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.
Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter