Post by JimmyRobby85 on May 9, 2014 12:57:13 GMT
Dear RIG members,
Thank you to so many of you for voting on the questions to be submitted to Range. Please find the 5 most popular questions in the attached file (and copied below for those accessing by mobile devices). Please be advised that the Colombia question was in the top 5 but given the regulatory announcement this morning this question has been rendered redundant - therefore we have promoted the 6th most popular question.
Since asking for questions to be submitted we have received an email from Eva Bezruchko (Range Resources Investor Relations) stating:
"Range cannot and will not treat any shareholder or shareholder groups with priority, and certainly cannot adopt a practice of addressing selected questions"
This is inconsistent with previous practice and recent commitments rom Range and RIG is disappointed that the company is taking this stance. We can only suggest that 5 questions is not unreasonable for a body representing a fifth of the company's shareholders, particularly when the body of questions has been whittled down and voted on to be the main areas of concern for investors. We trust that pragmatism will prevail and Range will endeavour to address these concerns rather than replacing the questions with platitudes.
Thank you once again for taking the time to put forward questions and to vote on them.
Best regards,
The RIG Representatives
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Range Investor Group – Questions for the 14 May 2014 Q1 Investor Call
Process:
Range Investor Group members have submitted dozens of questions for consideration. These were consolidated down to 14 core questions and put to the vote by Range Investor Group’s members. Several hundred votes were received in an online poll and via email. The five most popular questions voted for (in order of preference) are shown below
Questions:
INTERNATIONAL PETROLEUM
1) What is the nature of the security held in respect of the IOP loan, and why now that International Petroleum have defaulted on the 30 April repayment date haven’t Range exercised that security?
TEXAS
2) What is the expectation of the current valuation (ballpark) of the Texas assets (has an independent valuation process been carried out?) and what stage has the "remarketing process" reached as stated in the company update of 22nd April? Have you considered selling Texas by auction with a suitable reserve figure attached?
TRINIDAD
3) Are current levels of production STILL self-funding? In an interview recently Rory Scott Russell declared that Trinidad Revenue was $1m a month – what are the costs per month? What are the netbacks per barrel?
CORPORATE/FINANCING
4) Did Platinum partners sell the 100 million CTR shares held in escrow as collateral? If so, what’s the default on the part of RRS/RRL that permitted Platinum Partners to do so? If so and no default, what steps have Range taken, or will take, to recover these shares? Who authorised the PP loan and why was this not announced? Range announced that the loan would be repaid by 30 April – please update us as to whether this has actually happened and if not why not.
5) How can the current board size, makeup and remuneration be justified given the catastrophic operational and share price performance over the past 3+ years? You have recently announced that senior appointments are cost neutral – what unannounced savings have there been to offset the increases? What role do you see Peter Landau, Anthony Eastman and Marcus Edward-Jones playing in our new look RRL as we aim to move forwards as a company?
Thank you to so many of you for voting on the questions to be submitted to Range. Please find the 5 most popular questions in the attached file (and copied below for those accessing by mobile devices). Please be advised that the Colombia question was in the top 5 but given the regulatory announcement this morning this question has been rendered redundant - therefore we have promoted the 6th most popular question.
Since asking for questions to be submitted we have received an email from Eva Bezruchko (Range Resources Investor Relations) stating:
"Range cannot and will not treat any shareholder or shareholder groups with priority, and certainly cannot adopt a practice of addressing selected questions"
This is inconsistent with previous practice and recent commitments rom Range and RIG is disappointed that the company is taking this stance. We can only suggest that 5 questions is not unreasonable for a body representing a fifth of the company's shareholders, particularly when the body of questions has been whittled down and voted on to be the main areas of concern for investors. We trust that pragmatism will prevail and Range will endeavour to address these concerns rather than replacing the questions with platitudes.
Thank you once again for taking the time to put forward questions and to vote on them.
Best regards,
The RIG Representatives
--------------------------------------------------------------------------------------------------------
Range Investor Group – Questions for the 14 May 2014 Q1 Investor Call
Process:
Range Investor Group members have submitted dozens of questions for consideration. These were consolidated down to 14 core questions and put to the vote by Range Investor Group’s members. Several hundred votes were received in an online poll and via email. The five most popular questions voted for (in order of preference) are shown below
Questions:
INTERNATIONAL PETROLEUM
1) What is the nature of the security held in respect of the IOP loan, and why now that International Petroleum have defaulted on the 30 April repayment date haven’t Range exercised that security?
TEXAS
2) What is the expectation of the current valuation (ballpark) of the Texas assets (has an independent valuation process been carried out?) and what stage has the "remarketing process" reached as stated in the company update of 22nd April? Have you considered selling Texas by auction with a suitable reserve figure attached?
TRINIDAD
3) Are current levels of production STILL self-funding? In an interview recently Rory Scott Russell declared that Trinidad Revenue was $1m a month – what are the costs per month? What are the netbacks per barrel?
CORPORATE/FINANCING
4) Did Platinum partners sell the 100 million CTR shares held in escrow as collateral? If so, what’s the default on the part of RRS/RRL that permitted Platinum Partners to do so? If so and no default, what steps have Range taken, or will take, to recover these shares? Who authorised the PP loan and why was this not announced? Range announced that the loan would be repaid by 30 April – please update us as to whether this has actually happened and if not why not.
5) How can the current board size, makeup and remuneration be justified given the catastrophic operational and share price performance over the past 3+ years? You have recently announced that senior appointments are cost neutral – what unannounced savings have there been to offset the increases? What role do you see Peter Landau, Anthony Eastman and Marcus Edward-Jones playing in our new look RRL as we aim to move forwards as a company?
