The stunning unravelling of RAB Capital as a public company
is in its final phase, with the directors this week coming
forward with a proposed "reorganisation" that would involve
delisting the firm from the stockmarket and taking it private
via a management buyout led by its executive directors.
Under the terms of the proposals outlined today,
shareholders in RAB are expected to have the option either to
sell their shares for just 10p each in cash - compared with an
IPO price of 25p in March 2004 and a peak of 120p in mid-2007 -
or to receive new shares instead in the new privately held
company, which is known only as NewCo at this stage.
Directors Michael Alen-Buckley and Philip Richards, the
co-founders of RAB, along with CEO Charles Kirwan-Taylor and
finance director Christopher de Mattos are aiming to lead the
proposed buyout - which marks the final fall from...