Range Resources Share Discussion Threads

[cymrurhydd] 29/11/2019 12:37

Let me get this right coco, next week, will have 30k shares worth 3p each.His first purchase of 50k shares at 13p costing 6500 quid is now worth 2 Big Mac dinners....fair play coco you are the guru or share investing.....

[fin8108] 29/11/2019 12:15

Selling 21m shares based on AGM someone is spooked by something they have seen or heard. Can’t be confident that rig sales and Trinidad sale to wipe out debt will materialise.

[qantas] 29/11/2019 12:02

COMPANY UPDATE
Range, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, is pleased to provide a Company update.
Trinidad assets sale and debt restructure
The Company is pleased to confirm that is has received required approvals from its shareholders at the Annual General Meeting of the Company held on 29 November 2019 (the “AGM”) for the sale of Range Resources Trinidad Limited ("RRTL") to LandOcean (the "SPA") in exchange for (i) offsetting all outstanding debt and payables (including the convertible note) due from Range and its subsidiaries to LandOcean and its subsidiaries, and (ii) a cash consideration of US$2.5 million (the "Transaction").
The Company is also pleased to advise that LandOcean has provided the first tranche of the cash consideration of US$0.5 million to Range (the “Deposit”;). As stipulated by the SPA, Range procured mortgages over its workover and swabbing rigs as security, with such mortgages to be released upon completion or termination of the SPA. If the key conditions for completion are not satisfied by 30 June 2020, the Deposit (together with interest accrued at 8% per annum) will be repaid to LandOcean. If all conditions are satisfied but LandOcean chooses not to proceed with completion for any reason, the Deposit will be retained by Range.
Completion of the Transaction remains subject to approval by LandOcean shareholders at General Meeting of LandOcean, and approvals by the government of Trinidad and Tobago. The Company is aiming to compete the Transaction during Q1 2020, however there can be no guarantee that the Transaction will complete.
Change of company name
Following approval at the AGM, the Company confirms that its name will change to Star Phoenix Group Ltd and the TIDM code will change to “STA”. The website address, at which the information required pursuant to AIM Rule 26 is available, will be changed to www.starphoenixgroup.com.
The Company has lodged a copy of the special resolution with Australian Securities and Investments Commission (“ASIC”) and the change of name will take effect when ASIC alters the details of the Company’s registration. The Company will provide a further update on when the name change will take effect.
Shareholders should note that shareholdings will be unaffected by the change of name.
Consolidation of capital
Following approval at the AGM, the Company’s share capital will be consolidated on a 100:1 basis, effective 5 December 2019.
The reduction of capital will take effect in accordance with the following timetable:
Action
Date
Last day for Company to register transfers on a pre-Consolidation basis.
4 December 2019
Last day of dealing in the existing ordinary shares on AIM.
Consolidation record day.
First day for Company to send notice to each holder of the change in their details of holdings.
5 December 2019
First day for the Company to register Securities on a post-Consolidation basis and first day for issue of share certificates.
Admission day of the new consolidated ordinary shares on AIM.
Day that CREST accounts are credited with DIs.

The Company’s capital structure post consolidation (ignoring the effect of rounding of fractional entitlements on an individual Security holder basis) is summarised in the table below:
Ordinary Shares
Options1
Convertible Notes2
117,805,984
300,000
200,000

Notes to the table above:

Options exercisable at £1.00 on or before on or before 30 March 2020.
Each convertible note with a face value of US$100, an annual interest rate of 8%, a conversion price of £0.88, and a maturity date of the earlier of 30 June 2020 and the date on which completion occurs under the Transaction. The holder of the convertible notes (LandOcean) agreed not to convert any convertible notes during the term of the SPA.

