Last checked at 7 Jul 2010 16:02
7 July 2010 CRYSTAL AMBER FUND LIMITED ("Crystal Amber Fund" or the "Company") Monthly Net Asset value and Quarterly Portfolio Review
Crystal Amber Fund announces that its unaudited net asset value ("NAV") on 30 June 2010 was 115.50 pence per share (31 May 2010: 120.71 pence per share).
Quarterly Portfolio Update
The recent period has been one of intense engagement for the Company in respect of its largest holdings.
In the last month, the NAV has been affected by the fall in the share price of JJB Sports plc ("JJB"), the Company's largest equity holding. As a result of the Company's activism, there is now fresh leadership in place at JJB, but the turnaround will inevitably take time. The Board is confident that the new management team, with experienced retailers John Clare as Chairman and Keith Jones as Chief Executive will capitalise on the tremendous potential within the business. The Board is greatly encouraged by the recent operational improvements that it sees now being put in place.
The Company has also publicly sought change at Pinewood Shepperton plc (`PWS'), having come to the conclusion that the current chairman, Michael Grade, is not best placed to lead the board in driving value for shareholders. Crystal Amber Fund will continue to press for greater clarity from the board with respect to its strategy for improving performance. The Board believes that more transparency in PWS's financial reporting and greater visibility on the objective value of the group's asset base is essential to a clearer understanding of PWS's potential.
At PayPoint plc, the Company's activism has been directed at helping management to counter the threat of the proposed entry of lottery operator Camelot to the bill payment market. A survey commissioned by Crystal Amber Advisers found that six out of ten lottery customers would not wait to buy tickets if delayed while others paid bills. The findings were forwarded to the National Lottery Commission.
William Collins, Chairman of Crystal Amber Fund, commented;
"We continue to pursue active engagement in line with the objectives set out in the Company's admission document. We are committed to delivering value from our engagement strategy.
Following recent successful realisations in Chloride plc and Delta plc, we are pleased to be in a position to deploy significant cash resources as suitable opportunities arise".
For further enquiries please contact:
Crystal Amber Fund LimitedWilliam Collins (Chairman)Tel: 01481 716 000
Merchant John East Securities Limited
David Worlidge/Bidhi Bhoma
Tel: 0207 628 2200
Crystal Amber Advisers (UK) LLP
Richard Bernstein
Tel: 0207 491 0774
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