RRS range resources limited

Ann: Trinidad Operational Update, page-6

  1. 2,640 Posts.
    lightbulb Created with Sketch. 296
    Wasa, I think the below extract from documents relating to the upcoming Extraordinary GM explains well how the new management has delivered to promise. PL is definitely gone.
    Yes, RRS has some way to go, but based on management's performance so far my confidence is growing. They are making pragmatic progress.
    In addition, some 41.6% of the Company’s ordinary shares are held by the top two shareholders, being Sibo (32.2%) and Abraham Limited (9.4%) . Lots of skin in the game.

    5.3 A brief overview of the Company’s recent history is provided in the table below.

    Milestones
    14 January, Range announced receipt of letter from Lind seeking repayment of the full outstanding amount under the US$15 million facility.
    January, March, Range announced Board changes
    18 February, Range announced receipt of a statutory demand from Lind demanding repayment of US$7.2 million.
    24 March, Range completed the sale of Range Australia Resources (US) to Citation Resources.
    27 March, Range received shareholder approval for Core Capital funding
    1 May, Range completed the sale of Range Resources Drilling Services to LandOcean Petroleum
    14 May, Range announced the termination of proposed funding agreement with Core Capital
    21 May, Range announced the acquisition of a further interest in the Guayaguayare block from Niko Resources
    29 May, Range signed financing agreement for up to $35 million with Sibo
    5 June, Range reported the receipt of £5.2 million and completion of Tranche 1 of the Subscription Agreement
    30 June, Range announced withdrawal from the Nugaal and Dharoor blocks in Puntland, Somalia citing the withdrawal by the JV partner.
    2 July, Range application to the Supreme Court of Western Australia to set aside the statutory demand from Lind Asset Management was unsuccessful.
    4 September, Range receives the remaining funds from Sibo, adjusted to a total package of US$30 million 23 October, an unmarketable parcel sale facility was established
    20 November, Range lost its bid to reverse a legal decision requiring payment to Lind. US$2.2 million was paid to Lind
    23 December, the unmarketable parcel sale facility completed with 3,120 shareholders being removed from the register 2016
    27 January, Mr Yan Lui resigned as CEO.
    17 May, Range reached settlement with Lind and paid US$325,000.
    25 May, Mr David Chen stepped down from the role as Chairman and Mr Zhiwei Gu assumed the role of Non-Executive Chairman.
    31 May, a waterflood program at Beach Marcelle commenced.
    2 September, a demand notice was lodged with Range for US$53 million for payment of outstanding exploration costs
 
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.