LIQUEFIED NATURAL GS (OTCMKTS:LNGLF) is delighted to inform that the company’s board has evaluated suggestions given by five investment banks. As per the reviews, the company will likely list on the U.S. exchange as its approaches near to the commencement of full construction work of the Magnolia LNG project. It will prompt the company to have dual listing with its listing on the ASX platform.
The ADRs of Liquefied Natural are already listed on the OTC International Exchange in the U.S. under the ticker LNGLY. At this time, a dual listing appears to be the next logical step. As of now, Liquefied board has taken no decisions related to timing of the U.S. listing. Also, no decision is taken on the format or size of capital to be raised in connection with the US listing. After the dual listing, Liquefied will evaluate further options to create value for shareholders.
In the first week of March 2015, Liquefied Natural Gas announced that Magnolia LNG, LLC achieved the landmark of finalization of EPC joint venture agreement. Magnolia is a wholly owned subsidiary of the company. KBR and SK E&C USA have completed the implementation of the formal JV agreement as per the planned schedule.
The executed JVA of Liquefied subsidiary calls for KBR to offer the Project Director for the JV, while SK E&C USA will offer the Deputy Project Director, with a 70% to 30%, KBR-SK ownership in the JV deal as originally announced. Two members from KBR and one member from SK will comprise a three-member Executive Committee. It will provide oversight to the execution team under the guidance of the Project Directors. The task force team will be based in the KBR Tower in Houston. The project operations under the current Technical Services deal leading to the EPC Contract are already in the process.