The 4 million trade @ 1.58 was a buy on Friday and is still a buy now, look at the fact, the bid was 1.52 and the Ask was 1.6 with that volume they would have got a good ASK price. Not even sure why you "spotted" this now as you already mentioned it on Friday as I recall.
All this does is to remind me that when it comes to the sale of assets or setting up an RBL / financing package, the other party has the upper hand in negotiations and timescales over RRL. RRL have used their dilution capability to achieve an upper hand in asset acquisitions but at current levels even this capacity has diminished.
don't know whether to laugh or cry when you read it like this
Range Resources & its US Disposal – where is the cash? By John Crawford — Sunday 24 November 2013
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
If you are a shareholder in Range Resources (RRL) the last year has been a tragedy with the stock slumping from almost 5p to little over 1.5p. If you are merely an outside observer its public statements have been pure comedy. There are many to focus on but as an illustration I confine myself to the issue of its US Assets. Here is the timeframe – all statements below are from Range itself. 8th June 2012 Range announces a Forest Garb valuation of its US assets: $356 million on an unrisked basis , $169 million on a PV10 basis. It states in an RNS: With the field having now been largely appraised and value demonstrated, the Company has commenced with the sale of its North Chapman Ranch interests targeting completion in Q3 2012 so that it can focus its capital on higher value adding opportunities in its portfolio. Any such divestiture decision will be based on market conditions and the ability to achieve a sales price that appropriately reflects the value of the project interest. 1st August 2012 – Range publishes quarterly numbers and repeats the statement about US assets pretty much word for word. 24th August 2012 in an Investor Q&A (i.e. release not approved by Nomad): “Would it be possible to have an update on Texas. i.e. are there any buyers in the market at this time? Given the usual summer slowdown in the US, the process we are undertaking with an appointed broker should see indicative offers made in September.
The US A&D markets are highly liquid, and there are always qualified buyers available. The challenge remains to capture a price for the assets that maximizes shareholder return on the Texas investments while generating capital to be redeployed. Part of any Texas project sale proceeds (if received) would possibly be used for a buy back/ consolidation.” 31st October 2012: Post quarter end the Company received a conditional offer which it is currently seeking to progress into a binding agreement. The conditional offer provides for a us$20m payment up front (settlement contemplated before year end) and us$20m in royalty payments from current and future production. Range will update the market on or about 30 November 2012 being the key final due diligence date. 14th December 2012 – no update from Range on that US sale but its shares wobble and it states: Range Resources notes t
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