Australia’s Liquefied Natural Gas Limited (LNGL) has received a cash takeover offer from Singapore-based LNG9 Pte Ltd
Under the terms of the agreement, LNG9 would offer US$0.13 per ordinary share, equivalent to valuing the share capital of LNG Ltd to about US$75M. The board of directors of LNGL is expected to unanimously recommend that shareholders accept the offer.
LNG9 is a Singapore-based private entity and part of an end-to-end LNG solution value chain. Together with related entities, LNG9 plans to deliver LNG to regasification facilities. LNG9 plans to own and operate the regasification installations to supply LNG into Asian and European markets.
ASX-listed LNGL is developing two LNG export terminals in North America. LNGL owns Magnolia LNG LLC, a US-based subsidiary, which is developing an 8 mta or greater LNG export terminal in the Port of Lake Charles, Louisiana; and Bear Head LNG Corporation Inc, a Canada-based subsidiary, which is developing an 8 to 12 mta LNG export terminal in Richmond County, Nova Scotia, Canada.
Other LNGL interests are Bear Paw Pipeline Corporation Inc, which is proposing to construct and operate a 62.5-km gas pipeline lateral to connect gas supply to Bear Head LNG and LNG Technology LLC, a subsidiary which owns and develops the company’s OSMR LNG liquefaction process. LNGL describes the OSMR LNG liquefaction process as a mid-scale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.