Director resignation, Share trading update

RNS Number : 9331J

Range Resources Limited

10 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.

DIRECTOR RESIGNATION, SHARE TRADING UPDATE

Range, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, wishes to advise that Mr Yan Liu has tendered his resignation as Chief Executive Officer ("CEO") and Executive Director to allow him to focus on other business interests, effective immediately.

The Board will consider a replacement CEO as appropriate. In the interim, Mr Zhiwei (Kerry) Gu, who joined the Board in 2015, will assume the role of Executive Chairman.

The Company is aware of the requirement under the Australian Corporations Act to appoint an additional Australian resident director to enable the Company to satisfy the requirement to have two Australian resident directors. The recruitment process is underway and the Board is considering suitable candidates. 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.

As announced on 10 December 2018, the Company requested a voluntary suspension of trading in its securities on ASX to be in place until it releases an announcement regarding the appointment of a new Australian resident director. The Company confirms that share trading on AIM will be unaffected.

30,000,000 Unlisted Options previously issued to Mr Yan Liu exercisable on or before 30 March 2020 at £0.010 per Option have been cancelled.

Range's Executive Chairman, Zhiwei Gu, commented:

"On behalf of the Board, I would like to thank Yan for his contribution to the Company and wish him every success in his future business ventures. Until a suitable CEO successor is appointed, I will step up to the role of Executive Chairman to lead the team and ensure that we remain focused on delivery of our objectives. We are working through the appointment process of a new director, and hope to resume trading on ASX in early 2019."

Contact details Range Resources Limited Evgenia Bezruchko (Group Corporate Development Manager) e. [e-mail] t.   [phone]	Cantor Fitzgerald Europe (Nominated Adviser and Broker) David Porter / Nick Tulloch (Corporate Finance) t.   [phone]

 

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