TIDMCSB 
 
RNS Number : 8478L 
Crosby Asset Management Inc 
13 May 2010 
 

 
               CROSBY ASSET MANAGEMENT INC. ("CAM"or the "Group") 
 
                 TRADING UPDATE - THREE MONTHS TO 31 MARCH 2010 
 
13 May 2010 
 
Revenue US$0.6million (Q1 2009: US$0.9million) 
 
Loss attributable to owners US$0.4 million (Q1 2009:US$2.9 million) 
 
Assets under management US$0.4 billion (Q1 2009: US$0.4 billion) 
 
 
 
COMMENTARY 
 
The Group has continued to pursue its strategy of significantly reducing its 
cost base, as evidenced by the reduced loss to shareholders incurred in the 
first quarter of 2010, despite a substantially reduced level of revenue (as 
compared with the same period in 2009). 
 
CAM has now completed its withdrawal from, and closure of, the Forsyth 
businesses which has contributed to the fall in revenue versus the comparable Q1 
2009 period. 
 
The Crosby Wealth Management (CWM) business now accounts for the significant 
majority of the Group's assets under management and this business unit continues 
to make modest progress. 
 
When announcing the 2009 annual results on 25 March 2010, the Group highlighted 
that Orchard Petroleum ("Orchard") was innegotiations with its key creditor 
(which is also the majority shareholder, Mercuria) (the "Creditor") regarding 
debt repayment, and as a result, its outlook was unclear.   As CAM shareholders 
will be aware, CAM is a small minority shareholder in Orchard and the Group was 
therefore not able to influence those negotiations directly.  Towards the end of 
the quarter ending 31 March 2010, the Creditor officially called an event of 
default and took over the underlying assets of Orchard that were held as 
collateral against the loan. Legal advice is currently being sought in relation 
to the Creditor's actions and the rights of the minority shareholders in 
Orchard. At this stage, we are not certain if any value can be recovered from 
the Group's investment in Orchard. CAM will provide further updates via RNS, as 
soon as there is further clarity with regard to this situation. 
 
 
Trading Summary 
 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        | Unaudited |        | Unaudited | 
|                 |        |           |        | three     | 
|                 |        | three     |        | months    | 
|                 |        | months    |        | ended     | 
|                 |        | ended     |        | 31 March  | 
|                 |        | 31 March  |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        | 2010      |        | 2009      | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        | US$'000   |        | US$'000   | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Revenue         |        |       558 |        |       902 | 
+-----------------+--------+-----------+--------+-----------+ 
| Cost            |        |     (132) |        |      (90) | 
| of              |        |           |        |           | 
| sales           |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Gross           |        |       426 |        |       812 | 
| profit          |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Gain/(Loss)     |        |           |        |           | 
| on              |        |         9 |        |      (25) | 
| financial       |        |           |        |           | 
| assets at       |        |           |        |           | 
| fair value      |        |           |        |           | 
| through         |        |           |        |           | 
| profit or       |        |           |        |           | 
| loss            |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Other           |        |       209 |        |       192 | 
| income          |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Reveresal       |        |       218 |        |         - | 
| of              |        |           |        |           | 
| restructuring   |        |           |        |           | 
| expenses        |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Administrative  |        |   (1,254) |        |   (3,068) | 
| expenses        |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Other           |        |     (136) |        |   (1,044) | 
| operating       |        |           |        |           | 
| expenses        |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Loss            |        |     (528) |        |   (3,133) | 
| from            |        |           |        |           | 
| operations      |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Finance         |        |      (25) |        |      (32) | 
| costs           |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Share           |        |           |        |           | 
| of              |        |        25 |        |         8 | 
| profits         |        |           |        |           | 
| of              |        |           |        |           | 
| associates      |        |           |        |           | 
| /               |        |           |        |           | 
|                 |        |           |        |           | 
| jointly         |        |           |        |           | 
| controlled      |        |           |        |           | 
| entities        |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Loss            |        |     (528) |        |   (3,157) | 
| before          |        |           |        |           | 
| taxation        |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Taxation        |        |         3 |        |        24 | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Loss            |        |     (525) |        |   (3,133) | 
| for             |        |           |        |           | 
| the             |        |           |        |           | 
| period          |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Attributable    |        |           |        |           | 
| to:             |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Owners          |        |     (382) |        |   (2,901) | 
| of the          |        |           |        |           | 
| Company         |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Non-controlling |        |     (143) |        |     (232) | 
| interests       |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Loss            |        |     (525) |        |   (3,133) | 
| for             |        |           |        |           | 
| the             |        |           |        |           | 
| period          |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| Loss            |        |           |        |           | 
| per             |        |        US |        |        US | 
| share           |        |     cents |        |     cents | 
| attributable    |        |           |        |           | 
| to owners of    |        |           |        |           | 
| the Company     |        |           |        |           | 
| during the      |        |           |        |           | 
| period          |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| -               |        |    (0.16) |        |    (1.19) | 
| Basic           |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
|                 |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
| -               |        |    (0.16) |        |    (1.19) | 
| Diluted         |        |           |        |           | 
+-----------------+--------+-----------+--------+-----------+ 
 
 
 
Enquiries: 
Crosby Asset Management Inc. 
Ilyas Khan                                                             +44 (0) 
20 3291 2863 
 
Strand Hanson 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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