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RAB Capital to confirm delisting next week: source

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By Laurence Fletcher

LONDON | Fri Jun 17, 2011 1:34pm EDT

LONDON (Reuters) - Beleaguered hedge fund manager RAB Capital (RAB.L) is expected to confirm its planned delisting next week, a source familiar with the matter told Reuters, as the firm battles to survive after an exodus of clients.

The company, which has seen assets tumble from about $7 billion at end-2007 to about $1 billion, is expected to continue life as a private company with its flagship Special Situations fund and several other funds, the source added.

RAB declined to comment.

Once the darling of the hedge fund industry after returns of more than 1,000 percent in 2003, RAB saw its shares plummet last month after announcing further client exits and saying it may delist. [nLDE74A08I]

After an "unsatisfactory" loss of 20.2 million pounds ($32.6 million) in 2010, and with assets heading downwards and spread thinly across a number of funds, commentators speculate the firm may eventually wind up or find a buyer or merger partner. [nLDE72E26H]

"I think it is far too wounded," said one London-based hedge fund manager, who asked not to be named. "It will be as slow a death as they choose to make it ... It (would have to) be a Lazarus-like recovery."

Last month, Singer analyst Sarah Ing said the firm had reached "the point where they have got to pursue closing down the entire business."

In April, RAB said 79 percent of clients wanted to exit its Special Situations fund, which bought into Northern Rock before its collapse, when a three-year lock-up ends in October this year. [nLDE73515S].

COSTS

RAB's assets are spread across a range of funds, which are normally costlier to run than one large fund.

"If they were running one strategy with $1 billion and prospects for that strategy were really positive, then things would be reasonably ok," said one hedge fund executive who spoke on condition of anonymity.

"The firm is over-resourced. It's hard to cut staff ... as it further hurts their credibility with investors."

While RAB, which counts the super-rich Mittal family among its shareholders, does not normally disclose the size of its individual funds, data seen by Reuters suggests many of its funds may lack critical mass.

The firm runs four funds under $25 million, while its European Credit Opportunities fund is $58 million, its Octane fund is $79 million and Global Mining and Resources is $100 million.

Cross Europe, one of its best asset-gatherers in 2009, was $108 million in size but has been closed down, while Special Situations -- once the cornerstone of the firm -- has $472 million in assets but this is set to drop to around $100 million when it pays out clients in October.

Its next biggest fund is Energy at $247 million.

In 2010, management fees fell to 9.2 million pounds from 10.7 million pounds, while performance fees slipped to 2.4 million pounds from 2.8 million pounds. Fixed costs dropped to 17.7 million pounds from 19.3 million pounds.

The firm could look at potential merger partners as a way of rebuilding its finances and attracting back nervous investors, although co-founders Philip Richards and Michael Alen-Buckley could also run the firm in a slimmed-down form.

"It's very difficult for the firm. Its survival prospects are really in question," the hedge fund executive said.

"It could be they decide it's their firm and they'll ride things through for the longer term. But if you're looking purely at the bottom line and if I were in their shoes I'd be looking for someone to acquire the business."

(Twitter: www.twitter.com/reutersfletcher. To read the Reuters Funds Blog click on blogs.reuters.com/fundshub; for the Global Investing Blog click here)

(Reporting by Laurence Fletcher; Editing by Douwe Miedema and Erica Billingham

Just been looking how long at a guess RAB will take to dispose of their shares in Sound.
Will depend on the sp holding to the level they want to off load at. Also the general market conditions. My guess is they are going to off load their full holding.


As at 31/5/11 holding (millions) 098,574,606 6.32%
Since the 31/5 we have had 13 more trading days which Rab have clearly been off loading.
At a guess another 20-25 million have gone, may be more or less.

If with news and strong buying the sp stays strong, to enable a strong disposal.
Looking back to the period from 9th March - 18th March (8trading days)
Rab went from 238,574,606 down to 187,574,606. 51million sell.
I do not know market conditions then.

Say 80 million left = 12 trading days . Only a guess from the above figures.
Not looking to bad in my opinion.

You are a lone voice on here dreamcatcher but not alone in your hopes for SOU---I hold and hope to get some good rewards. the markets are so bad at the moment any positive news is wasted!

I agree moneyplus, good news seems short lived.

Thanks to nat81

16:49 email from GO re RAB - 21 Jun nat81 5






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well, further to entropick suggestion asking SOU to buy small remaining RAB shares, I then asked my husband to email SOU (my husband is working in investment institution in Mayfair) and this is the positive reply he got from Gerry. I dont think any harm posting his email below.
------------------------------
Dear xxxxx

Thank you for your note.

