Lind were always going to ask for their money back but I believe they will accept our new proposal which will get them the money by April through the Core funding. If they take it through the courts it could be years before they see any money, which option would you choose? I am more concerned that Citation have not paid up for Texas yet.
Range Resources Ltd Company Update RNS Number : 1872C Range Resources Limited 14 January 2015
Lind Financing Update
Further to the Company's announcement on 7 January 2015, regarding US$15 million loan facility provided by Lind Asset Management, LLC ("Lind"), Range has now received a letter from Lind seeking repayment of the full outstanding amount under the facility no later than 15 January 2015. The initial facility has a face value of US$7.25 million.
Range has communicated to Lind that it wishes to repay the facility in cash and intends on using the Core Capital financing to meet such final repayment.
Management intends to submit a settlement proposal to Lind by 15 January 2015 for their consideration. The Company's shares will remain in trading suspension until such time as an agreement is reached with Lind, or the Company has sufficient alternative financing to repay the Lind facility in full.
Update on Asset Sales
Further to the Company's previous announcement, Range has yet to receive any sales proceeds in respect of the Texas asset disposal. Range is in dialogue with Citation Resources Limited (ASX: CTR) to agree a revised timetable for completion.
Separately, Range has yet to receive any sales proceeds and has been informed by LandOcean Petroleum Corp. Ltd ("LandOcean Petroleum") that the sale of Range Resources Drilling Services Limited remains on track to complete on or before 30 January 2015, as previously announced.
Range will update the market accordingly on completion of these asset sales.
Change of Registered Address
The Company would also like to announce the change of registered office to Bennett & Co, Ground Floor, BGC Centre, 28 The Esplanade, Perth Western Australia 6000.
Cantor Fitzgerald Europe (Nominated Advisor and Broker)
I disagree - just a statement of the obvious really. Lind were always going to ask for the money and they were always going to say "the best way for you to get it us accept payment in full upon approval of the core funding which is pretty much nailed on - otherwise you'd be struggling to get it in various protracted ways for ages".
PMSL I know she never listens to me loooooool. Got the hard back edition this year it's only half the size it once was. One bonus with the hard back edition is a Ruperts ( horse head paperfold ) In 13 easy steps on page 56 really struggling with it.
I didn't know they still did it. Just checked it out on Amazon and there it was!! Love the reviewer who says he's been getting the annual for 38 years now but he's told his mum to stop getting him it because it's just repeats - lol.
lewis who's this ditto character....don't lump me in with them roughian's If you want something worthwhile to read you can have my 2015 Rupert the bear annual,when I am finished,only halfway through it so you'll have to be patient,I don't want you getting upset with them infantile posters. I'll post some in depth analysis later on today so keep an eye out.ps it's one tick up for the book
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