Crystal Amber Share Discussion Threads

[cockerhoop] 25/2/2013 17:10

Hi Dashton,

I'm currently on the ski slopes in France until Weds eve so I don't have access to my spreadsheet until then but I would guess it's about £1.24. I'll update on Thurs morning.

[dashton42] 15/2/2013 14:16

Simon Thompson (Investors Chronicle) gives an update on API in his column "A conundrum to solve" today. It's a fairly lengthy article, but the upshot is that he does recommend holding the share.

As for CRS, he says that he is happy to hold these shares, reckoning that they are trading at a 20% discount.

[dashton42] 13/2/2013 18:35

On the other hand, NXR seems to be having a good run, as are their smaller holdings in BWNG and THT.

Even DVO's on a high (somewhat counter-intuitively given the news at the moment); their finals are out at the end of Feb.

Not all bad, then.

[cockerhoop] 13/2/2013 17:00

I must admit I almost bought API recently at 69.5p expecting a bid around 80-85p mark so luckily missed a haircut there. It took a couple of pence off NAV first thing but that has halved due to API's bounce from the lows.

[dashton42] 13/2/2013 16:05

I see API's given up on the formal sale process, and they've lowered their guidance for the full year.

In the short term, CRS looks to have mistimed its purchases somewhat. Guess the company's no more clairvoyant than I am though.

[dashton42] 08/2/2013 13:29

Hopefully the (imminent?) interims should shed a bit more light.

[cockerhoop] 07/2/2013 21:59

I believe that 4p of the 14.4p of Other investments is Thorntons and Cenkos (approx 2p NAV each company) but the other 10p is unknown (to me at least).

[dashton42] 07/2/2013 15:47

Cash/accruals and other investments both up slightly since the end of December. It's a bit frustrating not being able to see holdings 11 onwards, to get a complete picture.

Another API top up yesterday - paid a bit more for these.

[cockerhoop] 07/2/2013 09:47

So they are continuing to sell down TTG. Have also sold some NTG and RSW(perhaps all). HSD makes the Top 10 (perhaps through a purchase but possibly by virtue of the RSW holding dropping below 4.1p NAV). They bought a few more FOUR.

Re-baselining for the above my current NAV is £1.249.

[cockerhoop] 04/2/2013 23:02

Still buying API - only 75,000 at 68p (decent price btw) but probably looking to go above 10% (currently 9.14%).

[dashton42] 04/2/2013 08:37

I think that the interims should be out around the middle of Feb, judging by last year(unless anyone knows differently)?

I'll be interested to hear their stance on THT, with the cash they had sloshing around after the BWNG top-slicing (i.e. whether they intend adding to the small holding).

[cockerhoop] 31/1/2013 22:41

I make the end of Jan NAV approx £1.25.

[cockerhoop] 29/1/2013 07:24

Still keen on API

[dashton42] 29/1/2013 07:10

Yes, there must be a rule covering this situation in the Takeover Code, somewhere?

[cockerhoop] 28/1/2013 22:44

I certainly wasn't sure - So as a matter of interest edwardt how many shares are they able to buy without triggering a bid situation? Obviously hypothetical as they have shown no sign of increasing their holding.

[edwardt] 28/1/2013 17:32

not true - they are deemed a passive investor and therefore are likely to be able to buy more shares without having to make a bid. it is however unlikley that they would buy more shares for practical reasons.

[cockerhoop] 26/1/2013 17:05

Not at all daft, I would suspect that if they purchased more shares then they would have to make an offer for all the remaining shares in the company.

[dashton42] 25/1/2013 18:34

Can I just ask another of my daft questions...?

Would Invesco's Rule 37.1 status as "innocent bystander" with its 30% holding expire with any further share purchases, as any increased holding wouldn't have been incurred as a result of a share buy-back?

i.e. if, hypothetically, and for whatever reason, it purchased more shares now, would it be forced to make an offer for the company?

[cockerhoop] 25/1/2013 15:44

Yes API's bid update has taken a couple of pence off NAV but strength elsewhere means I still have it at £1.26.

[dashton42] 25/1/2013 15:08

API's taken a plunge today on the back of its RNS ("...Indicative proposals received to date have been below the closing mid-market price of API shares of 90p on 24th January 2013).

On the other hand, Investors Chronicle has a tip update today that maintains API shares are still a speculative buy.

I guess these fun and games might account for the slight CRS weakness today.

[cockerhoop] 23/1/2013 07:56

Edwardt - I looked on Morning Star but could only see historic data. I calculate my estimate in real time so can quickly adjust for changes in holdings, share buybacks etc. So far it correlates well with company data and ST estimates so i'm happy to stick with it.

Dashton42 - I suspect they have not changed their holding in THT as yet. They would have to issue a RNS if they bought or sold approx 400,000 shares (i.e. less than £200,000). They currently hold 2.3m shares or 3.4% of company. Cenkos is another company they hold that doesn't make the top 10.

[dashton42] 22/1/2013 18:45

No mention of THT in Simon Thompson's article; it'll be interesting in time to see if CRS picked up any more shares following Thornton's recent dip.