The letter seems too little too late. But then I also have know idea what else could be done. PIs or any share holders group are not responsible to run or guide the Company. Its the job of BOD & regulating authorities. We have invested in good faith. Shares should not have been suspended for so long. This act has denied us opportunity to salvage whatever we have left. I genuinely wish worst of life for Peter Landau, and I would wish the same for DC if we are delisted.
I have undertaken extensive research today and pulled in some favors to try to get to the bottom of what is happening with Range.
I will post what I found in it’s raw state. I do this to put people’s minds at rest. Validation should be with us tomorrow
The extract is dated 20th May 2015 from RRL to ASX
“We wanted to wait till the 14th to allow the Core extension to take its full life before we reply to you without too much uncertainties. Its a busy week at Range this week. There will be number of very positive announcement this week, including new financing we have secured in anticipation of Core’s termination. and I have asked our Comsec to send you my replies since I am on the road, to address your concerns and questions. No doubt being able to lift suspension is something of paramount importance to Range in moving forward the company and create shareholder value. We hope after you read our replies you would agree with us and allow us the opportunity to have a discussion on such efforts. “
This extract is date 7th May, from ASX to RRL
“Prior to ASX issuing a reinstatement conditions letter to the company, please provide the following information:
- Any further update on the US$60m funding from Core Capital management Co., Ltd; - A detailed proposal on how the company intends to raise capital should the US$60m funding not eventuate. Please include details of how the company intends to deal with the following: · the repayment of the Lind facility; · any obligations to Strait Oil & Gas with respect to the Production Sharing Contract over Block VIb of the Georgian Project; · the security deposit required under the US$50m trade financing package for LandOcean’s services.”
I hope this puts many people’s minds at rest and shows Range are trying to lift the suspension but have to demonstrate certain conditions to ASX
As highlighted in your letter of 19 May 2015 to shareholders, we are all keenly aware that on 11 June 2015 the company will have been in suspension for 6 months and will be forced to de-list in accordance with rule 41 of AIM’s regulations. We are aware that Range can come out of voluntary suspension at any time should you decide, as the suspension is not due to Lind or AIM.
We note the recent failure to secure funding from Core – as the relationship between Core, LandOcean and Range’s Directors is close we would like to understand the precise reasoning behind this failure. We are now concerned that you will be unable to secure fair value on other alternative financing before 11 June. This would mean automatic de-listing and that would further impair finding other funding streams.
We are also concerned that should Range de-list that Lind will then take action to try to recoup their losses from Range. One of Lind’s options could be to pursue the liquidation of Range. This is not acceptable for shareholders and could leave us all with nothing. We are also aware of the upcoming Lind court date on 5 June 2015. Should the court demand payment we are yet again concerned that we are not able to pay. RIG has further concerns over what judgement might be made, considering payment could be required within 28 days.
We are encouraged that the company has the 12 month LandOcean credit arrangement, but have no clarity or insight of the terms and so are unable to determine whether this offers investors any solace with regard to the imminent de-listing. As these terms are critical to investors’ understanding and decision making, we request that Range issues details to shareholders of the terms and flexibility of the loan. Please also advise shareholders of the current and anticipated cashflow and debt between the company and its supplier LandOcean, together with the actual amount owed and claimed by Lind.
RIG’s members are hopeful that in the coming days you are able to make an announcement stating that finance is arranged and will be in the bank prior to 11 June (and that trading will be re-commencing); Should you not be able to deliver definitive tangible progress in the coming days to protect shareholders’ interests by averting this delisting, RIG will consult with its members to determine what action is necessary to ensure that our members’ investments are protected. Many of our members have been petitioning us to call an EGM via the 249d form.
We are seeking definitive action delivered through regulatory announcement; declarations of being “in discussions”, platitudes and promises will not placate our members from wanting to pursue more direct action - we require money in the bank and/or completed deals rather than suggestions of them. We would like to remind you that RIG has a following of over 1,000 members and represents approaching a quarter of the shares in issue across AIM and A
P'nawn da. Not a bad day, but Bank Holidays mean nothing any more - every day is a holiday:-)
I so agree with dream boat warrior. Every board seems full of silly little trolly spats at moment and the price of our shares has hardly moved!!! When Range got all those shares in IOP I used to watch IOP almost every day (sad on reflection).
Perhaps a dual Australian announcement this week (RRS and IOP) . Always more chance of a fortune on ASX/NSX than buying lottery tickets.
Lots of theories and counter theories but they are just that At least this time round we don't have the PL inner circle shouting from the rooftops. How much did we get for Georgia from last summer ?
I cant see Range being finished as some say, why go nearly 6 months before pulling any bigger plan plug ?
I can see big decisions becoming clearer in the next 20 days or so & hope we can get Lind off our backs & get us back trading asap as I feel we are not going at full steam & wont until this is resolved.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.