Range International has secured A$936,795 from its entitlement offer and confirmed a 3,000-pallet purchase order that it says will make the associated feedstock transaction cash-positive. The company has also pushed most of its director and management debt beyond 2026, although A$749,574 of the offer remains unplaced.
- A$936,795 raised before costs from the entitlement offer
- 8,328,601 shortfall shares remain available for placement
- A$365,000 unsecured director and management facility extended to January 2028
- December debt maturity reduced from about A$500,000 to A$150,000
- 3,000-pallet order confirmed against 338 tonnes of feedstock
3,000-Pallet Order Improves Transaction Economics
Range International Limited (ASX:RAN) has confirmed a 3,000-pallet purchase order from an existing client, turning a planned 338-tonne feedstock purchase into what the company describes as a cash-positive transaction. The feedstock represents about 1.5 months of Range's total needs and was available on commercially attractive terms.
The order gives the recycled-pallet manufacturer a more tangible commercial development as it moves into 2027. The company had previously said the client was in the late stages of issuing the purchase order; it has now confirmed the order itself rather than merely flagging the opportunity.
Entitlement Offer Raises A$936,795
Shareholders applied for 10,408,829 new shares at A$0.09 each, raising A$936,794.61 before costs. The result closes the loop on the October entitlement offer, which had been positioned as central to funding the rental pallet expansion.
The raise fell short of its potential A$1.686 million, leaving 8,328,601 shares worth A$749,574.09 available for placement at the board's discretion. Range said it had received interest from potential investors, but also made clear there is no guarantee those shares will be issued. Directors subscribed for A$285,878.62 of their entitlements, including applications counted in the total.
The new shares are expected to be issued on 13 November 2026 and begin trading on ASX on 16 November. Until any shortfall placement is completed, the final extent of dilution and the total capital raised remain unresolved.
Debt Maturity Reduced Into 2028
Range has also renegotiated the previous director and management loan facility, reducing the amount due in December 2026 from about A$500,000 to A$150,000. The updated arrangements total A$365,000 and run from 24 December 2026 to 31 January 2028.
The facility is unsecured and carries interest of 18% a year on drawn amounts, with no establishment fee and no conversion rights. That extension gives Range more time before most of the debt falls due, but the cost of the capital remains material and the filing does not disclose how much of the facility is currently drawn.
Bottom Line?
The order strengthens Range's near-term operating narrative, but the next key test is whether the remaining shortfall is placed and how quickly the company converts the raise into cash-generating rental growth.
Questions in the middle?
- Will Range place the full 8,328,601-share shortfall, or settle for a smaller capital injection?
- How much of the A$365,000 facility will be drawn, and what interest burden will follow?
- Can the 3,000-pallet order translate into repeat demand beyond this single cash-positive transaction?