Since Gassed has successfully derailed another thread. We'll see if we can get back to talking about CTR
Q&A Range.
33. Will there be any further increase in exposure to Citation Resources Ltd (Citation)?
Given the Company’s focus on Trinidad, there will be no further increase in exposure to Citation.
34. As part of the Texas sale proceeds, Range received 200 million shares in Citation, which are subject to shareholder approval by Citation’s shareholders. What is the plan in the event of shareholder approval not being granted?
Citation’s shareholder approval is not required for the shares to be issued to Range. The 200 million shares in Citation have been issued and are held by Range. Citation is seeking their shareholder approval to ratify the issue of shares in order to restore Citation’s ability to issue further securities under ASX Listing Rule 7.1. Please refer to Citation’s announcement published on 27 March 2015 for further details.
So this confirms that the Res is to allow more shares to be issued.
41. Can you please provide an update on the Lind loan? With the US$110 million financial package secured, why is the Company not using part of this facility to repay Lind?
As announced on 12 March 2015 Range submitted an application to the Supreme Court of Western Australia to set aside the statutory demand issued by Lind. As detailed in the Notice of Meeting published to shareholders on 24 February 2015, it is Range’s intention to repay the outstanding Lind loan once the Core Capital funding is complete. Range will continue to update the market as appropriate.
Now Lind no longer hold Texas is beyond me.
43. In the half yearly accounts, there is a contingent liability for Mark Patterson’s consultancy contract. Why did Range not announce that Mr Patterson was no longer working for Range? In the event of a claim, will Range seek recompense from the previous management?
Mark Patterson was not a Director or an Executive of the Company, therefore Range was not required to make a market announcement on his departure. As noted in the Company’s half-yearly report released on 16 March 2015, Range has engaged legal advisers to assist with the claim and will vigorously defend its position. The parties will attend mediation in an attempt to resolve the matter, and if resolution is not possible, the claim will be heard through an arbitration process in Texas. It is currently expected that the arbitration hearing will occur in the second half of 2015. At this stage given the ongoing legal process, we cannot provide any further details. However, Range will provide further details upon material developments.
42. In the half yearly accounts, there is a contingent liability for Avanti Advisors potentially claiming 6% of the value if the Core Capital deal. Who is Avanti Advisors and what services did they provide? If this claim is submitted, can Range undertake that they will seek recompense from the previous management for this amount?
Range will strongly defend its position and as noted in the Company’s half-yearly report released on 16 March 2015, Range and its legal advisers are currently reviewing the validity of the Commission Agreement with Avanti Advisors. At this stage given the potential claim, we cannot provide any further details. Range will provide further details upon material developments.
I believe the Cap'en set the Core deal up.
CTR Price at posting:
0.1¢ Sentiment: None Disclosure: Not Held
(20min delay)