You want positive join GG's group.... It's going to be 4-5p by end of July 2014.. Low double digit by year end. Or WS Kev was predicting 12p by quarter 1 2014.... Revised to 6p in a bet that "was like taking candy from a baby"....
The simple truth is that a lot of posters on here are out and out traders, are either shorting or want a cheap entry to trade Range again. There are also some whose reason on here at all is suspect, they hold no shares, don't want to buy in and are seemingly on here to help and guide other investors (yea right) :)
Only wish I had the funds to buy more at this level, I know, should have traded but was too busy running a business.
I must say there is a much more positive attitude on the iii board re rrl.. the lse are full of people talking the share down..find it hard to beleive half the people own range shares... I can fully understand if people bought in when the share price was much higher... but I think we should give RSR a chance to turn the company around
Just an observation but it seems to me as if RSR is getting all the negative news out of the way now, clearing the decks so that positive news flow will not be negated by any of PL's old skeletons in the cupboard. GL!
Has Timis repaid PL's IOP loan through Abraham and in doing so made a Tidy profit?? Funny how things come back to the same names and the same locations.. JDwag cue the next grassy knoll theory.. löl
Back in April 2013 Range Resources (RRL), then run by Peter Landau agreed to buy International Petroleum Limited, a company established Frank Timis. IPT was technically insolvent but Landau was happy to hand over 40% of an enlarged Range share capital to get his hands on this POS and so also loaned International Petroleum $8 million. The cash was repayable of the deal fell through and Range got security over IPT’s Russian assets. The deal fell through. Range has today given us an update on getting the cash back which is truly laughable. It is sheer comedy genius.
Timis was meant to have repaid the $8 million plus 8% interest by April 30th. That has now been extended to 30th November to allow the candyman to sell his Russian and Kazakh assets for $60 million to a mysterious Hong Kong buyer enter the dragon.
Now two things might strike you as odd here. Firstly if Timis is in default on the loan then under the original RNS Range could have seized those very same Russian and Kazakh assets and so it could have made a killing. Why is it being so nice to Timis in not doing that?
In the good old days it was customers of Frank Timis who chased the dragon but these days it is him chasing the HK fellows as this deal has been on the cards for almost a year and the wily Orientals seem to be a little tardy in coughing up the folding green stuff. There is no guarantee that the sale will complete.
But let us assume that it does go through. At that point Range will get $500,000 in cash and shares in IPT equating to 9% of its equity. That will – with interest mean that the equity should be worth c $8.5 million. Hmmmmmm. Range states:
IOP is listed on the National Stock Exchange of Australia (NSX) and had a market capitalisation of AUD 71 million prior to suspension of trading in H1 2013. The securities of IOP are expected to be restored to trading on the NSX upon completion of the Russian assets sale and settlement of IOP's creditors, including Range.
Well up to a point fellows. The shares are suspended for non-publication of accounts. The last ones posted were for calendar 2012. No interims or no finals since. At that point IPT was losing money/burning cash and had net debts of c $60 million which means that IF this deal goes through it is likely to still have some debts but will be left with just one small batch of exploration assets in Nigeria.
Yeah, I've added some other stuff for the time being in addition to my holdings here (COP and SMDR), and was going to build those positions whilst I wait. The lack of activity on those boards hints at undervaluation being in part due to being slightly under the radar still imo and both nicely cash generative. Though this is getting close to tempting me to increasing my position again here now. Will probably hold off for the time being but never say never ;)
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