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1 Aug 2019 07:26
Range Resources Limited
('Range' or 'the Company')
1 August 2019
ASX SHARE TRADING UPDATE
As announced on 26 July 2019, the previously proposed acquisition (which would have constituted a reverse takeover under Rule 14 of the AIM Rules) and debt restructuring on the previously proposed terms will no longer proceed. As a result, the Company requested ASX to restore share trading of its securities. Following this request, ASX informed the Company that it is not willing to reinstate Range's securities to trading until ASX is satisfied that the Company's financial condition is adequate, which primarily will require the Company to demonstrate to ASX how it intends to repay the outstanding balance payable to LandOcean Energy Services Co., Ltd. ("LandOcean").
As previously announced, the Company continues its negotiations with LandOcean to agree revised terms for the outstanding payable balance, albeit there can be no guarantee any such agreement will be reached. The Company is also actively reviewing other transaction opportunities and will notify the market as and when appropriate.
Share trading of the Company's securities on AIM resumed on 26 July 2019.
Contact details
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Range Resources Limited Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary) e. admin@rangeresources.co.uk t. +44 (0)20 3865 8430 | Cantor Fitzgerald Europe (Nominated Adviser and Broker) David Porter / Rick Thompson (Corporate Finance) t. +44 (0)20 7894 7000 |
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