put your money where your mouth is, page-6

It is normal practice to wait until close to the end of expiry before converting options. I bet they'll be a lot of RRSO held by PI's converted over the next few weeks, for instance, in comparison to the amount converted over the previous few weeks.

RRL is SETS traded (on the AIM), so all this talk of MM conspiracies is complete and total rubbish- whether there's talk of manipulation the price upwards or (more commonly) downwards. MM's support the order book, but other than that it is just supply and demand.

Of course they would have been better converting at 24p, but as a company director, you can't really 'trade' the shares like private investors can. Look at XEL for an example of what happens when you do that- it annoys a lot of people and leads to price instability as people increasingly look to director buys/sells as evidence of good times/bad times. Plus there's loads of rules concerning when a director could actually sell shares (or buy them, for that matter). Far easier just to convert at the deadline- remember PL probably has a 5 year view of Range and must be reasonably confident that 24p will be reached again at some point- this is in comparison to the average private investor for who 1 year is 'long term'. Besides, it could have been that at 24p they thought the shares would go higher- hindsight is a great thing, but few people actually sold at the high, or bought in at the low.

The $2m purchase of part of TPT just seems like a decent 'puint' on a risk/reward basis. The company potentially has a hell of a lot of resources and has a low market cap so PL must have decided it was worth investing in. It's too early to say whether it will pay off- they'll be lots of dilution to raise funds in the coming years as none of their projects are close to being drill-ready. But if it doesn't pay off, $2m isn't really a lot of money to lose for the company, and if it does pay off, it'll lead to a very nice return. Think of TPT like RMP, except TPT's projects are further off from drilling- there's potential for a 100 bagger if all the dreams are met, Puntland is drilled and the motherload is hit etc- or there's potential for the investment to be worth nothing pretty quickly if the opposite happens.