RAB Special Situations Company Share Discussion Threads

[energyi] 22/5/2006 16:51

--Date-- --RSS- --NAV-- -fdNAV-- 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%
15.Sep/5 103.79 108.50A ....... - 4.3% 229.19 $1.800 127.3 1.173 81.5%
29.Sep/5 105.50 113.63A ....... - 7.2% 248.36 $1.764 140.8 1.239 74.9%
30.Sep/5 104.50 114.50A ....... - 8.7% 245.19 $1.763 139.1 1.215 75.1%
06.Oct/5 104.00 112.27A ....... - 7.4% 237.40 $1.780 133.4 1.188 77.9%
31.Oct/5 101.49 105.79A ....... - 4.1% 222.84 $1.770 125.9 1.190 80.6%
17.Nov/5 100.75 105.88A ....... - 4.8% 246.47 $1.719 143.4 1.354 70.1%
30.Nov/5. 99.83 109.83A ....... - 9.1% 243.44 $1.729 140.8 1.282 70.9%
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 133.42* - 1.8% 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%
28.Feb/6 128.00 145.43A 133.96* - 4.4% 305.87 $1.756 174.2 1.200 73.5%
02.Mar/6 131.00 149.91A ....... -12.6% 321.76 $1.752 183.7 1.225 71.3%
10.Mar/6 128.38 141.25E ....... - 9.1% 292.60 $1.726 169.5 1.200 75.7%
31.Mar/6 131.50 163.13A 142.81* - 7.9% 336.32 $1.747 192.5 1.180 68.3%
28.Apr/6 140.59 185.50A 154.00* - 8.7% 378.79 $1.823 207.8 1.120 67.7%
18.May/6 124.00 170.07A 146.28* -15.2% 324.45 $1.879 172.7 1.015 71.8%
22.May/6 115.25 1xx.xxA 1xx.xx* - ???? 310.00 $1.876 165.2 1.xxx 69.8%

(note: E= Estimated NAV based on Pound.HUI divided by PH/NA)
*Fully Dilluted: Where not available, discount is run on the undilluted NAV, which may be 10% or so higher.
If the RSS"A" Wts do not qualify for conversion on 31 May, then 20m shares will not join the 40m on the current RSS share register, therefore a huge dilution factor will have been removed from RSS NAV

[rambutan2] 22/5/2006 16:25

hi exmoor, i am sure it will be the mkt price.

agree that prob good news for shareholders, as opposed to warrant holders, although no doubt many hold both.

although perhaps mr richards was going to put the money to work in a couple of non-mining no brainers!

in any case, goodness knows where rss will be by a week wednesday.

[exmooroil] 22/5/2006 15:52

Hi, rambutan,

If the RSS"A" Wts do not qualify for conversion on 31 May, then 20m shares will not join the 40m on the current RSS share register, therefore a huge dilution factor will have been removed from RSS NAV should growth take place in the underlying Special Situations Fund from then on. That depends on one's view of the prospects for the resources sector, the fundamentals for which I do not believe have changed in the last week or so. If I was a long term holder of RSS, but not of the warrants, and given this market correction, then I would not want another 20m shareholders sharing my pot of gold.

If RSS"A" Wts do not qualify for exercise/conversion, then the Special Situations Fund will not receive £43m of new capital in June.

Without checking the Prospectus, I am not sure whether it is the actual market price or the fully diluted NAV of RSS shares at 31 May which determines the fate of RSS"A" Wts. I suspect the former, in which case the price is totally open to market forces in the closing days.

I would appreciate being corrected on any of the above.

Regards.

[rambutan2] 22/5/2006 10:22

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 18 May 2006 was 170.07 pence. The fully diluted Net Asset Value after taking into account potential warrant dilution is 146.28 pence.

current bid offer is 114-117p.

so about to drop below rssa ex price.

[exmooroil] 19/5/2006 20:00

Haven't a clue, Nephin, but 3 trades were completed at 20.35p, the spread remaining at 17.5/20.5p.

Regards.

[nephin] 19/5/2006 18:46

Hello exmooroil, it's me again. Could you tell me why RSSB has no live figure next to it today but there were a couple of buys on the trading board?

Thank you in advance.

