UK 06:37 Tuesday, 6 October 2026
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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.
We’ve hardly been chief cheerleaders for New Range Resources (RRL) here at ShareProphets. However, the efforts of CEO Rory Scott Russell and his team were slowly starting to win me (but not TW) over. In dealing with the Augean stables left behind by Peter Landau, Mr Scott Russell had embraced an openness, never before experienced by long-suffering shareholders of this wretched company. It is true that there were some justified complaints about the level and speed of some of Mr Scott Russell’s disclosures, but for the most part this man was a paragon of virtue compared to his predecessor. To be dumped from his job, because shareholders couldn’t be bothered to vote in the latest AGM is a travesty.
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Comments
JSB
Ben,
Rig had mobilised a huge amount of PI votes, emails with full broker by broker details on voting were circulated.
At last years AGM PIs came within a whisker of voting down a dilution resolution.
Part of the issue is rig encourage members to vote, but don’t organise a block vote. Many members were voting in favour of reelection, but many were not.
Of all the shares in involved in, shareholder apathy is certainly not a phrase I would use to describe RRL holders
Ben Turney
@JSB – Last year’s AGM counts for nothing. All that is ever remembered is what happened last time.
Let’s see if the company releases the voting figures. If it does I am afraid I think you will be proven wrong. It is a real shame what has happened to RSR.
Judging by the amount of noise on the various RRL BBs, you would think that the shareholders are vociferous, but losing your CEO in this manner suggests too few of them follow that up with action, where it matters.
If any of RIG’s members voted against the board, that is just plain suicidal. Again though, we need to see the voting numbers.
Let’s see who replaces RSR, but I would be very surprised if his successor goes to anywhere near the same lengths to communicate with RIG. Its credibility looks like it will be badly damaged by this.
If RIG is serious it should rally its forces and represents the number of shareholders it claims it should seek to get a member elected to the board, representing it/ordinary PIs
JSB
Ben,
Fair enough on the last AGM (actually I may have got it wrong and it was an EGM) but I was trying to point out RRL has an unusually high level of PI voting.
I agree the PI voting is virtually non existent across AIM, not just a RRL problem
I also agree RSR being ousted is not ideal, I just don’t think he was given enough time, but that’s just my opinion and others hold polar opposite opinions, and vote differently.
I’m not one of the RIG reps, but I just thought given the effort they put in to get PIs to vote your comments were wide of the mark here.
Can I suggest you get in touch with them before dismissing their efforts. I’m pretty sure they collected their members voting intentions and totalled them up, they may give you details of their efforts…..as you say it would be intersting to judge their impact on the AGM
Ben Turney
@JSB – Good idea, I will try. I’ve been in touch with RIG previously and have just read its letter in response to yesterday .
It will be very interesting if the Abraham letter turns out to be genuine…