Perth-Based Liquefied Natural Gas Ltd Sold to $27B Hedge Fund
Shares in US LNG terminal developer Liquefied Natural Gas Ltd were sold to Seth Klarman's $27 billion hedge fund Baupost, whose shares have more than tripled in the past two months.
Baupost
now holds a 6.69 per cent stake in Perth-based LNG Ltd, which is
developing the $US3.5 billion Magnolia LNG export terminal in Louisiana,
according to a substantial shareholder notice lodged on Thursday.
LNG
Ltd has seen a massive surge in its market value as the market became
aware of the progress it is making at Magnolia LNG, which chief
executive Maurice Brand says has the potential to be among the first
five US gas export ventures to start shipments, subject to approvals.
After
dropping its abortive plans for an LNG export venture in Queensland and
switching its focus to the US, the company has been gaining steady
support among institutional investors as its project has marched
forward.
Source: Sydney Morning Herald
