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24/07/19

13:41

Post #: 39669844
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Originally posted by SP007: ↑

In addition to these requirements, companies must meet all of the criteria under at least one of the following standards.
Standard No. 1: Earnings
The company must have aggregate pre-tax earnings in the prior three years of at least $11 million, in the previous two years at least $2.2 million, and no single year in the prior three years can have a net loss.

LNG does not meet the requirement of pre-tax earnings of at least US$11m for the last 3 years.

Standard No. 2: Capitalization with Cash Flow
The company must have a minimum aggregate cash flow of at least $27.5 million for the past three fiscal years, with no negative cash flow in any of those three years. Also, its average market capitalization over the prior 12 months must be at least $550 million, and revenues in the previous fiscal year must be $110 million, minimum.

LNG does not meet the requirement of at least US$27.5m aggregate cash flow for the last 3 years.

Standard No. 3: Capitalization with Revenue
Companies can be removed from the cash flow requirement of the second standard if its average market capitalization over the past 12 months is at least $850 million and revenues over the prior fiscal year are at least $90 million.

LNG does not meet the requirement of an average market capitalisation over the past 12 months of US$850m or >US$90m in revenue

Standard No. 4: Assets with Equity
Companies can eliminate the cash flow and revenue requirements, and decrease its marketing capitalization requirements to $160 million if their total assets total at least $80 million and their stockholders' equity is at least $55 million.

LNG currently does not satisfy these requirements per 1H19 report:
Total assets A$49m vs US$80m required
Equity A$46m vs US$55m required
Market cap (current) A$155m vs US$160m required

The only way to get listed would be via Standard No.4
To get to US$80m total assets requires LNG to have A$115m of assets vs the 1H19 A$49m - essentially thats minimum A$65m just to reach the cutoff required, and perhaps much more given 1) calendar 2019 will see further cash burn relative to 1H19 balances and 2) to maintain the level of assets with the expectation of forward cash burn into 2020 would need more again.

The NASDAQ listing in entirely dependent on some form on liquidity event, and a significant one at that.

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Nope.

https://www.investopedia.com/terms/n/nasdaq-smallcap-market.asp

LNG Price at posting: 26.5¢ Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

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Nope.https://www.investopedia.com/terms/n/nasdaq-smallcap-market....

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