Post by dragonphantom on Dec 17, 2014 8:37:00 GMT
Hi RIG members,
let me start off with I haven't been a very vocal PI on any board but I have been invested in Range for a good few years now, and have followed the boards. First bought at 8p and then stupidly at 21 and even more recently the buy everyone saw the day before the AGM 1577549
shares @ 0.00824 that was me an attempt to average down, not a savy investor like Celtic Heart tried to play out.
My holdings currently sit at 2,490,507
@ £60,992.76
so my break is around 0.0245
.
I know a lot of people are in a similar situation and worse.
Do I believe in Range and its Assets? Yes i truly do.
All that has happen PL, RSR bad deals the list is endless; but it has all lead us here.
Now what do we do?
RIG Members we need to band together and use our votes!
RIG board when it comes to voting time anything you need, calling people getting people to fill out voting right forms I want to help.
Small PI's need to band together, as we can see from the AGM votes do count.
The post I paste below from the III boards does worry me and I see some the truth in it.
Shareholders in Range Resources (RRL) have less than three months to save their investments. If it wasn’t clear already, Friday’s announcement was little more than a low-ball takeover offer. Dressed up as a $110million pair of funding packages, in fact all the company’s Chinese suitors did was drop the pretence of the last six months.
By the looks of things, the Abraham and Land Ocean deals, arranged by Peter Landau and his cronies, have always been part of a wider plan to snatch Range from its British shareholders, at the lowest price possible. After the years of misery heaped on this group, this is the final insult added to all the injuries. Even so, there is a faint glimmer of hope.
The Range Investor Group (Rig) has been a vocal advocate of change at Range. Rig has tried its best to work proactively with Range’s executives. Rig has shown a great deal of integrity, which has been grossly unreciprocated. Despite all its efforts, Rig has been met with silence, obfuscation and, of course, thosedirty tricks.
Rig claims its members hold over one billion shares (roughly 20% of the issued share capital). The recently departed Rory Scott Russell claimed that 70% of Range’s shareholders are British private investors.
I’ve said before that coordinating small shareholders to vote in a block is like herding cats, but if RIG and Range’s small army of private investors want to rescue their investments they need to organise themselves and vote down the proposed investment from Core Capital.
Here’s why.
If Range’s shareholders need an illustration of how predatory takeover bids happen on AIM, they need look no further than what happened at Vatukoula Gold Mines (VGM). The parallels are eerily similar and the end result almost certain to be exactly the same.
If the Core investment goes through, it will surely only be a matter of time before Range issues an RNS that after a “review” the new directors of the company will have decided that it is not in the best interests of the company to remain listed on AIM. At that point Range’s shareholders will be toast.
Core and Abraham would have de facto control of the company. We haven’t been told precisely how many shares Core would receive for its subscription or in the event of conversion of its loan. Range didn’t include a £/$ conversion rate in Friday’s RNS, but it did say that Core would hold “approximately 47.4% of the enlarged share capital of the company”, fully diluted. Assuming this happens, this would leave Abraham holding just over 7%.
If you are a shareholder in Range and this doesn’t bother you or you think this is a good thing, then please do vote for the proposed fundraising. But before you commit investment hara-kiri, remember the following facts;
Next to nothing is known about the mysterious Abraham. The company was only formed on February 27th this year and listed only one director.
The $12million investment from Abraham was used to pay off the “expensive corporate debt”, which massively diluted shareholders, and was all arranged by Peter Landau. This included the $6.5million Platinum Partners loans, which Mr Landau failed to declare to the market and shareholders. In other words, all Mr Landau’s dealings were paid off in full. Given how opaque many of these were, shareholders would do well to consider what happened to their money.
The original description of the LandOcean deal left many unanswered questions about the financial terms. This is particularly troubling for two reasons. 1) Thanks to Abraham’s nomination of LandOcean executive Ms Juan Wang to the board, it appears these two parties are directly connected, which was never disclosed. 2) In Friday’s announcement, Range announced the payment of a $7.5million security deposit to LandOcean for procurement of its services, which was also not previously disclosed.
