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Roman Abramovich ramps up stake in biofuel company

by David Campbell on May 14, 2014 at 10:09

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.

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