Range Resources drops on discounted share issue

Range Resources fell back on Tuesday morning in active trading after announcing a share placing at a deep discount to Monday night's closing price.

Range Resources fell back on Tuesday morning in active trading after announcing a share placing at a deep discount to Monday night's closing price.

The company has placed 18.3m new shares at 11.5 cents per share. The close yesterday was 13.25p. After taking account of the exchange rate, the discount works out at around 56%. The shares fell as low as 10.5p in the opening 90 minutes of trading, before recovering a little.

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