IOMINVESTCOM
02 Dec 2016
Dividend boost expected from undervalued Grainger Dividend boost expected from undervalued Grainger, says NumisResidential landlord Grainger (GRI) has undergone a transformation and there is still more change to come, says Numis.Analyst Chris Millington reiterated his ‘buy’ recommendation and target price of 300p on the stock, which was trading at 221p at the time of writing.‘Grainger’s results highlight the progress management has made over the last year in refocusing and improving the efficiency of the business,’ he said.‘We think that there is still significant progress to come which should support higher profits and shareholder distributions. Despite the ongoing resilience of the portfolio, Grainger is trading at a 25% discount to September 2017 net asset value.’Millington added that the new management team were ‘delivering well on the strategy set out in January’ and that once the investments in the private rented sector are made he expects Grainger ‘to be a more balanced business model between rental income and profit from sales and this should support a higher dividend’.[link]
IOMINVESTCOM
11 Sep 2016
Johnston Press [link]
IOMINVESTCOM
10 Sep 2016
Re: Crystals Hurricane investment [link]
coldascheese
09 Sep 2016
Crystal Amber's Hurricane options Forgot to mention the options Crystal Amber has in Hurricane, which is up 50% = today.- Crystal Amber)has warrants to subscribe for up to 23,333,333 new Ordinary Shares at a price of 20 pence per share (the "CA Warrants Issue"
.If Hurricane really hits the oil reserves target that is talked about these warrants would be worth many millions-let alone the gain from shares they own.
coldascheese
09 Sep 2016
Crystals Hurricane investment Asset value end August 189p and one of their biggest holdings Hurricane Energy UP 40% today indicates that Crystal share price is not keeping up with events. A great fund and worth investing here for the potential value inherent in their investments.
IOMINVESTCOM
08 Aug 2016
Investors Chronicle - Buy I feel investors are grossly underestimating the upside potential in Aim-traded investment company Crystal Amber(CRS: 148p).When the company last reported its net asset value in mid-July, the portfolio valuation took place at the close of business on Thursday, 30 June. That was only four trading days after the result of the EU Referendum was announced and one that sent shock waves through equity markets. Crystal Amber’s portfolio was valued at 153.8p a share at the time, or around £151m, well down on the end May valuation of 165p. However, it has just reported its monthly net asset value this morning which showed a 6.6 per cent recovery with net asset value rising to 161.4p a share at the end of July after accounting for the payment of a 2.5p a share interim dividend scheduled later this month.Moreover, having run through the company’s 10 largest holdings, details of which are outlined in the table below, I can reveal that these holdings are now worth in aggregate 155.75p a share, or a 7.75p a share more than their end July valuation of 148p a share. The primary reason for this is the re-rating in the company's 15.6 per cent holding in Hurricane Energy (HUR:23p), the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs. It’s a company my colleague Alex Newman is rather keen on, having recommended buying the shares at 13p less than three months ago (‘Here comes the hurricane’, 12 May 2016). The price has surged from 18p to 23p a share since Crystal Amber's portfolio was valued at the end of last week meaning that it’s now the company’s largest investment and one accounting for 35.7p a share of net asset value, rather than 28.3p a share at the end of July.Crystal Amber’s other investments are still worth a total of 13p a share as per their end July valuation, and it has net cash of 0.4p a share, so I reckon that spot net asset value per share is currently around 169.15p a share, or 14 per cent above the current share price. Spot net asset value is also around 5 per cent higher than the end July valuation of 161.4p a share making a 10 per cent re-rating of the Aim-traded shares fully warranted in my view especially as the board have a policy of using surplus cash (see below) to make net asset value accretive share buybacks to narrow the share price discount.Crystal Amber's PortfolioTop 10 holdings Value per Crystal Amber share on Wednesday, 3 August 2016 Percentage of equity held Hurricane Energy 35.7p 15.6% Grainger 31.5p 3.4% Pinewood 17.8p 5.7% Northgate 17.1p 3.3% Leaf Clean Energy 14.4p 29.9% STV 10.5p 7.8% FairFX 7.6p 24.9% Sutton Harbour 8.2p 29.3% Restaurant Group 7.5p 1.1% Hansard Global 5.4p 3.3% Total of top 10 investments 155.75p Other investments 13p Cash 0.4p Total net asset value 169.15p Investments with potentialMoreover, it’s not as if the company’s holdings don’t offer further upside potential either. They clearly do. For instance, Aim-traded clean energy investment company Leaf Clean Energy (LEAF:44p), a company that is undertaking an orderly realisation of