Business Context and Reporting Period
This Form 6-K filing by Golar LNG Limited covers the month of June 2011, specifically dated June 3, 2011. The report details a corporate action regarding the compulsory acquisition of remaining shares in Golar LNG Energy Limited ("Golar Energy").
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed is the compensation price for the share acquisition.
- Compensation Price: NOK 26.80 per share for Golar Energy minority shareholders.
Material Changes
The primary material change is the initiation of a compulsory acquisition process under Bermuda company law. Golar LNG has notified remaining shareholders of Golar Energy that it is exercising its right to acquire their shares. This follows a voluntary offer that closed at the end of May 2011.
Outlook, Management Commentary, and Risks
Management Commentary and Process:
- Shareholders do not need to accept the offer to receive settlement; the acquisition will proceed automatically under Bermuda law.
- Settlement is expected to be completed on or about July 8, 2011.
- Compensation will be transferred to bank accounts registered in the VPS.
Delisting:
- Golar Energy has called a special general meeting for June 14, 2011, to propose delisting its shares from the Oslo Stock Exchange.
- Delisting is expected to occur by the end of June 2011.
Risks and Contingencies:
- Shareholders have 30 days from the notice date to apply to the courts in Bermuda for an alternative valuation of the share price if they dispute the NOK 26.80 offer.
Investor Verification Checklist
- Verify the completion date of the compulsory acquisition (expected July 8, 2011).
- Confirm the delisting of Golar Energy from the Oslo Stock Exchange by the end of June 2011.
- Monitor for any court applications filed by minority shareholders disputing the NOK 26.80 valuation.
- Check subsequent filings for the final consolidation of Golar Energy into Golar LNG Limited.