Response to Price Query

RNS Number : 9406S

Range Resources Limited

30 September 2014

 



Ms Sandra Wutete

Senior Advisor, Listings Compliance (Perth)

Australian Securities Exchange Limited

Level 40 Central Park

152 - 158 St George's Terrace

PERTH WA 6000

By email: [e-mail]

Dear Sandra,

Response to Price and Volume Query

The Company provides the following responses to your letter dated 29 September 2014:

1.                       As at the date of your letter, the Company was aware of incomplete negotiations regarding funding arrangements for the Company.   

An announcement unrelated to the Company's financing arrangements was released on AIM in the afternoon, UK time, of Thursday, 25 September 2014 (also released to ASX on morning of Friday 26 September).  When this announcement was placed on the Company's website the properties of the document inadvertently included a reference to a potential US$15 million financing arrangement. No reference to the financing facility was included in the text of the announcement.

Around midday (UK time) the following day (Friday 26 September), there was a movement in the price of the shares of the Company, up approximately 15% on AIM.  At around 1.20pm UK time the Company received a call from the Company's Nomad advising that the Company needed to release a statement re share price movement specifically mentioning the US$15million financing due to bulletin board speculation. The Company released a short market news release as follows "Range notes the recent movement in the Company's share price and is aware of related market speculation. As previously announced, the Company confirms it is continuing to explore various financing options (which may result in financing of up to US$15 million) and will make a separate announcement should any material financing agreement be formally signed."

Due to an administrative error, a corresponding announcement was not released on the ASX on Monday, 29 September 2014.

2.                       a) The Company had been relying on Listing Rule 3.1A not to announce details of these potential funding arrangements. 

b)  Yes the announcement in relation to the financing arrangements has been released today.  The financing transaction was finalised in the afternoon of Monday 29 September UK time (late evening Australian time).

c) Not applicable.

3.     Not applicable.

4.     The Company confirms it is in compliance with the Listing Rules and, in particular, Listing Rule 3.1. 

The Company has reviewed and separately reminded relevant officers, employees and consultants of its internal protocols and communications policies to ensure both AIM and ASX are updated concurrently. 

For and on behalf of the Board

Amy Just

Company Secretary

Contacts

Range Resources Limited
Rory Scott Russell

Cantor Fitzgerald Europe
(Nominated Advisor and Broker)

David Porter / Sarah Wharry
(Corporate finance)

Richard Redmayne (Corporate broking)

t.   [phone]

Buchanan (Financial PR - UK)

Ben Romney / Helen Chan

t.   [phone]

e.  [e-mail]

MAGNUS (Financial PR - Australia)

Rupert Dearden / Richard Glass

t.   + 61 8 6160 4900

e.  [e-mail]

Australian Office

945 Wellington Street

West Perth, WA 6005

Australia

t.   [phone]

f.   [phone]

UK Office

Suite 1A, Prince's House
38 Jermyn Street
London, SW1Y 6DN
United Kingdom

t.   [phone]

f.   [phone]

e.  [e-mail]

www.rangeresources.co.uk

 

END

 

 

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