UK 06:32 Tuesday, 6 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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.
This morning, Range Resources (RRL) slipped out yet another crucial detail concerning the controversial Platinum Partners loans, which it had previously failed to inform shareholders adequately about. It turns out that as well as the 100million shares in Range held as collateral, Platinum also held the 100million of Range’s shares in Citation Resources, held in trust. Together, these blocks of shares are worth roughly £1.91million, based on last seen prices. It is anyone’s guess what else Range has failed to update the market properly about, but if you really believe this is a company experiencing a new dawn then dream on.
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Comments
pearlexporter
Ben, please look at page 14 of the below link (half yearly). PP has been a debacle, but it is inaccurate to claim that the market had not been informed before today about the 100M citation shares used as additional collateral.
I trust that you will now amend your article accordingly.
“During the period, as per agreement, Range received shares in Citation Resources Limited (ASX: CTR) as settlement for loans advance by Range with respect to the Guatemalan project. 100m CTR shares are held in trust as security against borrowings.”
http://www.rangeresources.com.au/framework/documents/displaydocument.asp?doc=1187
Duck and Dive
Comments deleted? Not much point in me posting one then.
mhin
Is there any possibility of Suing Range or its former director as for breach of fidiciary duty. I have £100,000 coming and that could be an investment to recoup my looses owing to the misinformation/insider dealing etc that has beset Range
Mark
The 100m citation shares in treasury has been released in an rns as it happened …http://www.asx.com.au/asxpdf/20140603/pdf/42q0g5dmj76wn6.pdf
mhin
the point is that Ben recognizes this, but it was hidden in small print, but was extremely material. A dereliction of duty? A failure to comply `in law’ and `in spirit of the law’‘?
Ben Turney
@pearlexporter – thank you for drawing my attention to that. I amended the article in light of that information.
@ Duck and Dive – we don’t delete published comments. Are you referring to the comment you left on the LandOcean piece I filed on Monday? If so, I replied to that there
@mhin I really don’t know, but I will publish and open letter to the AIM Investigations team shortly, asking that they investigate.
@Mark – as mhin says, you’ve missed the point. If these Citation shares were used as collateral for the Platinum Partners loans, as Range said in the RNS yesterday, shareholders should have been informed about this long, long ago. There have been numerous opportunities for the new board to make details of this agreement clear and they have failed utterly to do this.
Thanks for you link though. The question I now have is who is “Maximilian
Investors
Trading LLC”. Range said yesterday “As part of the original debt agreement, Platinum Partners held 100 million
Range shares along with 100 million shares Range held in Citation Resources
Limited (ASX: CTR), as collateral for the loan. Range has agreed with Platinum
Partners that the lender is not required to return to the Company these shares,
as part of the loan settlement.”