Sunday, 26 April 2015
Last updated 1 day ago
Jul 15 2011 | 11:16am ET
RAB Capital is a step closer to delisting after its board of directors approved a planned management buyout.
An independent committee of the board—composed of those four directors not participating in the buyout—unanimously approved the plan, which would pay shareholders £0.10 per share, a 23% premium to their value the day before the original delisting plan was announced. Those shareholders will vote on Aug. 10.
If they approve the deal, a new private company, RAB Holdings, will buy what's left of RAB, which will have seen its assets fall from more than US$7 billion to a predicted US$200 million by October, the victim of big losses in 2008 and heavy redemptions since then.
"Following completion of the buyout, the objective of the directors of RAB Holdings will be to stabilize the business over the near term and to manage the remaining strategies with the intention of safeguarding the position of the remaining investors in RAB funds," the board said.
The new company will be much smaller, with staff cuts expected to reduce its headcount by half to about 35, and with just four hedge funds in its lineup.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…