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
shareholdings |
186.5 |
|
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 £3.5 million. Following
subsequent share price weakness, the Fund reinvested £3 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 £3 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