** everything on track, page-8

Badfish,20M went through the Aim market after close on Friday.

There were actually 2 entries for the trade which I think was an accidental duplication of the transfer of the 20M between the RAB funds.So it looks as though this transfer has already been done last week.

As you mention RAB already hold Gip scrip and this recent restructure of RAB lets them get involved in the actual financing of projects once sufficient funds are raised from this issue on the Aim market.

Obviously RAB now has to raise this cash in order to be able to go ahead with any such financing of potential projects

*RAB SSC intends to raise approximately £100 million, before expenses,
through a placing of shares and warrants. The Placing price will be 100p per
share. Dealing is expected to commence on 20 May 2005. Collins Stewart is
acting as Nominated adviser and broker to RAB SSC.


*The minimum investment per subscriber will be £25,000, which is
equivalent to the $50,000 minimum investment level of the existing RAB
Special Situations Fund. Following admission to trading on AIM, the Company
will monitor changes in the share register and contact new shareholders to
emphasise the risks involved in holding shares in the Company.

It appears from these 2 points in the RAB annmnt that the issue takes place on the Aim market and not as we know issues to be done usually through a prospectus/subscription type arrangement.Once again cant say if this is indeed the case but his is what the annmnt intimates.Whatever the case trading in this new RAB scrip starts 20th May.

Considering the success that Philip Richards has had with RAB so far its hard to see the issue not being successful.

The intentions of the fund are clear and seem to fit well with Gips Abu Dabbab. Just how much of this might go towards it anyones guess.

Hope this makes some sense.

d.