10 May 2018 (1) UPDATES PURSUANT TO RULE 704(23) OF THE LISTING MANUAL 1. UPDATES PURSUANT TO RULE 704(23) OF THE LISTING MANUAL Pursuant to Rule 704(23) of the Listing Manual ("Listing Manual") of the Singapore Exchange Securities Trading Limited ("SGX-ST"), the Liquidators announce updates relating to Linc Energy Limited (In Liquidation) (the Company) as follows: 1.1 CRIMINAL PROCEEDINGS AGAINST THE COMPANY On 9 April 2018, the Brisbane District Court found that the Company was guilty in respect of five charges of wilfully and unlawfully causing serious environmental harm, in contravention of subsection 437(1) of the Environmental Protection Act 1994 (Qld). The conviction follows a lengthy trial that commenced against the Company on 29 January 2018, relating to the operations of the Company’s underground coal gasification facility at Chinchilla, Queensland, over the period 2007 to 2013. The Liquidators had previously obtained directions from the Supreme Court of Queensland in October 2016 to the effect that they were justified in not causing the Company to defend the five charges. These directions were obtained on the basis that any penalty awarded against the Company as a result of a conviction would not be provable as a debt in the liquidation of the Company. It was therefore not in the interests of the creditors of the company for the Liquidators to incur the significant legal costs that would have been associated with defending the charges. The sentencing hearing for the Company has been listed for 11 May 2018 in the Brisbane District Court. Further announcements will be made by the Company to keep its shareholders updated on any material developments as and when appropriate. Any enquiries should be directed to: PPB Advisory Phone: +61 7 3222 6800 [email protected]
LNC Price at posting:
99.5¢ Sentiment: None Disclosure: Held
