Linc Energy seeks extension for submission of proposal to resume share trading

LIQUIDATORS of Linc Energy said on Friday they have applied to Singapore Exchange (SGX) for a one-year extension for the submission of a proposal to resume trading in the company's shares.

The submission deadline was initially March 29 this year, and the liquidators have now asked for it to be deferred until March 29, 2018.

The move to submit the proposal came after Linc Energy's shares were suspended on March 30, 2016.

The liquidators also sought waivers for requirements to prepare financial statements and an annual report, as well as to hold an annual general meeting.

The company said the liquidators have been monitoring the criminal proceedings presented against Linc Energy in Australia.

"As the proceedings are ongoing with no clear conclusion on the outcome, the liquidators are unable to ascertain the financial impact and legal implications arising from the same on the company. Accordingly, the liquidators cannot engage potential investors and other stakeholders to explore the various options for the company to exit liquidation at this time," it said.

Separately, Linc Energy also gave other updates.

It said the sale of mining development licence 361 - the Pentland coal tenement in the Galilee Basin - is expected to be completed by Sept 30 this year.

In terms of sale of land, the liquidators have realised two of Linc Energy's five real property assets in Chinchilla, Queensland. The remaining three properties are subject to an ongoing sales process.

On May 5, 2017, the liquidators entered into a deal for the sale of the debt owed by United Queensland Resources to Linc Energy. The sale is due to be completed at the end of June 2017.

The liquidators said they continue to progress recoveries from the company's remaining assets, including the SGX-listed shell as well as loans owed by US subsidiaries that are currently subject to a Chapter 11 process.

Following orders made by the Supreme Court of Queensland that the liquidators are not justified in causing Linc Energy to not comply with the Environmental Protection Order issued by the Queensland Department of Environment and Heritage Protection, the liquidators have filed an appeal.