RAB Special Situations Company Share Discussion Threads

[trader horne] 08/3/2006 22:42

fatfin,
no no no! was that not clear enough? on exercise day the corresponding shares are bought at the exercise price (116p) and sold at market price, profit to the exerciser. No problem.

[exmooroil] 08/3/2006 06:44

Because there is a market in the warrants, their price is not just a function of the price of RSS shares but also of liquidity, thus possibly increasing the volatility. It was difficult to sell even small quantities when they hit 18p recently.

Despite the likelihood(?) of another resources correction, I cannot see RSS retracing to below 115p, although anything is possible.

It is very much in the interests of RAB/RSS/Spec Sits for £23m exercise proceeds to be injected into RSS following 31 May, but for institutional holders of RSS I am not entirely sure, unless the bulk of "A"s are already held by "them".

[fatfin] 07/3/2006 22:00

Thus if you do not exercise the warrant you have lost the right to the share at £1.15 and you will also lose the money you have paid for the warrant. So unless you want to actually buy the shares you must sell the warrants before 31st May 2006. I would suspect the value of the warrants will remain share price - £1.15 as they are at present. It is just a way of being more geared into the share price? I hold both shares and warrants but am making a far greater % return off the warrants for the cap. outlay. Perhaps it would soon be worth selling the A's and moving over into the B's and leaving it for another year. The B's are less jumpy.

Fatfin

[trader horne] 07/3/2006 21:05

From my brokers:-
Depends if you want to hold RSS.
"The usual procedure for warrants is:
On the final exercise date the warrants will be converted by the
trustees into shares. These shares will then be sold by the trustees and
the cash proceeds will be credited to all shareholders. This is known as
lapsed proceeds. Lapsed proceeds means that you have taken no action, no cash would be removed from your account. The trustees will convert the warrants, sell
them and distribute the proceeds.
You would need to contact us to exercise the warrants if you did want to
do this.
We would need you to have cleared funds on your account to exercise
these.

Regards,
iDealing.com"

[exmooroil] 07/3/2006 20:23

According to the RAB website, "A" warrants are exercisable at 115p on 31 May 2006.
According to the RNS announcement released by RAB on 27 May 2005, each "A" warrant allows the holder to subscribe for one new ordinary share at 115p for up to one year from issue.

It would appear that, unsurprisingly, no "A" warrant holder has yet subscribed, since the RSS share capital is still 40m.

The end game for these "A" warrants could be rather interesting as 31 May draws near, since I imagine most private investors will not wish to stump up the £1.15 ante on the day.

Do other holders have a view on this?

[fatfin] 07/3/2006 11:25

Thanks. Can you still sell the warrents on that day or do you then have to buy the shares? Sorry to ask but in the past I have always sold out long before warrents are due so it has not really been an issue.

[trader horne] 06/3/2006 22:40

fatfin, looks like it's worth waiting for exercise day ??th May (my meory's not what it was - I'll update the ?? in the office tomorrow)

[exmooroil] 06/3/2006 11:27

RNS today: Schedule 1 announcement update for Amur Minerals, IPO 15.3.06.

87,778,944 shares to be admitted, placing price 33p, raising £4.6m.

After admission, RAB Spec Sits will hold 10.9%.

All according to the announcement.

[exmooroil] 06/3/2006 08:58

RNS today: Schedule 1 announcement (8.25am) for Kalahari Minerals, IPO expected 20.3.06.

Before admission, RAB Spec Sits holds 36.9% and Philip Richards 7.4%. 84,237,824 shares to be admitted, raising £4.5m approx. All to be confirmed.

[fatfin] 06/3/2006 08:46

I hold the RSSA warrents. When do we have to exercise them by or sell them by depending on cash at the time?

[dunnie] 06/3/2006 08:20

NAV Hits All Time High,



Net Asset Value(s)

RNS Number:3234Z
RAB Special Situations Company Ltd
06 March 2006

RAB SPECIAL SITUATIONS COMPANY LIMITED (the "Company")



The Directors today announce that the estimated Basic Net Asset Value per
Ordinary Share based on the estimated value of the RAB Special Situations Master
Fund provided by the Investment Adviser as at 2 March 2006 was 149.91 pence.
This has not been adjusted for any potential warrant exercise dilution.


Enquiries to: Collins Stewart Fund Management Limited
No 1 Le Truchot
St Peter Port
Guernsey GY1 4AE




This information is provided by RNS
The company news service from the London Stock Exchange
END

[dunnie] 04/3/2006 21:12

ramellous,it's still there although i had the same problem on Friday,regards.

[ramellous] 04/3/2006 18:35

Is there a problem with iii. Cannot find quote or discussion for RSS anymore.

[dunnie] 03/3/2006 18:16

Up another 3%,amazing.

Latest Manager Estimate
RAB Special Situations NAV Estimate at
02-Mar-06 Month to Date
Performance Change
RAB Special Situations Fund ($) 2674.65 +3.02%
RAB Special Situations Fund (€) 2593.43 +2.92%
RAB Special Situations LP N/A +3.02%


Past performance is not necessarily a guide future returns.

Data source: RAB Capital plc

[trader horne] 02/3/2006 20:36

That's more like it!

[dunnie] 02/3/2006 11:33

Up 4% in the last week.

