......and here is Malcy's perspective on RRS. Range Resources...

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14/03/17

08:03

Post #: 23318034
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....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.

Story provided by StockMarketWire.com

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......and here is Malcy's perspective on RRS.

Range Resources

Range has announced that it is to re-acquire the drilling business from LandOcean for $5.5m plus the $19.5m of debt.This deal sees RRL take back control of operations in Trinidad, dramatically reduce costs and be in a position to run everything more efficiently themselves. It is now likely that the drilling business will become a profit centre in itself, with an inventory of the best, newest rigs on the island it is perfectly possible to see them perform strongly as a third party operator.
As it is a RTO, Range shares will be suspended for some time, after which one can expect to see acquisitions and deals that should make to future very bright for the company.

RRS Price at posting: 0.6¢ Sentiment: Buy Disclosure: Held
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......and here is Malcy's perspective on RRS. Range Resources...

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