RSS Rab Spe

TIDMRSS

RNS Number : 0209B

RAB Special Situations Company Ltd

26 February 2014

26 February 2014

RAB Special Situations Company Limited (the "Company")

The board of the Company (the "Board") notes the changes to the Financial Conduct Authority ("FCA") rules relating to the restrictions on the retail distribution of unregulated collective investment schemes and close substitutes which came into effect on 1 January 2014 and has taken legal advice on this matter. The Board believes that the retail distribution of its shares should be unaffected by the changes promulgated by the FCA.

Based on this legal advice, the Board believes that the Company's shares will qualify as an 'excluded security' under these new rules and will therefore be excluded from the FCA's restrictions which apply to non-mainstream investment products because the returns to investors are, and are expected to continue to be, wholly or predominantly linked to, contingent on, highly sensitive to or dependent on, the performance of or changes in the value of shares, debentures or government and public securities.

It is the intention of the Board that the Company will continue to be operated going forward in such a manner as to ensure that the shares are not categorised as non-mainstream pooled investments and that, accordingly, the shares can continue to be recommended by IFA's to ordinary retail investors in accordance with the FCA's rules.

The Board is however aware that no formal guidance has yet been issued by the FCA in relation to the application of these rules to non-UK companies and that the rules may be subject to further change. The Board will assess any future changes to the rules as they arise and will communicate any further implications for the Company and its securities via a subsequent RIS announcement.

 
 Enquiries to: 
 Elysium Fund Management Limited   Nominated Adviser and Broker 
  1(st) Floor Royal Chambers        Panmure Gordon (UK) Limited 
  St Julian's Avenue                Richard Gray / Andrew Potts 
  St Peter Port                     / Adam James 
  Guernsey                          +44 20 7886 2500 
  GY1 3JX 
  elysium@elysiumfundman.com 
  Tel: +44 1481 810 100 
  Website: www.rabspecialsituations.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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