Shares in RAB Capital have plunged 24% after the company issed a gloomy warning to investors claiming its days as a lsted company are numbered.
It said that the departure of Gavin Wilson, co-manager of the RAB Energy fund and the RAB Octane fund, coupled with redemptions on its RAB Special Situations (Master) fund, has put further restructuring on the cards.
‘The path for the company’s return to profitability will be impaired relative to management’s previous expectations and the board’s outlook for the current financial year is now significantly below its former expectations,’ investors were told.
RAB intends to continue to support its core strategies, including the Ucits funds it recently launched. But its board intends to review the options for the company, including the ‘appropriateness’ of maintaining an AIM listing, and the possible use of the its surplus capital to provide some liquidity to shareholders.
RAB Capital shares were drading at 7.6p by 10.24am.