Liquefied Natural Gas Limited announced that at a meeting of shareholders, on 7 June 2011, shareholders approved:
• The placement of 53,250,000 fully paid ordinary shares to China Huanqiu Contracting & Engineering Corporation (HQCEC);
• The election of HQCEC’s nomination, Madam Wang Xinge, as an Executive Director; and
• The election of HQCEC’s nomination, Mr Zhang Gaowu, as a Non-Executive Director.
Following shareholder approval, the final remaining condition precedent, to the share placement, is approval from the Ministry of Commerce of the People’s Republic of China.
LNG LTD’s Chairman, Mr Richard Beresford , said “ the directors welcome HQCEC as LNG LTD’s largest shareholder and are very pleased with the level of shareholder support for the 19.92% share placement. The share placement is important to LNG LTD’s future prospects, with HQCEC bringing to LNG LTD the technical and financial credibility needed to recommence development of the initial 3.0 million tonne per annum Gladstone LNG Project, at “Fisherman’s Landing”, Port of Gladstone, Queensland.
Mr Maurice Brand, said “ he looks forward to Madam Wang joining the Board as an Executive Director and Co-CEO and Mr Zhang as a Non-Executive Director. Both HQCEC and LNG LTD are aligned to speed up the development of the Fisherman’s Landing LNG Project, the marketing of LNG LTD’s OSMR® technology and the achievement of LNG LTD’s business model ”.
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Source: Liquefied Natural Gas Limited, June 8, 2011;