RAB Special Situations Company yesterday authorised its new nominated adviser and sole broker Panmure Gordon to snap up £750,000 as part of a share buyback programme.
Rab, which invests all its cash in its Rab special situations strategy, switched its broker two weeks ago from Fairfax to Panmure. Yesterday it told investors Panmure would take on the mandate to pursue the buyback. It is the second buyback by RAB this year, after it bought £1.1m of shares back from investors in February, which was done through Fairfax. The company is buying back shares from investors to help support the share price and give the firm more capital flexibility.