Crystal Amber Fund Limited (the ‘Fund’ or the ‘Company’)
Interim results for the six months ended 31 December 2013
The Company announces its interim results for the six months ended 31 December 2013.
· Net Asset Value (“NAV”) per share grew 17.4 per cent over the period and 30 per cent over the 2013 calendar year, or 30.4 per cent including the dividend paid in August.
· NAV per share of 156.1p at 31 December 2013 (133.05p at 30 June 2013, 120p at 31 December 2012).
· £26.5 million fundraising completed in August 2013 at a premium to NAV, followed by an additional sale of 4.4 million Treasury shares in October 2013 at NAV, increasing the Fund’s size by a further £6.7m.
· The share buy-back programme has continued and this has contributed to a narrowing of the share price discount to NAV to an average of 2.7 per cent throughout the period.
· Significant contributions to NAV performance from TT Electronics PLC, Norcros PLC, Smiths News PLC and Thorntons PLC.
· New activist positions including Leaf Clean Energy Company and additional investment in Hansard Global PLC.
· Active engagement on operating costs with Leaf Clean Energy Company and TT Electronics PLC and on board composition with API Group PLC and Sutton Harbour Holdings PLC.
· Cash and liquid resources amounted to more than £19.9 million, or 16.5 per cent of total NAV as at 31 December 2013. Since then, a further £5 million has been deployed to make further investments.
William Collins, Chairman, commented:
“I am pleased to report a strong performance of the Fund over the period and 2013 as a whole. Positive returns on our activism and the ongoing support of shareholders have pushed the Fund above £100 million market capitalisation. As we continue to engage with our main investee companies, our investments have continued to deliver and we expect additional progress in 2014.”