Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Abramovich doubles stake in biofuels minnow

Abramovich doubles stake in biofuels minnow

Chelsea-owner Roman Abramovich has bitten off another big chunk of biofuels company Velocys having near-doubled his stake in the business over the past month.

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.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter