Ratio Change to LNG ADR (LNGLY)
Brisbane, Sep 18, 2014 AEST (ABN Newswire) - Liquefied Natural Gas Limited (
ASX:LNG) (LNGLY:OTCMKTS) ("LNG" or the "Company") announces that it will be changing its current Sponsored Level 1 American Depositary Receipt ("ADR") ratio effective 23 September 2014.
The ratio will change from the current 1 ADR per 40 LNG common shares to 1 ADR per 4 LNG common shares. Existing ADRs will continue to be valid and will not have to be exchanged for new ADRs. The number of underlying LNG common shares will remain unchanged.
To implement the change, LNG ADR holders of record at the close of business on 19 September 2014, will receive 9 ADRs for each ADR held. Additional ADRs are expected to be distributed on or around 22 September 2014, the ADR payment date.
Commenting on the ADR ratio change, Maurice Brand, Managing Director of LNG said "LNG's ADR share price has increased more than 1200% since the launch of the Company's ADR in January of this year. Changing the ADR ratio will bring the price more in line with our underlying shares traded in Australia and, we believe, encourage liquidity in the ADR. We feel this will allow our ADRs to appeal to a broader investor base in the US."
Deutsche Bank is the exclusive depositary bank for the Company's ADR program, which trades on the OTC platform in the United States under the symbol LNGLY. Other than the Company's shares traded on the ASX (ASX:LNG) and the Company's ADR program (LNGLY:OTCMKTS) there are no further programs or securities that are directly supported or affiliated with the Company.
About Liquefied Natural Gas Ltd
Liquefied Natural Gas Limited (
ASX:LNG) (OTCMKTS:LNGLY) (LNGL) is an ASX listed company whose portfolio consists of 100% ownership of the following companies:
- Magnolia LNG, LLC (Magnolia LNG), a US-based subsidiary, which is developing an eight mtpa or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;
- Bear Head LNG Corporation Inc. (Bear Head LNG), a Canadian-based subsidiary, which is developing an 8 – 12 mtpa LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
- Bear Paw Pipeline Corporation Inc. (Bear Paw), which is proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG; and
- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company's OSMR® LNG liquefaction process, a midscale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.
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