Crystal Amber Regulatory News (CRS)

10 January 2014 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 December 2013 was 156.14p (30 November: 156.02p per share). The proportion of the Fund's NAV at 31 December 2013 represented by the tenlargest holdings, other investments and cash (including accruals), was asfollows: Top ten holdings Pence per share Percentage of investee equity held Sutton Harbour Holdings plc 10.0 28.8% Thorntons plc 9.6 8.2% TT Electronics plc 9.5 2.3% Tribal Group plc 9.2 4.5% Norcros plc 9.0 5.1% API Group plc 8.5 11.6% 4imprint Group plc 8.0 3.4% Leaf Clean Energy Company 7.9 10.0% Devro plc 6.5 1.1% Smiths News plc 6.1 1.1% Total of ten largest holdings 84.3 Other investments 48.3 Cash and accruals 23.5 Total NAV 156.1 Investment Adviser's quarterly commentary on the portfolio Over the quarter to 31 December 2013, NAV per share increased by 5.4 per cent.Over the 2013 calendar year, NAV per share rose by 30.0 per cent or 30.4 percent including the dividend paid in August. The Fund's average cash positionover the calendar year has been 16.3 per cent, implying a return on theinvestment portfolio of 36.4 per cent. The top three positive contributors to NAV growth over the quarter to the endof December were Plus500 Limited (1.9 per cent contribution), Thorntons plc(1.7 per cent) and 4imprint Group plc (1 per cent). The three main detractorshave been Tribal Group plc (-1 per cent), Devro plc (-0.6 per cent) and HansardGlobal plc (-0.3 per cent). Over the 2013 calendar year, the key drivers ofpositive performance have been Norcros plc (5.6 per cent), Tribal Group plc(4.9 per cent) and Thorntons plc (4.4 per cent) and on the negative side SuttonHarbour Holdings plc (-1 per cent), Renishaw (-0.8 per cent), and API Group plc(-0.6 per cent). Over the quarter to 31 December 2013, the Fund disclosed notifiable holdings inLeaf Clean Energy Company, NBNK Investments plc and STV Group plc. During thequarter, the Fund increased its holding in Thorntons plc and is currently itslargest shareholder. Following strong share price rises, the Fund has bankedsome profits on its holdings in Norcros plc, Plus 500 Limited and Smiths Newsplc, with all those stocks delivering returns in excess of 100 per cent. API Group plc ("API") In December 2013, API resumed dividend payments. Following significantinvestment in the business, management actions are starting to deliverimprovements and underpin growth. We remain supportive of this strategy whichwe believe will help to build a stronger company in the medium term. In itsrecent engagement with API, the Fund has expressed its views about the board'scomposition and how it might support management most effectively, and we lookforward to discussing this further with the board. Leaf Clean Energy Company ("Leaf") During the quarter to 31 December 2013, the Fund acquired a 10 per centshareholding in Leaf, the renewable energy investment group, from twoinstitutional investors in exchange for shares in Crystal Amber Fund. Leaf listed in London in June 2007 at 100p a share, raising $399 million. Sixyears later, net assets are $185 million. The shares currently trade on adiscount of 56 per cent to latest audited net asset value. We believe thisreflects not only the very poor investment track record but also the scale ofannual running costs, of $5.2 million per annum. We have written to the Chairman of Leaf urging that the cost base be realignedrather than maintained in anticipation of new investments appearing. We alsobelieve that the company needs to provide greater visibility of realisablevalues within the portfolio. The Fund is ready to adopt a more intense activiststrategy if necessary. STV Group plc ("STV") The Fund disclosed a stake in STV, the Scottish television and digital mediagroup, as it increased its position following the placing of ITV's shares. The Fund has been a holder since March 2013 at an average cost of 180p a share.STV is a national channel ideally placed to benefit from an improvingenvironment for advertising, content distribution and production. Cash resources Over the quarter, cash resources decreased from 34.2p per share to 23.5p as theFund has built positions with strong activist potential. Last summer's fundraise has allowed the Fund to make these investments without disposing ofpositions where the Fund sees further upside. For further enquiries please contact: Crystal Amber Fund LimitedWilliam Collins (Chairman)Tel: 01481 716 000 Sanlam Securities UK Limited - Nominated AdviserDavid Worlidge/Simon ClementsTel: 020 7628 2200 Numis Securities Limited - BrokerNathan Brown/Hugh JonathanTel: 020 7260 1426 Crystal Amber Advisers (UK) LLP - Investment AdviserRichard BernsteinTel: 020 7478 9080