This hurts. Really hurts.
And is incredibly disappointing for everyone concerned esp. LT shareholders (of which I’m one since 2014) who have lost aplenty.
Most have known this was a binary outcome: either they’d sign SPAs or not.
Yet despite the substantial regulatory advantage, others have signed deals, subsequently finalized and closed.
As MM said (last AGM?) LNG.AX can raise capital but it comes at a price.Why the hell was this only being discussed then?
Time and again, LNG.AX stated they have no debt, of being frugal, of being the lowest cost producer etc. yet why didn’t they raise sooner … compounded by flip flopping over the NA listing …
I shared my thoughts - privately - months ago, on various funding options. Hopefully some were exhaustively pursued.
Why didn’t they do a CR after the Vietnam ann.?
Instead they left it so late with no wiggle room.
Now with COVID-19 (coronavirus - and itisserious) others can bide their time.
No wonder Kinga left. GV’s cred is shot.
Lastly, with Baupost having kicked off the 2 NEDs at the AGM and showing significant losses, wouldn’t be at all surprised if they engineer something. Clearly unimpressed and needed to stir the pot - or is that plot?
As for IDG, what an unmitigated disaster having bought in at 50c and lost a tonin barely 18 months.
***
FWIW Agreed Bid Terms (p27) states 1.“initial”price is US$.13 and 2.“Initial" Offer Period remains open for 1 month.
Are LNG9 expecting a counterbid?
If either Baupost or IDG says Foxtrot Oscar to this derisory offer, LNG9 may sweeten. But not by much as time isn’t on LNG’s side.
Absolute disgrace esp. given significant sunk costs on getting FERC approvals for Magnolia.
Hopefully that will focus minds.
Hopefully a better offer materialises - and quickly.
Hopefully as it's been for too F^&%$king long ...
