CRYSTAL AMBER FUND (CRS) – Investment Trusts
| Price: 151p +0.4% | NAV: n/a |
| Market Cap: £95m | Yield: n/a |
The board of Crystal Amber announced today a strategy update and a change of manager with the support of two major shareholders.
Following the sale of the holding in De La Rue to US investment firm Atlas Holdings in April this year for a healthy profit, the fund’s 97.7% holding in Morphic Medical represents almost 75% of NAV (net asset value) with £20.8 million in cash making up the balance.
Given MMI’s potential to deliver ‘substantial additional shareholder value’, the fund will look to sell its holding once the firm gains FDA approval and access to the US market for its drugs.
Meanwhile, manager Richard Bernsteain, who has been at the helm since the launch of the fund in 2008, has announced his intention to resign to pursue other ventures.
Read the press release here: https://www.crystalamber.com/
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