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Here comes the long predicted capital restructure and reverse...

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RussianRoolet

3,673 Posts.

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29/11/14

20:31

Post #: 14378689
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Originally posted by soj88 ↑

I hope Billfish doesn't mind me posting on here from iii but I thought this worthy off letting others on here read.
Imo A very good summary and hopefully give some confidence to those that are concerned on what is going to happen next that maybe this is actually the beginning of something good for range for once !

Hi Sundance, Wheres Billfish ,whats his take on this fiasco ,did he see this coming ? ----------------------------------------------------------------------------------------------------------------------------------
Billfish has been out filling up the bait wells and is just having some breakie while awaiting the arrival of the next set of competitors. I think that today has provided the best set of news that the Range shareholders have had all year. My question to the BOD would have been one to the retiring chairman and it would have been "Given the resources provided by the Range shareholders (6 figure salaries and multi-million share option schemes) was a clerk from the Shell European planning office the best you could come up with and if so what would have been required to attract a CEO of the caliber required to undo the mess that OKAP left our company in?" That is the root cause of all that has transpired this year. As it happens questions were not required or allowed and we find ourselves in a temporary status of limbo while the new BOD is constituted. This has the potential for significant upside if the new appointees have the confidence of the market. I have one in mind for the CEO role that I think would satisfy all the requirements that Range currently have. The fact that the BOD were publicly humiliated and turfed out of their jobs in front of an audience tells you all you need to know about their competence. So good riddance. Just as RSR has written off over $100m of assets that had no value ( at least under his management) so the shareholders have written off the non performing "assets" in the boardroom. That in itself is a reason to be cheerful. The mechanics of the move are quite simple and insightful. There are two classes if investors in Range. Shareholders who can attend an AGM or nominate a proxy to attend in their place. Depository Interest holders who can also attend an AGM but cannot nominate a proxy to attend in their place. Shareholders can vote at the AGM, DI holders do not have a vote but can express their wishes via the Form of Instruction which had to be signed and forwarded to Computershare UK by 25th Nov at 4:30(GMT). Shareholders are those who purchase shares on the ASX while DI holders are those who purchase via the AIM market. Some have both. How may shares are represented by each market and why is that relevant? According to the last interview I saw with RSR he stated that 80% of the shares were held in the UK while 20% of the shares were held in Aus. I remember thinking at the time that this seemed wrong given the amount of shares that had been issued this year and so it proved to be. Well the DI votes had to be in by COP on Tuesday,so by then the BOD would have been well aware of the voting intentions of the DI base, plus they would have probably had a few proxies in from the Aus shareholders as well. So over 80% of the voting intentions known on Tuesday evening They had 2 full days to address any issues that were apparent in the voting intentions of those who had decided to vote. The only blind spot being the intentions of those who were entitled to vote at the AGM itself i.e. shareholders , shareholders with holdings significant enough to reverse the support they felt they had from the DI base ( if they did not think they had support from the DI base then those resolutions would have been withdrawn and none were). Either RSR got his sums wrong ( not an unlikely event given his performance this year) re where the votes were or his unmitigated arrogance with regards to shafting all shareholders, Abraham's included, via dilution prevented him from divining that there could be a reaction to his management capabilities. So it was that they duly turned up at the AGM today in the expectation of wining all the resolutions only to have their status as complete id*ots confirmed by a shareholder turning up in Perth with sufficient voting power to change the results. This does not happen very often - and it never happens to a competent board. Interesting to read Malcys "Turkeys" comment. If anyone has been made to look a turkey by this mob he will see it in the mirror tomorrow morning. Where do we stand? We obviously need a new CEO and Executive BOD. With the only remaining BOD members being Aus based I cannot help but think they will be seeking replacements from the Aus E&P community. I have no inside track on this, but as I have mentioned above there is a candidate,who for me, stands head and shoulders above the others. She is a former MD of Apache, has occupied 2 executive vice presidencies at the Woodside Group, the last one being Health, Safety and Security ,which would resonate with the requirements in T&T. Her academic qualifications include a BSc(Hons) in Geology and Mathematics and a Master of Business Administration from Heriot Watt. More importantly she has also had a bruising encounter with the WA6005 mafia this year in her previous CEO role before they ran that company into the ground via the duster the drilled in Morocco. So no love lost there. This individual has all the qualities that was lacking in RSR and she enjoys a degree of respect from the markets that would go a long way to repairing the damage to our share price. So I hope that someone of the caliber of Ms Eve Howell is appointed to our BOD. Do not get despondent or worried about the share suspension, only a hound of the slap head variety would use the suspension to cheat shareholders and I do not see any evidence of that yet. To summarise. To delist from the AIM, a company must pass a special resolution at a GM. This needs 75% of the votes. Even if this resolution is passed the AIM authorities will only accede to the delisting if the company can prove that they have made acceptable alternative arrangements for shareholders to trade their shares. The only other way that you can end up without a way to trade your AIM shares is if the shares remain suspended for 6 months in which case the AIM authorities will cancel the quote. This is the route the dishonorable one used to defenestrate the COOL PI . However since everyone knows about this and will be on the lookout for it I cannot see it as a possibility as there are plenty of Court based options available to encourage a tardy set of directors to accelerate their work in getting the suspension lifted. In summary a really good day for Range shareholders. Worrying for some I know, the share suspension, especially if you have not experience it before. Be encouraged ,a necessary evil to effect what had to be done. Look forward to the appointment of some quality BOD members and the lift that will bring to the share price. A much better Christmas and New Year in prospect today than was possible yesterday. GLA BF

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Here comes the long predicted capital restructure and reverse split to allow a fresh start.

Puntland is history and T&T is an absolute lemon going backwards in production in ~4 years with well over $200M already invested there.

I forecast a 1 for 20 reverse split to reduce the 5.1 billion shares currently on offer to 250 million and a SP of 20 cents sometime in 1H/2015.

RRS Price at posting: 1.2¢ Sentiment: Sell Disclosure: Not Held
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