At the AGM only the British directors were booted off the board
Now I am no expert but I will be doing some research in to Vatukoula Gold and see if we are truly in for the mother of all stitch ups
Our fate is somewhat in our hands, now I can't say whether us voting for the fundraising or not is the way to go as I myself am unsure but I would like to open discussion about it.
let me start off with I haven't been a very vocal PI on any board but I have been invested in Range for a good few years now, and have followed the boards. First bought at 8p and then stupidly at 21 and even more recently the buy everyone saw the day before the AGM 1577549
shares @ 0.00824 that was me an attempt to average down, not a savy investor like Celtic Heart tried to play out.
My holdings currently sit at 2,490,507
@ £60,992.76
so my break is around 0.0245
.
I know a lot of people are in a similar situation and worse.
Do I believe in Range and its Assets? Yes i truly do.
All that has happen PL, RSR bad deals the list is endless; but it has all lead us here.
Now what do we do?
RIG Members we need to band together and use our votes!
RIG board when it comes to voting time anything you need, calling people getting people to fill out voting right forms I want to help.
Small PI's need to band together, as we can see from the AGM votes do count.
The post I paste below from the III boards does worry me and I see some the truth in it.
Shareholders in Range Resources (RRL) have less than three months to save their investments. If it wasn’t clear already, Friday’s announcement was little more than a low-ball takeover offer. Dressed up as a $110million pair of funding packages, in fact all the company’s Chinese suitors did was drop the pretence of the last six months.
By the looks of things, the Abraham and Land Ocean deals, arranged by Peter Landau and his cronies, have always been part of a wider plan to snatch Range from its British shareholders, at the lowest price possible. After the years of misery heaped on this group, this is the final insult added to all the injuries. Even so, there is a faint glimmer of hope.
The Range Investor Group (Rig) has been a vocal advocate of change at Range. Rig has tried its best to work proactively with Range’s executives. Rig has shown a great deal of integrity, which has been grossly unreciprocated. Despite all its efforts, Rig has been met with silence, obfuscation and, of course, thosedirty tricks.
Rig claims its members hold over one billion shares (roughly 20% of the issued share capital). The recently departed Rory Scott Russell claimed that 70% of Range’s shareholders are British private investors.
I’ve said before that coordinating small shareholders to vote in a block is like herding cats, but if RIG and Range’s small army of private investors want to rescue their investments they need to organise themselves and vote down the proposed investment from Core Capital.
Here’s why.
If Range’s shareholders need an illustration of how predatory takeover bids happen on AIM, they need look no further than what happened at Vatukoula Gold Mines (VGM). The parallels are eerily similar and the end result almost certain to be exactly the same.
If the Core investment goes through, it will surely only be a matter of time before Range issues an RNS that after a “review” the new directors of the company will have decided that it is not in the best interests of the company to remain listed on AIM. At that point Range’s shareholders will be toast.
Core and Abraham would have de facto control of the company. We haven’t been told precisely how many shares Core would receive for its subscription or in the event of conversion of its loan. Range didn’t include a £/$ conversion rate in Friday’s RNS, but it did say that Core would hold “approximately 47.4% of the enlarged share capital of the company”, fully diluted. Assuming this happens, this would leave Abraham holding just over 7%.
If you are a shareholder in Range and this doesn’t bother you or you think this is a good thing, then please do vote for the proposed fundraising. But before you commit investment hara-kiri, remember the following facts;
Next to nothing is known about the mysterious Abraham. The company was only formed on February 27th this year and listed only one director.
The $12million investment from Abraham was used to pay off the “expensive corporate debt”, which massively diluted shareholders, and was all arranged by Peter Landau. This included the $6.5million Platinum Partners loans, which Mr Landau failed to declare to the market and shareholders. In other words, all Mr Landau’s dealings were paid off in full. Given how opaque many of these were, shareholders would do well to consider what happened to their money.
The original description of the LandOcean deal left many unanswered questions about the financial terms. This is particularly troubling for two reasons. 1) Thanks to Abraham’s nomination of LandOcean executive Ms Juan Wang to the board, it appears these two parties are directly connected, which was never disclosed. 2) In Friday’s announcement, Range announced the payment of a $7.5million security deposit to LandOcean for procurement of its services, which was also not previously disclosed.
At the AGM only the British directors were booted off the board
Now I am no expert but I will be doing some research in to Vatukoula Gold and see if we are truly in for the mother of all stitch ups
Our fate is somewhat in our hands, now I can't say whether us voting for the fundraising or not is the way to go as I myself am unsure but I would like to open discussion about it.