Liquefied Natural Gas Limited (ASX:LNG, OTC ADR:LNGLY) substantial shareholder Valinor Management has increased its stake in the company to 9.32% from 7.96%.
The New York-based hedge fund acquired 6,870,770 shares at a total cost of $23,492,843.99, or an average of $3.42 per share through on-market trades between 4th June and 10th August 2015.
Valinor now holds 46,902,525 shares in the company.
Shares in LNG are currently trading at $2.76.
In July, the company signed its first legally binding liquefaction tolling agreement with Meridian LNG Holdings Corporation for its 8 million tonne per annum (Mtpa) Magnolia LNG project in Louisiana.
This covers firm capacity rights of up to 2Mtpa of liquefied natural gas for 20 years.
LNG Limited has entered into a supplier alliance agreement for Chart Industries, Inc. (NASDAQ:GTLS) to provide liquefaction cold boxes and heat exchangers initially to Magnolia LNG and potentially to other projects such as Bear Head LNG in Nova Scotia, Canada.
It also reiterated previous EBITDA guidance for Magnolia LNG of US$2.50 per million British Thermal Units or greater.
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