LONDON (Alliance News) - Crystal Amber Fund Ltd Thursday said it expects progress in 2014, after reporting growth in its net asset value over the first six months of its financial year.
Reporting on the six months to December 31, 2013, Crystal Capital said net asset value grew to 156.1 pence per share at the end of the period, from 133.05 pence at the beginning.
"Positive returns on our activism and the ongoing support of shareholders have pushed the fund above GBP100 million market capitalisation. As we continue to engage with our main investee companies, our investments have continued to deliver and we expect additional progress in 2014," Chairman William Collins said in a statement.
Crystal Amber said TT Electronics PLC, Norcros PLC, Smiths News PLC and Thorntons PLC had all contributed to the uplift in net asset value, while announcing that it has taken on new activist positions in Leaf Clean Energy Co and additional investment in Hansard Global PLC.
It said it is actively engaging to reduce operating costs at Leaf Clean Energy and TT Electronics, while it is looking at "board composition" at API Group PLC and Sutton Harbour Holdings PLC.
In a separate statement Thursday, Crystal Amber called for an extraordinary general meeting of Leaf Clean Energy to change its board and investment strategy.
The investment fund said it has asked Leaf to to be placed in an orderly run off mode and that its Chief Executive Bran Keogh should stand down following a three-month handover period.
The activist investor has a 10% stake in Leaf.
Crystal Amber shares were up 0.7% to 156.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Crystal Amber (CRS)
Hansard (HSD)
Sutton Harbour Holdings (SUH)
Tt Electronics (TTG)
Abrdn Property (API)