(Alliance News) - Range Resources Ltd on Tuesday said Abraham Ltd Board nominee Juan Wang has tendered her immediate resignation.
Wang was appointed to the oil and gas company's board back in 2014 as part of an investment by Abraham. Under the investment deal, Abraham was given the contractual right to appoint a maximum of two non-executive directors to the Range Resources board.
Abraham's right to make these nominations was conditional upon it maintaining an 8% or higher stake in Range Resources.
However, since Abraham's stake is now below that 8% threshold, it no longer has the right to appoint any nominee directors to Range Resources.
Wang's 7.5 million unlisted options exercisable on or before March 2020 at 1.0 pence per option have been cancelled.
Shares in Range Resources have been suspended since March because the company intends to undertake debt restructuring classified as a reverse takeover.