RAB Special Situations edges closer to wind up

RAB Special Situations’ results for 2014 show its net asset value falling from 16.83p to 11.43p – almost a third. 1.36p of the fall came from preparing the accounts on the basis that the fund is no longer a going concern. This was done on the basis that the Board thinks shareholders will vote against the continuation of the fund at the end of 2015. the fund’s largest investment, Falkland Oil & Gas, fell in value by 18.8% during the year. By contrast, Royal Nickel Corporation performed well; nickel was one of very few commodities to gain in price over 2014.

Fees were cut last year – with effect from 1 January 2014, the Chairman agreed to waive £12,500 per annum of his fees (2013: £5,000) and each of the other Directors have agreed to waive £10,000 per annum of their respective fees (2013: £5,000). The Company’s Administrator and Investment Manager also agreed to reduce their fees by £10,000 per annum and the Nominated Adviser and Broker agreed to reduce its fees by £5,000 per annum with effect from 1 January 2014.

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