24th Oct 2013 12:05
LONDON (Alliance News) - Crystal Amber Fund Limited Thursday said its net asset value increased 26% over the course of the year ended June 30, after making strong gains on listed companies.
Crystal Amber Fund said its net asset value per share rose to 133.05 pence on June 30, compared with 105.59 pence per share at the same point in 2012.
The investment fund said it benefited from strong realised gains of GBP4.9 million on three portfolio companies: engineering company Renishaw PLC, online, catalogue and stores retailer N Brown Group PLC, and May Gurney Integrated Services, which was acquired in July by construction, services and property company Kier Group PLC.
"The strong growth in net asset value has continued into the current year, with NAV increasing by more than 11% in the first quarter, as our activist strategy continues to bear fruit. The successful GBP26.4 million fund raise in August has not only strengthened our firepower but has given us greater flexibility to deliver on our objectives," Chairman William Collins said in a statement.
Crystal Amber is an activist fund with a strategy of buying stakes in what it deems "undervalued" companies and taking action to increase value. The fund has more than GBP100 million following the share placing.
Crystal Amber Fund shares were Thursday quoted at 145.50 pence, up 2.7%.
By Samuel Agini; [email protected]; @samuelagini
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