I like your suggestion and have had the same thoughts myself. I have however asked for legal advice on this and been told by our advisers that this is not allowable under AIM. rules.

Even so I have seen Rab recently and expressed my concern and also to our Brokers. They are trying to find a solution as quickly as possible.

Thank you for your support

Regards

Gerry Orbell
--------------------------------------------------------------------------------

Friday 24 June, 2011Sound Oil PLC
Operations Update
RNS Number : 0530J
Sound Oil PLC
24 June 2011



For Immediate Release
24 June 2011




Sound Oil PLC



("Sound Oil" or "the Company")



Operations Update: Marciano-1ST Well Testing.



Sound Oil is pleased to announce that operations on Marciano-1ST well is expected to recommence on 25 June. Contractors and necessary equipment are currently being mobilised to the well site to undertake testing operations. The test programme is expected to take a minimum of 4 days.





For further information please contact:



Sound Oil



Gerry Orbell, Chairman and CEO

Michael Cope, Chief Operating Officer


Tel: +44 (0)1372 365745







Buchanan Communications

Tim Thompson

Ben Romney
Tel: +44 (0)207 466 5000









finnCap

Sarah Wharry

Henrik Persson
Tel: +44 (0)207 600 1658











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

END

Sound Oil recommences operations
StockMarketWire.com
Sound Oil says that operations on Marciano-1ST well are expected to recommence on 25 June.

Contractors and necessary equipment are currently being mobilised to the well site to undertake testing operations. The test programme is expected to take a minimum of 4 days.

At 9:45am: (LON:SOU) share price was +0.18p at 3.5p


Story provided by StockMarketWire.com







For immediate release
28 June 2011




SOUND OIL PLC

("Sound Oil" or "the Company"")



Sound Oil is pleased to announce the following news concerning its Italian and Indonesian assets.



Marciano-1ST Well Completion, Basilicata, Italy



Testing operations at the Marciano-1ST well have produced gas at rates up to 98,000 scmd (~ 3.5 MMscfd) from one of the two perforated zones before the well had to be restrained due to site flare restrictions. The test will continue to determine a stabilised flow rate and information from the test flow will be used to determine the scope for early commercialisation of the well.



Sound Oil has a 100% operated interest in the Marciano project located on the Fonte San Damiano Concession.



Bangkanai PSC, Kalimantan, Indonesia



The Operator of the PSC, Salamander Energy Bangkanai Limited, has today signed on behalf of the joint venture group a Gas Sales and Purchase Agreement to supply the Indonesian state electricity company PT PLN with up to 20.3 MMBtu per day (~20 MMscfd) of gas from the Kerendan Field. The gas price has been struck at $4.79/Mscf ($5.08/MMBtu) escalated at 3% per three years. The gas will be used in a power plant to be constructed adjacent to the field. Sound's net proven reserves in this project are 6.1 Bscf.



The signing of the GSA secures the extension of the PSC contract and will allow the implementation of development of the Kerendan Field and the fulfilment of outstanding exploration drilling commitments. First gas from the field is expected in mid 2013.



The Operator has informed its partners that an exploration drilling programme will commence later this year to drill two wells to target prospective resources in Oligocene carbonate and deeper Eocene sandstone objectives. The first well (Sungai Lahei-1) will drill the Kerendan Deep prospect and also act as a first development well for the Kerendan field.



Sound Oil has a 5% interest in the Bangkanai PSC with all its costs carried until first gas from the Kerendan Field.





Commenting on these announcements Gerry Orbell, Sound Oil's Chairman and Chief Executive Officer, said:



"This is a very encouraging result from Marciano where the upper sand has tested gas at very good rates. The next step is to re-certify the production equipment on site and then to generate revenue. Elsewhere, in Indonesia, the Gas Sales and Purchase Agreement has been signed today with the government electricity utility and this opens the way for the operator to move along with developing Kerendan and drilling the large exploration prospect at Sungei Lahei. Altogether today is a very good day for the Company."



For further information please contact:

Sound Oil

Gerald Orbell, Chairman


Tel: +44 (0)7903 861 145

Buchanan Communications

Tim Thompson

Ben Romney


Tel: +44 (0)207 466 5000



finnCap

Sarah Wharry

Henrik Persson
Tel: +44 (0)207 600 1658





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

END

Successes for Sound Oil in Italy and Indonesia
StockMarketWire.com
Sound Oil has undertaken test operations at the Marciano-1ST well in Basilicata in Italy and have produced gas at rates up to 98,000 scmd (~ 3.5 MMscfd) from one of the two perforated zones before the well had to be restrained due to site flare restrictions.