Following the Company’s delisting from ASX on 25 November 2019, shares will no longer be held in uncertificated mode and instead shareholders who hold their shares on the Australian register will be issued share certificates confirming their shareholdings. The Company will arrange for new certificates to be issued to holders of those securities, after the consolidation becomes effective on 5 December 2019. No certificates will be issued for securities held on the UK register (Depositary Interests), and these will continue to be held electronically through CREST in uncertificated mode.
Change in ISINs
As previously advised, the Company's ISIN and SEDOL will change to AU0000065989 and BKTCZY5, respectively on 2 December 2019. The existing ISIN (AU000000RRS3) will remain effective in the period up to 2 December 2019.
Following the share consolidation becoming effective on 5 December 2019, the Company’s ISIN and SEDOL will then change again to AU0000067084 and BKMDWK0, respectively.




Best Regards
Your Range Team

[fin8108] 29/11/2019 11:47

21m shares sold straight after AGM can’t be good

[celticheart07] 29/11/2019 11:45

COMPANY UPDATE

Range, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, is pleased to provide a Company update.

Trinidad assets sale and debt restructure

The Company is pleased to confirm that is has received required approvals from its shareholders at the Annual General Meeting of the Company held on 29 November 2019 (the “AGM”) for the sale of Range Resources Trinidad Limited ("RRTL") to LandOcean (the "SPA") in exchange for (i) offsetting all outstanding debt and payables (including the convertible note) due from Range and its subsidiaries to LandOcean and its subsidiaries, and (ii) a cash consideration of US$2.5 million (the "Transaction").

The Company is also pleased to advise that LandOcean has provided the first tranche of the cash consideration of US$0.5 million to Range (the “Deposit”;). As stipulated by the SPA, Range procured mortgages over its workover and swabbing rigs as security, with such mortgages to be released upon completion or termination of the SPA. If the key conditions for completion are not satisfied by 30 June 2020, the Deposit (together with interest accrued at 8% per annum) will be repaid to LandOcean. If all conditions are satisfied but LandOcean chooses not to proceed with completion for any reason, the Deposit will be retained by Range.

Completion of the Transaction remains subject to approval by LandOcean shareholders at General Meeting of LandOcean, and approvals by the government of Trinidad and Tobago. The Company is aiming to compete the Transaction during Q1 2020, however there can be no guarantee that the Transaction will complete.

Change of company name

Following approval at the AGM, the Company confirms that its name will change to Star Phoenix Group Ltd and the TIDM code will change to “STA”. The website address, at which the information required pursuant to AIM Rule 26 is available, will be changed to www.starphoenixgroup.com.

The Company has lodged a copy of the special resolution with Australian Securities and Investments Commission (“ASIC”) and the change of name will take effect when ASIC alters the details of the Company’s registration. The Company will provide a further update on when the name change will take effect.

Shareholders should note that shareholdings will be unaffected by the change of name.

Consolidation of capital

Following approval at the AGM, the Company’s share capital will be consolidated on a 100:1 basis, effective 5 December 2019.

The reduction of capital will take effect in accordance with the following timetable:

Action

Date

Last day for Company to register transfers on a pre-Consolidation basis.

4 December 2019

Last day of dealing in the existing ordinary shares on AIM.

Consolidation record day.

First day for Company to send notice to each holder of the change in their details of holdings.

5 December 2019

First day for the Company to register Securities on a post-Consolidation basis and first day for issue of share certificates.

Admission day of the new consolidated ordinary shares on AIM.

Day that CREST accounts are credited with DIs.



The Company’s capital structure post consolidation (ignoring the effect of rounding of fractional entitlements on an individual Security holder basis) is summarised in the table below:

Ordinary Shares

Options1

Convertible Notes2

117,805,984

300,000

200,000



Notes to the table above:



Options exercisable at £1.00 on or before on or before 30 March 2020.
Each convertible note with a face value of US$100, an annual interest rate of 8%, a conversion price of £0.88, and a maturity date of the earlier of 30 June 2020 and the date on which completion occurs under the Transaction. The holder of the convertible notes (LandOcean) agreed not to convert any convertible notes during the term of the SPA.


Following the Company’s delisting from ASX on 25 November 2019, shares will no longer be held in uncertificated mode and instead shareholders who hold their shares on the Australian register will be issued share certificates confirming their shareholdings. The Company will arrange for new certificates to be issued to holders of those securities, after the consolidation becomes effective on 5 December 2019. No certificates will be issued for securities held on the UK register (Depositary Interests), and these will continue to be held electronically through CREST in uncertificated mode.

