Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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RAB Special Sit. Co (RSS)

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Monday 29 June, 2009

RAB Special Sit. Co

Company Update

RNS Number : 6524U
RAB Special Situations Company Ltd
29 June 2009

RAB Special Situations Company Limited

Update May 2009

Throughout the month of May world markets echoed the previous month's recovery from the market doldrums of early March. The Bloomberg World Index posted a 14.0% gain during the month, meaning its year-to-date performance is +12.8%. Indeed performance amongst the major indices gave cause for optimism with rallies ranging from 0.99% to 9.19% among the Dow, S&P, TSX, ASX, FTSE 100 and AIM All-Share.

Given this strong market-wide performance, and in particular the strong performance of the mining sector (the Bloomberg World Mining Index was up 23.9% for May) the RAB Special Situations Company was able to continue capitalising on the current rally by achieving a NAV return of 10.5% to 41.81p during the month bringing the year-to-date loss to 1.9%1. The listed portfolio has contributed 24.3% year-to-date; however the private portfolio has been written down by 21.8% and, when one considers the relative size of the two sub-portfolios at the beginning of the year, these moves have broadly cancelled each other out. However the manager has already gone some way towards improving the liquidity profile of the portfolio. Whereas the public-private breakdown was 35.1%-70.6% at the beginning of the year, it is now 60.1%-48.5%. The debt owed by the portfolio to the prime broker increased from 7.5% of net assets at the end of April to 9.0% of net assets at the end of May. However it needs to be stressed that this increase in the dollar debt position is attributable to the dollar finally beginning to fall away against most other currencies and the portfolio holding most of its debt in Sterling and the Canadian dollar to match the assets.

On the commodities front, oil was amongst the most spectacular of performers, with West Texas Intermediate spot rising 27% and the spread in the contango falling sharply, particularly in near-term contract expiries. Likewise industrial metal prices continued their rally across the board. However data from China presents reasons to be cautious, with iron ore port inventories at near-record levels, leaving the question of what will be a sustainable level in the long-run given that the ore clearly isn't being used up as fast as it is coming in. That being said, following the scrapping by Rio of the planned $19.5 billion tie-up with Chinalco, the head of Export-Import Bank of China, Li Ruogu, was reported to have said: 'One failure does not mean that we will stop our march,' giving yet further indication of China's enhanced appetite to secure feedstock.

All indications are that the mood is turning, but the manager expects it will be a slow process. As such we appreciate your continued patience, but feel that the wheels are in motion to reward this patience in the long-run.2 

1 Past performance is not a guide to future returns.

2 Returns, or any performance, cannot be guaranteed.

This document is being distributed and the presentation is being made in the United Kingdom only to persons who are qualified investors within the meaning of Section 86(7) of the Financial Services and Markets Act 2000 who have professional experience in matters relating to investments and who fall within the exemption contained in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and to high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts who fall within the exemption contained in Article 49 of that Order, and to such other persons who are otherwise permitted by law to receive it.  This document and its contents and the presentation are directed only at such persons and any investment or investment activity to which this document relates is only available to such persons.  Persons of any other description, including those who do not have professional experience in matters relating to investments, should not rely on this document or act upon its contents.

This information is provided by RNS
The company news service from the London Stock Exchange