Crystal Amber Regulatory News (CRS)

9 April 2015 CRYSTAL AMBER FUND LIMITED ("Crystal Amber Fund" or the "Fund") Monthly Net Asset Value Crystal Amber Fund announces that its unaudited net asset value ("NAV") pershare on 31 March 2015 was 148.27p (28 February 2015: 150.31p per share). The proportion of the Fund's NAV at 31 March 2015 represented by the tenlargest holdings, other investments and cash (including accruals), was asfollows: Top ten holdings Pence per share Percentage of investee equity held AER Lingus Group plc 27.0 2.8% Leaf Clean Energy Company 11.2 29.9% STV Group plc 10.3 6.6% Sutton Harbour Holdings plc 9.2 29.2% Dart Group plc 7.1 1.2% 4imprint Group plc 7.0 2.3% Thorntons plc 7.0 13.3% Hurricane Energy plc 6.2 6.7% NBNK Investments plc 4.6 28.2% Johnston Press plc 4.5 2.7% Total of ten largest holdings 94.1 Other investments 39.8 Cash and accruals 14.4 Total NAV 148.3 Investment Adviser's quarterly commentary on the portfolio Over the quarter to 31 March 2015, NAV per share was down 2.9 per cent. The topthree positive contributors to NAV growth over the quarter to 31 March 2015were 4imprint Group plc (1.0 per cent contribution), API Group plc (0.9 percent) and Dart Group plc (0.4 per cent). The three main detractors have beenHurricane Energy plc (-1.2 per cent), Thorntons plc (-1.1 per cent) and NBNKInvestments plc (-1.2 per cent). Over the quarter to 31 March 2015, the Fund disclosed an increase in itspositions in Dart Group plc, Leaf Clean Energy Company and STV Group plc, and areduction in its holdings in Juridica Investments Ltd, Hayward Tyler Group plcand Tribal Group plc. Aer Lingus Group plc ("Aer Lingus") Over the period, negotiations continued between IAG and the Irish government(25.1% shareholder), following IAG's conditional bid offer of €2.55 per share.We await a final decision. The Fund is minded to follow the Aer Lingus board'srecommendation. The conditional bid from IAG has reinforced the Fund's initial view that AerLingus is of clear strategic value to other airlines, in part due to its Dublinand Shannon US border pre-clearance, driving growth in transatlantic revenues,and its 23 pairs of Heathrow Airport landing slots. API Group plc ("API") During the quarter, a 60p per share bid was made for API by its largestshareholder, Steel Partners. Crystal Amber has supported API throughsignificant improvements to its business over recent years. In particular, theFund expressed its views about API's board composition and how it might supportmanagement most effectively. Following our engagement with the company, APIannounced that Richard Wright, chairman of the board, would be stepping down. On 17 March 2015, at the request of Steel Partners, API's board applied tocancel the company's listing on AIM with effect from 17 April 2015. Sufficientacceptances were received for the Steel Partners bid and the offer was formallyaccepted on 19 March 2015. The Fund has therefore exited its position andrealised a profit of £0.9 million. Thorntons plc ("Thorntons") During the period, Thorntons reported mixed results for 2H2014, with strongretail sales but weaker Fast Moving Consumer Goods sales, as a result ofongoing underperformance from two key supermarket accounts. The Fund believesthe need for operational improvements, together with enhanced customerrelationships, will be addressed and remains confident in Thorntons' brandvalue, growth prospects and strategic value and continues to engage with theboard of Thorntons on these matters. Dart Group plc ("Dart") During the quarter, the Fund began to acquire a holding in Dart, a leisuretravel, distribution and logistics group, on the view that currency anddisposable income tailwinds would benefit Dart's customer base in the North ofEngland. The Fund's view of Dart as a quality company delivering impressivegrowth was reinforced by an encouraging trading update in March, with 2015already over 50% booked, and the holding was increased as a result. Thebusiness has built up a solid cash position, now standing at c. £254 millionnet cash, giving an EV of just £187 million at current levels. In the year toMarch 2014, Dart reported pre-tax profits of £42.1 million. Leaf Clean Energy Company ("Leaf") Over the period, the Fund took advantage of Leaf's 43% share price discount toNAV, and increased its holding to 29.9%. The share price ended the quarter at27.5p per share (NAV at c. 52.6p), with net cash at 4p. Leaf's largestinvestment is in Invenergy, North America's largest independently owned windpower generation company. Invenergy continues to execute on its capacityexpansion plans and development initiatives across its core markets. Leaf iscurrently evaluating options for monetising its investment in thiswell-performing asset. Leaf's investment in Invenergy represents more than halfof the value of the portfolio. The current share price values the remainder ofLeaf's portfolio at a negligible amount, which we do not believe is justified. Plus500 Ltd ("Plus500") During the quarter, Plus500 reported record high 4Q14 revenues. The Fundbelieves the outlook for Plus500 remains positive and sees further upside fromcontinued organic growth in the business. The Fund remains engaged with thePlus500 board on complementary product offerings. STV Group plc ("STV") Over the period, the Fund increased its holding in STV following veryencouraging results, which included a quadrupling of the dividend and a publiccommitment to grow EPS by at least 10% per annum over the next three years. Placing of new ordinary shares and new dividend policy On 23 January 2015, Crystal Amber announced it had received firm commitmentsfrom certain shareholders and new investors to subscribe for new Ordinaryshares for a gross consideration of c. £32.3 million. This represents anenlargement of approximately 28 per cent of the Company's then issued sharecapital. The Placing Shares commenced trading on AIM on 27 January 2015. The Fund's new dividend policy will aim to distribute income and realised gainsfrom investments. The Board announced that it intends to recommend a dividendof 5p per share for the 2015 calendar year, which, on the basis of the NAV at31 December 2014, would represent a dividend yield of approximately 3.3 percent. Transactions in Shares Over the period, the Fund bought back 3,027,524 Ordinary shares at an averageprice of 150p per share as part of its previously announced buyback programme. For further enquiries please contact: Crystal Amber Fund LimitedWilliam Collins (Chairman)Tel: 01481 716 000 Sanlam Securities UK Limited - Nominated AdviserDavid Worlidge/James ThomasTel: 020 7628 2200 Numis Securities Limited - BrokerNathan Brown/Hugh JonathanTel: 020 7260 1426 Crystal Amber Advisers (UK) LLP - Investment AdviserRichard BernsteinTel: 020 7478 9080