Not sure how that would work in terms of getting paid with an asset - if they sell off Russia and there isn't enough to pay off RRL's loan (nothing suggests there won't be) then I suspect the only re-course that RRL have is to force the sale of another asset to make up the shortfall, and they can't just insist on an asset in lieu (IOP shareholders have protection as well against the assets just being given away i would imagine). Very hard to know though without seeing the exact details of the loan.
Once the RBL is drawn on there is no need for dilution. Any share issues should only come if Range are buying assets, and those assets should have a greater value than any shares issued.
Whilst all drawings on the RBL will probably have to be spent on the Trinidad operation not all the cash flow from Trinidad operations will go to repay the RBL. The cash flow analysis will give us an idea of how much will be going into cash reserves and as this builds up it will give Range the flexibility needed to develop other assets.
Once a new MD is in place I would expect him/her to do a full review of the business assets and prioritise accordingly. In fact PL may have taken this on himself and could announce a revised structure for the business.
As I have said before I do not expect the Texas cash until after the end of the year. Repayment of the IOP loan should be in the pipeline now so it could be the first announcement or follow the Trinidad operations report.
I would love the 8m back, i dont want another asset that we cant afford to develop. Do I think PL and team secured the 8m properly and are at the top of the list for repayment? No. I think we will get paid off with an asset that they will try and tell us is great.
I don't see how they can take another IOP asset as the loan was secured specifically against the Russian asset and not just IOP assets in general, so as far as I am concerned they will have to return the cash as soon as the sale goes through, obviously once any creditors ahead of RRL in the queue of charges upon that asset are paid off (assuming we aren't top of the list - you'd expect that preferential creditor status would have been a condition of the loan, although we never got to see any of the exact details unfortunately).
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