wadsworth mentions: GV’s contacts and the possibility of all management having to do; is run the Company out of money, appoint lawyers to sell it for enough money to keep it going until FID, and set up a scheme of arrangement where new share holder/s gain 99% of the Company or an alternative massive dilution which allow management to keep their positions and salaries.
noairbags mentions watching the ABC’s 4Corners program about our regulators (and a US congressman committing insider trading). An interesting topic given we know GV has a lot of contacts in the industry and we know his contacts include Louisiana Congressman Clay Higgins and US Secretary of Commerce Wilbur Ross.
The Corporations Act prevents the acquiring of more than 20% of a Company’s shares, and as mentioned previously a CR involving share holders isn’t likely. Just as an example of the numbers, given our shares at between $0.11 and $0.12, to raise enough cash for another 12 months would mean issuing another 300 Million shares @ $0.10 (or as SENARIS posted earlier on another thread: raising $50 Million by issuing 500,000,000 @ $0.10). Considering LNG currently has 576,667,151 shares issued, you can get an idea of what sort of dilution would be involved!! I’d like to know what Valinor, Baupost and IDG feel about the current situation.
I have attached a link with information regarding what may happen next:
As far as suggestions of sending an email to the Company or posting a letter to GV’s twitter account, he already knows what is being said here, via his twitter account. I doubt he feels the need to worry about Australian retail holders or replying to letters from them, and once the Company is de-listed from the ASX, those share holders will have little recourse left.
LNG Price at posting:
11.0¢ Sentiment: None Disclosure: Held
