Notice Under ASX Listing Rule 3.10.5A
Perth, May 14, 2014 AEST (ABN Newswire) - Liquefied Natural Gas Limited (
ASX:LNG) (LNGLY:OTCMKTS) (the Company) has issued a total of 31,207,254 fully paid ordinary shares to US and Australian institutional investors (Placement). The Placement was completed on 13 May 2014 and announced to the market on 5 May 2014.
Of the 31,207,254 fully paid ordinary shares issued, 31,082,902 were issued under ASX Listing Rules 7.1A as approved by shareholders at the Company's Annual General Meeting held on 25 November 2013. The balance of 124,352 was issued under ASX Listing Rule 7.1.
Pursuant to ASX Listing Rule 3.10.5A, the Company provides the following information in relation to the Placement made under ASX Listing Rule 7.1A.
The dilutive effect of the Placement on existing shareholders of the Company is as follows:
------------------------------------------------------------Placement issued under LR 7.1 (124,352 shares) 0.03%Placement issued under LR 7.1A (31,082,902 shares) 8.03%Total dilution effect of Placement 8.06%------------------------------------------------------------
Details of the Company's issued capital following the completion of the Placement held by pre-Placement and new shareholders are as follows. Please note that this information relates specifically to the 31,082,902 shares issued under Listing Rule 7.1A.
-------------------------------------------------------- Shares Percentage--------------------------------------------------------Pre-Placement shareholders who did not participate 321,846,252 83.15%in the Placement Pre-Placement shareholders who did participate in 34,132,763 10.77%the Placement New shareholders 23,529,012 6.08%who participated in the Placement--------------------------------------------------------
The equity securities were issued for cash consideration. The Company issued the securities as a Placement under rule 7.1A in order to attract cornerstone US institutional investors and existing Australian institutional shareholders and was the most efficient mechanism for raising funds at the time. The Company provided a Share Purchase Plan Offer for existing shareholders in September 2013.
There was no underwriting for this Placement.
Foster Stockbroking Pty Ltd and EAS Advisors LLC, acting through Merriman Capital, Inc both charged a fee for the Placement. The Company will pay a fee of A$736,335 in connection with the Placement.
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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