FURTHER EXAMPLES OF STATEMENTS PERPETUATING LNGL OFFTAKE AND FID...

FURTHER EXAMPLES OF STATEMENTS PERPETUATING LNGL OFFTAKE AND FID SUCCESS

CC “It’s not a matter of if; it’s a matter of when”; “No one is horse trading”
03/17 “In discussions for more than three times the 8mtpa capacity of Magnolia”
10/17 “Over the last quarter, our discussions with potential offtakers have increased significantly”
12/17 “We're actually having serious discussions with what amounts to three times the capacity of the facility
05/18 “Buyers are willing to sign 20-year deals” and “Are no longer balking at contracts”
05/18 “Contract talks have picked up significantly” and “Expected to make that call by the end of the year”
03/19 “The interest our team experienced for Magnolia recently exceeded even our strong expectations”
03/19 “We are emboldened by the advanced engagement we have with several customers during the quarter”


EXAMPLES OF / FOR ESTABLISHING MISLEADING CONDUCT

03/17 Greg Vesey stated the Fishermans Landing Project was in an advanced stage of development; that same day LNGL allowed the lease on the Fishermans Landing site to terminate and did not inform shareholders until several weeks later of this event.

06/18 Following a capital raising in which Mulliner (a subsidiary of IDG) became a substantial holder, LNG CEO Greg Vesey made this statement “Prior to IDG’s involvement we only had access to lower level discussions”. Yet, in addition to the other evidence already presented, he made the following statements, prior to IDG becoming a share holder:

06/19 LNGL notified shareholders that redomiciling to the NASDAQ had been approved (after originally notifying shareholders of its intentions in 2017) by the BOD and shareholders would receive a Scheme of Arrangement notifying holders of the details involved. Nothing updated information was provided to the contrary, until a recent notification was given that this would no longer happen and now the Company has only enough liquidity to operate until the end of the first Quarter 2000.

09/19 LNG announced it had negotiated a Sales and Purchase agreement to supply 2 million tonnes per annum of LNG to Vietnam energy company DeltOE, and the parties were completing the contracts for execution. They included that both parties would make efforts to complete the contracts expeditiously. Following the announcement, the share price soared 30% before going into a trading halt. When queried by the ASX about whether LNG considered the market release, “to be information that a reasonable person would expect to have a material effect on the price or value of its securities”, LNG’s response was “No, LNG considered that the Information was unlikely to be information that a reasonable person would expect to have a material effect on the price or value of LNG’s securities”.

During his tenure as CEO of LNGL Greg Vesey speculated several times that “Magnolia will be the next US Gulf Coast liquefaction project to begin construction” and there is “Greater certainty of the Magnolia LNG project relative to other LNG projects in North America”. During this his tenure he also said “Public statements relating to the timing of FID by unpermitted LNG export projects are purely speculative and unreliable”, “I would encourage people to read each of those statements carefully”, “Many are headline grabs” and “they contain elements we would never incorporate”