14th Nov 2005 07:59
Crosby Capital Partners Inc14 November 2005 Crosby Capital Partners Inc. ("CROSBY") Trading Update - Nine Months to 30 September 2005 14 November 2005 Crosby announces its trading figures for the nine months ended 30 September2005. HIGHLIGHTS • Total Revenue of US$92.5 million (9 months ended 30 September 2004:US$11.5 million). • Operating profit of US$73.2 million (9 months ended 30 September 2004:US$2.2 million). • Profit attributable to shareholders of US$71.3 million (9 months ended 30 September 2004:US$6.0 million loss). • Interim dividend of US$0.05 per share was paid on 21 October 2005 (2004: Nil) Simon Fry, Chief Executive Officer, commented "I have great pleasure inpresenting the results of Crosby for the nine months ended 30 September 2005following another eventful quarter. I am particularly delighted that Crosbydeclared its first dividend from the proceeds of the placement of 20 millionshares from our holding in IB Daiwa Corporation (IB Daiwa), which was realisedduring the period. Progress has also been made in our Asset Management division,where Crosby Wealth Management has continued to build its client base and nowhas assets under management of over US$500 million bringing Crosby's totalassets under management to almost US$1 billion. I look forward to being able toreport further progress for this financial year in our upcoming annual report.Finally, I would like to take this opportunity to thank our shareholders fortheir continued support and our management and staff for their focus and theirdedication." Separately, at the time that this trading update is being issued, but outsidethe nine months ended 30 September 2005, the offer by IB Daiwa (Stock code: 3587JP) to acquire Lodore Resources Inc. (Stock code: LRS LN, "Lodore") becameformal, and Crosby has accepted the offer. As a result of these developments,and subject only to the offer not closing for unforeseen reasons, Crosby willcease to have a direct interest in Lodore and will instead own an additional34,325,000 shares of IB Daiwa. Crosby currently holds 22,000,000 millionshares, and warrants, that if exercised, would give Crosby a further 64,600,000shares of IB Daiwa. In total, with the new IB Daiwa shares exchanged for Lodoreshares and assuming that Crosby's warrants are all exercised, Crosby would hold120,925,000 IB Daiwa shares. On a fully diluted basis, and assuming IB Daiwa issuccessful in acquiring 100% of Lodore, Crosby's holding would representapproximately 28% of the enlarged share capital of IB Daiwa. About Crosby Capital Partners Inc. Crosby, with dual headquarters in London and Hong Kong, was established in 1984and is now Asia's leading independent investment banking and asset managementfirm. www.crosby.com For further information on Crosby please contact: Simon Fry, Chief Executive Officer in London on +44 (0)207 590 2800Martin Angus, Chief Financial Officer in Hong Kong on +852 2169 2800 Summarised profit and loss account Unaudited Unaudited nine months ended nine months ended 30 September 30 September 2005 2004 Note US$'000 US$'000 Revenue 92,450 11,521 Administrative expenses (14,207) (5,188)Distribution expenses (126) (12)Other operating expenses (4,066) (4,109)Finance costs (802) - Profit from operations 73,249 2,212 Gain recognised from negative goodwill - 358Amortization of goodwill - (123)Write off of goodwill - (5,463)Share of profits of associates / jointlycontrolled entity 368 111 Profit/(loss) before taxation 73,617 (2,905) Taxation (115) - Profit/(loss) after taxation 73,502 (2,905) Minority interests (2,185) (2,986) Profit/(loss) attributable to equity holders of 71,317 (5,891)parent company Dividends- Interim dividend of US$0.05 per share (2004:Nil) based on 239,350,000 (2004: 235,600,000)shares 11,968 - Earnings / (Loss) per share - Basic 30.20 cents (2.72 cents) - Diluted 28.92 cents N/A This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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