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Range Resources Ltd Announces Proposal of Merger with International Petroleum Limited; to Issue New Shares


Wednesday, 24 Apr 2013 02:30am EDT 

Range Resources Ltd (Range) announced its intention to undertake a strategic merger with International Petroleum Limited (International Petroleum), a company listed on the National Stock Exchange (NSX) in Australia on a ratio of three Range ordinary shares for every two International Petroleum ordinary shares (3:2 basis) subject to various conditions, including final due diligence and regulatory approvals. Based on Range's current share price (on the AIM market), this values International Petroleum at approximately A$105 million. Subject to further considerations, the merger will be undertaken by way of either an off-market takeover offer by Range to International Petroleum shareholders or a proposed scheme of arrangement under Australian laws. The board of International Petroleum have unanimously agreed to recommend the proposed merger in the absence of a superior proposal and Range has received commitments to a A$20 million placement to funds and institutions and agreed to provide US$15 million to International Petroleum Limited by way of a secured loan over International Petroleum's Russian assets. The Company has received commitments from a number of institutional investors to raise approximately A$20 million through the issue of 338.983m Range ordinary shares at an issue price of £0.04 per share (A$0.059) along with an attaching unlisted warrant for every two shares subscribed for (£0.04, 30 April 2016) with the warrants subject to shareholder approval. 

Company Quote

0.026
-0.0010 -3.70%
21 Aug 2014