Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Roman Abramovich raises stake in Velocys

A regulatory filing showed his investment vehicle Ervington Investments had on June 30 completed a transaction, which resulted in him now owning around 34.4mln shares , or 24.04%.
Roman Abramovich raises stake in Velocys
Abramovich has increased his holding in the group

Russian billionaire and Chelsea owner Roman Abramovich has lifted his stake in gas-to-liquids AIM firm Velocys PLC (LON:VLS).

A regulatory filing showed his investment vehicle Ervington Investments had on June 30 completed a transaction, which resulted in him now owning around 34.4mln shares , or 24.04%.

The firm is at the forefront of developing gas-to-liquid (GTL) technology, which convert natural gas or biomass into diesel, jet fuel, waxes and other oils.

In May, it reported a narrowing of the pre-tax loss to £21.1mln, down from a loss of £23.3million and an upswing in revenues.

It said there were projects in the pipeline and that there was good progress on Envia Energy’s  project in Oklahoma, USA  with Velocys reactors already completed and mechanical completion expected by mid-2016.

Velocys shares added 5.45% to  29p.

Giles_55af4ddca6481.jpg


Register here to be notified of future VLS Company articles
View full VLS profile

Velocys Timeline

Related Articles

genex-power_Simon-Kidston-757.jpg
November 23 2016
Simon Kidston presented at Mines and Money Melbourne.
oil workers
February 13 2017
"Regaining momentum in our Trinidad production and business development activities is a key objective for the company in early 2017,” said chief executive Neil Ritson.
Solar and conventional energy
January 30 2017
The model for energy services supplier Premier Holding is coming together with the addition of a power supplier to its list of subsididiaries

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use