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If I understand the RNS correctly we get 50p a share in cash next year and remain part of a restructured CA Fund? Sounds attractive to me if correct as I also hold HUR shares and believe it will re rate bigly by Q2 of 2022.
https://www.investegate.co.uk/crystal-amber-fund--crs-/rns/result-of-agm/202111221626421746T/
"The Articles now require the Fund to formulate proposals to reorganise, reconstruct, or wind up the Company. In the coming weeks, the Fund intends to provide shareholders with specific proposals. It is currently envisaged that these will centre around the continued realisation of assets and increasing capital returns to shareholders. Based on the Manager's assessment of the status and timing of anticipated corporate transactions, the Fund is targeting additional shareholder returns of at least £40 million or 50p a share before 30 June 2022. This would bring returns of capital since the 2013 amendment to the Articles to more than £100 million. When such disposals are concluded, it is intended that returns to shareholders would be paid as soon as practicable. Further significant realisations and returns of capital are planned for the period after 30 June 2022."
We live in interesting times!
i can
Can anyone see anything other than CRS vote pass to begin winding up ?
Easyp,
Same here.
Though I only have a £30,000 investment in Hurricane so took a view that Crystal was also worth a punt with the asset value at the time being a reasonable amount above the SP.
I hedged a little as I hold a reasonably big chunk of HUR but a took modest punt with CA a few weeks back because it is trading at under NAV. Not long to wait, but hoping all sides get a reasonable return on their money.
dflynch.
So do I invest in CA or HUR for the best return?
We live in interesting times!
We do indeed live in interesting times.
So did you make a decision or did you do as I did and hedge by investing in both?
I rather think that Saba Capital Management might have had, as yet undisclosed, a change of mind regarding their intended action, as promulgated in the 25 June RNS.
Hurricane, although it might not look like it at the moment to everyone, are an attractive investment / acquisition opportunity. As stated in CA’s RNS today, and commented upon on the Hurricane BB, the previous BoD need to be held to account for the losses of approximately US$111 million. These losses are equivalent, according to CA, to more than 4p a share. Furthermore, the tax losses and allowances, which would feature in the event of a corporate transaction, are equivalent to 56p a share. That’s 60p a share of value and whilst that might not be reflected in any offer for HUR it is reasonable to expect a large percentage of that figure - which would be a multiple of today’s share price.
An investment in Hurricane at the time of the Saba June letter looks very different from how it can be viewed today. Particularly once the CB issue is dealt with, at maturity or before. Indeed, as CA comments in the RNS “… the Fund believes that Hurricane's prospects have been transformed.”
So, as a Saba investment decision maker, would it be justifiably sensible to continue and crystalise the CA fund investments, given CA's achievement with the Hurricane investment and the future prospects of that particular investment?
If CA were to wind-up their fund the market would have difficulty in redistributing the Hurricane shares – leading to a substantial fall in the SP (see Woodford, late of this parish). The investment would have been abysmal and despite the past profits on the investment of £43million, a return of capital c£10million might only be possible. This might be very much less than the overall amount invested overtime.
Of course, Saba might have someone in the wings ready to take these shares as part of an acquisition strategy – but would the other shareholders and the Oil companies allow this to happen?
The CA SP at the time of the letter was c100p today, four months later it is c115p. The NAV of the fund at the end of June was 146.81p per share and at the end of September it is 152.85p.
So do I invest in CA or HUR for the best return?
We live in interesting times!
Morning
Would be helpful if a few CA shareholder gurus enlightened peeps with their thoughts ore likely outcome of Saba situation.
So come on fellas - step up
Morning, I follow HUR closely and noted your RNS so took a look. What are your views on the performance of the fund this year? I believe there is a shareholder meeting in November? Any views on the agenda or outcome? I ask because the fortunes of Crystal Amber and Hurricane Energy closely intertwined. I am glad to say most of us think HUR doing better and due a re rate once the bond debts are settled over the next few months.
Very thorough RNS. Surprisingly undervalued.
Mariog.... Nice to see you're watching CA as well as Hurricane.
CRS holders should be buying HUR shares and keep so the share price goes up. Win win for both companies this way.
That will close when the fund is wound up.
Net assets up 20% and therefore share price will rise by? ..%.
Klse, just now the market seems to be valuing our stake in HUR at almost £20m , of which around zero is included in the cry sp. So catalysts to move this up are; HUR comes good adding many millions and/or this fund gets wound up and the 25/30 discount to asset value closes. So not much downside here imv.
RNS for more HUR shares? Is that a good thing? Lets hope WTO prices keeps moving towards $100
With HUR rising significantly today I would have expected at least 5% on sp here today- should catch up later.
Does anyone know if the sharepurchase by the company has reduced the activists votes to less than the critical 25%?
I thought the move up in HUR would help the sp here also, not sure why we are waiting?
Saba, imv are seeking a wind up of the fund and a distribution of monies to shareholders , resulting in an immediate 20% capital gain. Just bought in as a consequence.
Anyone got an idea on what Saba capital are up to? Slowly looking like they are aiming for 30% and therefore activating a compulsory take over. Question is why ? What are they seeing that nobody else seems to ?
Rumours are CRS have been buying and are to join in the court case to keep the co going and get rid of their BoD. Don't leave it too long. Court case May 21st to wipe out HUR!!!