RIG are a collection of individual shareholders who each hold shares and each one of them can vote for or against resolutions as they so wish (or indeed not vote at all). They are not an entity and have no collective vote.
However Abrahams hold some 700 million shares and are an entity and can indeed vote the entire lot as they so wish. On the day approx 700 million votes was enough for them to have their way. The shareholders were given an opportunity to express their wishes and most of them chose not to by not voting. Those that did vote succeeded in removing most of the BOD by a majority. That's the way it works, that's the way it always has worked. I can't see how it can work in any other way. It is exactly the same principle as voting for an MP in your constituency. If there is a low turnout and someone you don't want gets in do you have the right to call for a return to the poll so that more people can vote?
As a result of the terms of the finance provided Abrahams had the right to appoint two directors, this was not a secret and we all knew that was the case. So no surprise then that they exercise the right and we now appear to be in the hands of Dave Chen and Kiki Wang. Like all of us I haven't got a clue what Abrahams have in mind, the only hope is that it involves increasing the value of our investment, rather than halving it as RSR had done. But the process has been legal and there is nothing we can do about it.
What would your stance have been in WW2, Rich? King George (sic) is mooching around doing nothing, occasional visit down the East End to see damage to rigs. Let's have someone else to run GM Ltd in 1942. Who? What about King George's elder brother, Prince David - he and his American wife can reason with people, they are go-getters and focussed and can make GB great again.
For me, it is a gimme that - if you hold shares - you support BOD or management. At least on public boards. Criticise Range or other shareholders constructively - yes. Be hostile, rude, racist, uncaring and abusive - no. And, if you are not a shareholder, you can of course comment and be critical - but lack of skin needs to be openly declared.
We have a democratic huge block of shareholders (RIG) who encourage their members to vote for the Resolutions according to conscience. And there would have been many who could not be "rs"d to vote and others who were voting both "yes" and "no" right through the card based on sentiment and bias often.
And we had a block vote from an anonymous company who own less shares than RIG membership outing our Board and putting nothing in place yet - despite what many think has been months of detailed planning.
I feel the situation shoud be challenged, another AGM take place before Christmas and vote should reflect wishes of shareholders, not just Abrahams. And, no, I have no interest other than as a simple shareholder who sits on .93p average, sees a lot of potential value in this share and is quite keen that Range ii (or what appears to now be Range iii) sheds any shadow of Range Mark i (Landaueuphoria) and has a stable and well-supported management team (BOD), and executive team (CEO, CFO, COO etc).
Crazy how they managed to do it and people actually bought - although suspect some were just in for the rise on hype and knew full well it wasn't worth that much! If you look at the size of the company who owned all of HH before selling bits off to these minnows, you had to wonder why they didn't just keep it if it was so good as they certainly had the money. Strangely posting anything along those lines tended to result in a flurry of posts to knock the comment back a few pages... :)
Range Mark ii 3rd Feb - RNS about change of management 3rd Feb - St Mary Block bid 6th Feb - change of advisors and so it went on. 3rd March - new COO and VP of Exploration.
Range iii Shambles of an intervention in Perth when several shareholders were expecting an AGM and had loads of questions prepared Some anonymous woman shouting and trying to hand everybody flyers of a new Perth restaurant 5 off board, 2 on - not RIG, but a block vote from Abrahams (and nobody really knows who they are) Deep silence for 147 hours. You could not make it up, could you?
And Rory is still our King as at this morning. He may be chipping away at ice whilst on "gardening leave" (nobody knows) but he is still officially in charge of Range as I write. So Long Live the King. Until he is ousted. Then it will be Long Live the New CEO whoever he/she is. If we had all supported our King these last 9 months, perhaps Range would not be in this ridiculous state.
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