Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Liquefied Natural Gas Limited    LNG   AU000000LNG0

LIQUEFIED NATURAL GAS LIMITED

(LNG)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancials 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Liquefied Natural Gas Limited : - Seeking judicial adviceprior to commencing a Stage 2 Process

07/01/2020 | 11:09am EST

Liquefied Natural Gas Limited (ASX: LNG) announcesthat its Administrators, Craig Crosbie, Daniel Walley and Simon Theobald of PwC Australia, are applying for judicial adviceprior to commencing a process (Stage 2 Process) seeking expressions of interest in relation to either a recapitalisation (Recapitalisation) of the Company and / or its remaining subsidiaries (together, the Group), or one or more transactions in respect of the Group's remaining assets (Asset Transaction).

Following the completion of the transaction announced on 26 May 2020 (Magnolia Transaction) the Administrators have undertaken an assessment ofthe solvency position of the Company with a view to determining the basis upon which to proceed with the Administration. At present, it is unclear whether the Company is solvent or insolvent, primarily due to uncertainty as to (i)the quantum of valid creditor claimsand (ii) the value that may be realised for the Group's remaining assets.

It is the Administrators' opinion that the question of solvency is not likely to be determined until after the Second Meeting of Creditors of the Company, at whichmeeting the future of the Company will be decided by its creditors. In circumstances where all of the directors of the Company have resigned, the Administrators consider that the most appropriate course of action is to explore options for a Recapitalisation or Asset Transaction(s)through theStage 2 Process for the benefit of creditors, and if there is ultimately a surplusafter payment of creditors, for the benefit of shareholders.

Accordingly, the Administrators have applied to the Supreme Court of Victoria for judicial advice (Application) seeking confirmation that it is appropriate for them to commence the Stage 2 Process and to progress, enter into and complete a Recapitalisation or Asset Transaction should they receive proposals that they consider to be for the benefit of creditors and (where there is a surplus) shareholders. A copy of the Application is available on the website maintained by the Administrators at https://insolvency.pwc.com.au/singleEntityCases/liquefied-natural-gas-limited-administratorsappointed/casePage.

The Application is due to be heard by the Supreme Court of Victoria, via a Zoom meeting,on Wednesday 8 July, 2020 at 10:30 AM (Melbourne time). Should any shareholders wish to object to the proceedings,or otherwise be heard in respect of the proceedings, please provide written notice of your intention and reasons for your objection (or otherwise) to theAdministrators' solicitors, Johnson Winter and Slattery,by close of business on Monday 6 July, 2020 or contact Johnson Winter and Slattery for instructions as to how you may attend the hearing. Written notifications may be addressed to Pravin Aathreya and Sara Gaertner at LNGLshareholders@jws.com.au.

Contact:

Tel: +1 713 815 6900

Fax: +1 713 815 6905

(C) 2020 Electronic News Publishing, source ENP Newswire

All news about LIQUEFIED NATURAL GAS LIMITED
11/24Australia's Santos plans maintenance at Gladstone LNG plant in January 2021
RE
11/11BUA CEMENT : Raises Hopes of Shareholders
AQ
10/01LIQUEFIED NATURAL GAS : Gas Production Reaches 94. 2 Million Cubic Feet
AQ
09/17LIQUEFIED NATURAL GAS : LNG) Market expected to reach USD 20.28 Billion by 2025 ..
AQ
09/14LIQUEFIED NATURAL GAS : Glenfarne seeks 5 more years to build Louisiana Magnolia..
RE
08/05BUA CEMENT : Beats the Odds
AQ
07/29LIQUEFIED NATURAL GAS : Qatar Petroleum - Qatar to host LNG2025 the 21st Interna..
AQ
07/10LIQUEFIED NATURAL GAS LIMITED : - Outcome of Judicial Advice Application
AQ
07/01LIQUEFIED NATURAL GAS LIMITED : - Seeking judicial adviceprior to commencing a S..
AQ
06/12LIQUEFIED NATURAL GAS : Court directs NAB to file supplementary reference agains..
AQ
More news
Financials
Sales 2019 - - -
Net income 2019 -33,5 M -24,6 M -24,6 M
Net cash 2019 19,8 M 14,5 M 14,5 M
P/E ratio 2019 -3,98x
Yield 2019 -
Capitalization 24,8 M 18,2 M 18,2 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 83,6%
Chart LIQUEFIED NATURAL GAS LIMITED
Duration : Period :
Liquefied Natural Gas Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers
NameTitle
Gregory M. Vesey Chief Executive Officer & Managing Director
John G. Baguley Chief Operating Officer
Michael Reed Mott Chief Financial Officer
D. Michael Steuert Independent Non-Executive Director
Joseph B’Oris Chief Development Officer
Sector and Competitors
1st jan.Capitalization (M$)
LIQUEFIED NATURAL GAS LIMITED-77.37%18
CNOOC LIMITED-25.93%46 822
CONOCOPHILLIPS-39.17%42 248
CANADIAN NATURAL RESOURCES LIMITED-29.45%28 517
EOG RESOURCES, INC.-44.03%27 349
ECOPETROL S.A.-33.33%24 158