Activist investor benefits from James Bond studio takeover

William Turvill
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Aermont Capital agreed a £323m takeover of Pinewood Studios over the summer (Source: Getty)

Crystal Amber Fund’s share price bumped up today after the activist investor said its net asset value (NAV) per share had “recovered strongly” after the EU referendum.

The investor was boosted after its full year, ending 30 June, by the takeover of James Bond filmmaker Pinewood Studios, which Crystal held a 5.7 per cent stake in.

The company also said the Brexit vote has “created a number of activist opportunities”.

Read more: FCA gives James Bond studio sale the green light

The figures

Reporting its full-year results to 30 June, the company reported an net asset value (NAV) per share fall of 8.6 per cent, from 168.26p on 30 June 2015 to 153.79p.

But the investor said it recorded a 23.5 per cent increase in NAV per share between 30 June and 31 August.

The fund’s share price fell from 157.5p on the day of the referendum to 143p, but has since risen up to 187p.

Crystal Amber Fund Crystal Amber Fund | mobile image

Why it’s interesting

The period saw Crystal Amber make exits from aviation services company Dart Group and promotional products maker 4imprint, realising gains for £6.7m and £3.9m respectively.

The investor’s 5.7 per cent stake in James Bond filmmaker Pinewood Group has also earned £6.1m after it was sold to private equity company Aermont Capital.

Crystal Amber is also invested in newspaper group Johnston Press, which it is set to meet today amid a period of falling revenue and share price.

Read more: Activist investor pushes for boost to Steinhoff’s offer for Poundland

What the company said

Chairman William Collins:

Faced with an uncertain market outlook, the fund has continued to find good opportunities where it sees the potential to act as a catalyst in order to realise shareholder value….

Looking ahead, we feel the fallout following “Brexit” has created a number of activist opportunities.

The fund maintains a cautious stance on the outlook for markets, undertaking portfolio hedging as insurance against a significant fall in markets. After the year end the NAV rose sharply, with an NAV total return of 25.1 per cent from 30 June 2016 to 31 August 2016.

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