its unlisted assets in order to return the capital to shareholders in a tax-efficient manner, was awarded an important court judgement in relation to a $126m (£94.7m) claim against Invenergy Wind LLC, North America's largest independently-owned wind power generation company. That sum is almost double Leaf Clean Energy's own market capitalisation. I outlined the full details of the case in an update a month ago ('Turn over a new leaf', 5 July 2016). Clearly other investors are warming to the potential here as the shares have risen by more than 10 per cent since that article was published. Crystal Amber’s 29.9 per cent stake in Leaf Clean Energy is worth 14.4p a share of its net asset value.That’s not the only investment with potential as Crystal Amber owns a 2
IOMINVESTCOM
20 May 2016
Grainger benefits from private rented market CRS Related investment[link] landlord Grainger (GRI) has improved efficiency and focus and is making good progress against its targets.Numis analyst Chris Millington retained his ‘buy’ recommendation and target price of 287p on the shares, which rose 2% to 232.5p yesterday.‘Grainger’s first-half results show good progress against all the targets set out at the recent strategy day, with most noticeable progress in the private rented sector pipeline,’ he said.‘In our view the 24% discount to net asset value Grainger trades on, fails to recognise the benefits that will come from switching to a more income-focused private rented sector model and that the business is better placed to capture this value.’He added that Grainger was ‘emerging at the forefront of a growing private rented sector market, which offers greater stability of income/cashflows and reduces volatility in relation to house price fluctuations’.
TX2
25 Apr 2016
Re: Pinewood studios CRS should get a good price for its present holding in Pinewood;but probably the reason for the recent recovery in our share price is the improved valuation at Hurricane Energy,in which we are large shareholders, following the proposed injection of substantial new capital at a premium to then share price.I suspect this was in part engineered by Crystal Amber.
IOMINVESTCOM
24 Apr 2016
Re: Pinewood studios [link]
IOMINVESTCOM
24 Apr 2016
Pinewood studios [link]
IOMINVESTCOM
15 Jan 2016
Woodford increases stake to 15.9% Looks like his team have put some of his cash pile to use by topping up from 11%Crystal Amber Fund Limited Holding(s) in Company15/01/2016 7
0amUK Regulatory (RNS & others) TIDMCRS For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying issuer Crystal Amber Fund Ltd of existing shares to which voting rights are attached: ii 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights X An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject to the Woodford Investment Management LLP ("Woodford" notification obligation: iii 4. Full name of shareholder(s) Clients of Woodford (if different from 3.):iv 5. Date of the transaction and date on 12.01.16 which the threshold is crossed or reached: v 6. Date on which issuer notified: 13.01.16 7. Threshold(s) that is/are crossed or 11 - 15% (inclusive) reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type of Situation previous Resulting situation after the triggering transaction shares to the triggering transaction if possible using Number Number Number Number of voting % of voting rights x the ISIN CODE of of of shares rights Shares Voting Rights Direct Direct xi Indirect Direct Indirect xii GG00B1Z2SL48 9,646,302 9,646,302 15,764,788 15,764,788 15.9% B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of voting instrument date xiii Conversion Period xiv rights that may be rights acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of financial Exercise Expiration Exercise/ Number of voting rights % of voting rights instrument price date xvii Conversion instrument refers to xix, xx period xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 15,764,788 15.9% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi Woodford, as Investment Manager Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease
IOMINVESTCOM
20 Nov 2015
Grainger benefits from rising rental sector [link]
IOMINVESTCOM
14 Aug 2015
FT - Grainger article [link]
TX2
23 Jun 2015
Re: Top Ten Holdings Must admit I thought CRS had taken a wrong move continuing to build up its stake in Thorntons;delighted esp as I am an investor here to be proved wrong,value of Thorntons brand to buyer;weak balance sheet not a problem.CRS should have made a good return.Ironically I thought buying a stake in Juridica a good move but CRS may have taken a modest hit here ; although I think they may have been selling down their holding in recent months.Buying back a chunk of shares at a good price yesterday shows their skill.Possibly at a small premium to NAV now but decent value for longer term esp as is now intending to pay divi which will make it more attractive.
Tadpol52
30 Jan 2015
Considering going back into this, have the best gains been made or does the Woodford investment promise a good future?
