To be honest nothing surprising....new BoDs definitely seem to be connected with PL...but then that was our hope that they are our best chance as Rory was utterly incompetent.....their modus operandi is similar to landau...do a lot of communication with ordinary shareholders....spread news from various channels and create confusion and hype...they have been very forthcoming to RIG so was Landau....marched to London with entire big gang..gave his responses in writing to RIG...couple of months later we heard departure news....even the hollow treat of legal action against Lyons was similar to PL's threat to BMD...
Here they can clearly see the issue of the 42,742,654 Unlisted Options (£0.01, 14 July 2018) and who received them.
Having been so lavishly paid as an advisor on the Abraham placement, Mr Chen then fortuitously found himself in the key position on Range’s board as one of Abraham’s representatives. In the context of the craftily conceived boardroom coup, which ousted the directors who were trying to sort out this unholy mess, the concerns of Range’s shareholders seem well grounded.
We still don’t know who is behind Abraham. We don’t know whom Mr Chen truly represents.
However, we do know what Mr Chen has done since he became a director of Range.
He paid Empire Equity, run by Mr Landau’s close business confidant Paul D’Sylva, a $300,000 share payment for no discernible reason He sold Range’s Texan “assets” to Mr Landau’s Citation Resources (ASX:CTR) for less than £250,000 cash, forgiveness of certain other payments and a pile of pointless Citation stock. This was roughly $149million less than Mr Landau claimed these “assets” were worth at the end of 2011. He sold Range’s drilling services company to LandOcean for at least a $1million discount. Faced with these facts, only the most gullible shareholder is going to believe what Mr Chen has to say later this month.
His actions speak far louder than whatever soothing words he offers.
Scratch away at the surface of New Old Range Resources (RRL) and it is obvious nothing material has changed since Peter Landau left the company in disgrace. The same cabal of business associates appear as intent as ever on bleeding the company dry. At the head of this group, at least as far as Range is concerned, now stands new non-executive Chairman, David Chen. Mr Chen has no operational oil and gas experience. However, he was paid 42,742,654 unlisted 1p options as an “advisor” in the murky Abraham investment. It certainly pays well to be an associate of Mr Landau’s, less well if you are misfortunate enough to be one of his shareholders…
For the avoidance of doubt, Mr Landau introduced Abraham to Range. Abraham was only set up on February 7th 2014, a mere four days after Mr Landau stepped down to become a non-executive director of Range. Abraham placed $12million into Range. This money was used to pay the outstanding balances on the multitude of opaque, extremely expensive and undeclared (in the case of the controversial $6.5million Platinum Partner loans) financing deals arranged by Mr Landau.
Once again Mr Landau’s business associates all got paid, despite the catastrophic financial mess he left Range in.
Which brings us neatly to Mr Chen.
Mr Landau and Mr Chen’s business relationship is well established.
Mr Chen is Vice Chairman and President of Hengxing Gold. On its website, Mr Chen’s CV proudly declares that he “guided Zijin Mining’s acquisition of the world-class platinum project NKWE Platinum in South Africa.” Mr Landau was executive director of NKWE Platinum until October 2nd 2014.
Interestingly enough, Mr Chen doesn’t mention his involvement in the NKWE Platinum deal in his CV on Range’s website.
When representatives of the Range Investor Group meet Mr Chen later this month perhaps they can ask him more about his dealings with Mr Landau.
While they are at it, they might also consider asking Mr Chen what he did to earn the 42,742,654 unlisted 1p options awarded to him “as per advisor fees payable relating to the Abraham transaction.”
The notional value of these options is £427,420. Before Range was unnecessarily suspended, these options would have been under water, but this isn’t the point.
What is troubling about this Landau’esque reward is it is mirrors the worst of the dilutive and unjustified awards of the past.
That Mr Chen received such an incredibly generous payment for his role in the Abraham transaction is bound to raise a few eyebrows. The secrecy surrounding this payment simply heightens the impression that all is not well. To figure out Mr Chen’s involvement in the Abraham deal, eagle-eyed shareholders have to compare the announcement of the issue of the Abraham shares (and options) to the announcement of Mr Chen’s appointment as a director of Range. Here they can clearly see the i
Nice timing as well !! a day before the supposed 16th of Jan shareholder update ( wonder if that happens now ) , and meeting with RIG scheduled for 23rd. I fully agree with Alocasia , about seeing what the Chinese do or more importantly don't here.
NO. His argument was that the receiver would come in, take control of the company, and we would be left with nothing. There are 2 options here a negotiated settlement. most probable or pre-pack administration into Range upstream services, RUS would be funded and make an offer for some or all of the assets to shareholders. Leaving a dormant company for LIND to recover against. This is normal practice. based on the funding we are aware CORE could fund RUS with their $60M and offer us .8p per share (5Bn). Carvey is wrong on his case as to how it works. I am sure that you will find all the info on google under pre=pack administration or pheonix as called in the trade Don't take my word for it look it up and come back with your informed comments.
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