@Foxdog et al,
I live in Singapore, so had further to travel than many of you (spending 2 nights on planes). That's the seriousness with which I take my largest investment by engaging with our Executive and management team in a constructive fashion. And once again, I'm glad to have attended.
I was struck by how genuine and sincere, and almost apologetic GV was. The leadership team are unquestionably empathetic to shareholder concerns. They all want to make MLNG a success for all shareholders. They feel our disappointment, that's palpable. And they absolutely believe they have the right strategy and continue to discuss with credible, bankable offtakers.
GV highlighted the (wider) talented team given their track record of execution. JB spoke about RH's dream to realize MLNG and dedication to do so, whilst knocking back approaches to move. That's why the equity compensation scheme is so important as a retention tool (though monetary tools are not solely the solution). Many staff also bought on market when the NEDs did.
New slides clearly show not simply a China play (but growth unavoidable and several concurred with Charif's view China needs US LNG and simply cannot source from rest of world. Future growth broadly Europe 1/3, Asia 2/3. As you heard, JBO is in Europe right now and MLNG could sell out to the Europeans en masse ... or to Asia ...
The optics may suggest others are catching up, but there remains much for them to do (FID risk): if I sign how long will it take to get to FID? VG, Goldboro (NS), Woodfibre amongst others were cited so it will be very interesting to see how their progress given their incomplete status.
With MLNG
everything is in place.
With others, FERC incomplete, EPC incomplete, etc etc. and multiple contracts must be signed given the larger capacity.
Hence
Not If, But When.
On offtake, given size of these 20 year contracts ($bns), it's Boards who remain weary so hold off. For now.
So to summarize, we have the team, we are absolutely shovel ready.
Minimal FID risk.
And when that first deal gets done, others will follow.
As it always has been, it's a timing issue.
Some may not like to hear that, but I remain utterly convinced we will all be rewarded as the entire team continue to go about their work. Good luck to them all.
And thanks to fellow shareholders for great questions and engaging the team. No substitute! Period.
Go LNG!!!