The test will continue to determine a stabilised flow rate and information from the test flow will be used to determine the scope for early commercialisation of the well.

Sound Oil has a 100% operated interest in the Marciano project located on the Fonte San Damiano Concession.

At Bangkanai PSC in Kalimantan, Indonesia, the operator, Salamander Energy Bangkanai Limited, has signed on behalf of the joint venture group a Gas Sales and Purchase Agreement to supply the Indonesian state electricity company PT PLN with up to 20.3 MMBtu per day (~20 MMscfd) of gas from the Kerendan Field.

The gas price has been struck at $4.79/Mscf ($5.08/MMBtu) escalated at 3% per three years. The gas will be used in a power plant to be constructed adjacent to the field. Sound's net proven reserves in this project are 6.1 Bscf.

The signing of the GSA secures the extension of the PSC contract and will allow the implementation of development of the Kerendan Field and the fulfilment of outstanding exploration drilling commitments. First gas from the field is expected in mid 2013.

The operator has informed its partners that an exploration drilling programme will commence later this year to drill two wells to target prospective resources in Oligocene carbonate and deeper Eocene sandstone objectives. The first well (Sungai Lahei-1) will drill the Kerendan Deep prospect and also act as a first development well for the Kerendan field.

Sound Oil has a 5% interest in the Bangkanai PSC with all its costs carried until first gas from the Kerendan Field.

Commenting on these announcements Gerry Orbell, Sound Oil's Chairman and Chief Executive Officer, said: "This is a very encouraging result from Marciano where the upper sand has tested gas at very good rates. The next step is to re-certify the production equipment on site and then to generate revenue. Elsewhere, in Indonesia, the Gas Sales and Purchase Agreement has been signed today with the government electricity utility and this opens the way for the operator to move along with developing Kerendan and drilling the large exploration prospect at Sungei Lahei. Altogether today is a very good day for the Company."

At 10:51am: (LON:SOU) share price was +0.48p at 3.85p



For immediate release
28 June 2011




SOUND OIL PLC

("Sound Oil" or "the Company"")



ANNOUNCEMENT FOLLOWING THE AGM



The Chairman welcomed shareholders to the AGM and put the various resolutions to the meeting, which were duly passed.



Following the formal part of the meeting the Chairman gave an update of the Company's present activities:



Marciano gas field: the general geographical and technical setting was described together with the procedures of the current testing programme. The testing results are the subject of a separate announcement today.



Montemarciano Farmin: the well planning is in progress and the civil works are to be completed by August 24th. An interim map has been made and this confirms the viability of the Casa Tiberi prospect which should be drilled during 4th quarter 2011.



The Nervesa and Montefano Gas Discoveries have been confirmed by preliminary re-mapping during the seismic acquisition process. An application to drill Nervesa will be submitted to the authorities during July with Montefano to follow.



Badile: the 3D seismic data has been acquired and will be interpreted during July. In the meantime an application to drill will be submitted to the Ministry during July.



The authorities have assured the Company that the applications at Rapagnano and Costa del Sole are in hand and will be awarded shortly.



In Indonesia the Operator signed the Gas Sales and Supply Agreement for the Kerendan Gas Field today with the local electricity utility. A statement about this has been released.



For further information please contact:

Sound Oil

Gerald Orbell, Chairman


Tel: +44 (0)7903 861 145

Buchanan Communications

Tim Thompson

Ben Romney


Tel: +44 (0)207 466 5000



finnCap

Sarah Wharry

Henrik Persson
Tel: +44 (0)207 600 1658





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

END

Flow rates should be out later this week. Should be another sp rise. Rab still seem to be selling, with the large placements. Would have been 20% + rise today without them. Roll on the day when we see they have sold all their sound holding.

Meet the new owners of RAB's Energy and Octane funds
Harriet Agnew

28 Jun 2011
.
Sunwah International, the Asian-based financial services firm which announced this morning plans to buy two funds from beleaguered hedge fund firm RAB Capital, started life as a seafood processing business in Macau, China - the founder of which earned the moniker "The King of Seafood".
In 1957 Choi Kai Yau founded the Sun Wah Group in Hong Kong, as a seafood processor, wholesaler and distributor. Dr. Jonathan Choi Koon-shum, the son of the founder took up the business in 1976, and the group diversified into real estate development in 1977, the financial industry in 1985, infrastructure investments in 1992, technology in 1998 and media services in 2002.

