09/09/2005
Aggressive investment group Crosby Capital Partners has realised £22 million from reducing its stake in Japanese trading concern IB Daiwa.
Headed by former Nomura luminary Simon Fry and run from London and Hong Kong, AIM-quoted Crosby remains much the largest holder through shares and warrants in former textile maker IB Daiwa. Fry says the idea is to build IBD as a natural resources player.
Crosby's holding in IBD is also being increased by accepting the Japanese concern's paper offer for Lodore Resources, where it had a significant stake. Fry cites IBD's recent 'binding commitment 'to buy US resource concern Darcy Petroleum as 'an important milestone'.
Fry is an ally of fellow financier Andrew Regan, head of another AIM group Corvus Capital which was another Lodore holder. Corvus recently sold out of key Crosby backer Techpacific.
Cayman Islands-based Crosby, which turned a first-half loss of £1 million into a £26 million pre-tax profit, is determined to carve a big place for itself in the corporate firmament. Fry claims Crosby's merchant banking division is increasingly recognised as a potent deal-making force.
At 89p, Crosby's shares have risen nearly 200 per cent since we highlighted their speculative potential in March. Hold on.
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