Net Asset Value(s) (0296B)

TIDMCRS

RNS Number : 0296B

Crystal Amber Fund Limited

10 April 2012

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 31 March 2012 was 105.91p (29 February 2012: 109.48p per share).

The proportion of the Fund's NAV at 31 March 2012 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 
--------------------------  ----------------  ----------------------- 
 TT Electronics plc               20.5                  4.9% 
 Renishaw plc                      9.9                  0.6% 
 Sutton Harbour plc                9.3                 26.4% 
 N Brown Group plc                 8.2                  0.8% 
 Omega Insurance Holdings 
  Ltd                              8.1                  3.2% 
 Total of five largest 
  holdings                        56.0 
 Other investments                34.0 
 Cash and accruals                15.9 
--------------------------  ---------------- 
 Total NAV                        105.9 
--------------------------  ----------------

Commentary on the Portfolio

During the quarter, net asset value grew by 19.4%. The share price of the Fund's two largest holdings, TT Electronics and Renishaw, increased by 21% and 33.1%, respectively. Some profits were taken in late February and March on both holdings, with the TT Electronics position being reduced by 18.9% and the Renishaw position by 10%. This was a result of overall asset allocation following share price strength. TT Electronics remains the Fund's largest holding.

In January, Sutton Harbour completed a GBP5.7 million fundraising at 18p per share, in which the Fund was the lead investor.

In March, Omega Insurance reported tangible net assets of 76p per share. The company has recently confirmed press speculation that it has received a cash offer at 65p per share. We would expect this approach to generate further corporate interest and the Fund has been and remains an activist.

Performance in the quarter was also assisted by a 76.7% rise in the share price of Tribal Group plc. The catalyst for the re-rating was January's announcement that adjusted profit before tax for 2011 would be significantly ahead of the board's previous expectations.

In February, the Fund took a 7% stake in API Group plc investing GBP2.2m at 40.5p per share. API Group manufactures specialised materials for packaging. At the beginning of February, the largest shareholder in API Group sent a letter to the API Group board to initiate a sale process. The Investment Adviser met with management in early March and on 30 March the board announced its intention to explore a sale process during the third quarter of 2012, when the benefits of its new laminates contract are more visible. The current share price is 59p.

Cash levels in the fund have been increased to 15.8p. This partly reflects strong gains within the portfolio and also the intention to reinvest in specific opportunities which have recently been identified.

For further enquiries please contact:

Crystal Amber Fund Limited

William Collins (Chairman)

Tel: 01481 716 000

Merchant Securities Limited - Nominated Adviser

David Worlidge/Simon Clements

Tel: 020 7628 2200

Numis Securities Limited - Broker

Nathan Brown/Hugh Jonathan

Tel: 020 7260 1426

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein