In light of the above circumstances, LNG9 has notified LNGL that it does not intend to despatch its Bidder's Statement to LNGL shareholders and is therefore withdrawing its takeover bid in reliance on section 670F of the Corporations Act 2001 (Cth).
LNGL understands from LNG9 that LNG9 remains interested in acquiring all or a material part of LNGL or its assets, and LNGL will continue to work with LNG9 to find a mutually acceptable transaction structure. However, LNG9's exclusivity period has lapsed with the retraction of their bid (and LNGL has now terminated the Bid Implementation Agreement dated 27 February 2020).
In addition to ongoing discussions with LNG9, the Company is now working with other parties on strategic alternatives that supplement existing cash on hand to improve LNGL's working capital position and sustain its operations.
LNGL's existing cash reserves are sufficient to meet all of the Company's commitments until
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Tel: +1 713 815 6920
Email: mhirschfield@lnglimited.com
ABOUT
LNGL is an ASX listed company (Code: LNG and OTC ADR: LNGLY) whose portfolio consists of 100% ownership of the following companies:
Disclaimer
Forward-looking statements may be set out within this correspondence. Such statements are only predictions, and actual events or results may differ materially. Please refer to our forward-looking statement disclosure contained on our website at www.LNGLimited.com.au and to the Company's Annual Report and Accounts for a discussion of important factors that could cause actual results to differ from these forward-looking statements. The Company does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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