RSS : RAB Special Situations will hold continuation vote at end 2015
RAB Special Situations saw an increase in its net asset value over H1 2014 – from 16.83p to 17.25p per share. The increase comes in spite of falling index values fro AIM stocks and the FTSE AIM Basic resources Index. The Board and the investment manager are sufficiently enthused about the medium to long-term story for the resources sector that they are proposing shareholders wait until the end of 2015 to decide on the future of the company.
Three stocks are highlighted as having contributed to recent outperformance – Royal Nickel Corporation, Madagascar Oil Limited and Goviex Uranium Inc. Royal Nickel benefitted from an Indonesian ban on the export of the metal ore. Madagascar Oil said its oil discovery at Tsimiroro was “commercial” and Goviex listed in Canada. On the downside, Wildhorse Energy failed to sell its Hungarian coal assets, Sable Mining suffered as lack of Chinese demand drove down the iron ore price and the market remained unexcited about the prospects for Falklands Oil & Gas.