• by  • October 8, 2013 • Crystal Amber

    CRYSTAL AMBER FUND LIMITED

    (“Crystal Amber Fund” or the “Fund”)

     Monthly Net Asset Value

    Crystal Amber Fund announces that its unaudited net asset value (“NAV”) per share on 30 September 2013 was 148.11p (31 August: 141.21p per share).

    The proportion of the Fund’s NAV at 30 September 2013 represented by the ten largest holdings, other investments and cash (including accruals), was as follows:

    Top ten holdings Pence per share Percentage of investee equity held Stock return over the quarter
    Tribal Group plc 11.1 4.4% 12.9%
    TT Electronics plc 10.7 2.6% 26.5%
    Sutton Harbour Holdings plc 9.3 28.7% 6.3%
    Norcros plc 9.3 5.7% 22.4%
    API Group plc 8.6 11.6% -3.4%
    4imprint Group plc 6.9 3.4% 9.7%
    Devro plc 6.7 0.9% 12.4%
    Smiths News plc 6.7 1.3% 35.5%
    Northgate plc 4.9 0.6% 29.2%
    Thorntons plc 6.3 6.9% 5.1%
    Total of ten largest holdings 80.5
    Other investments 33.4
    Cash and accruals 34.2
    Total NAV 148.1

    Investment Adviser’s quarterly commentary on the portfolio

    Over the quarter to 30 September, NAV per share increased by 11.3%. The Fund

    has a June year end. Since 1 January 2013, NAV per share has risen by 23.3%, or

    23.8% including the dividend paid in August.

    The top three positive contributors to NAV growth were TT Electronics plc (2.5%

    contribution), Norcros plc (1.7%) and Smiths News plc (1.6%). The only

    detractor has been API Group plc (-0.5%). Over the period, the Fund began

    accumulating positions in five companies.

    TT Electronics plc (`TT’)

    TT’s share price rose by 26.5% over the quarter, recovering from a 13% decline

    in the previous quarter, as the market’s view of TT’s cyclical exposure

    improved. Following this share price strength, the Fund reduced its holding in

    TT by 16.5%. Whilst mindful of the upside from production volume increases, the

    Fund remains focused on the opportunity for cost reduction in TT´s production

    footprint, as outlined in the company’s investor day.

    Sutton Harbour Holdings plc (“Sutton Harbour”)

    Over the period, the share price appreciated by 6.3%. Sutton Harbour finished

    the construction and opened its new King Point Marina at Millbay on budget and

    on schedule. Sutton Harbour announced the appointment of its new chairman,

    Graham Miller, which the Fund welcomes.

    Norcros plc (“Norcros”)

    Norcros returned 22.4% over the period, as the share price re-rated from a

    lowly 7.5x operating profits. Over the period, Prism Cement, the largest

    shareholder, disposed of its 25% stake in the company, which was met with

    strong institutional demand. Following share price strength, the Fund reduced

    its holding in Norcros by 22.7%. An investor day detailed the company’s strategy to double revenues in five years, whilst maintaining overseas exposure and returns on capital.

    Further comments on the main investments in the portfolio can be found on the Fund’s website www.crystalamber.com

    Share buy-back

    Over the quarter, the Fund purchased 870,000 of its shares at an average price of 136.6p, which are held as treasury shares together with the 4,492,000 shares purchased previously. The average cost of the 5,362,000 shares is 118.7p per share. The share price currently trades at a discount of two per cent. to the last published NAV. Following today’s NAV publication, the discount is now 6.5 per cent.

    Cash resources

    Over the quarter, cash and accruals increased from 10p per share to 34.2p, principally as a result of the Fund’s successful £26.5m fund raise.