Liquefied Natural Gas Ltd. (LNGL), Perth, has announced its decision to relocate to the US. The company will now begin preparations to list on the NASDAQ Stock Exchange, including seeking regulatory and judicial approvals along with an affirmative vote from shareholders.
LNGL Chairman Paul J. Cavicchi said the move comes after detailed evaluation by the board and management team. The company is confident about raising new capital to fund its business and marketing efforts and that a corporate move to the US is in the best interest.
The timing of the proposed relocation will depend on the length of the regulatory process in the US and Australia and on the availability of court dates in Australia.
However, Greg Vesey, LNGL managing director and chief executive officer, said it was expected that the relocation could be completed later this year or early in 2020.
LNGL’s activities include the proposed 8 million tonne/year Magnolia LNG terminal in Louisiana; the proposed 8-12 million-tpy Bear Head LNG export terminal in Nova Scotia; the proposed 62½-km Bear Paw gas pipeline to connect gas supply to Bear Head LNG; and an optimized single mixed refrigerant liquefaction technology and process.
The company already has offices in Houston, Lake Charles, La., and Halifax, NS, as well as the headquarters in Perth.
