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Highlights
- Range International secures AU$575,000 in loan facilities from directors and management.
- Funds aim to strengthen the company's cash position and support efforts to regain ASX listing.
- Loan terms include a 14% annual interest rate and a two-year repayment period, with no security or conversion rights.
Range International Limited (ASX:RAN), a leading manufacturer of Re>Pal™ zero-waste plastic pallets, has announced the execution of loan facility agreements totaling AU$575,000 after the market closed on December 24, 2024. The agreements were established to reinforce the company’s financial position and aid its ongoing efforts to have its securities reinstated on the Australian Securities Exchange (ASX).
The loans are being provided by the company’s directors, their associated entities, and management under commercial terms. These arrangements reflect the company’s proactive approach to improving liquidity and resolving issues surrounding its suspended listing status.
Loan Facility Details
The material terms of the loan agreements are as follows:
- Amount: A total of AU$575,000.
- Loan Term: Two years from the date of execution.
- Interest Rate: 14% per annum on amounts drawn down.
- Establishment Fee: 1% of the facility amount, payable upon the first drawdown.
- Security and Conversion Rights: The loans are unsecured and cannot be converted into shares of the company.
- Termination: The agreements will terminate in the event of ASX reinstatement failure, a default, or a change of control.
- Warranties: Standard warranties and representations for agreements of this nature apply.
The loan facilities are designed to be drawn at the company’s discretion, providing flexibility in managing its financial resources.
Strategic Importance
Range International emphasized that the loan facilities are a critical step toward enhancing its cash flow as it works with the ASX to resolve its suspension. The company’s securities have been suspended for nearly two years, and under ASX’s removal policy for long-term suspended entities, RAN would face automatic delisting on December 28, 2024, if no action is taken.
This financial support showcases confidence from the company’s leadership and stakeholders in its potential to meet the ASX's requirements and secure reinstatement.
Path Forward
As the manufacturer of the innovative Re>Pal™ zero-waste plastic pallets, Range International remains committed to sustainability and operational resilience. The company aims to leverage this financial infusion to align its business objectives with ASX compliance standards, paving the way for a return to the official listing.
