Board and Management Changes

RNS Number : 2342Z

Range Resources Limited

25 May 2016

 

Board and Management Changes

The Board of Range announces that Mr Zhiwei (Kerry) Gu, who joined the Board in January 2015 as a Non-Executive Director, will assume the role of Non-Executive Chairman, effective immediately. Mr Gu is an experienced corporate lawyer who has worked across various international markets and industries, and is currently a partner of Dentons, one of the largest global law firms. Mr Gu has participated in several venture capital and private equity investments including with Warburg Pincus, Korea Development Bank and London Asia Fund. During his time with China National Gold Group Corp., Mr Gu was in charge of all mineral resource M&A activities.

Mr David Chen has stepped down from the role of Chairman of the Board with immediate effect to allow him to focus on other business interests. Mr Chen has also notified the Company that he will no longer be an Australian resident and the Company will therefore seek to appoint a new Australian resident director at the earliest opportunity. 

Mr Chen will continue as a Non-Executive Director of the Company and commented today: 

"I have valued my time as Chairman of the Range Board and would like to thank the shareholders, management and staff for their dedication and support. I look forward to continuing to support Range as a Non-Executive Director."

The Board also announces that effective immediately, Mr Yan Liu has been re-appointed to the role of Executive Director and Chief Executive Officer ("CEO") of the Company, and he will be based in Australia. Mr Liu was first appointed to the Board in January 2015 and served as CEO and Trinidad General Manager of the Company until January 2016. 

Commenting on today's announcement, Mr Kerry Gu said: 

"On behalf of the Board, I would like to thank David for his dedication and significant contribution to Range as Chairman over the last 18 months. I am pleased to also welcome back Yan as the CEO of the Company. Yan has a detailed understanding of the Company and its Trinidad operations and his appointment will make a significant contribution to the success of the waterflood and drilling programmes which are underway. The Board is confident that Range has the right team in place to drive forward the future growth of the Company."

Share Trading on AIM          

Further to the Company's announcement released today on ASX regarding the trading halt in the Company's shares on ASX, Range confirms that share trading on AIM will be unaffected.

The Company is aware of the requirement under Australian Law and ASX rules to appoint an additional Australian resident director to enable the Company to satisfy the requirement to have two Australian resident directors. Whilst the appointment process is ongoing, the Board remains duly authorised to continue to take all decisions and actions relevant to the normal running of the Company.

Contact Details
Range Resources Limited Evgenia Bezruchko (Group Corporate Development Manager) e. [e-mail] t.   [phone]	Cantor Fitzgerald Europe (Nominated Advisor and Broker) David Porter / Sarah Wharry (Corporate Finance) Richard Redmayne (Corporate Broking) t.   [phone]

 

END

 

 

BOAKMGZKVKVGVZG