Yes Ben confirmed that to me. Thet have been economical with the truth in RNDS so nothing new there
As for your list that Aytes has put together. Yep that is what they have done. What has been the effect? A reduction in the SP af almost 50% and a reduction in bopd whilst our neighbours with 1 rig have reached over 1000 bopd.
What next? Massive dilution with no explantion to the shareholderfs who will be shafted
Well done Rory, GO Rory GO ...and don't come back.
"Core Capital is a Chinese private equity firm that makes investments and provides other financial services through a variety of affiliated investment strategies. They were introduced to Range by Landocean- the two companies (Landocean and Core Capital) work together on other projects globally.
The fact that LO introduced Range to Core Capital is not something that would require inclusion in RNS and as far as I am aware, companies do not outline who introduced them to investors/corporates etc every time there is a transaction so not sure why Range would be expected to do so on this occasion.
The company look forward to providing a full and transparent overview of everything pertaining to the company at the AGM and clarifying any queries that shareholders might have."
Agree with a lot of that. We are voting for dilution. I see that as a good thing. As I have just written about next year:
"And shareholders will finish up with a much smaller share of Range than they have now - but will have shares worth decent money and some dividends".
That was a comment on need for further dilution next year after this dilution. It harms no-one, asks us for no more cash and gives us a chance to make some money. We need money and lots of it in next few months, that is for sure.
I picked up an important post on World Stocks written by Aytes (who, if memory serves, is a large investor widely respected). Hope he does not mind me posting his thoughts on here:
"To summarise: - Abraham deal signed (perhaps it was PL we will never know and nor is it relevant) - LO deal signed (perhaps it was PL we will never know and nor is it relevant) - Cleared punitive convertible loans - Clarified strategy and so far remains consistent to T&T focus - Colombia released and performance bond written off on PUT 7/ 8 - Colombia - maintained toehold with free carry/ low cost play - not a bad result - IOP - what did anyone expect? Done and largely written off with possible upside - Puntland - clarified commitment and clarified the air traffic control situation with offshore - Guatemala - CTR sold off and LAR under review - Texas - up for sale with no promises and no commitments on price or timing - Georgia up for sale with no promises and no commitments on price or timing - Funding - remember his target was to secure funding by year end and Lind signed today (and subsequently Cove deal) - Experienced team appointed - Books closed on a sh*te year.
Not bad considering only 8 (now nine) months in the job. A lot of the above is not popular or fun but choices had to be made as this is what happens when you make a strategy. You choose between what you are going to be and what you are not going to be. We should not have been in half of those places but PL just could not stick to a strategy even though he stated following Shabeel 2 that there was no need for a Share trading freeze as T&T is the primary asset. The punitive loans were a direct result of Peter redirecting core asset funds to non core activities."
That said we need to have some clarity on 2 key elements: 1. What the hell is going on with our drilling "fleet". So much uncertainty here. 2. What are the terms on the CBs.
The simple answer to your question is: - Rory has made hardly any tangible progress in Trinidad. - The new resolutions propose dilution on an absolutely massive scale. - It may be the precursor to giving the way the company away at a bargain basement price and killing any chance of people making a good profit they hope/hoped for (or even coming close to breaking even in many cases). - They have not given good clear reasons not to think the above.
That's why he's being attacked or the resolutions considered for voting down.
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