Liquefied Natural Gas Limited (LNG Ltd) has announced that it has arranged for the quotation of its American depositary receipts (ADRs) on the OTC International platform in the US. The company’s ADRs will trade under the symbol 'LNGLY' and represent 1 ADR for every 40 ordinary LNG Ltd shares.
LNG Ltd will continue to trade under the symbol 'LNG' on the Australian Securities Exchange (ASX).
The ADRs enable qualifying non-US companies to have direct exposure to the US investment community, which will complement LNG Ltd’s listing on the ASX.
Managing Director of LNG Ltd, Maurice Brand, said that “during 2013, the company promoted its 8 million tpa Magnolia LNG Project in Lake Charles, Louisiana, to a range of US investment groups. A number of these parties participated in last month’s share placement.
“We recognise there is strong interest to invest in the Company from institutional, high-net-worth and retail investors in North America and a quotation on the OTC will provide the opportunity for these investors to trade conveniently and efficiently in their normal exchange trading hours. The Magnolia LNG project is moving towards being granted filing status with the US Federal Energy Regulatory Commission (FERC) and achievement of this milestone, with other commercial milestones, will materially increase the company’s US profile.”
Adapted from press release by Ted Monroe
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/20012014/lng_ltd_initiates_use_of_adrs_on_otc_international_platform/