Only positive takeaway I gathered...at least to keep the cash up...

Only positive takeaway I gathered...at least to keep the cash up


10. SIGNIFICANT EVENTS AFTER BALANCE DATE (Continued)

(c) Fisherman’s Landing LNG
On 15 February 2018, Gladstone LNG Pty Ltd (Gladstone), a wholly owned subsidiary of LNGL, agreed to transfer all licenses, environmental authorities, records, reports, information, and data relating to, developed by, or commissioned for Gladstone in respect of the Fisherman’s Landing LNG project to a third-party buyer for US$1 million plus reimbursement of certain statutory charges. Prior to execution of this transaction, LNGL had maintained Gladstone as a going concern as it progressed negotiations with the third-party. The information, data, and assets transferred to the third-party represent all things necessary for the continued operation of the Gladstone business. Sale proceeds are divided into two tranches - US$200,000 is paid immediately to LNGL upon execution of the Transfer Agreement, with the remaining US$800,000 deposited in a trust account that will be released to LNGL once conditions precedent are satisfied. Receipt by LNGL of the US$800,000 is contingent upon the third-party buyer receiving indicative approval by the regulators for the transfer of the permits and licences within two-months of execution of the Transfer Agreement. Further, if the third-party declares Financial Close of an LNG project, as defined in the Transfer Agreement occurs, the third-party shall pay LNGL an incremental US$4 million within 5 business days of giving notice