- Range Resources has announced it has dropped out of its non-binding agreement to acquire an interest in a pre-school
- The two parties were not be able to create a deal they both agree too
- Range has changed its debt restructuring agreements with LandOcean
- The current outstanding balance payable to LandOcean is approximately US$91 million
Range Resources have announced it has dropped out of its non-binding agreement to acquire an interest in a pre-school.
The two parties were unable to come to an agreement and Range believes it is the best decision for its shareholders.
Chairman Kerry Gu said the company worked hard on the deal.
“During the last several months, we have been tirelessly working to progress with our key objective of restructuring. Despite our best efforts, we could not agree terms with the Chinese education transaction,” he said.
Range is an international company with oil and gas projects in Trinidad and Indonesia, with offices in Perth, London and Trinidad.
“We will focus our efforts on securing alternative transaction opportunities,” Kerry added.
The proposed debt restructuring agreements with LandOcean Energy Service was conditional and the debt restructuring will not proceed on the terms that was last announced.
The current outstanding balance payable to LandOcean is approximately US$91 million. This balance includes the a US$20 million convertible note which is due for repayment on November 28.
The company continues to negotiate with LandOcean. Range is also currently reviewing other transaction opportunities.
Range Resources remains steady on the ASX today and is selling 10¢ per share.