rab

This is the crises engulfing RAB. This news article is only day or so old so its pretty up to date.

"The net asset value of RAB's special situations fund, the portfolio listed on Aim, has fallen by about 30% in the past month, and 56.5% this year. Shares in the listed fund have fallen by 73.6%.

Its shareholders will be paying particular attention to the strategy's performance, as those in the two unlisted feeder funds, who between them own more than 90% of the money in special situations, are to vote by September 29 on whether or not to commit their money to the strategy for three years, in return for lower fees. If they reject this proposal they will be asked to vote on whether or not to liquidate the funds.

A spokesman for RAB Capital told Financial News earlier this month that the decision to hold this vote was taken after talks with key investors in the strategy. It is believed about six of them were involved in these discussions.

Since announcing this proposal of votes on September 10, RAB Capital's strategy has fallen by 13.6% top last Thursday when its latest net asset value was struck. The portfolio might, however, have been aided slightly by the 3.4% rise by Aim last Friday.

Special situations is arguably best known as a committed investor in small mining companies listed on London's junior stock market, whose value has been hit amid growing concern about a recession and decrease in demand for their product. The basic resources companies whose shares trade on Aim have fallen 45.3% so far this year, according to data provider Bloomberg".