TIDMCSB 
 
RNS Number : 2413S 
Crosby Asset Management Inc 
14 May 2009 
 

 
 
CROSBY ASSET MANAGEMENT INC. ("CAM" or the "Group") 
 
 
TRADING UPDATE - THREE MONTHS TO MARCH 31 2009 
 
 
14 May 2009 
 
 
Revenue US$0.9 million (Q1 2008: US$7.9 million) 
 
 
Loss attributable to shareholders US$2.9 million (Q1 2008: US$26.2 million) 
 
 
Assets under management US$400 million (Q1 2008: US$2,200 million) 
 
 
 
 
 
 
COMMENTARY 
 
 
 
 
Crosby Wealth Management ("CWM"), in which CAM has a 56.14% interest, modestly 
increased its assets under management over the quarter. However, margins 
remained subdued, primarily due to low trading volumes.  There were no further 
significant developments in the legal proceedings, as set out in the 
announcement of 19 March 2009, brought by a client in Hong Kong concerning a 
trade execution error.  The board of directors of CAM (the "Board") believes 
that there are some early signs that the second quarter may be stronger, as 
investor sentiment improves. 
 
 
Apollo Multi-Asset Management LLP ("Apollo"), in which CAM has a 51% interest, 
has still not reached critical mass in terms of assets under management.  CAM 
will continue actively to monitor its position in Apollo, as cost control 
remains of paramount importance in the current enviroment. 
 
 
Crosby Active Opportunities Fund ("CAOF") had a year-to-date return, to 31 March 
2009, of approximately 5.8% and from inception of -27.85% (excluding side pocket 
investments). However, given that the recurring fees from CAOF remain modest, 
the Board continues to monitor its activities closely and no decision has yet 
been made on its long term future. 
 
 
Forsyth ("Forsyth") - CAM continued to work on closing the Forsyth fund of funds 
during the quarter as they had become uneconomical due to the level of investor 
redemptions in the later part of 2008. It is currently anticipated that a 
liquidator will be appointed for the Forsyth hedge fund of funds by June 2009. 
After liquidation of the hedge fund of funds, the only remaining Forsyth funds 
will be a managed balanced fund and a property fund. 
 
 
Orchard Petroleum ("Orchard"), in which CAM has a 5% interest (rising to between 
9% and 10%, after the repayment of debt to preference shareholders), has an 
inventory of 50 wells, of which 41 wells are producing and the remainder are at 
various stages of appraisal. The company has struggled to perform profitably due 
to the decrease in oil and gas prices during the course of the last year. 
 
 
Simon Fry, CEO, commented, "We continue to reduce costs and realise assets 
wherever possible, with a view to positioning CAM as an attractive partner for a 
larger scale business, that will ultimately benefit all shareholders." 
 
 
 
 
Trading Summary 
 
 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        | Unaudited |        | Unaudited | 
|                     |        |           |        | three     | 
|                     |        | three     |        | months    | 
|                     |        | months    |        | ended     | 
|                     |        | ended     |        | 31 March  | 
|                     |        | 31 March  |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        | 2009      |        | 2008      | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        | US$'000   |        | US$'000   | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Revenue             |        |       902 |        |     7,913 | 
+---------------------+--------+-----------+--------+-----------+ 
| Cost                |        |      (90) |        |   (1,855) | 
| of                  |        |           |        |           | 
| sales               |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Gross               |        |       812 |        |     6,058 | 
| profit              |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|           Loss      |        |      (25) |        |  (20,914) | 
|           on        |        |           |        |           | 
|           financial |        |           |        |           | 
|           assets at |        |           |        |           | 
|           fair      |        |           |        |           | 
|           value     |        |           |        |           | 
|           through   |        |           |        |           | 
|           profit or |        |           |        |           | 
|           loss      |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Other               |        |       192 |        |       226 | 
| income              |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Administrative      |        |   (3,068) |        |  (10,554) | 
| expenses            |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Distribution        |        |         - |        |       (1) | 
| expenses            |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Other               |        |   (1,044) |        |     (752) | 
| operating           |        |           |        |           | 
| expenses            |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Loss                |        |   (3,133) |        |  (25,937) | 
| from                |        |           |        |           | 
| operations          |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Finance             |        |      (32) |        |      (20) | 
| costs               |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|          Share      |        |         8 |        |        49 | 
|          of         |        |           |        |           | 
|          profits    |        |           |        |           | 
|          of         |        |           |        |           | 
|          associates |        |           |        |           | 
|          /          |        |           |        |           | 
|            jointly  |        |           |        |           | 
|          controlled |        |           |        |           | 
|          entities   |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Loss                |        |   (3,157) |        |  (25,908) | 
| before              |        |           |        |           | 
| taxation            |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Taxation            |        |        24 |        |      (76) | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Loss                |        |   (3,133) |        |  (25,984) | 
| for                 |        |           |        |           | 
| the                 |        |           |        |           | 
| period              |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Attributable        |        |           |        |           | 
| to:                 |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Equity              |        |   (2,901) |        |  (26,180) | 
| holders             |        |           |        |           | 
| of the              |        |           |        |           | 
| Company             |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Minority            |        |     (232) |        |       196 | 
| interests           |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| Loss                |        |   (3,133) |        |  (25,984) | 
| for                 |        |           |        |           | 
| the                 |        |           |        |           | 
| period              |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|      Loss           |        |        US |        |        US | 
|      per            |        |     cents |        |     cents | 
|      share          |        |           |        |           | 
|      for            |        |           |        |           | 
|      loss           |        |           |        |           | 
|      attributable   |        |           |        |           | 
|      to the         |        |           |        |           | 
|      equity         |        |           |        |           | 
|      holders of     |        |           |        |           | 
|      the Company    |        |           |        |           | 
|      during the     |        |           |        |           | 
|      period         |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| -                   |        |    (1.19) |        |   (10.76) | 
| Basic               |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
|                     |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
| -                   |        |       N/A |        |       N/A | 
| Diluted             |        |           |        |           | 
+---------------------+--------+-----------+--------+-----------+ 
 
 
 
 
 
 
Enquiries: 
Crosby Asset Management Inc. 
Simon Fry      +44 (0) 20 3291 2863 
 
 
Strand Partners Limited 
Stuart Faulkner/James Spinney             +44 (0) 20 7409 3494 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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