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 Shares Traded Last Trade
  0.00 0.0% 111.00 12,953 01:00:00
Bid Price Offer Price High Price Low Price Open Price
110.00 112.00 111.00 111.00 111.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 3.28 0.35 0.38 292.1 98
Last Trade Time Trade Type Trade Size Trade Price Currency
12:20:16 O 370 110.00 GBX

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Date Time Title Posts
10/9/202109:49CRS - Crystal Amber612
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Crystal Amber (CRS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-09-16 11:20:17110.00370407.00O
2021-09-16 11:20:12110.008391.30O
2021-09-16 08:15:02110.005,0005,500.00O
2021-09-16 07:18:51110.007,5008,250.00O
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Crystal Amber (CRS) Top Chat Posts

Crystal Amber Daily Update: Crystal Amber Fund Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker CRS. The last closing price for Crystal Amber was 111p.
Crystal Amber Fund Limited has a 4 week average price of 107p and a 12 week average price of 100.50p.
The 1 year high share price is 111p while the 1 year low share price is currently 75.50p.
There are currently 88,420,000 shares in issue and the average daily traded volume is 41,812 shares. The market capitalisation of Crystal Amber Fund Limited is £98,146,200.
kooba: Lead fund manager biographyRichard Bernstein might have 10,000 shares in his own name but he is a director and member of the Investment manager.For clarity....a member is a shareholder.So Mr Bernstein is a shareholder and I would presume the principal shareholder (as he founded it and seed funded the listed company) in Crystal Amber Asset Management (Guernsey) Ltd , the investment advisor.Crystal Amber Asset Management (Guernsey) is the4th largest shareholder in CRS . Holding 6,954,330 shares representing 8.3% of the issued share capital.That's over £7m holding at current share price and £10m in underlying assets.What's that about skin in the game again ?Bad research leads to bad takes...would seem to me Mr Bernstein is very aligned to maximise shareholder value.Your welcome.
m_kerr: personally i think they should call it a day. it's a positive thing for the stock market that they exist to shake up poorly run companies, but they aren't generating even satisfactory returns for their shareholders, and an investment trust that doesnt produce decent returns will trade at a chunky discount. shareholders can only ever sell at the prevailing share price, not NAV. what's the investment manager's stake in crystal amber compared to the fees they charge it?
the millipede: I think it would be hard to wind up CRS because of the private equity stake. Indeed, one of the reasons for having it in the first place might be to make a full wind up harder to achieve! Even Woodford could not sell out, and Schroders (who took over the investment trust) still have several private company holdings that are simply unsellable at this time. This is not to say they are bad investments, just that liquidity is a huge problem in the short term. It would not be beneficial, in my view, if CRS were somehow forced to sell down only its listed holdings, which is effectively what Woodford was forced to do. I can definitely see an argument for selling down De la Rue, although there are also arguments for keeping it. In any case CRS are already selling, and could usefully use the cash to buy back their own shares IMO.
spectoacc: It's in Saba's hands. They own more than 25% of CRS, and the continuation vote needs a 75% majority. Saba have said they'll vote against. CRS could buy them off somehow, but have to ask why Saba have short-sold CRS's holdings, if they were going for anything other than a winding-up. Some sort of in specie transfer - maybe, but CRS is already sub-scale. Agree "reorganisation" (and "reconstruct") are vague. It's hardly a complicated structure. How easily would the unlisted (two?) be realised I wonder. No indication CRS have actually spoken to Saba - reference is to the, ahem, "diversity of voting" in 2020. Other than selling down ALM, R Bernstein seems to be continuing as normal, so perhaps there's something up his sleeve.
spectoacc: No. 1. CRS are very likely be wound up, & need to be realising their investments 2. CRS fully invested, and usually geared on top of that 3. Total assets £107m (market cap £85m) 4. They don't seem to think HUR need further cash: "Crystal Amber regards Lancaster as one of the most prolific production wells in the North Sea. Crystal Amber would refer market participants to Hurricane's Restructuring Business Plan Presentation dated 24 May 2021, which is available on the company's website. The presentation sets out Hurricane's long-range forecast of production from its existing P6 Well. By February 2024, this is estimated to deliver 8.4 million barrels of oil. Based on the forward curve for oil prices, this would generate approximately $600 million of revenue. Based on historic margins, this would deliver operating cash flows of in excess of $250 million. Crystal Amber further notes that actual production for June 2021 exceeded Hurricane's forecast with 10,640 barrels per day being produced as against a budget of 9,700 barrels a day. Were this trend to continue, a further $28 million of revenue would be achieved, in addition to the $285 million expected over the next 12 months. During July 2021, Crystal Amber has been in regular dialogue with the newly constituted board of Hurricane. Since September 2020 (when the convertible bond was trading at a 70 per cent. discount), Crystal Amber has urged Hurricane to use a significant proportion of its cash to buy in bonds. The High Court of Justice stated that "the possibility of buying back bonds in the market is, on the face of it, an attractive one, given that the Bonds have been trading at a substantial discount to face value." On 5 July 2021, the bonds were trading at a 50 per cent. discount but the discount has recently narrowed to 37 per cent. Crystal Amber has requested to the board of Hurricane that it immediately embarks on a substantial purchase of these bonds. As well as saving the payment of the annual interest rate of 7.5 per cent., buying back bonds at a discount, will significantly reduce Hurricane's net indebtedness. "
spectoacc: Yes - been an interesting suggestion that if CRS selling out flushes out a bid for DLAR, Saba may get short-squeezed. Not sure how much that matters if they're hedged vs CRS shares tho. Guess it requires CRS to sell out low, then the bid to come in high. Is still the two unlisteds I'd want to know about. And the unsellable in size (mentioning no ALMs!).
spectoacc: GID 17.7p/share, Board Intelligence 4.2p/share, "Other" 14.5p/share (inc the disappearing HUR). On a c.100p share price vs c.129p NAV, not sure there's any trade here. Agree you'd need a strong view on GI Dynamics (either worth a lot more, or worthless) to be taking the punt. Figs from last month's NAV. Perhaps flip side is there's c.80p in DLAR & EQLS, so the downside isn't huge. But neither's the upside for a complicated trade shorting the holdings. And the discount to NAV for the performance isn't nearly high enough IMO.
dangersimpson2: 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.
spectoacc: Every time I think that, I look at the holdings! DLAR needs to do something fast, or they'll be in rescue rights territory. Can CRS afford to back a rescue rights? DLAR £1.40 on Friday, £1.15 today. HUR isn't bouncing (15p), NTG is a dog (286p), I personally like ALM a lot and CRS have added, but I'd much rather own ALM than CRS. EQLS has had a few pence dcb but is in the "may/may not" category. So NAV lower, CRS share price lower, but still no catalyst to want to buy. Discount needs to widen, not stay the same due to the holdings dropping as fast as CRS's s/p.
carcosa: QP, I don't see anything exotic in CRS at all! ~10% discount is relatively unusual for CRS based on historic data. FFX being up 4% today makes a small impact on overall NAV. My point is that in aggregate with the other major shareholdings which have notably increased, the CRS share price has actually marginally declined giving rise for the 9% discount. Not sure why you picked out FFX when HUR is 28.6% of the fund NAV. Also it should be noted CRS still have substantial warrants over HUR shares which has the potential to add ot the NAV when exercised. CRS is high risk only in that it is a concentrated (but diversified) portfolio and that is the intent of the fund. You seem to have a negative attitude to CRS. I've been successfully trading them since 2016 with 'spare cash'. Have today bought back into the company. Lets wait and see where this is by year's end!
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