re: options expiry, page-34

re: firebird now 8 percent holder BUT... you have to consider that both RAB & Firefird run unlisted investment funds within the retail space, so their compliance and risk methodology is open to scrutiny by regulators and external asset consultants.

This is not a "punt" for either investor.

Before making the RRS investment, they would have had investment research analysts all over Range and the Puntland deal. Financial modelers as well as legal experts would have pulled the whole opportunity apart in quite some detail, before heading off to get investment committees for approval.

Also, RAB are moving to become listed on the LSE, so dump 'punts' will not help their larger strategies at all.

Not one, but two independent teams of analyst have given Range the 'thumbs up'.