L&L Provides Update on Taiwan Depository Receipt
SEATTLE, Aug. 21, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable coal operations in China, today provided an update on its Taiwan Depository Receipt ("TDR") project.
TDR Application to be Submitted in September 2013
As previously announced, KPMG has completed and issued unqualified opinions on L&L's FY 2012 and 2011 financials, and is in the process of completing its review of L&L's recently filed FY2013 financials. Taishin Securities, L&L's underwriter, is on schedule to complete the necessary documents for the TDR issuance.
Management expects to submit the formal TDR application to the Taiwan Stock Exchange ("TSE") in September 2013.
Potential Dividend in Connection with TDR Listing
L&L has noted that companies listed on the TSE generally issue cash dividends each year. Management is currently in discussions with Taishin and legal counsel on how to best adopt a dividend policy, which would apply to all LLEN shareholders including the US shareholders. Management expects further discussion with shareholders on this important issue at L&L's 2013 Annual General Shareholders meeting on September 16 in Seattle, WA.
L&L Director and Audit Committee Chairman, Mohan Datwani, commented, "We have received solid support from the business community in Taiwan to pursue this TDR issuance. The Company and management have long history and business background in Taiwan. I believe this is attributed to Mr. Lee's philanthropic deed to Chung Yuan Christian University in Taiwan, and Company's commitment to grow its business in Taiwan. Two business newspapers have recently published interviews highlighting L&L's TDR project and business plans in Taiwan. The interview articles are available on the Company's website."
Forward Looking Statements
The statements containing words that are not historical fact, including statements related to Company's Litigation Reform Act of 1995, and that involve a number uncertainties. Actual results of the future events described in this document could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE L & L Energy, Inc.