MALLETT PLC
Range Resources has announced changes to its board and issued a financing update. The company says the board has resolved to appoint David Yu Chen and Juan (Kiki) Wang, the two nominees of Abraham Ltd, as non-executive directors with immediate effect. These appointments are made under Abraham's contractual right to appoint up to two non-executive directors following the subscription agreement entered into with the company as part of an investment of US$12m in Range earlier this year. On 3 November the company released an announcement entitled 'Range signs conditional MOU for US$50 million funding'. The board has received confirmation that the position of Core Capital Management Co has not changed since that release and Core wishes to proceed with a long-term investment of up to US$50m in the company, subject to the completion of final due diligence. Given the recent, significant changes in the company's board of directors the proposed transaction may not be completed within the timeframe set out in the 3 November announcement. The company will advise the market of any further updates as they become available. Range also said that under the US$15m loan facility provided by Lind Asset Management, the company has made an undertaking to Lind that, to the best of its ability and subject to AIM and ASX listing rules, its shares will not be suspended from trading on either the ASX or AIM market for more than 5 days, commencing from the execution date of the loan facility agreement. If the company's shares are suspended in excess of 5 days Lind may have a right to call the loan in accordance with the default clauses of the loan facility agreement. With the recent AIM suspension, the company has utilised 2 of the 5 allowed days. At 4:15pm: (LON:RRL) Range Resources Ltd share price was -0.1p at 0.6p Story provided by StockMarketWire.
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