Tellurian’s shareholders approved doubling the number of its common shares, as the US LNG firm continues to work on financing the first phase of its Driftwood LNG export plant in Louisiana.
The Driftwood LNG developer revealed in April it will ask its shareholders at the company’s annual meeting of stockholders on June 7 in Houston to vote on the move.
Tellurian said in a filing with the US SEC on Wednesday that the stockholders approved and adopted an amended and restated certificate of incorporation of Tellurian to increase the number of authorized shares of its common stock from 800 million to 1.6 billion and also make certain immaterial revisions.
Moreover, holders of 562,808,897 shares of its common stock and 6,123,782 shares of its preferred stock issued and outstanding at the close of business on the record date of April 24, 2023 were entitled to vote at the meeting, according to Tellurian.
Out of these, 389,213,647 shares of Tellurian common stock or preferred stock, or about 68.41 percent of those entitled to vote, were represented in person or by proxy at the meeting.
Besides this move, Jean Abiteboul, Diana Derycz-Kessler, and Dillon Ferguson were elected to the board of directors of Tellurian to hold office until 2026, it said.
$14.5 billion
In May, Tellurian appointed investment banker Simon Oxley as its new chief financial officer to help it with securing financing for the first phase of its Driftwood LNG export plant in Louisiana.
Also, Tellurian is now expecting the development costs for the first phase of its Driftwood LNG export plant in Louisiana to reach $14.5 billion.
Under the first phase, Tellurian aims to build two LNG plants near Lake Charles with an export capacity of up to 11 mtpa.
The US LNG firm issued a limited notice to proceed to compatriot engineering and construction giant Bechtel in March last year.
The firm recently released a drone footage (which you can find above) showing the activities at the Driftwood LNG site.
