Post by RIG Admin on May 20, 2014 7:55:40 GMT
In response to Lewis on LSE please find 9 things RIG has done which have helped Range and particularly its shareholders. Many of these are defensive - they make it more difficult for the company to act against shareholder interests but all are constructive:
1) Quarterly Investor Call.
Proposed the quarterly Investor Call and had it accepted as common practice. Improves the company's ability to market itself and keeps investors better informed
2) Shareholder Voting Turnout.
RIG has published voting instructions for the 20 most common brokers making it easier for shareholders to vote. It has campaigned amongst its membership and across Range shareholders as a whole to exercise the right to vote. Although RIG cannot claim all credit it is no coincidence that since RIG’s formation voting turnout has increased from 5% immediately before RIG, to 10% and most recently 16%. This will make the company think twice before putting forward resolutions that would damage shareholders.
3) Created a large well-organised group of PIs.
We number over 800 members accounting for over 760m shares (20% of the company’s shares in issue). We have almost 600 emails on our distribution list giving direct access to our members. This means that if we do need to organise behind something we can do it very quickly and easily. Without RIG PIs would not be able to mobilise if something happened quickly against their interests. We have always been constructive – RIG has grown without turning into a lynch-mob destabilising the company and has always acted with integrity and professionalism. RIG have legitimacy because 7 of its 9 representatives have been elected. In rangeinvestorgroup.com we have established an independent site that is controlled by long term Range Investors so will always be a resource for PIs.
4) Ability to call an EGM, circulate a statement to all shareholders and place resolutions.
The Companies Act entitles any group of over 100 members and accounting for more than 5% of the shares in issue to call an EGM, circulate a statement to shareholders and place resolutions. Whilst RIG has no intention at present of doing any of these, the company will be aware that we have this right and this will help to insure they act in shareholder interests.
5) Exposed Buchanan.
RIG have discovered and publicised Buchanan’s unprofessional behaviour in trying to undermine private investors . Our actions will help Range shareholders and maybe shareholders in other companies in the future through Buchanan reappraising its conduct.
6) Regular feedback to the company.
Our members provide comments on every company communication and we relay that feedback to the company. This will keep the company apprised of shareholder concerns and help them to improve their communications in the future. We hope that some of this feedback is factored into the company's decision making. Better communications mean that shareholders are also able to make more informed decisions. We hope that the company will start to treat RIG as an opportunity to improve its communications and relationship with its shareholders and prospective shareholders rather than a threat.
7) Shareholder meetings in London.
RIG proposed and had accepted in principle that future AGMs are held in London and that Investor meetings are established. This will benefit the company by being able to market itself to investors and potential investors (as the majority are UK based for Range) and will allow PIs to be better informed about their investment.
8) Established a presence with Nomad.
The nominated advisor will be aware that there is a lot of scrutiny of what Range is publishing to shareholders. This will help insure that the company publishes everything to the market that it should. This should help keep shareholders better informed and help prevent the company doing anything that acts against shareholder interests.
9) Held Q&A with previous management.
Although many of the answers were proven to be “optimistic”, RIG engaged with previous management and was able to get a huge series of questions concerning members answered by management. This helped beleaguered investors make more informed decisions around their investment.
1) Quarterly Investor Call.
Proposed the quarterly Investor Call and had it accepted as common practice. Improves the company's ability to market itself and keeps investors better informed
2) Shareholder Voting Turnout.
RIG has published voting instructions for the 20 most common brokers making it easier for shareholders to vote. It has campaigned amongst its membership and across Range shareholders as a whole to exercise the right to vote. Although RIG cannot claim all credit it is no coincidence that since RIG’s formation voting turnout has increased from 5% immediately before RIG, to 10% and most recently 16%. This will make the company think twice before putting forward resolutions that would damage shareholders.
3) Created a large well-organised group of PIs.
We number over 800 members accounting for over 760m shares (20% of the company’s shares in issue). We have almost 600 emails on our distribution list giving direct access to our members. This means that if we do need to organise behind something we can do it very quickly and easily. Without RIG PIs would not be able to mobilise if something happened quickly against their interests. We have always been constructive – RIG has grown without turning into a lynch-mob destabilising the company and has always acted with integrity and professionalism. RIG have legitimacy because 7 of its 9 representatives have been elected. In rangeinvestorgroup.com we have established an independent site that is controlled by long term Range Investors so will always be a resource for PIs.
4) Ability to call an EGM, circulate a statement to all shareholders and place resolutions.
The Companies Act entitles any group of over 100 members and accounting for more than 5% of the shares in issue to call an EGM, circulate a statement to shareholders and place resolutions. Whilst RIG has no intention at present of doing any of these, the company will be aware that we have this right and this will help to insure they act in shareholder interests.
5) Exposed Buchanan.
RIG have discovered and publicised Buchanan’s unprofessional behaviour in trying to undermine private investors . Our actions will help Range shareholders and maybe shareholders in other companies in the future through Buchanan reappraising its conduct.
6) Regular feedback to the company.
Our members provide comments on every company communication and we relay that feedback to the company. This will keep the company apprised of shareholder concerns and help them to improve their communications in the future. We hope that some of this feedback is factored into the company's decision making. Better communications mean that shareholders are also able to make more informed decisions. We hope that the company will start to treat RIG as an opportunity to improve its communications and relationship with its shareholders and prospective shareholders rather than a threat.
7) Shareholder meetings in London.
RIG proposed and had accepted in principle that future AGMs are held in London and that Investor meetings are established. This will benefit the company by being able to market itself to investors and potential investors (as the majority are UK based for Range) and will allow PIs to be better informed about their investment.
8) Established a presence with Nomad.
The nominated advisor will be aware that there is a lot of scrutiny of what Range is publishing to shareholders. This will help insure that the company publishes everything to the market that it should. This should help keep shareholders better informed and help prevent the company doing anything that acts against shareholder interests.
9) Held Q&A with previous management.
Although many of the answers were proven to be “optimistic”, RIG engaged with previous management and was able to get a huge series of questions concerning members answered by management. This helped beleaguered investors make more informed decisions around their investment.
