CHAA Catcha Investment Corp

Filed under Rule 425 under the Securities Act of 1933,

as amended and deemed filed under Rule 14a-12

of the Securities Exchange Act of 1934, as amended

Filing by: Catcha Investment Corp

Subject Company: Crown LNG Holdings Limited

 

 

LNG | Natural Gas – 29 Aug 2023 | 09:49 UTC

 

INTERVIEW: Crown LNG makes renewed push for LNG import terminal in Scotland

 

Author Stuart Elliott

Editor James Leech

Commodity LNG,  Natural Gas

 

HIGHLIGHTS

 

5 million mt/year FSRU to be deployed at the deepwater anchorage inside theFirth of Forth.
Sees future UK gas demand remaining robust
Crown LNG also looking at projects in India, Vietnam

 

Norway-based LNG infrastructure development company Crown LNG is looking to move forward quickly with existing plans for a new floating LNG import terminal in Scotland, its CEO Swapan Kataria said in an interview.

 

Kataria said UK gas demand was set to remain strong, including the need for flexible gas in the power sector, justifying the deployment of a planned 5 million mt/year capacity FSRU near Edinburgh in the Firth of Forth.

 

Initially conceived to supply a planned 2.4 GW gas-fired power plant at Grangemouth, Kataria said Crown LNG would proceed with the FSRU regardless given the changed European gas landscape since Russia’s invasion of Ukraine in February 2022.

 

“We now feel there is enough demand and enough interest to do an FSRU by itself,” Kataria told S&P Global Commodity Insights in mid-August.

 

The FSRU project was originally anchored into the power plant which would have locked in 2 million mt/year of demand. “But after the war we changed gears and de-coupled from that project,” Kataria said.

 

In that way, Crown LNG can accelerate plans for the FSRU even if the power plant is not built, with 2 million mt/year of alternative user demand sufficient to take final investment decision on the FSRU.

 

The UK already has three permanent LNG import terminals with a combined capacity of more than 35 million mt/year -- South Hook and Dragon in Wales and the Isle of Grain terminal in southeast England.

 

 

Global trader Trafigura could also still look to develop the idled Teesside LNG site in northeast England, but Scotland has no LNG import infrastructure.

 

Kataria said that even if Teesside was developed “both projects could be comfortably sustained.”

 

UK gas demand, he said, would be supported by the need for flexible gas-fired power generation.

 

“I’m not worried about [demand] -- everybody in UK has realized the value of on-demand power. They will always benefit from these facilities on standby,” he said.

 

Government support

 

The UK government has also acknowledged the need for additional FSRUs and has pledged its support for various projects; as part of efforts to bolster the country’s energy security.

 

In its energy security plan published in March, the UK government said a small number of commercial firms were developing proposals to install FSRUs, “which could further increase the resilience of the UK’s gas importation capability.”

 

Kataria said Crown LNG remained in discussions with the UK government and that he’d received positive feedback, that the relevant departments would act quickly. “They’re very realistic and understand the demand for gas is not going away.”

 

At present, Crown LNG is working to submit its application for the FSRU under the government’s accelerated consenting process.

 

Once approved, Kataria said the company would immediately look to engage with an FSRU provider.

 

“If we get an FSRU at the right price, then we implement the project much more quickly,” he said.

 

An alternative option is to convert an existing LNG carrier into an FSRU, which would be a longer process.

 

Crown LNG President Gunnar Knutsen said it would be possible to carry out such a conversion in two years once the vessel is acquired.

 

In all, factoring in an LNG carrier conversion, the UK terminal at the Firth of Forth, could be operational by early 2027, Knutsen said.

 

Crown LNG is also in talks about potential supply for the FSRU with US LNG exporters, with marketing potentially to be realized through a joint venture.

 

But that JV would not be established under the umbrella of Crown LNG. “Crown LNG is not establishing itself to take commodity risk,” Kataria said.

 

 

Other geographies

 

As well as the UK terminal, Crown LNG is also looking to develop an LNG import facility on India’s east coast.

 

There is “huge” demand for gas in India as the country looks to increase the share of gas in its energy mix from 6% to 15%.

 

Even with the country’s existing and planned LNG import terminals, India would still fall short of developing enough infrastructure to meet the target.

 

“The government is doing everything they can and we’re getting a lot of tailwinds on the Indian side,” he said.

 

A third area of focus for Crown LNG is Vietnam, which became an LNG importer in July this year.

 

Part of Crown LNG’s approach to new infrastructure is preparing sites in locations that are subject to harsh weather conditions, allowing for year-round operations.

 

Additional Information about the Transaction and Where to Find It.

 

In connection with the proposed Business Combination, PubCo intends to file a registration statement on Form F-4 (the “Registration Statement”) with the SEC, which will include a proxy statement/prospectus and certain other related documents, which will be both the proxy statement to be distributed to holders of ordinary shares of Catcha in connection with Catcha’s solicitation of proxies for the vote by Catcha’s stockholders with respect to the Business Combination and other matters as may be described in the Registration Statement, as well as the prospectus relating to the offer and sale of the securities of PubCo to be issued in the Business Combination. Catcha’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus included in the Registration Statement and the amendments thereto and the definitive proxy statement/prospectus and documents incorporated by reference therein filed in connection with the Business Combination, as these materials will contain important information about the parties to the Business Combination Agreement, Catcha and the Business Combination. After the Registration Statement is declared effective, the definitive proxy statement/prospectus will be mailed to Catcha’s stockholders as of a record date to be established for voting on the Business Combination and other matters as may be described in the Registration Statement. Stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference in the proxy statement/prospectus, without charge, once available, at the SEC’s web site at www.sec.gov, or by directing a request to: Catcha Investment Corp, Level 42, Suntec Tower Three, 8 Temasek Blvd, Singapore, Attention: Patrick Grove.

 

Participants in the Solicitation of Proxies

 

Catcha and its directors and executive officers may be deemed participants in the solicitation of proxies from Catcha’s stockholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Catcha is contained in the Registration Statement on Form S-1, which was filed by Catcha with the SEC on January 25, 2021 and is available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to Catcha Investment Corp, Level 42, Suntec Tower Three, 8 Temasek Blvd, Singapore, Attention: Patrick Grove. Additional information regarding the interests of such participants will be contained in the Registration Statement when available.

 

The Target Companies’ directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Catcha in connection with the Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the Business Combination will be included in the Registration Statement when available.

 

 

No Offer or Solicitation

 

This Current Report on Form 8-K is for informational purposes only and shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This Current Report on Form 8-K shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

 

Forward-Looking Statements

 

Certain statements in this communication may be considered forward-looking statements. These forward-looking statements include, without limitation, Catcha’s, Target Companies’ and PubCo’s expectations with respect to future performance and anticipated financial impacts of the proposed Business Combination, the satisfaction of the closing conditions to the proposed Business Combination and the timing of the completion of the Business Combination. For example, projections of future enterprise value, revenue and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

 

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Catcha and its management, and PubCo and the Target Companies and their management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against Catcha, the Target Companies, the combined company or others; (3) the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Catcha or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Catcha or the Target Companies’ as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that Catcha, the Target Companies or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the Target Companies’ estimates of expenses and profitability and underlying assumptions with respect to stockholder redemptions and purchase price and other adjustments; and (12) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Catcha’s final prospectus relating to its initial public offering dated February 11, 2021 and in subsequent filings with the SEC, including the proxy statement relating to the Business Combination expected to be filed by Catcha.

 

Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. None of Catcha, the Target Companies or Catcha undertakes any duty to update these forward-looking statements.

 

 

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