Crystal Amber Fund Limited Monthly Net Asset Value

 
TIDMCRS 
 
14 January 2019 
 
 
                          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 at 31 December 2018 was 221.67 pence (30 November 2018: 222.44 pence per 
share). 
 
The proportion of the Fund's NAV at 31 December 2018 represented by the ten 
largest shareholdings, other investments and cash (including accruals), was as 
follows: 
 
Ten largest shareholdings      Pence per share Percentage of investee equity 
                                               held 
 
Hurricane Energy plc           45.0            5.1% 
 
FairFX Group plc               38.7            20.2% 
 
Northgate plc                  32.7            6.4% 
 
STV Group plc                  27.7            19.7% 
 
De La Rue plc                  24.3            5.4% 
 
Board Intelligence Ltd*        4.8             * 
 
GI Dynamics Inc.               4.6             48.4% 
 
Sutton Harbour Holdings plc    3.1             10.0% 
 
Cenkos plc                     2.8             6.9% 
 
Leaf Clean Energy Co           2.8             30.0% 
 
Total of ten largest           186.5 
shareholdings 
 
Other investments              28.6 
 
Cash and accruals              6.6 
 
Total NAV                      221.7 
 
*Board Intelligence Ltd is a private company and its shares are not listed on a 
stock exchange. Therefore, the percentage held is not disclosed. 
 
Investment adviser's commentary on the portfolio 
 
Over the quarter to 31 December 2018, NAV per share declined by 13.6%, or by 
12.6% adjusting for the 2.5p dividend accrued during the period. The dividend 
was declared on 13 December 2018 and will be paid on 18 January 2019. 
 
Over the 2018 calendar year, the Fund's NAV grew by 16.2%, or by 18.9% 
adjusting for the two dividends paid during the year. The total return of the 
Numis Small Caps Index was a negative 11.0%. 
 
The top positive contributor to NAV growth over the quarter to 31 December 2018 
was Board Intelligence Ltd (0.4%). Top detractors were Hurricane Energy plc 
(-6.7%), FairFX Group plc (-4.1%) and Northgate Group plc (-1.3%). The Fund's 
put options contributed 1.8% to the NAV. 
 
Hurricane Energy plc ("Hurricane") 
 
Hurricane's Early Production System ("EPS") for its Lancaster asset continued 
to make progress over the period. The EPS' Floating Production and Storage 
Vessel ("FPSO") Aoka Mizu sailed away from Dubai in October after completing a 
programme of repair, upgrade and life extension. The FPSO is now at the port of 
Cromarty, near Inverness, awaiting a favourable weather window to initiate 
commissioning. 
 
Hurricane's share price fell by 24.5% over the period. In the early weeks of 
the quarter, the Fund continued to reduce its position and sold shares to the 
value of GBP3.5 million. Following subsequent share price weakness, the Fund 
reinvested GBP3 million, growing its position by one million shares over the 
period. 
 
Board Intelligence Ltd 
 
The Fund invested in Board Intelligence Ltd in March 2018 and carried the 
investment in this private company at cost. The holding was revalued at the end 
of December resulting in an increase in its value. This reflects the 
acceleration in revenue growth achieved by the business. 
 
STV Group plc ("STV") 
 
In December 2018, STV announced the launch of its Player on the Virgin TV 
platform. This month, STV announced that its Player would also become available 
on the Sky platform from the second half of 2019. The availability of STV's own 
Player product on those platforms will give the company additional digital 
video advertising inventory to sell. Such inventory has been achieved and has 
sustained premium rates relative to other digital channels and is core to STV's 
growth plans. 
 
Over the quarter, STV's share price fell by 9.1%. 
 
Sutton Harbour Holdings plc ("Sutton Harbour") 
 
In November 2018, Sutton Harbour received planning approval for its Sugar Quay 
project. Interim results reported 37.4p NAV per share versus a share price of 
28.5p at the time of the announcement, when the company launched a GBP3 million 
open offer. This will be used to fund post planning pre-construction phase 
project costs, capital maintenance project costs and to provide cash headroom. 
The Fund took its full entitlement and continued to grow its position. 
 
Over the quarter, Sutton Harbour's share price fell by 13.1%. 
 
FairFX Group plc ("FairFX") 
 
In December 2018, FairFX announced an agreement with Metropolitan Commercial 
Bank to offer its services to the US market. The agreement is subject to 
additional due diligence and will cover FairFX's Corporate Expense platform as 
well as its international payments service. Both are expected to go live over 
the first half of 2019. 
 
Over the quarter, FairFX's share price fell by 20.3%. 
 
Transactions in Own Shares 
 
The Fund bought back 895,000 of its own ordinary shares at an average price of 
213p per share as part of its buyback programme. 
 
For further enquiries please contact: 
 
Crystal Amber Fund Limited 
 
Chris Waldron (Chairman) 
 
Tel: 01481 742 742 
 
www.crystalamber.com 
 
Allenby Capital Limited - Nominated Adviser 
 
David Worlidge/Liz Kirchner 
 
Tel: 020 3328 5656 
 
Winterflood Investment Trusts - Broker 
 
Joe Winkley/Neil Langford 
 
Tel: 020 3100 0160 
 
Crystal Amber Advisers (UK) LLP - Investment Adviser 
 
Richard Bernstein 
 
Tel: 020 7478 9080 
 
 
 
END
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