Might have guessed. BG was simply echooing thoughts of great and good after Trinity RNS yesterday:
Malcy blogged: "Whilst I am on the subject of companies going into administration it looks pretty terminal for Trinity which someone described to me this morning as being between two hard places with a rock on top. Although today’s announcement says that ‘the Company has agreed a further extension to the moratorium on principal repayments, relating to Trinity’s outstanding debt balance of US$13m with its lender, until 21 August 2015; I am not convinced that there is any way out for the company. "
And presumably, BG, you have concluded that Range may ride in like a knight in shining armour. Very possible.
I clearly said that we were looking to establish a new support level @ 0.6, which we still are. Frequently a line of resistance becomes the new line of support. I will post a chart later which might make things a little clearer.
Just a bit of lateral research here but I notice that Trinity have had an extension to their loan moratorium due to ongoing progress with their strategic review (selling / farmout), could there be a connection with Range that has yet to be disclosed? I still believe that some of their assets would suit us very well indeed but just speculation of course.
3rd August 2015
Trinity, an independent E&P company focused on Trinidad and Tobago, today announces that the Company has agreed a further extension to the moratorium on principal repayments, relating to Trinity's outstanding debt balance of US$13.0 million with its lender, until the 21st of August 2015. The extension of its credit facilities by its senior lender represents their continued support of Trinity and the Formal Sales Process ("FSP").
Progress continues with the strategic review and FSP and as part of this Trinity retains a regular dialogue with its lender and creditors. Trinity will provide an update on progress to date from the process alongside an operations update within the timeframe of the extension.
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