(MENAFN- ProactiveInvestors - UK) Range Resources Ltd (LON:RRL, ASX:RRS) has been forced to halt the trading of its shares on the Australian Stock Exchange after recent board changes meant it fell short of Australian law.
Zhiwei Gu has been appointed non-executive chairman, replacing David Chen who stepped down as chairman, but will continue as non-executive director.
Chen notified the company that he will no longer be an Australian resident; therefore the company will need to appoint a new Australian resident director as soon as possible.
It is a requirement under Australian law and ASX rules to have two Australian resident directors, meaning the group must appoint an additional Australian resident director to enable the company to satisfy the requirements after the former chairman rescinds his Australian residency.
Elsewhere, as part of the board changes, Yan Liu, formerly CEO and Trinidad general manager, has been re-appointed to the role of executive director and chief executive officer.
'[Liu's] appointment will make a significant contribution to the success of the waterflood and drilling programmes which are underway,' said Gu.
Whilst the appointment process is on-going, the group said normal running of the company would continue.
'The board is confident that Range has the right team in place to drive forward the future growth of the company,' added Gu.
The group confirmed that trading on AIM would be unaffected.
Shares rose just under 1.5% to 0.49.
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