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Range Resources Still Considering Response To Lind Repayment Demand

Wed, 08th Jul 2015 08:43

LONDON (Alliance News) - Range Resources Ltd on Wednesday said it is still considering its position regarding the repayment demand from Lind Asset Management LLC.

Last week, Range said its application to the Supreme Court of Western Australia to set aside the USD7.225 million statutory demand made by Lind had not been successful. Lind made the demand back in March under the USD15 million loan facility it extended to Range.

Range said that if it does not lodge an appeal, the repayment will become due on July 24, which would be moved to July 31 should the company decide to appeal.

Range said it is considering the decision with its legal advisers, including a possible appeal. In the event it does appeal, it will seek a further extension on the deadline for the repayment.

Shares in Range were up 3.1% in London to 0.67 pence Wednesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance