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LNG Project Investors Ask Chancery To Halt $200M Share Sale

Law360 (May 14, 2019, 10:09 PM EDT) -- Stockholders of Texas-based liquefied natural gas export venture Tellurian Inc. asked Delaware's Chancery Court Tuesday to block a $200 million private placement of common stock to a U.S. unit of France's Total SA, saying Tellurian accepted an inadequate price and provided insufficient deal disclosures.

In the proposed class suit, stockholder Thomas L. Hogan said that the deal will bump ownership of Tellurian by Total and subsidiary Total Delaware Inc. from 19% to 25% at an allegedly below-market price negotiated by purportedly conflicted parties on both sides.

NASDAQ rules require a stockholder vote for the private placement because the deal would confer...

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