Liquefied Natural Gas Limited announced that, part of one of the outstanding conditions precedent, in the share Placement Agreement dated 3 May 2011, with China Huanqiu Contracting & Engineering Corporation (HQCEC), has been satisfied. HQCEC has obtained approval from the National Development and Reform Commission of the People’s Republic of China for the LNG LTD share acquisition by HQCEC.
The remaining conditions precedent, to be satisfied, are:
• HQCEC obtaining the second part of the relevant condition precedent, being approval from the Ministry of Commerce of the People’s Republic of China; and
• LNG LTD obtaining shareholder approval, at the meeting of shareholders to be held on 7 June 2011.
LNG LTD’s Managing Director, Maurice Brand , said “ part satisfaction of one of the outstanding conditions precedent is another important milestone to settlement of the proposed share placement to HQCEC. Pending settlement, LNG LTD and HQCEC are continuing to work closely on recommencing development of LNG LTD’s initial 3 million tonnes per annum Fisherman’s Landing LNG Project. ”
Mr Brand, further said “ LNG LTD’s directors remain strongly of the view that completion of the 19.92% share placement to HQCEC is critical to the company’s future prospects, with HQCEC bringing to LNG LTD the technical and financial credibility needed to recommence development of the Fisherman’s Landing LNG Project and pursue other LNG project opportunities .”
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Source: LNG Limited, June 2, 2011;