Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Let's have a look at the evolution of Range over the last few years according to the company's own announcements: (don't trust me, reread them yourselves)
On 3rd September 2015, Sibo provided $30m under a convertible loan arrangement in return for a 32% equity stake in Range. That $30m was actually provided in hard currency according to the company's own announcement.
Then on 3rd August 2017, Range acknowledged an outstanding payable of $39m to LandOcean. It's in the announcement where management talks about "factoring", in black and white.
And now on 1st October 2018, we learn in Range's annual report that the company has "cash and liquid assets of US$6.7 million including a US$2.8 million refundable deposit". (We'll call that $3.9m shall we?), total outstanding debts of $87m, and an average production rate of 650 bopd.
So let's just consider the (rough and ready*) implications of these announcements...
*I do not pretend that this is an exhaustive analysis, but the real picture is almost certainly worse.
1 - Range has spent AT LEAST $117m since 3rd September 2015 ($30m from Sibo + $87m in debt) - ignoring the additional amounts spent from incoming revenues. The real total is certainly higher.
2 - The company's remaining cash on hand is negligible - at $3.9m.
3 - The market cap of the company is down to $8.5mAUD; yielding a MASSIVE debt to equity ratio for such a minnow and ensuring that there is no real scope for any more convertible loans. (e.g. if someone were to offer a $2m convertible loan at the current share price they'd immediately own c20% of the company, which is unrealistic).
4 - If we assume a generous starting point of 100 bopd in September 2015, then Range has spent an incredible $117m to produce an additional 550 bopd by October 2018, which is ludicrous. At that rate of spending, the remaining $3.9m of cash that the company has could barely produce an additional 18 bopd.
The company is as good as dead. If not dead, then certainly impotent and infertile. Range can't do any meaningful share-for-share M&A deals because its market cap is too small. The same problem limits its ability to raise equity. It doesn't have enough cash (or revenue) to significantly raise production given that every additional bopd seems to cost at least $212k ($117m / 550bopd = c$212k) under its insane service agreement with LandOcean. And its already massive debts ($87m and counting) will surely deter any new potential lender who is capable of basic mathematics.
Since Abraham's entry and the signing of the LandOcean services contract, Range has become nothing more than a vehicle for transferring funds between Chinese corporate entities. The game is now becoming unsustainable and Range will sooner or later vanish like fluff in a furnace.
Surely just a coincidence
"Anyone know if Dolly and Howard are still about ? I used to enjoy reading their comments on Ii but sadly it seems to have died a death over there."
Strangely Howard disappeared around the same time Celtic got banned from this site.
Ok brains roflmao....I live 5 doors past the county pub on walker rd NE6 near the junction of scrogg rd...
Tell them it's the house with the dark green door.
When I looked up this morning I think there's a deed pigeon in the roof gutter.
You can also tell them I've brought range to financial ruin for just a 160 nicks while making millions.hee hee
Reminds me of a song I heard at a comedy gig:
" Scary Weirdos, Scary Weirdos..."
Strongsell, you opened your lse account on 27th of September 2018, so your account likely to be fake too, however FCA can find you from your IP address, need to contact lse about your account too. Your manipulation time is over
Strongsell, carry on with your £2 quid £3 quid sells, I am sending another email to FCA with your details, I am confident you are the manipulator
Strongsell, I have feelings that manipulator is you, it’s time to cry then, share price going up, not much left at 0.06p, 0.07p coming shortly.
Anyhoos the FSA have assured me their going to send the fuzz in to arrest brains
I've just phoned the the fsa after I phoned one six dial a disc.
0,0528...43.851...BUY...£23.15p
0.0528...5.406.....BUY...£2.85p
0.0529...5.192.... BUY...£2.74P
0.0529...6.211.....BUY...£3.29p
0,0530...29.402...BUY...£10.81p
0.0600...67450....BUY...£40.47p
Brains has you's been playing manipulators.
Anyone know if Dolly and Howard are still about ? I used to enjoy reading their comments on Ii but sadly it seems to have died a death over there.
Full 0.06p ask to buy anything, it seems shorter closed their shorts, bulls in charge and sp will go back above 0.10p faster then it dropped
Alas Workover, I fear not. CH was always threatening to do the same.
Regards
Pedrob I think he was may be being sarcastic.....! Lol
Thanks to the manipulator anyway as I have my 0.055 entry price lol, now let FCA give it to them
whoever trying to manipulate the market will be investigated soon
And we all know there is no chance of that but good luck trying.
regards
I am the only member of my gang, it’s a buy low and sell high gang, so stop spreading rubbish, I have emailed to FCA yesterday about those small sell trades, whoever trying to manipulate the market will be investigated soon
I don’t know who you are ! Or what your deal is!! But please do not bring me into your squabbles on ADVFN! I have no account on ADVFN and have never posted there! I occasionally log on to read what has been written. To my shock I see that I am part of a slinging match between the trolls there! Dear Lewisyfawr You appear to be a very angry and bitter old man! I suggest you find something better to do with your old age than causing mischief online on ADVFN 24-7! If you want to continue, do so but leave me out!!!! As the saying goes “if you have the same problem with everyone, may be you are the problem!!!” Have a nice day !
Brains hope you aren't part of TC's gang..... Do you want to fezz up is you a welshy
Buy when everyone fears and sell when everyone greedy
13 all out.
Catch a falling knife investing with brainer... Could be a goer mind.
It's like the oldish days of the LewisCommode and Celticchart tag team here, one in fantasy land and the other in, er, fantasy land.
All time low is when we should buy, RRL will be one of the easiest bagger I have ever had, not long now
Another Al time low looks like being hit today.
RRDSL went in to bat currently 13/9 3,3 overs
Good luck to our intrepid RRDSL cricket and very occasional drilling team.
They have a tough fixture at pigeon point, where say face a very strong brago's beach bar.
Without a win this season team captain loopy inliu is staying strong.
Hooever I've got my shorts on today a snazzy orange number..... Reports to follow