I remember a comment that PL made to a past poster on here at a meeting they had when the sp had been pumped from 5p to 20p + ( four fold increase ) as to why investors had not de-risked at 20p ish. The price has been pumped from 0.5 to 2.5p over the last few months ( five fold increase ) so to quote old pistol pete, why haven't people de-risked?? Especially Abraham who have seen a 150% rise in two months. We don't even know who Abraham are but for sure they are not holding the baby now, new PI's have stepped up to the plate to absorb their shares for sure, unless somebody can post up a holdings statement??
Range Resources’ (RRL) recent announcement, about the proposed $12million investment from Abraham Ltd, based in Hong Kong, sounded like quite a triumph for new CEO Rory Scott Russell. After all, Range was on its knees, production has been falling, money was running out, debt repayments were overdue, legacy projects continued to drag and the company was forced to issue new equity almost every two weeks to cover financing costs. At a stroke, the cash injection bought Mr. Scott Russell some desperately needed time, but no one seems to have asked who is Abraham Ltd?
I did a little digging and what I’ve found out is interesting.
Referring to the Hong Kong Companies Registry, I quickly established that Abraham Ltd (CR Number: 2035340) was only registered on February 7th 2014. Followers of Range will know that this happens to be four days after Mr. Scott Russell was appointed into his new role.
The next intriguing fact about Abraham Ltd is that the company appears to have only one director; a Mr. FU Cheng. I’ve tried to find out more about Mr. Cheng, but have so far drawn a blank.
This all strikes me as a little unconventional. It could be that I am just a naïve blogger, unfamiliar with the sophisticated workings of international finance, but $12million is not an inconsequential amount. Given the lack of information about Abraham Ltd and Mr. Cheng, I can’t help but feel there is an air of mystery about the new proposed shareholder in Range, who is on the verge of buying c.15% of the company.
The problem is that we might get what we wish for. If RSR proves to be a genuine and up front bloke, then all we will ever hear is the truth and that aint gonna make any of us rich holding Mange. At least when we had Landau, JR, DP and the gang all ramping up the fairytales, we had a chance to make some $ even if it turned out to be total booolaaaaxxxx. So from a totally selfish perspective, I kind of miss the old days and wont get fooled again if the chance ever comes to get out on some over hyped spike. I only want 5p and I'm gone forever. Surely someone can come up with hype to raise our MCap to 250 million, if only for a day!!!
3.7p target today which is more than twice the current share value... the gloom and doomers on these boards are doing their best to bring the share price down.. imagine the share price will be rerated when the nextbig news re Georgia come.. BTW.. the broker rating was shown on proactive investor today
why do you think Abraham may be offloading? I am not contending this point infact I belived in this theory, and that's y decided to sell up at loss for re-entry at lower price. But some other people said that had that been the case they will be forced to notify market. I genuinely believe that recent wild swings in SP is engineered to benefit Abraham, and by now they may have recovered their money with good profit. also I don't understand why can't they nominate their representatives if they are for long haul.
Couldn't agree more BH007 - this fool has spent years on here and iii ramping this Company to high heaven. He will continue to do so as he seems to believe that what he writes will influence more people to buy - amazing really.
His continued positivity and lack of objectivity about this Company should be clear to all - delusional, and quite calculating if you ask me.
I wish all links to PL were severed but what about Citation where PL sits on the BOD. The debacle at Citation and the loooooooonnnnnngggg awaited flow results are also serving to drag the share price lower. Citation and the missed deadlines / hold ups have got PL's DNA all over them, was it just another vehicle along with a so say Georgia sale for a short term pump (cue Malcy's blog) of price so the 1p investors could get out with a 150% profit within a couple of months of the placing. I would really like to see who's behind Abraham. I have my suspicions there will be some familiar names when the truth outs.
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