Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Roman Abramovich ramps up stake in biofuel company

Roman Abramovich ramps up stake in biofuel company

Chelsea owner Roman Abramovich has ramped up his investment in biofuel specialist Velocys.

Abramovich, who has an estimated net worth of $14.2 billion (£8.43 billion) upped his stake in the company from 4.64 million shares to 6.23 million or 5.33% worth £12.2 million at a price of 196p.

The announcement, which was posted to the stock exchange after the market had closed, had lifted shares in Velocys more than 5% by 10am. Since Abramovich first invested at the end of 2012 the shares have risen more than 33%.  

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.   

Numis has a buy recommendation on the stock with a price target of 227p while Charles Stanley rates it a buy with a price target of 250p.

Abramovich falls just behind Woodford Investment Management on a shareholder register which also includes high-profile holdings by Ruffer and hedge fund manager Lansdowne Partners.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter