01

Share price very slow to react to the LEAF news, and I guess I know why now - it isn't exactly a closely followed stock!

[gary38] 07/3/2019 19:10

From Crystal Amber half year report:-'Hurricane's Lancaster EPS remains on time and on budget for first oil in the first quarter of 2019'.Hurricane energy states first oil in H1 2019 not Q1.The above statement in their half year report is misleading and trader Richard Bernstein of Crystal Amber should point this out to its shareholders and interested partners.

[bobonumber1] 11/2/2019 14:04

Confirmed ALM holding. Woodford and crystal seem to be interconnected in a few holdings.

[gary38] 18/1/2019 10:06

I didnt say Trader Richard Bernstein of Crystal Amber should not SELL INTO EVERY RISE , which he has been doing since trading HUR shares for over 4 years,l am only giving a reason why the share price is not rising to its true value so those new to the board can understand what effect a big trader like Richard Bernstein can have on a share price.I would not again invest in a company that had traders like Richard Bernstein involved because l have seen the effect he has had on Hurricane energy share price and the company.Richard Bernstein states that he sells into share price rises as a matter of trading style.

[davidblack] 17/1/2019 12:28

CRS got lucky when Patisserie Valerie refused to take its rescue finance. Turns out it’s much worse than expected with last years profits not the likely much lower £12m but rather nil!

I bet RB is now sending his very best wishes to Luke Johnson for telling RB to go to hell a few months ago.

[chopsy] 17/12/2018 12:10

So CRS are now declared buyers of HUR at these levels. I think they will do extremely well next year, especially if they keep buying and don't sell too early as the project comes to fruition. Only a matter of weeks/few months to first oil West of Shetland now. HUR have 2.3bn 2C contingent resource, and plan to start producing at 17-40bopd from two wells which are completed, recompleted with subsea connections and ready for hookup with the FPSO which is about to sail from Rotterdam to WoS. Next year will see further drilling, including the 50% farmed out GWA field, where they are fully funded for three wells. If you want the full exposure, buy HUR rather than CRS. GLA. IMHO. DYOR. NAI.

Btw 2C barrels are currently attracting prices around $2-50 in the M&A market (check out the DNO bid for FPM), so fair value for HUR at the moment may be around £1-80 per share. Do the math and buy £2 for 50p.

[quepassa] 06/12/2018 11:40

Without its ongoing share buyback program and frequency thereof, one can but wonder to oneself whether the share price would be much lower in this unfriendly market where small-caps are getting pounded.

The November NAV figures will be out soon. But of course the market has succumbed to further falls since then.

Good Luck all.

ALL IMO. DYOR.
QP

[mathewawood] 09/11/2018 10:45

Was looking into this, as I like most of their holdings. But then saw the "perfomance fee" of £12M!! for last year (sp went up about 5%). Nearly puked.

[gary38] 22/10/2018 15:34

Look at the positive, we have the likes of big investors Kerogen capital on board at HUR . Eventually the big traders the likes of RB of CA will be gone from HUR to raid another hard working company who if it does not do what RB wants will flood on the open markets all its shares.Lets hope we have some more decent investors like Kerogen come aboard, such ashame we got attack and raided by the likes trader RB of CA.

[quepassa] 05/10/2018 09:04

I am surprised that this share price hasn't fallen given the recent poor performance of some of their holdings like Cenkos and De La Rue.

I guess that their holdings in Cenkos are increasingly under water.

Watch out below?

ALL IMO. DYOR.
QP