This was always going into private Chinese hands. Rory was nothing more than a patsy.
The set up started from Abraham Ltd
Chen was involved with the NKP Chinese deal and well associated with the Cap'en.
What a play.
Put Rory in to take the heat after squeezing every last drop out of RRS.
Short term funding from Abraham Ltd which gives them the votes.
Promise $50m (also set up by the Cap'en)
Roll the board and Chen (unelected) installed
Let the Lind loan default to put Range into suspension.
Chen, the unelected director sells off everything. Drill to mates. Texas to the Cap'n. All the while promising heaps of production. @ 650bopd. This is less than the 700bopd at time of Range buying it of Monitor. (OGY which Okap corp manage and the same directors as RMP)
Keep the UK shares holders at bay through RIG.
Force investors to vote for Res's that give 85% to the top 10
Keep moving the time line for the $50 out stating "reg approvals"
Then on the last day. Deal dropped and Sinosure shows up.
(You can follow all the names back to Sino including the $5m loan to CTR that never happened.)
In under 4 weeks. Range will de list from the AIM (10 June)
Creditors get the asset.
DONE!
RRS Price at posting:
1.0¢ Sentiment: None Disclosure: Not Held
