Liquefied Natural Gas Limited (LNGL) and Australian Subsidiaries (all Administrators Appointed) (Collectively referred to as "the Companies")

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Updates

Liquefied Natural Gas Limited (LNGL) and Australian Subsidiaries (all Administrators Appointed) (Collectively referred to as "the Companies")
Notification of appointment

Craig Crosbie, Simon Theobald and Daniel Walley were appointed Joint and Several Administrators of LNGL on 30 April 2020.

Subsequently, on 6 May 2020, Messrs Crosbie, Theobald and Walley were appointed Joint and Several Administrators of LNGL's Australian subsidiaries, being:

  • LNG International Pty Ltd (ACN: 099 217 455)
  • LNG Technology Pty Ltd (ACN: 115 455 788)
  • Mayflower LNG Pty Ltd (ACN: 145 733 071)
  • North American LNG Pty Ltd (ACN: 145 961 306)

The Administrators are undertaking an urgent assessment of LNGL's financial position, noting that the Australian subsidiaries are holding companies which do not trade / are dormant. Creditors will receive notifications as required throughout the Administration. If you believe you are a creditor, but have not yet received correspondence from our office, please contact Courtney McLean of this office via email at courtney.mclean@pwc.com. Shareholders may refer to further information on the ASIC website here and via announcements on the ASX: https://www.asx.com.au/asx/share-price-research/company/LNG

Updates will be made throughout the Administration.

First meetings of creditors

The first meeting of creditors of LNGL was held on 12 May 2020. The first meeting of creditors of the Australian Subsidiaries were concurrently held on 18 May 2020. Attached are copies of our first notifications to creditors dated 4 and 8 May 2020 respectively.

Second meeting of creditors
Extension to the convening period

Section 439A of the Corporations Act 2001 (Cth) (the Act) stipulates the timing of the second meeting of creditors (Second Meeting). The Second Meeting must generally be convened between 15 and 25 business days (or 20-30 business days at Christmas and Easter) from the date the administration begins. In our initial notifications to creditors, dated 4 May and 8 May 2020 respectively, creditors were advised of the timing of the Second Meeting and the ability for the Administrators to apply to Court to extend the convening period if they thought necessary.

Creditors are advised that the Administrators applied to the Supreme Court of Victoria (Court) to extend the convening period and, on 22 May 2020, the Court made orders including that:

  1. the convening period for the Second Meeting for each of the Companies be extended up to and including 28 August 2020
  2. The Second Meeting for each of the Companies may be convened and held at any time during the period extended under order 1 or within five business days after that period (i.e. the lasted date for the Second Meeting for any of the Companies is 4 September 2020).

Creditors will be advised of the date of the Second Meeting for each of the Companies in due course.

Magnolia LNG Project transaction

Please refer to the ASX announcements dated 12 May 2020 and 26 May 2020 respectively, which outline the sale transaction in respect of LNGL's interest in subsidiary entities that own the proposed liquefied natural gas terminal development in Lake Charles, Louisiana, USA (Magnolia LNG Project), including Pecan Inc. (and its subsidiaries), LNG Management Services, LLC and LNG Technology, LLC (together, the US Entities).

Seeking judicial advice prior to commencing a Stage 2 Process

As announced to the ASX on 30 June 2020, the Administrators have applied to the Supreme Court of Victoria for judicial advice seeking confirmation that it is appropriate for them to commence the Stage 2 Process and to progress, enter into and complete a Recapitalisation or Asset Transaction should they receive proposals that they consider to be for the benefit of creditors and (where there is a surplus) shareholders. Please refer to the ASX for the announcement available in the "Media Releases" section.

A copy of the sealed application has been uploaded and available under "Documents"

Outcome of judicial advice application and commencement of Stage 2 Process

As announced to the ASX on 9 July 2020, the Administrators obtained orders from the Supreme Court of Victoria (Court) confirming that the Administrators are justified and acting reasonably in proceeding with a Stage 2 process seeking expressions of interest in relation to either a Recapitalisation of LNGL and / or its remaining subsidiaries (together, the Group), or one or more transactions in respect of the Group’s remaining assets (Asset Transaction). Please refer to the ASX for the announcement available in the "Media Releases" section.

A copy of the authenticated Orders of the Court have been uploaded and available under "Documents".

Appointment Details

Liquefied Natural Gas Limited (LNGL) and Australian Subsidiaries (all Administrators Appointed) (collectively referred to as "the Companies")
Entity Name Liquefied Natural Gas Limited (LNGL) and Australian Subsidiaries (all Administrators Appointed) (collectively referred to as "the Companies")
Trading Name
Appointment Type Voluntary Administration
Appointment Date Thu, Apr 30, 20
Contact Name Courtney McLean
Contact Email courtney.mclean@pwc.com
Contact Phone +613 8603 1794
Contact Address 2 Riverside Quay
Southbank VIC 3006
Australia Company Number (ACN) 101676779
Australian Business Number (ABN) 19101676779
Appointee(s) Craig Crosbie
Simon Theobald
Daniel Walley

Media Releases

Lisa Macnamara Fri, May 01, 20 ASX Announcement of Administrators appointment
Lisa Macnamara Fri, May 08, 20 Administrators appointed to subsidiary entities
Lisa Macnamara Tue, May 12, 20 Entry into Magnolia LNG Project Sale transaction
Fergus Ross Tue, May 26, 20 Execution of sales transaction (26 May 2020)
Fergus Ross Tue, Jun 30, 20 Administrators seeking judicial advice
Fergus Ross
Fergus.ross@6-degrees.com.au
Thu, Jul 09, 20 Outcome of judicial advice application and commencement of Stage 2 Process

Meetings

First Meeting of creditors of LNGL
Tue, May 12, 20 - 2:00PM AEST Melbourne Local Time

PwC, Level 19, 2 Riverside Quay

Southbank
VIC 3006 Australia

Please note: To ensure we are acting in line with the Government’s safe distance measures put in place in response to the current COVID-19 pandemic, we intend on holding this meeting electronically using a teleconferencing facility. Please do not attend PwC’s offices in person. Further information on how to access the teleconference facilities will be provided to creditors who return completed written statements (Annexure A), Form 535 proof of debt (Annexure B) and, if applicable, a Form 532 Appointment of proxy (Annexure C). Note that Annexures referred to are available in the notice to creditors dated 4 May 2020.

Concurrent first meeting of Australian subsidiaries
Mon, May 18, 20 - 2:00PM AEST Melbourne Local Time

PwC, Level 19, 2 Riverside Quay

Southbank
VIC 3006 Australia

Please note: To ensure we are acting in line with the Government’s safe distance measures put in place in response to the current COVID-19 pandemic, we intend on holding this meeting electronically using a teleconferencing facility. Please do not attend PwC’s offices in person. Further information on how to access the teleconference facilities will be provided to creditors who return completed written statements (Annexure A), Form 535 proof of debt (Annexure B) and, if applicable, a Form 532 Appointment of proxy (Annexure C). Note that Annexures referred to are available in the notice to creditors dated 8 May 2020.