Monthly Net Asset Value

RNS Number : 7723P

Crystal Amber Fund Limited

07 October 2011

 



                                                                                                            7 October 2011

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 2011 was 101.40p (31 August 2011:104.75p per share).

The proportion of the Fund's NAV at 30 September 2011 represented by the five largest holdings, other investments and cash (including accruals), was as follows:

Top five holdings	Pence per share	Percentage of investee equity held
Omega Insurance Holdings Ltd	9.9	3.2%
N Brown Group plc	9.5	0.8%
TT Electronics plc	8.3	2.1%
PayPoint plc	7.8	1.5%
Renishaw plc	6.2	0.5%
Total of five largest holdings	41.7
Other investments	38.5
Cash and accruals	21.2
Total NAV	101.4

Commentary on the Portfolio

In July 2011, the Fund received the proceeds from the sale of Pinewood Shepperton plc and since that time has utilised its strong cash balances at a time of market turbulence to establish positions in companies that the Fund has been monitoring for some time. For example, in recent weeks the Fund has acquired a 2.1% holding in TT Electronics plc, which it considers to have a good potential for value enhancement.

Omega Insurance Holdings Ltd ("Omega")

On 12 September 2011, Haverford (Bermuda) Limited, led by its chairman Mark Bryne, made a firm offer for 25% of the share capital of Omega at up to 83p a share.  In response, two Lloyd's insurers, Canopius Group Limited and Barbican Group Holdings Limited, have expressed interest in making an offer for Omega or merging with it. The Omega share price rose by 14% during September.

For further enquiries please contact:

Crystal Amber Fund Limited

William Collins (Chairman)

Tel: [phone]

Merchant Securities Limited - Nominated Adviser

David Worlidge/Simon Clements

Tel: [phone]

Numis Securities Limited - Broker

Nathan Brown/Hugh Jonathan

Tel: [phone]

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: [phone]

 

END

 

 

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