New York (HedgeCo.Net) – Shareholders in Falkland Gold & Minerals have approved plans to buy Bahamas-based oil exploration company BPC after a unanimous vote yesterday. <\/p>\n
Philip Richards, head of the RAB Special Situations Fund that owns a 76 percent stake in Falkland, will pocket around £1m thanks to the reverse takeover and his vast personal stake in BPC of 300,000 shares. <\/p>\n
While there has been some question regarding a possible conflict of interest with a hedge fund manager having that kind of stake in a company, Richards has been completely transparent in his holdings long before the meeting in which shareholders overwhelmingly approved the takeover. <\/p>\n
"This was a deal recommended by two strong independent and separate boards, both of which concluded that it was in the best interest of all their respective shareholders," said a spokesperson for RAB. <\/p>\n
Shareholders will get six shares of Falkland for every one share of BPC. <\/p>\n
RAB made headlines when the fund experienced sharp declines amidst the nationalization of Northern Rock, in which they amassed a significant stake. Meanwhile, Falkland has posted losses of over 90 percent over the past four years, prompting investors in the Special Situations Fund to lose an estimated £11m. <\/p>\n
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net <\/p>\n
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
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New York (HedgeCo.Net) – Shareholders in Falkland Gold & Minerals have approved plans to buy Bahamas-based oil exploration company BPC after a unanimous vote yesterday. Philip Richards, head of the RAB Special Situations Fund that owns a 76 percent stake […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[859,2474,303,404,110,2472,1818,2473,2292,242,700,2240,1352],"class_list":["post-8520","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news","tag-aftermath","tag-british-musicians","tag-brokerages","tag-downfall","tag-due-diligence-service","tag-footsteps","tag-glg-fund","tag-glg-partners","tag-government-loans","tag-img-src","tag-initial-public-offering","tag-sir-andrew","tag-stakeholder"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8520"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8520\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}