Riverfort Global Opportu... Share Discussion Threads

[22zacman] 01/6/2013 12:16

interesting..
"The arbitration tribunal has not yet issued its ruling in the proceeding. The Company anticipates results of these proceedings in the upcoming months."
...
"As Range obtains reliable information on these activities in the Khalakan Block, Range will make disclosures to its Shareholders in accordance with regulatory requirements."
 
... and ...
"The GPK shareholders agreement requires each shareholder to fund its proportional share of cash calls based on its shareholdings. If a shareholder fails to fund its portion of these cash calls, the non-defaulting shareholder will have the option to fund any shortfalls and thereby increase its relative interest in GPK. Should the non-defaulting shareholder decline to fund any shortfalls, a buy-out event may be trig
gered under which the defaulting party's interest may be purchased by the non-defaulting party for a price pre-determined by a formula in the shareholders agreement."
 
I'd really like to know more about the "formula in the shareholders agreement".

Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32626486&l=0&r=0&s=RGO&t=LIST#1G2iQe2dgL2HyWWF.99

[the prophet] 31/5/2013 11:45

Steve, agree with your post.There is no financial breakdown on what podifi is doing, which tends to suggest not much! Starting to generate revenues, whilst somewhat encouraging, is, as you say, meaningless without any figures. Still, presumably the potential funders will have full access to both historic figures and some idea of the worth of the pipeline, a lot more info that pi's get!!! So, whether they decide to stump up or not, and on what terms could prove interesting.

[steve695] 31/5/2013 11:30

Not pretty at all.

I estimated back in December that their cash might see them through until July but clearly either my calculation or their estimated cash burn was wrong as they will have burnt through whatever they had left not long after the date of the balance sheet in these latest results.

Completely at the mercy of the funders now. I suspect the BOD, being largish shareholders, are a little blinkered to this fact which may explain why the first funding option they pursued fell through.

I'm trying to find something positive to say here, but comments like "Podifi has started to generate revenue" are meaningless until they are quantified.

[the prophet] 31/5/2013 09:30

interim results out today, not pretty reading

"We have experienced contract delays with some new customers, which have led us to explore fundraising options. Whilst these negotiations are ongoing, we hope to announce a positive outcome over the coming weeks.

"Meanwhile, podifi has started to generate revenue and we believe that the long-term opportunity remains very strong."

Given the half year loss was £2.2m and they are talking about a 'long term opportunity' when they need rapid short term sales, then they probably need to raise £5m+ at least, one would have thought, to have any chance of seeing it through to profitability.

Still, clearly there is still hope and I will be interested to see what comes out of the funding negotiations, although their ability to negotiate is severely hampered by lack of cash and the share price

[glasshalfull] 24/5/2013 22:09

Yep, I made that comment a few posts back (post 288).

Reckon The Prophet's on the money here with his last two posts....considerable dilution or insolvency looks like the most likely options.

A sorry tale.

Regards,
GHF

[steve695] 24/5/2013 20:28

Agreed. Someone on here recently said that the directors had presided over a car crash in slow motion. Can't think of any better way of putting it.

[the prophet] 24/5/2013 18:35

last one to leave please turn out the lights?
As av. cash burn has been around £350K/month since f/y end, and they had £390K a month ago,so probably down to the last knackers of cash, so that means any funding deal, if it can be done at all, they are completely at the mercy of the funder. One would guess they need at least £3m to tide them through for another year, assuming the business can make some progress. At , say, 1p a share thats 300m shares, or 150m at 2p, which looks v.unlikely.65m shares currently in issue.Perhaps Mr Wray will take it private or just buy the IP off the receiver if the worst comes to the worst.
Shame really, as these guys at one point seemed to really have something.

[the prophet] 22/5/2013 16:21

-re todays RNS,all sounding a bit ominous, clearly those further contract wins are not of a size or closed yet to sway option number one to stump up, you think they would be pursuing all options at the same time?
-looks like massive dilution could be on the cards or fire sale of ip/business back to the founders? Presumably whilst all this is going on the business momentum could well have stalled, as its going to be an even harder to sell podifi without being able to give assurances on the future of the company.

[steve695] 21/5/2013 13:17

Last RNS stated that there should be an update on funding mid-May.Lack of further news here leads me to believe that potential investors are hardly snapping their hand off.

[fozzie] 16/5/2013 09:02

''expects to announce further contract wins during the course of the next two weeks'', well lets be having them then, times up tomorrow. Funding news and some contract wins now that would be good news.

[roily] 14/5/2013 13:43

yes, it is in the drawer with VST. Both future write offs.

[jonno1] 14/5/2013 13:23

nothing...have written this off to be honest

[roily] 14/5/2013 13:08

Jo1- have you ever received any communication from Range IR? I have signed up and emailed them numerous times but to the best of my knowledge I have never received any communication from them.

[roily] 14/5/2013 12:46

I guess we will know more in a couple of months.


May 10, 2013
VIA SEDAR
To: All Applicable Commissions
Dear Sirs/Mesdames:
Re: Range Energy Resources Inc. – Annual General and Special Meeting - 2013
As per National Instrument 54-101 requirements, we advise the following with respect to the upcoming
Meeting of Shareholders for the subject Corporation:
Issuer: Range Energy Resources Inc.
ISIN: CA 75281U1057
Meeting Date: July 9, 2013
Meeting Type: Annual General and Special
Record Date for Notice: June 4, 2013
Record Date for Voting: June 4, 2013
Beneficial Ownership Determination Date: June 4, 2013
Class of Securities Entitled to Receive Notice: Common
Class of Securities Entitled to Vote: Common
Business Type: Non Routine
OBO Distribution Payment: Issuer will not pay for OBO's
Material Distributed to: Non Declining Holders
Meeting Location: Vancouver, British Columbia
Yours truly,

[steve695] 11/5/2013 21:16

Hi ltinvestor, you seem to have your finger on the pulse with this one but what makes you so confident that the big holders will participate in further funding?After all, they've had their holdings decimated over the last couple of years and while the new products are great we still have no idea how much revenue these are bringing in and when.

[ltinvestor] 11/5/2013 15:43

Absolutely no problem with funding.Nigel Wray and Aviva will support
the business.

[the prophet] 09/5/2013 16:14

-true, but if they have trouble getting the funding away/and or they feel its a better option financially, I could see it happening.

[steve695] 09/5/2013 16:11

-You can see them shutting up shop and directors buying IP whatever for a song and going private again,imo.

Ordinarily I'd agree but didn't the directors already contribute substantially at the last placing? They'd stand to lose all of that if they took the approach you are suggesting.

[jonno1] 08/5/2013 19:05

bit of volume again in Canada, although down to 2.5 0 3.00

[the prophet] 08/5/2013 17:46

good post, Glasshalfull, and sums up my feeling about the company. Pleased to have made money on RGO in the early days, but they look a complete shambles now, well, ever since that scandalous 10p 74% discount fund-raising.
-You can see them shutting up shop and directors buying IP whatever for a song and going private again,imo.

[officer crabtree] 08/5/2013 17:00

it is burning too much cosh

[officer crabtree] 08/5/2013 16:59

i dint thonk the recovery is going very well for this stack

[tara7] 08/5/2013 10:29

Sell at 4.5p.!!

MM seem to know what is on the cards here.!