[exmooroil] 19/5/2006 13:32

Mister X,
It is worth pointing out that the redemption notice period for holders of Special Situations Fund (LP) is 180 days following the next quarter day (defined as 31.3, 30.6, 30.9, 31.12).

To give notice today would mean redemption on or just after 31st December- rather difficult to judge the exit timing, therefore.

Shareholders of the Fund tend to be in for the longer term, in any case.

I think the disadvantage, in liquidity terms, is in the shareholders' court, rather than the Fund's equity positions. IMO.

Does anyone have a view?

Regards.

[mister x] 18/5/2006 22:09

I wonder what would happen to these micro caps in which Rab has a 10% holding, sometimes in more, should they be hit by mass redemptions from their flagship Special Situations fund? micro caps like this would be sold off but in relatively illiquid stocks like this (Special Sits is a $1bln fund), these micro caps would be dessimated.

Sitting duck springs to mind?

[nephin] 18/5/2006 18:02

Thanks exmooroil. I think that I'll hold until the bogeyman has gone.

[exmooroil] 18/5/2006 07:04

RSS B warrants have another year to run, expiry date of 31.5.07, and exercisable at 130p.

[nephin] 17/5/2006 21:47

DunnIE

Does that include RSSB as well?

[dunnie] 17/5/2006 12:17

A Warrant exercise deadline

RNS Number:1210D
RAB Special Situations Company Ltd
17 May 2006

RAB Special Situations Company Limited (the "Company")



Re A Warrant reminder notice



The last day for exercise of the warrants is 23 May 2006.



Each A warrant entitles the registered holder to subscribe in cash for one
Ordinary Share of 1p each of the Company at the price of 115p payable in full on
subscription.

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

[ramillar] 17/5/2006 09:14

As I wrote before, the RAB Capital shares seem to have the edge.

[slapdash] 16/5/2006 12:22

oh boy this is one bumpy ride...

Slap

[slapdash] 15/5/2006 08:16

Nav up to 158.61p....

i.e. up just over 2%.......

Doing nicely my sun...

Slapper

[slapdash] 10/5/2006 16:08

another fine move from the Slapster

Slap

[slapdash] 08/5/2006 08:16

Nav up again.... just over 155p...

Slap

[slapdash] 03/5/2006 10:51

it is after the warrants are issued... look at the statement and the 154p is after dilution... see below... NAV 154p and I would expect it to move slowly up to £2... so the shares at 141p... are at a discount after dilution.... and this will probably widen.. the shares should be at a premium

Slapper

RNS Number:3410C
RAB Special Situations Company Ltd
03 May 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 30 April 2006 was 185.50 pence. The
fully diluted Net Asset Value after taking into account potential warrant
dilution is 154.00 pence.

[mister x] 02/5/2006 16:40

slapdish, you need to take in the effect of the outstanding warrants. Thats why the fund is trading at a discount. Once converted there will be dilution to the listed entity.

[slapdash] 02/5/2006 07:51

NAV up again - now 152p...

At the end of the day this fund buys into the best fund manager in the city over the last three years.... if it doesn't deserve to be at a premium then what does???

Slapper

[slapdash] 24/4/2006 12:37

NAV at 147.18p.... so shares at a discount...

Surprising given the record of the manager....

I would predict a further rerating this year..

Slapper

[mister x] 07/4/2006 22:32

Latest Manager Estimate
RAB Special Situations NAV Estimate at
6-Apr-06 Month to Date
Performance Change
RAB Special Situations Fund ($) 3002.88 +3.10%
RAB Special Situations Fund (€) 2902.88 +2.96%
RAB Special Situations LP N/A +3.12%

Past performance is not necessarily a guide future returns.

Data source: RAB Capital plc


Up 3% for the first week in April already...

[trader horne] 07/4/2006 22:28

an extra 100% profit on RSSA just today, luvvly jubbbly.

[Abuse team] 07/4/2006 18:34

Post removed by ADVFN

[dunnie] 07/4/2006 18:33

Latest Manager Estimate
RAB Special Situations NAV Estimate at
6-Apr-06 Month to Date
Performance Change
RAB Special Situations Fund ($) 3002.88 +3.10%
RAB Special Situations Fund (€) 2902.88 +2.96%
RAB Special Situations LP N/A +3.12%


Past performance is not