LNG Energy Ltd is to change its name to Esrey Energy Ltd, following approval from its shareholders and the TSX Venture Exchange.
The company will also proceed with the consolidation of its Common Shares on a 1000 old for 1 new basis. Holders holding less than one full share post-consolidation are entitled to a cash payment of $0.01 per share of their holdings on a pre-consolidation basis in lieu of a fractional share. Following the consolidation, the company will immediately complete a stock split on the basis of 1 old for 50 new, with fractional shares being rounded to the nearest whole number. The Consolidation and Stock Split will achieve a 20 to 1 consolidation and eliminate all of the shareholdings of less than 1000 pre-consolidation shares in exchange for the cash payment of $0.01 per share.
New Chief Financial Officer
The company has also appointed Shayne Dyrdal as its Chief Financial Officer, as of 12 November 2013.
David Nelson, President and CEO of LNG, said: “We are delighted to welcome Shayne to our management team and look forward to having her financial expertise in the role of Chief Financial Officer. Her previous experience will be of significant value to the company.”
Adapted from press release by Callum O'Reilly