Crystal Amber Regulatory News (CRS)

CRYSTAL AMBER FUND LIMITED - Further re Holdings in Company

PR Newswire

London, January 17

On 14 January 2013, the Company was advised by Invesco Limited ("Invesco") thatits shareholding in the Fund had increased to 30.00 per cent. of the OrdinaryShares in issue (excluding shares held as treasury shares) as a result of therecent share buybacks by the Company totalling 1,000,000 Ordinary Shares.

Under Rule 9 of the City Code ("Rule 9"), when a person acquires, whether by aseries of transactions over a period of time or not, an interest (as defined inthe City Code) in shares which (taken together with shares in which personsacting in concert with them are interested) carry 30 per cent. or more of thevoting rights of a company to which the City Code applies, such person isnormally required by the Panel to make a general offer to the holders of anyclass of equity share capital of that company (whether voting or non-voting)and also to the holders of any class of transferable securities carrying votingrights issued by that company to acquire their shares or other securities.

Rule 9 also provides that any person, together with persons acting in concertwith them, who is interested in shares which in aggregate carry not less than30 per cent. but do not hold more than 50 per cent. of the voting rights of acompany to which the City Code applies will be unable, without the Panel'sconsent, to acquire, either individually or together, any interest in any othershares which increases the percentage of shares carrying voting rights in whichthey are interested without being required to make a general offer to theholders of any class of equity square capital of that company (whether votingor non-voting) and also to the holders of any class of transferable securitiescarrying voting rights issued by that company to acquire their shares or othersecurities.

Under Rule 37.1 of the City Code, when a company purchases its own votingshares, any resulting increase in the percentage of shares carrying votingrights in which a person or group of persons acting in concert (a "ConcertParty") is interested will be treated as an acquisition for the purpose of Rule9. A person not acting, or presumed to be acting, in concert with any one ormore of the directors will not normally incur an obligation to make a mandatoryoffer under Rule 9 if, as a result of the purchase of its own shares by acompany, they come to exceed the percentage limits set out in Rule 9, but thePanel should be consulted in all such cases. However, this exception will notnormally apply when a person (or any relevant members of a group of personsacting in concert) not acting, or presumed to be acting, in concert with anyone or more of the directors has acquired an interest in shares at a time whenthey had reason to believe that such a purchase of its own shares by thecompany would take place.

As at 13 December 2012 (being the date prior to the first share buyback ofOrdinary Shares by the Fund) Invesco owned 17,700,000 Ordinary Shares,representing approximately 29.5 per cent. of the Ordinary Shares in issue.

As a result of the on-market share buyback programme that the Company commencedon 14 December 2012, Invesco now holds an interest representing 30.00 per cent.of the Ordinary Shares in issue (excluding shares held as treasury shares) ofthe Fund. Following discussions between the Company and the Panel, the Panelagreed, prior to the commencement of the share buyback programme, that, underRule 37.1 of the Code and in particular note 1 of that Rule, Invesco should betreated as an "innocent bystander" in relation to any increase in its holdingof Ordinary Shares as a result of the on-market share buyback programme andthere will not be any Rule 9 consequences on Invesco arising from such buybackof Ordinary Shares.

For further enquiries please contact:

Crystal Amber Fund Limited

William Collins (Chairman)

Tel: 01481 716 000

Merchant Securities Limited - Nominated Adviser

David Worlidge/Simon Clements

Tel: 020 7628 2200

Numis Securities Limited - Broker

Nathan Brown/Hugh Jonathan

Tel: 020 7260 1426

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: 020 7478 9080