Press
29th May 2015
Thorntons gets tastier as activist takes bigger bite
The Times by Alex Ralph
Investors gorged on shares in Thorntons after Crystal Amber, the activist fund and the struggling retailer's biggest shareholder, increased its stake to nearly 17 per cent. The AIM-listed fund has been increasing its holding in the 104-year-old chocolatier since the retailer announced last week that Jonathan Hart would be stepping down as chief executive.
Richard Bernstein, who founded the Guernsey-registered fund, has previously said that the Derbyshire-based company is vulnerable to a takeover. He is understood to be supporting the board as it hires a new chief executive.
Thorntons, up 4p, or 4.3 per cent, to 98p, has been subject to takeover rumours in the past, meaning that Crystal Amber's investment could yet turn sweet, in a like vein to its punt on Aer Lingus, a jewel in its portfolio. The Irish airline has taken off in recent months because of a bid from IAG.
Crystal Amber, whose backers include Neil Woodford, the star stockpicker, has also been busy buying shares in Hurricane Energy, 2p higher to 17p. Its stake in the oil explorer, which has been drilling off the west coast of the Shetland Islands, exceeds 10 per cent.
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11th April 2015
Pinewood film studios to battle activist investor again
The Telegraph
Pinewood chairman Michael Grade was targeted by Crystal Amber five years ago, and now prepares for a second onslaught
The board of Pinewood, the film studios where James Bond battles the super-villain Blofeld, must face its own nemesis again, as the activist investment fund Crystal Amber has once more taken a stake in the company.
The fund has picked up a shareholding of about 4pc from the £30m placing the Aim-listed company launched last month, the Telegraph can reveal.
The last time it was a significant investor in Pinewood, five years ago, Crystal Amber mounted a public campaign to oust its chairman, Michael Grade. It claimed the former ITV chief had "neither the desire nor the wherewithal" to deliver for shareholders.
Crystal Amber's return is expected to heap pressure on Lord Grade of Yarmouth, 72, who has been chairman of Buckinghamshire-based Pinewood for more than 15 years.
The fund is run by Richard Bernstein, who this weekend said he wanted to discuss with Pinewood bosses ways of boosting profits at what he described as a "quality business".
In November, Pinewood, which is hosting the new Star Wars and Avengers films, posted a 9.8pc increase in first-half pre-tax profits to £1.8m, on revenues of £38.5m.
"There's scope to improve the profitability and efficiency of the business," Mr Bernstein said. "It's a quality business, it's a quality asset, it's an iconic British brand and we're very eager to re-engage with management."
The activist has acquired the stake through the fund-raising Pinewood announced at the end of March, which the company launched to raise money to build new studios. Pinewood said it was placing 8m shares at 375p apiece, and shareholders are due to approve the fund-raising at a general meeting on Thursday.
A spokesman for the film and television studios business said Pinewood was aware of Crystal Amber's investment, but declined to comment on it.
Mr Bernstein last went up against Lord Grade in 2010, when the activist pushed for the media industry veteran to step down and agitated for the company to develop its property assets.
At the time, Crystal Amber had a near-29pc stake in Pinewood, making it the company's biggest shareholder. After failing to shift Lord Grade, the fund eventually sold out of Pinewood in 2011, when it offloaded its stake to Peel Group.
In the intervening four years Pinewood has benefited from a boom in the film and television industry, fuelled by tax breaks. The major productions attracted to the UK often rely on the scale of Pinewood and standard of its facilities.
At the same time, however, the studio company has faced a prolonged battle over its £200m plans to double in size on to what is classified as green-belt land, next to the M25.
The company eventually prevailed last summer when Eric Pickles, the Local Government Secretary, overruled opposition to downgraded plans from South Buckinghamshire council.
The victory gave an instant boost to Pinewood's shares, which had been in the doldrums for over a year as a result of the uncertainty. Pre-construction work on the first phase of the plans is now under way. The adjacent, original Pinewood studios site is currently home to the 24th James Bond production, Spectre. Fans have speculated that the film, due in cinemas later this year, will see the return of Blofeld.
10th January 2015
IAG may have to pay as much as 6bn for Aer Lingus, says activist - By Ben Martin
Crystal Amber, a shareholder in the Irish airline, says IAG may have to offer as much as £3 a share...
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