CEO resigned

[Razzledazzle]

https://m.londonstockexchange.com/excha ... ast3Months

Trading suspended for the umpteenth time

[Invester_Tester]

2 Directors in 2 weeks...I think its a sign of things to come IMHO.

Range market cap is enough for them to do a company takeover on the cheap if they wanted. However I think something more sinister going on with possible bankruptcy to get rid of the $60mil unsecured loans or do a trinity perhaps ??

Sorry guys , but Range has used its 9 lives now and this seems inevitably the end of the road.

All the best for whatever is your next investments

[Martini069]

This is dreadful news for Range. Clearly the CEO could not see a way forward. Let’s hope the new appointment can. I really don’t want to contemplate a takeover but I wonder if the ex directors will buy the assets back when it defaults on its debts as I can not see how we pay these back. Range seem to stumble from 1 crisis to another. All very depressing :(

[Nedkellylandau]

I'd say the debt situation is more land Ocean's problem than RRLs. The loans are unsecured therefore LO can't foreclose or force administration. It is a loan on RRL's back but one RRL can carry as long as it likes without being forced to pay it. Questions? Why did LO grant the loans without collateral and who is hoovering up the cheap share at the moment - today is another example, who buys 9000000 Range shares?

[enfranglais]

The shares are obviously being hoovered up by OMA`s big gob?!!!
Will the last one of us standing now please turn off the light?

[Momo]

Waited a week to get the agm done then leaves....not really surprised to be honest, looked very out of his depth and uncomfortable. No doubt further bad news will follow.

[Momo]

Malcy reports just the facts and offers no view. Cop out. No point me messaging him he never replies.

Range Resources
Range has announced that CEO Yan Liu has resigned, with immediate effect, Chairman ‘Kerry’ Gu is to take over as interim CEO but will be replaced when the company appoints a replacement, likely to be in early 2019. The shares are now suspended on the ASX as they search for another Aussie NED, a legal requirement down under.

https://www.malcysblog.com/2018/12/oil- ... d-finally/

[suk]

Can't believe Malcy is still commentating on this POS, I have found his previous enthusiasm towards Range baffling and totally out of context with what is actually (not) happening on the ground.
I've seen my £50k "investment" dwindle to around a few hundred pounds and wish they would just hammer the final nail in the coffin so I can go wallow in misery knowing it is finally over.

[Invester_Tester]

Nedkellylandau wrote:
> I'd say the debt situation is more land Ocean's problem than RRLs. The
> loans are unsecured therefore LO can't foreclose or force administration.
> It is a loan on RRL's back but one RRL can carry as long as it likes
> without being forced to pay it. Questions? Why did LO grant the loans
> without collateral and who is hoovering up the cheap share at the moment -
> today is another example, who buys 9000000 Range shares?


You forget LO sold the loans to a private company that wanted to close on the April 2020 deadline 1 year early (april 2019). Range forced LO to come out that they would honour any claims made prior to April 2020 if that happened!

[Invester_Tester]

suk wrote:
> Can't believe Malcy is still commentating on this POS, I have found his
> previous enthusiasm towards Range baffling and totally out of context with
> what is actually (not) happening on the ground.
> I've seen my £50k "investment" dwindle to around a few hundred
> pounds and wish they would just hammer the final nail in the coffin so I
> can go wallow in misery knowing it is finally over.


why not sell now ?? you'd at least have few hundred pounds instead of nothing

[suk]

It's the hope that kills you! If I've written that much off already, might as well stay until the lights are switched off. Bought my first lot in 2010 so pointless to not see it out.

[enfranglais]

Sorry in advance but that really SUK`S!!!!!!!!!
They say that humour is an antidote to depression but feel for you m8!!!

[Momo]

This happening really isn't a bad thing, the SP performed dismally under his reign and arguably the level of progress was very limited - certainly not enough to deliver shareholder value. Ideally he would have been pressured out but larger investors/the board who will now take some duty of care to instill a better CEO. Rory wasn't that guy either, so lets hope third times a charm. My concern is that the clearing of the decks, out with the old and in with the new etc, will include the longer term shareholders. The only glimmer of any hope is that bigger investors are in at far higher marks and are like us already high and dry.

[Sweeten]

I get your point, Momo. I hope you're right. I hope the right person gets the job. It's going to be a huge challenge and odds are stacked against them, but companies bounce up under new leadership all the time.

[Martini069]

What a shocking start to the week. The new CEO will really have their work cut out when they are appointed. I wish they could make an appointment before Christmas to stop the slide as it’s all very depressing