Suspends Redomiciling Activity
Perth, Oct 6, 2017 AEST (ABN Newswire) - The Board of Directors (Board) of Liquefied Natural Gas Limited (
ASX:LNG) (LNGLY:OTCMKTS) (LNGL or the Company) has resolved to suspend all activity related to the redomicile of the Company to the United States in order to focus on current business.
LNGL's Managing Director and Chief Executive Officer, Greg Vesey, said: "The Board's decision allows management to maintain its focus on marketing the offtake at Magnolia LNG and Bear Head LNG, to concentrate on opportunities to create additional long-term value for LNGL shareholders, and to strengthen liquidity. The Board and the Company's management team are continuing to monitor market conditions to potentially re-engage on the redomiciling efforts at an optimal time for the Company and its shareholders."
"We remain committed to bringing the Company to the U.S. market at an appropriate time best suited to maximize investor value," added Paul Cavicchi, Chairman of LNG Limited. "A U.S. listing is the right step for LNGL, but we must ensure we proceed deliberately and remain attentive to all shareholder expectations."
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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