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RAB Special Situations prepares for wind up vote

RAB Special Situations has prepared its interim accounts as though it is no longer a going concern as it prepares  itself for a wind up vote due at the end of 2015. Its NAV improved nevertheless from 11.43p to 12.61p as the underlying master fund recorded a 9.36% gain in NAV. However, since 30 June 2015, the basic NAV per Ordinary Share has decreased to 11.37p and the share price has fallen to 9.00p at 31 July 2015, giving a discount of the share price to NAV of 20.84%.

The Shareholder vote shall be proposed as an ordinary resolution and accordingly will require the approval of a simple majority of the votes cast at the relevant Extraordinary General Meeting to be passed. If a simple majority of Shareholders vote against the continuance of the Company as an investment company, then RAB Capital Limited and Philip Richards (who together hold shares representing approximately 27.2% of the voting rights of the Company) have confirmed that they would not vote against any resultant proposals put forward by the Board to wind up the Company and/or liquidate its assets that require a special resolution.

Falkland Oil and Gas Ltd was the biggest positive contributor to the Master Fund performance during H1. Royal Nickel Corporation was also a positive contributor to the Master Fund performance in H1 following a flurry of positive newsflow.

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