Baupost purchases interest in Liquefied Natural Gas.
M2 EQUITYBITES-June 13, 2014-Baupost purchases interest in Liquefied Natural Gas
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13 June 2014 - US hedge fund sponsor The Baupost Group LLC has purchased a stake in Australian liquefied natural gas projects developer Liquefied Natural Gas Ltd (ASX:LNG), a stock filing by the target shows.
According to the filing with the Australian bourse, Baupost owned 25.9m shares of LNG, corresponding to a 6.69% voting stake in the company, as of 10 June 2014, following acquisition of shares over the past three weeks.
The Australian firm, which is developing the Magnolia LNG project in Louisiana, sees US investors owning up to a 50% stake in it in the coming six weeks, the company's managing director Maurice Brand told Bloomberg.
Brand told the news agency that Magnolia LNG is believed to have a high potential of success, with the company having made strong progress, and that it was also looking at other projects.
LNG's current market capitalisation is around AUD555.1m (USD522.8m/EUR385.6m).
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jun 13, 2014|
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