JOHANNESBURG (miningweekly.com) – Perth-based gas project developer Liquefied Natural Gas (LNG) Limited has moved to douse speculation of a takeover, following days of double-digit percentage gains in its share price on the ASX.
Responding to corporate activity speculation, the company said on Thursday that it was “not aware of, nor in discussions in relation to a takeover”.
Earlier in the week, LNG also had to respond to an ASX query about unusual trading activity behind its shares, which have surged from A$0.57 apiece on June 2, to close at A$1.025 apiece on June 8.
On Thursday afternoon, the stock traded at A$1.07 a share, from a high of A$1.29 a share earlier in the day.
LNG’s projects include the 8-million-tonne-a-year Magnolia development in the US, the 8- to 12-million-tonne-a-year Bear Head development in Canada, including a 62.5 km gas pipeline to connect the project, and the 3.5-million-tonne-a-year Fisherman’s Landing project in Queensland.