Net Asset Value(s)

RNS Number:1865Z
RAB Special Situations Company Ltd
02 March 2006

RAB SPECIAL SITUATIONS COMPANY LIMITED (the "Company")



The Directors today announce that the estimated Net Asset Value per Ordinary
Share based on the estimated value of the RAB Special Situations Master Fund
provided by the Investment Adviser as at 28 February 2006 was 145.42 pence. The
fully diluted Net Asset Value after taking into account potential warrant
dilution is 133.96 pence.


Enquiries to: Collins Stewart Fund Management Limited
No 1 Le Truchot
St Peter Port
Guernsey GY1 4AE




This information is provided by RNS
The company news service from the London Stock Exchange
END

[dunnie] 01/3/2006 18:30

RSS last updated the market with the nav on Monday for the period up until the 23/2/06,at that point the fund was down 3.13% month,today just 3 working day's later the fund has turned that around and come in with a monthly gain of .73% which means there has been a 4% increase in just 3 trading days which will put the nav up around the 1.46p mark and the Special Sits up around 18.5% year to date.I therefore expect the A's to hit the 20p mark when the next nav is announced.
The week upto 23/2/06 followed by the month end which shows a 4% improvement,

Latest Manager Estimate
RAB Special Situations NAV Estimate at
23-Feb-06 Month to Date
Performance Change
RAB Special Situations Fund ($) 2496.84 -3.13%
RAB Special Situations Fund (€) 2421.64 -3.09%
RAB Special Situations LP N/A -3.11%


Latest Manager Estimate
RAB Special Situations NAV Estimate at
28-Feb-06 Month to Date
Performance Change
RAB Special Situations Fund ($) 2596.23 +0.73%
RAB Special Situations Fund (€) 2518.73 +0.83%
RAB Special Situations LP N/A +0.72%


Past per

[dunnie] 28/2/2006 14:44

Expect a decent jump in the month end nav as all of RAB's top holdings are up Asia Energy,Oxus,FOGL,African Eagle and the "sleeping giant has woken" Gladsone Pacific Nickel is up 13.8% and rising,RAB believe GPN will outstrip the success of AEN.

[dunnie] 27/2/2006 08:16

Asset Value(s)

RNS Number:9585Y
RAB Special Situations Company Ltd
27 February 2006

RAB SPECIAL SITUATIONS COMPANY LIMITED (the "Company")



The Directors today announce that the estimated Basic Net Asset Value per
Ordinary Share based on the estimated value of the RAB Special Situations Master
Fund provided by the Investment Adviser as at 23 February 2006 was 139.89 pence.
This has not been adjusted for any potential warrant exercise dilution.


Enquiries to: Collins Stewart Fund Management Limited
No 1 Le Truchot
St Peter Port
Guernsey GY1 4AE




This information is provided by RNS
The company news service from the London Stock Exchange
END

NAVMGGZZRNFGVZG

[dunnie] 24/2/2006 18:23

Trader,i don't think it's that but no doubt they play their position as the "King Of The Junior Resource Sector" to the hilt,they do what they are charged to do as directors of a PLC act in the best interests of it's shareholders and not the stock market.
Regards

[dunnie] 24/2/2006 18:18

RSS Up Over 1% On The Week. dunnieboy
The Fund was down over 4% month to date when the nav was reported last week last week,this week the fund is down just over 3% month to date,so there has been a improvement of over 1%.The figure for next weeks nav should be just below the 1.40p mark.

Latest Manager Estimate
RAB Special Situations NAV Estimate at
23-Feb-06 Month to Date
Performance Change
RAB Special Situations Fund ($) 2496.84 -3.13%
RAB Special Situations Fund (€) 2421.64 -3.09%
RAB Special Situations LP N/A -3.11%

[trader horne] 24/2/2006 16:56

Dunnie, very much appreciate your comment! RAB's actions remind me of the Daily Mirror tipsters :- buy, start a sucker rush, sell at profit.

[dunnie] 24/2/2006 07:26

Trader,your spot on if you want to back RAB you either should buy RAB's shares or (RSS)RAB Special Situations shares,i have at various times tried to follow RAB's lead into a certain share only to see that RAB had in fact turned seller.The perfect example of this was last year RAB announced they had a notifiable interest in New Media Spark,buyers jumped in on the back of RAB's interest and the day after RAB announced they no longer had a notifiable interest,RAB had banked a nice profit for the benefit of the fund and that is their job.
Regards

[trader horne] 23/2/2006 21:03

SuperD,
I got rather burned buying obscure mining shares on the strength of RAB's interest - RAB spread the risk around different companies, got the shares cheaper,and I never knew if and when RAB sold them - dogs like GMA for example.

[energyi] 20/2/2006 19:59

--Date-- --RSS- --NAV-- -Disc. --HUI- --GBP- PdHUI PH/NA Ratio
25.Aug/5 102.11 103.79A - 1.6% 201.29 $1.800 111.8 1.077 94.7%

31.Dec/5 105.11 121.93A -13.8% 276.90 $1.719 161.1 1.321 65.2%
19.Jan/6 119.50 130.85A - 8.7% 308.80 $1.759 175.6 1.34A 68.1%
31.Jan/6 131.00 144.34A - 9.2% 342.43 $1.775 192.9 1.335 67.9%
16.Feb/6 127.00 138.23A -11.2% 306.11 $1.735 176.4 1.276 77.7%
23.Feb/f 12x.xx 139.89A

Did it drop because of disappointing NAV?

It could have been worse. HUI has fallen by 10.6% since 31.Jan, and RSS's
NAV has fallen by only 4.23%

Because of its non-gold holdings, RSS has only half the volatility of Gold shares