Liquefied Natural Gas Limited refer to the previous announcement dated 12 May 2020 in which the company disclosed that it had entered into a binding sale transaction with Global Energy Megatrend Limited (GEM) in respect of its interest in subsidiary entities that own the proposed LNG terminal development in Lake Charles, Louisiana, US (Magnolia LNG Project), including Pecan Inc. (and its subsidiaries), LNG Management Services, LLC and LNG Technology, LLC (together, the US Entities) (the GEM Transaction).
On 25 May 2020, the Company terminated the GEM Transaction pursuant to the terms of the underlying agreement, due to GEM’s failure to close the transaction within the required timeframe. Shortly thereafter, the Company entered into a new transaction under which it has sold its interests in the US Entities to another party, Magnolia LNG Holdings, LLC (Magnolia), for a cash price of US$2.0 million (the Magnolia Transaction). The Magnolia Transaction was signed and closed on 26 May 2020.
