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Liquefied Natural Gas Limited Gains Claren Road As Substantial Shareholder

Liquefied Natural Gas Limited (ASX:LNG) has received a notice of initial substantial shareholding from Claren Road Asset Management with a 6.21% stake in the company.

It joins other notable holders including Seth Klarman's Baupost - the world's 11th largest hedge fund, Daniel Loeb's Third Point LLC, Fairview Capital Asset Management and hedge fund Valinor Management.

Claren had acquired an initial 19 million shares priced at $0.55 each under the company's placement offer and had made further on market purchases to bring its total shareholding up to 27,712,361 shares.

These included 7,700,000 shares at $0.56375 each on 21 May and 1,012,361 shares at $1.2125 each on 2 June.

Claren, a long/short credit manager focusing on the global high grade and high yield markets, is majority owned (55%) by The Carlyle Group, which has more than US$199 billion in assets under management.

LNG Limited has received the U.S. Federal Energy Regulatory Commission's formal acceptance of its filling application for the 8 million tonne per annum Magnolia LNG project in Louisiana.

The company expects to make a final investment decision on the 8 million tonne per annum Magnolia LNG Project in 2014, secure all approvals during 2015 and export its first cargo of LNG in 2018.

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