SGX Announcement 18 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 We refer to the update provided to the SGX on 10 May 2018. On 11 May 2018, the sentencing hearing took place following the Brisbane District Court’s recent conviction of the Company in respect of five charges of wilfully and unlawfully causing serious environmental harm. The Court sentenced the Company to a penalty of $4.5 million for the offences, which related to the operations at the Company’s underground coal gasification facility at Chinchilla, Queensland, over the period 2007 to 2013. As previously reported, it is the Liquidators’ position that the penalty ordered by the Court is not provable as a debt in the liquidation of the Company (as a result of section 553B of the Corporations Act 2001 (Cwth)). This was the principal basis for the Liquidators obtaining directions from the Supreme Court of Queensland to the effect that they were justified in not causing the Company to defend the criminal proceedings. 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