Change in ISINs

As previously advised, the Company's ISIN and SEDOL will change to AU0000065989 and BKTCZY5, respectively on 2 December 2019. The existing ISIN (AU000000RRS3) will remain effective in the period up to 2 December 2019.

Following the share consolidation becoming effective on 5 December 2019, the Company’s ISIN and SEDOL will then change again to AU0000067084 and BKMDWK0, respectively.

[qantas] 29/11/2019 11:41

RESULT OF AGM AND PRESENTATION
Range, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, is pleased to advise that all resolutions were duly passed at its Annual General Meeting held earlier today. Disclosure of proxy votes is available in Appendix A included with this announcement.
The Company also advises that today it has published an updated Company presentation which can be accessed at: hxxp://www.rangeresources.co.uk/investors/reports-and-publications/.

Appendix A – Disclosure of Proxy Votes
The following information is provided in accordance with section 251AA of the Corporations Act 2001.
Resolution
Votes
For
Votes
Against
Votes
Discretionary
Votes
Abstain
Decided by a show of hands (S) or poll (P)
1. Adoption of Remuneration Report
6,475,350,642
99.72%
14,638,641
0.23%
3,289,202
0.05%
36,287,763
NA
S
2. Re-election of Director Mr Lubing Liu
6,477,043,651
99.75%
12,676,966
0.20%
3,383,203
0.05%
36,462,429
NA
S
3. Election of Director Dr Mu Luo
6,477,478,651
99.76%
12,341,966
0.19%
3,283,203
0.05%
36,462,429
NA
S
4. Approval of the Proposed Transaction
4,742,460,326
99.75%
8,792,364
0.18%
3,283,203
0.05%
35,953,433
NA
S
5. Consolidation of Capital
4,037,684,465
62.19%
2,451,367,983
37.76%
3,283,203
0.05%
37,230,598
NA
S
6. Change of Company Name
6,476,106,367
99.80%
9,621,341
0.15%
3,283,203
0.05%
40,555,338
NA
S

[fin8108] 29/11/2019 11:34

21m shares just sold. Possibly someone that’s attending the AGM

[celticheart07] 29/11/2019 11:27

Not long now for some response from the AGM, would be good to get a posting on here or LSE from someone who actually attended.

[celticheart07] 29/11/2019 07:58

I see from the latest name creations that our resident troll is still tax obsessed, well having had a good look at his companies house records (what's good for the goose and all that)I would have said drawing attention from the tax man is the last thing he would want, especially from the early years with links to Finchley Road. Time he got some of his own medicine I think. Incidentally. Let us know when you get a visit troll, should be anytime now, it seems they have transferred the case to your local constabulary.

[celticheart07] 29/11/2019 07:39

Good morning Lewis, yes another good day to look forward to.

[celticheart07] 29/11/2019 07:39

Good morning Lewis, yes another good day to look forward to.

[lewisyfawr] 29/11/2019 06:51

Spare a thought for our friends in Australia. First they have to transfer their Range shares to London. Today they may be invested in a different type of company altogether with a different name, different logo, different website. All change at Uncommon?

[lewisyfawr] 29/11/2019 06:32

Nice post from Suhail on lse last night:

"Could see a good rise tomorrow if our sale gets approved by our shareholders which imo should be in no doubt".

[cymrurhydd] 29/11/2019 06:27

Rolling out the same old threats from February this year what a clown.meanwhile let's hope they vote to decimate his shareholding today and wipe out his tax losses although there was never any possibility he would ever get to use them......Cherry on the cake

[lewisyfawr] 29/11/2019 06:24

Good morning, shareholders. So much to look forward to today. Oil starts well at £57.96 a barrel. Production should still be at 12% increase at least like Q1.

Let us hope meeting (AGM) goes fairly smoothly today - consolidation, name change etc. Will be watching a thread elsewhere to get an impartial view of proceedings and decisions.

[rangenoresources] 29/11/2019 00:35

The ego has excelled himself yesterday evening.