....and here another version of the announcement. Range Res. to...

....and here another version of the announcement.

Range Res. to reverse into RRSDL

13 March 2017 | 07:38am
StockMarketWire.com - Range Resources announces the signing of binding Heads of Agreement for the acquisition of 100% of Range Resources Drilling Services Ltd (RRDSL), which would constitute a reverse takeover under AIM rules if completed.

Consideration for the proposed acquisition was $5.5m. In addition, RRDSL has a loan from LandOcean that totaled about $19.5m.

Payment of the consideration was due no later than the date falling three years after completion and was subject to 6% interest a year.

Similarly, repayment of the existing debt would be due to be made in cash no later than three years from completion date, subject to 6% interest a year.

RRDSL is a major oilfield services company in Trinidad with of a large modern fleet of 12 rigs, including 4 drilling rigs purchased during 2014. RRDSL employed more than 160 staff.

The proposed transaction, if completed, would constitute a reverse takeover that will be subject to a vote of the Company's shareholders and relevant regulatory stock exchange approvals. A shareholder meeting will be called.

Range Resources has requested a suspension of trading in its shares on AIM with immediate effect pending the publication of an admission document. It said it continued to evaluate acquisition opportunities in the upstream sector.





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