View the article online at http://citywire.co.uk/wealth-manager/article/a757768
Abramovich doubles stake in biofuels minnow
by David Campbell on Jun 19, 2014 at 10:34
Abramovich, via his Ervington Investments vehicle, upped his holding in the company from 7.75 million shares to 9.02 million or 7.71% worth £19.94 million at a share price of 221p.
The announcement went out to the market following Wednesday’s close. In early trading on Thursday shares in the business were up 6.01%, with additional impetus from the initiation of coverage by broker Cannacord Genuity as a speculative buy on a price target of 400p.
Numis rates the company a buy with a price target of 227p. Abramovich’s purchase puts him among the top four investors in the company, behind Lansdowne Partners, Citywire AA-rated Henderson UK Equity Income manager James Henderson and Ruffer.
Since he initially invested in the business at the end of 2012 shares have risen just over 50%.
Previously known as Oxford Catalysts, the company converts waste-generated methane gas into liquid fuels.
The company is currently in the planning stages to build Europe’s first waste-biomass to jet fuel plant outside London, in association with British Airways.
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