(Alliance News) - Range Resources Ltd said Friday its shareholders have approved the sale of its Trinidad assets to LandOcean.
Range will receive USD2.5 million and transfer all of the debt from Range Resources Trinidad Ltd to LandOcean as part of the deal.
LandOcean has already transferred a USD500,000 deposit to Range. The company also noted it has secured mortgages over its workover and swabbing rigs as security in case the deal falls through.
If Range does not satisfy the "key conditions" of the deal by June 30, the deposit, plus 8% interest, will be returned to LandOcean.
Range is hoping to get the deal done by the first quarter of 2020.
Range also noted its shareholders approved its name change to Star Phoenix Group Ltd. The name change will be effective if approved by the Australian regulators.
Finally, shareholders approved a 100-to-1 share consolidation. Post consolidation, Range - soon to be Star Phoenix - will have 117.8 million share in issue, with 300,000 share options and 200,000 warrants.
Shares in Range Resources were down 2.8% in London on Friday at 0.032 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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