Musical Chairs at LNGL – New Chairman of the Board as Losses Mount

LNG LimitedFor some time now we’ve been tracking progress with an LNG export plant planned for the eastern shore of Nova Scotia, the Bear Head LNG project. Of all the Canadian LNG export projects that will export Marcellus gas, Bear Head seems to have the most momentum. The project has received most (if not all) of the necessary permits it needs to proceed. The most recent regulatory hurdle was a greenhouse gas approval from Nova Scotia, issued in July (see Bear Head LNG Gets GHG Plan Approval from Nova Scotia). However, there are a few troubling signs. The already-small parent company, LNG Limited, laid off 13 workers in July (see Bear Head LNG Parent Lays off 13 People, “LNG…difficult market”). In August the founder of the company left (see Bear Head LNG Export Plant: Bad News & Good News). We now learn that another member of the board, David Gardner, who was the secretary of the board, has left. Plus the chairman of the board is stepping down (but staying on the board for now). There is a new member of the board appointed to be chairman. At the same time we notice LNGL quietly posted a copy of their financials for the year ending June 30. The company lost A$115,187,000 last year, verses losing A$85,747,000 the year before. Converting to U.S. dollars, LNGL lost $89 million last year and $66 million the year before. Perhaps we now see why there’s been a shake-up on the board?…

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