Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration 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
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter