Range Resources Limited Convertible Note Interest Payment (0312L)
20 December 2018 - 6:00PM
UK Regulatory
TIDMRRL
RNS Number : 0312L
Range Resources Limited
20 December 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE
("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
CONVERTIBLE NOTE INTEREST PAYMENT
Range, an international company with oil and gas assets and
oilfield services operations in Trinidad and Indonesia, advises
that it has signed an agreement with LandOcean Energy Services Co.,
Ltd. ("LandOcean") to pay the annual interest payment due under the
convertible note of US$1.6 million by way of issuance new ordinary
shares in the Company to LandOcean. The interest payment is due for
the 12-month period to the end of November 2018 as per terms of the
existing US$20 million convertible note entered into on 30 October
2016. The agreement to pay the interest in shares will allow the
Company to preserve its existing cash position.
The shares will be issued at the volume weighted average price
(VWAP) on the Australian Stock Exchange for the 90-day trading
period prior to the date of issue. Based on the current 90-day VWAP
this would result in the issuance of 1,684,140,384 shares however,
the final number of shares to be issued will vary based on the
applicable 90-day VWAP at the date of issuance.
The issue of these shares is subject to shareholder approval at
a General Meeting of the Company, agreed to be held by no later
than 28 February 2019. Further details will be provided in the
Notice of Meeting of the Company and an Independent Expert's Report
which will accompany the Notice of Meeting, expected to be
published in the coming weeks.
Contact details
Cantor Fitzgerald Europe (Nominated
Range Resources Limited Adviser and Broker)
Evgenia Bezruchko (Group Corporate David Porter / Nick Tulloch (Corporate
Development Manager) Finance)
e. admin@rangeresources.co.uk t. +44 (0)20 7894 7000
t. +44 (0)20 3865 8430
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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