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Crystal Amber NAV falls amid weakness in GI Dynamics, STV, Northgate holdings

By BFN News | 07:50 AM | Monday 05 March, 2018

Crystal Amber reported net asset value (NAV) per share of 190.69p for the six-month period to December, down from NAV per share of 204.37p at 30 June 2017. The fund's negative return (including dividends) of 4.2% was well below the 8.5% return on the FTSE 250 and a 7.2% return on the FTSE Small Cap Index. The drop in NAV comes as significant contributions to NAV performance from FairFX Group plc, NCC Group plc and Ocado Group plc, was offset by the price weakness of GI Dynamics Inc, STV Group plc, Northgate plc. Over the 2017 calendar year, NAV per share fell by 12.5% or 10.2% after adjusting for dividends declared in the year. The fund reported NAV per share of 218.02p at 31 December 2016. NAV per share was 201.29p at 31 January 2018. Dividends of 2.5p per share were declared in July 2017 and December 2017. The 5p dividend paid in 2017, represented a 2.6% dividend yield on the 31 December 2017 NAV. Crystal Amber said it gained £0.9m in January 2018 after partially selling its investment in in Sutton Harbour Holdings, to regeneration specialists FB Investors LLP. The fund said it continued to engage with Hurricane Energy plc on the appointment of a credible Chairman, while exploring strategic alternatives with Northgate and promoting the Ocado smart platform. The share buyback programme was continued and contributed to maintaining an average discount to NAV of 1.8% over the period. The fund said it realised gains on FTSE put options of £6.8m, equivalent to 6.9p per share. Christopher Waldron, Chairman of the Company, commented: 'I am pleased to report good progress on our engagement with key Fund holdings in my first Interim Report as Chairman. This engagement has continued to bear fruit in the first months of 2018, as we have seen with Ocado and Sutton Harbour, and we are confident that this will continue for the remainder of the year.' Story provided by

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