Sydney - Wednesday - May 4: (RWE Aust Business News) - Liquefied
Natural Gas (ASX:LNG) has made a definitive share placement agreement and
process deed with China Huanqiu Contracting & Engineering Corp (HQCEC).
HQCEC is a subsidiary of China National Petroleum Corp.
HQCEC is to subscribe for 53.25 million shares in LNG at a price
which is the lesser of 48c ($25.6 million) or 80 per cent of the volume
weighted average market price on the ASX, calculated over the five days
in which sales of ordinary shares are recorded prior to the placement
date.
Application of the proceeds will be for the development of LNG's
three million tonne per annum Fisherman's Landing LNG project.
Subject to the provision of a waiver by the ASX, under Listing
Rule 6.18, HQCEC will have the right to subscribe for additional shares
in LNG from time to time, at market share prices, to preserve its
shareholding if any existing securities which are convertible into LNG
shares are converted within five years of the placement date.
Subject to shareholder approval, Wang Xinge will be appointed as
an executive director to the board of LNG and co chief executive LNG to
work with the existing managing director/chief executive Maurice Brand.
Ms Wang is currently a senior vice president of HQCEC,
responsible for the international global operations of HQCEC.
Subject to shareholder approval, Zhang Gaowu will be appointed as
a non-executive director to the board of LNG.
Mr Zhang is the deputy director of finance & asset management at
HQCEC.
HQCEC has obtained Australian Foreign Investment Review Board
approval for the placement and LNG has obtained a petroleum facility
licence for its Fisherman's Landing LNG project.
The placement remains on schedule for completion in the second
quarter of 2011.
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