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Foreign Investment in Cuba

Leni Gas Cuba Reverse Takeover Moves Ahead

Leni Gas Cuba, Knowlton Capital
Leni Gas Cuba Limited's reverse takeover of investment company Knowlton Capital Inc. gets the conditional green light. Photo: Cuba Business Report staff.

The following news was written by Giles Gwinnett and first published on the ProActive Investors website.

Leni Gas Cuba Limited’s (ISDX:CUBA) plans for a Toronto  listing moved closer- as its proposed reverse takeover of  investment company Knowlton Capital Inc (CVE:KWC) was given a conditional green light by the Toronto venture exchange.

The move is still subject to approval from Leni and Knowlton’s shareholders, and meetings will take place on July 1  and July 6 respectively for this.

LGC will then seek a final order for the scheme of arrangement from the British Virgin Islands High Court on July 7.

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If that is approved, Knowlton will  announce the date on which Knowlton’s shares will commence trading on the TSX Venture Exchange under the name LGC Capital Ltd.

Leni Gas Cuba said in April: “The proposed takeover by Knowlton of the company, could deliver significant short and long term benefits to LGC shareholders, by providing greater access to the very significant North American capital markets, where there has always be considerable investment interest in Cuba through tourism, business and Government to Government relations.”

Source:  ProActive Investors

Leni Gas Cuba Limited, with offices in Havana, Spain and London, is listed in London and one of the few public listed companies globally whose prime purpose is investing directly in the fast growth Cuban economy.

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Leni Gas Cuba’s current investments in Cuba include:

  • 40% of Travelwelcome and inCloud9 Travel Group, a bespoke Cuban travel, events management, TV and film production assistance group.
  • 15.8% of MEO Australia Limited (“MEO”), an Australian-listed Cuban oil and gas explorer which owns the large and highly prospective onshore Block 9 east of Havana. LGC is MEO’s largest single shareholder.
  • 15% of Petro Australis Limited, an Australian un-listed Cuban and oil and gas explorer which has certain back-in rights to 40% of MEO’s Block 9 and is undertaking other oil and gas activities in Cuba.
  • 50% of an imports and exports joint venture with Groombridge Trading Corporation (“GTC”), a Cuban-centric trading company
  • 49% of Cuba Professionals Inc, a Cuban talent management and services company.
  • 50% interest in the Rushmans Lenigas Cuba Joint Venture for Sport.

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