US listing, what happens then?, page-3

There are a lot of options the company has for "unlocking shareholder value in the US", which has been taken to mean some form of listing in the US. Note we have an OTC listing in the US already (two in fact: LNGLY and LNGLY), both involve LNG.asx shares held on the behalf of OTC holders (so we already have a basic US listing). The simplest option is a depositary receipt/interest listing, either an American Depositary Receipt (ADR) or Chess Depositary Interest (CDI) listing. These are essentially similar to what we have right now, in the case of an ADR we would still have our same listing on the ASX and we would have an ADR listing in the US whereby people in the US could buy and sell ADR's for the company on the market and have shares in LNG.asx held on their behalf. The only difference between the OTC listings we have right now and the ADR listing is that the ADR listing is a full exchange listing (unlike OTC's) which would be expected to attract more investors and more volume. It would be expected that OTC holders would be offered ADR's in exchange for their OTC's and US ASX holders would also likely be offered ADR's. DI's are the reverse situation, the main listing moving to the US and CDI holders have shares in the US company held on their behalf. It would be expected that current holders would be given CDI's or direct holdings in the US entity depending on what suited them best. As part of moving the main listing to the US, the company would also have the option to raise additional funds as part of the process of floating in the US. Other options beyond these become quite a bit more complex. For example, the company may divest part of its assets to a US held subsidiary which itself is listed directly in the US. LNG.asx would hold a percentage of this entity and some amount could be floated to the public in the US. Under this arrangement (or the CDI plus main US listing) the company could also create multiple US entities with all sorts of different ownership and corporate structures to be attractive to different investors (e.g. MLP's). The number of choices are why the company isn't rushing into this and why they are planning to appoint someone to investigate and manage what is determined to be the best option. Personally I expect the main listing to move to the US in some form. Without wanting to claim to offer financial advice I can't see that there is much that holders could or should do before the company lays out it's plans, and even then holders should probably just trust that the company needs to do what's in the best interest of shareholders, including ensuring that they are looked after in any transition (i.e. shares are transferred and holders aren't forced to sell).