In September 2010, Sunwah International took control of Kingsway International Holdings, which it renamed Sunwah International Asset Management in January. This morning the asset management division said it plans to buy two funds from RAB, and an 80% stake in PCE Investors, a $550m hedge fund incubation business, as part of a move to expand its fledgling asset management business through ventures in private equity and hedge funds.

Doug Betts, president and chief executive officer of Sunwah International, said the new asset management business initially planned to focus on private equity. However, "when the opportunity became available to buy PCE and RAB we decided to seize it as it moved our business plan ahead two to three years," he said.

Betts said: "Building out into asset management expands us globally and produces steady and stable cashflows. One thing that has been a concern for me in the past few years is the lumpy annualised returns of the broker dealer and merchant banking group [...] Having our assets under management based out of London will lead us to additional deal flow and relationships."

Bill Majcher, chief executive officer of SIAM, said: "We are intending to be a global emerging markets platform with a growth and emerging markets focus. We don't intend to manage money, we intended to manage managers." SIAM is looking to recruit "best in class" fund managers, ideally those with at least a five-year track record.

The first two funds that SIAM intends to acquire are the RAB Energy Fund and the RAB Octane Fund. The energy fund was one of the top performers of 2010, gaining 46.24% during the year, and has returned 16% on an annualised basis since it launched in 2004, according to investors.

Sunwah will pay "a combination of cash and a share in future management and performance fees in favour of RAB Capital," according to a statement from Sunwah. It intends to invest $50m into the energy and octane funds and a further $200m to backstop redemptions and secure the capital of the funds.

London-based PCE provides management and administrative services to independent funds. There are currently six funds on its platform. Betts said that as well as continuing this line of the business, Sunwah will look to add its own branded products to the platform. It will likely rebrand the RAB funds under the Sunwah name, and it wants to add a mining fund and several other strategies to the Sunwah range.

On Friday RAB, which at its peak managed $7bn, announced its plans to de-list from the Alternative Investment Market on the London Stock Exchange, following investor redemptions. It offered shareholders the choice between remaining invested in the private company or being bought out by RAB.

The remaining funds at RAB, which will now become part of the private company, encompass the global mining and resources hedge fund and Ucits fund; the European long/short equities business that was merged with Park Place Capital late last year; the flagship RAB Special Situations Fund, and the RAB European Credit Opportunities Fund.

MM's seem to have played Rab not the pi, lowering the price. Selling may have stopped for the time being by Rab.

Rab dumping huge. 5 million + today

Some good buys coming through now

http://bcove.me/bwkha3i7

KeywordCompanyEPIC/TIDMSEDOL/ISIN Print Thursday 21 July, 2011Sound Oil PLC
Change of Adviser
RNS Number : 7759K
Sound Oil PLC
21 July 2011



21 July 2011



Sound Oil plc

("Sound Oil" or "the Company")



Appointment of nominated adviser and broker





The Company is pleased to announce the appointment of Smith & Williamson Corporate Finance Limited as its nominated adviser and Investec Bank plc as its corporate broker with immediate effect.











For further information please contact:



Sound Oil

Gerald Orbell, Chief Executive


Tel: +44 (0)1372 371010



Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones


Tel: +44 (0)20 7131 4000

Investec - Broker

Charles Batten

David Flin

Adam Strachan


Tel: +44 (0)20 7597 4000

Buchanan Communications

Tim Thompson

Ben Romney

Helen Chan


Tel: +44 (0)20 7466 5000







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

END

I thought a new investor could have been found for their
shares. Very unnerving for investors, that invested at 5p-6p.

Well quite frankly they shouldn't have done!

For a company whose sp was 0.5p in Jan 11, That was when they should have been investing. When it hit 6p they should have been selling not buying. The whole AIM market is presently going down. Sound oil is just one amongst many and it will continue to do so until the market decides the economy is safe enough to start reinvesting in AIM stocks. With the Euro meeting today and US debt talks tomorrow, don't forget that if those talks go wrong then the market could collapse aboput 30%. If and it is a big if that is the case then this will be back down to around 1p and then you'll be able to get in and make your 6 bagger.

Of course that is presuming Europe, the US and we don't all economically collapse. In that case all bets will be off and I guess most companies go bust. Based on the fact that it will be the end of the West as we know it, I guess at least we will all be in the same boat!

Whilst these comments may seem very negative, it does bring a sense of realism to these boards that sometimes seem sadly lacking.

See your point dealerdear. As you know for the sp to rise there must be buyers.5p - 6p is still very cheap in my eyes. Just a shame that RAB have hit problems. Could be 10P with some good drill results and RAB sold out.