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
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter