Proposed Acquisition The Proposed Debt Restructuring is...

Proposed Acquisition

The Proposed Debt Restructuring is conditional on the Company completing an identified acquisition on or before the end of 2019. The Board has identified what it considers to be a transformational acquisition opportunity to acquire a 49% interest in a pre-school education business operating in China. A detailed legal, financial and commercial due diligence process is currently underway. Range expects that the due diligence process will be completed during April 2019 and full details will be provided to shareholders upon the signing of any binding agreements.

The Proposed Acquisition, if completed, would constitute a reverse takeover under Rule 14 of the AIM Rules. Admission to trading on AIM of the Company as enlarged by the Proposed Acquisition would require publication of an Admission Document and would be subject to a vote of the Company's shareholders.

The Company has requested a suspension of trading in its shares on AIM and ASX with immediate effect pending the publication of an admission document or confirmation by the Company that the Proposed Acquisition is not to proceed. There can be no guarantee that the Proposed Debt Restructuring or the Proposed Acquisition will complete. Further announcements will be made as and when appropriate.

Related Party Transaction

LandOcean is a related party of the Company for the purposes of the AIM Rules by virtue of its status as a substantial shareholder holding 17% of the existing Ordinary Shares. The Directors consider, having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, that the terms of the Proposed Debt Restructuring are fair and reasonable insofar as the Company's shareholders are concerned.