ANS Investments aims to make changes at Magellan Petroleum

By Lisa Kerner

Charlotte, N.C., March 12 - Investors led by ANS Investments LLC acquired shares of Magellan Petroleum Corp. stock for the purpose of "effectuating a change" in the company's board of directors.

ANS and its affiliates may acquire more than 5% of the company's shares and may contact other stockholders regarding their intention, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own 303,690 shares, or less than 1%, of Magellan Petroleum.

In a March 6 letter to the company, ANS requested to inspect certain Magellan Petroleum books and records related to an agreement between the company's wholly owned subsidiary Magellan Petroleum Australia Ltd. and the Australian Taxation Office.

Under the agreement, Magellan Petroleum Australia will pay $13 million to the Australian Taxation Office, or about 25% of the company's market capitalization, the filing stated.

Magellan Petroleum is a Hartford, Conn., oil and gas company.

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