Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Range Resources; the asset stripping accelerates

By Ben Turney

31 December 2015 02:06

More:

The merciless asset stripping of Range Resources (RRL) accelerated yesterday. Under the cover of a smokescreen letter to the Range Investor Group and the extremely vague forecast that 3,000bopd is possible at the company’s Beach Marcelle waterflood project, LandOcean has grabbed itself Range’s drilling services subsidiary for next to nothing. This doesn’t bode well and I am now more convinced that it is curtains for Range’s long-suffering shareholders unless they can get themselves organised and gain direct representation on the Range board of directors.

Already a member? Sign in

• All premium articles

• Tom Winnifrith’s Bearcast

• Access to all the entire nearly 13 year archive

• ShareProphets Daily Newsletter

Cancel any time

This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

Comments

Spoilt Git

31 December 2014, 03:06

Dear lord, all we need now is for Big Pete to pop up again as bankrolling the the Chinese via OKrAP.
J P Spaghetti

31 December 2014, 05:08

Asset stripping can be legal (however unpleasant) or illegal. Although the boundary in respect of this seems hazy to me, if a company is targeted specifically for this purpose then it’s apparently a clear case of the latter. I’ve not been following the RRL debacle, but if LandOcean has form for this sort of thing then it must surely be a job for the FCA (yeah – I now!)…
2+2=4

31 December 2014, 14:53

Has Citation Resources been taken over?
martin ashworth

7 January 2015, 05:32

Following todays RNS it looks as though RRL r finished & will not come back from suspension, unless the Chinese can raise more funds to pay off Lind (v. unlikely). Mr Landau then just buys the assets off the Receivers. Simples.
Ben Turney

7 January 2015, 15:12

@SG – Chuckle, nothing would surprise me about this story

@JP – You are right, I don’t think what has happened is illegal. Whether or not it is moral or appropriate for listed companies on a stock exchange is an entirely different matter

@2+2 – no, don’t think so

@Martin – Looks that way (or something similar), piece to follow in the morning