Crystal Amber Fund Limited
Final results for the year ended 30 June 2017
The Company announces its final results for the year ended 30 June 2017.
- NAV (1) per share increased by 32.9 per cent over the year to 204.37 pence (153.79 pence per share at 30 June 2016). Including the dividends paid during the period, NAV total return per share over the year ended 30 June 2017 was 36.1 per cent. This performance makes the Company the seventh best performing investment trust of Trustnet’s 119 UK Investment Trusts, over the 12 months to 30 June 2017.
- Successful exits from investments in Grainger plc (“Grainger”), Pinewood Group plc (“Pinewood”) and Restaurant Group plc (“Restaurant Group”), realised gains of £6.1 million, £5.3 million and £1.3 million, respectively. £15.7 million profit was realised from Hurricane Energy plc (“Hurricane”) sales. Total net realised gains for the year were £19.3 million, including realised losses on derivatives.
- The buy-back programme helped to limit the average discount to NAV of 5.7 per cent over the year, which compares to an average discount of 7.7 per cent for the Company’s peer group(2). Premium to NAV at 30 June 2017 was 3.5 per cent.
- New positions were initiated in NCC Group plc (“NCC”) and Ocado Group plc (“Ocado”). The Company materially increased its position in GI Dynamics Inc (“GI Dynamics”).
William Collins, Chairman of the Company, commented: “It has been an eventful year for global equity markets, which have faced a great deal of uncertainty in the wake of the Brexit vote and the beginnings of the Trump presidency. Despite this, the Company has achieved exceptional performance thanks to its focus on undervalued opportunities where it sees the potential to act as a catalyst for change. The NAV total return per share of 36.1 per cent over the year deepens our confidence in the Company’s activist investment process. Going forward, the Company will continue to use its proven screening process to identify activist opportunities.”