--> Crystal Amber was mentionned as potential activist fund in SBRY, could see more spec on SBRY as soon as placement done
The Board [of Crystal Amber Fund] is considering a secondary issue of new ordinary shares in the Company ("Shares") (the "Placing") to facilitate further investment opportunities, in the light of the Company's recent performance. By way of background, the Company delivered a 68.5 % NAV total return in the three year period to 4 December 2014 and a 85.1 %. increase in the Share price over the same period.
Accordingly, the Board, the investment manager and investment adviser believe that the Fund is appropriately positioned to continue to deliver attractive returns, through its focus on special situation holdings which are more
dependent upon self-help and active engagement than upon macroeconomic recovery. Preliminary discussions have therefore been initiated with certain of the major shareholders regarding the potential to finance further investment
opportunities through a secondary issue of Shares. The Board believes that by increasing the size of the Fund, it will be able to acquire larger holdings offering the potential to increase its influence, invest in larger companies
with increased liquidity and help drive down further the Fund's total expense ratio.
In light of positive feedback from these discussions, the Board has instructed the Fund's advisers to give consideration to the implementation of the Placing.
The Board intends that any such secondary issue would be priced at a price equal to at least the prevailing NAV per share. As at 30 November 2014, the NAV per share was 150.07p, which equated to a market capitalisation of
approximately GBP 113m. The Board also intends to continue the discount management policy, through the implementation of the Fund's Share buyback programme, for the foreseeable future, subject to the Board's discretion and the requirements of the AIM Rules.
The Fund's advisers intend to discuss the potential for a secondary issue of Shares with other holders of Shares ("Shareholders") and with potential new investors and a further announcement in relation to the Placing and the
obtaining of the requisite approval of Shareholders will be made in due course.
Sanlam Securities UK Limited is the Nominated Adviser. Numis Securities Limited is the Broker.