By Ben Turney | Thursday 1 May 2014
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.
While trawling through the quarterly reports of Range Resources (RRL), I stumbled across yet another mysterious and sizeable transaction. In the quarter ending September 30th 2013, Range suddenly referenced a “US$3.48million performance bond for Colombia” and included this as part of its cash balance. What is odd about this reference is, as far as I can make out (again!!!), this is the first time Range mentioned this material amount. In the two subsequent quarterly reports this “performance bond” continues to appear as a footnote and it now forms over half of Range’s apparent cash balance. Given how cash-strapped Range is, shareholders would do well to ask what on earth is this all about?
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