LNG liquefied natural gas limited

Good afternoon, JW, I notice the 5KW windmill, so you must still...

  1. J L
    2,141 Posts.
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    Good afternoon, JW, I notice the 5KW windmill, so you must still be around, terrorising the natives. Having nothing better to do, I will respond to your post.

    By "submission to the administrators" I assume that you mean "did I approach the administrators for information regarding insolvency and any contingency plans" Well, I did, on 30/06/2020. You know, as well as I do, shareholders have little rights to information without a court order accompanying the request. But , in my naivety, I thought there might be such compelling evidence that they might share it with me, but not so. They did respond, but my questions were not answered. The level of secrecy afforded directors and administrators amazes me. No doubt they can defend it, but it is beyond me.

    In relation to your second and third paragraph - have to agree.

    This is what I sent:

    "LiquefiedNatural Gas Limited - Administration

    I am a shareholder in Liquefied Natural Gas Limited. I have 240000 shares at a cost base of $50,929.20.

    In the ASX/MEDIA RELEASE 27 March2020 - UPDATEON LNG9 TAKEOVER AND BRIDGE FUNDING PROPOSALauthorisedby Mr Greg Vesey, Executive Chairman stated, among other things, “Based ondiscussions held to date, LNGL anticipates that new sources of funding on termsacceptable to LNGL and LNG9 will be obtained, although that is notcertain”.

    AndIn the ASX/MEDIA RELEASE -14 APRIL 2020 - WITHDRAWAL OF LNG9TAKEOVER BID AND FINANCING UPDATE authorisedby Mr Greg Vesey, Executive Chairman stated, among other things, “LNGL’sexisting cash reserves are sufficient to meet all of the Company’s commitmentsuntil May 2020, and LNGL must secure additional meaningful funding urgentlyto continue operating beyond then”.

    Meaningfulfunding was required if insolvency was to be avoided. Nothing was further reported regardingfunding, and on 1 May 2020 (the predicted insolvency date without furtherfunding), Administrators were appointed. My interest lies in the period between 14 April 2020 when the Take Over Bid was withdrawn, and the 1 May 2020 when the Administrators were appointed.

    I would like toknow what the Board records show in regard to the following:

    1 On14 April 2020 what, if any, fundraising contingency plans were in place and availablefor immediate implementation now that insolvency was deemed to be a realpossibility, and

    2 Inparticular, what plan, if any, was there to invite shareholders to participatein a capital raising venture. If there was such a plan, what derailed it. And if there was no plan, why not.

    To avoid speculation, Iwould really like to know the facts. Thank you for taking my email. I look forward to your reply."

    I see you are sticking it to the poor souls at SYT - "grist for the mill" what. Regards J L.
 
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