PYX Resources: Achieving volume and diversification milestones. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVLS.L Share News (VLS)

  • There is currently no data for VLS

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Velocys says GBP4 million takeover receives court approval

Fri, 12th Jan 2024 14:20

(Alliance News) - Velocys PLC on Friday said that its proposed takeover has received court approval, with the transaction expected to reach completion on Wednesday.

Velocys is an Oxford, England-headquartered sustainable fuels technology company. In early December, it agreed to a cash takeover by Madison Bidco. Madison Bidco is made up of funds advised by Lightrock, Carbon Direct Capital, GenZero and Kibo Investments.

It will pay 0.25p per Velocys share, valuing the company at around GBP4.1 million on a fully diluted basis. It had also agreed to provide up to USD40 million of growth capital upon acquisition completion to ensure that the company retains sufficient resources to "deliver against Velocys' medium-term strategic plans".

On Monday, the deal was backed by Velocys shareholders and the company has now confirmed that the acquisition has been sanctioned by a court order.

Shares in Velocys were down 1.1% at 0.24 pence each in London on Friday afternoon.

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
22 Sep 2014 09:20

UPDATE: Velocys Expects USD45 Million In Red Rock Revenue; Wins Patent Case

Read more
22 Sep 2014 08:48

Velocys Expects Up To USD45 Million Revenue From Red Rock Project

Read more
29 Jul 2014 10:31

Velocys Technology To Be Used In Commercial GTL Plant In US

Read more
27 Jun 2014 14:41

Sector movers: Chemical stocks hit by DuPont profit warning

The selling pressure on the UK chemical sector continued on Friday on negative readacross from a profit warning by US giant DuPont, one of the largest chemical companies in the world. The UK chemical sector was down around 0.6% this afternoon and has now fallen 10% over the past month. DuPont decl

Read more
25 Jun 2014 13:36

Velocys acquires Pinto Energy and Ashatabula GTL project

Small scale gas-to-liquids (GTL) technology innovator Velocys has acquired Pinto Energy and the Ashtabula project. The acquisition is expected to "stimulate early market adoption" of its technology in North America by quickening the development of "shovel ready" GTL projects. Pinto Energy is curre

Read more
25 Jun 2014 09:17

Velocys Acquired Pinto Energy And Ohio Gas-To-Liquid Project

Read more
19 Jun 2014 12:22

UK MIDDAY BRIEFING: Rolls-Royce To Return Cash To Shareholders

Read more
19 Jun 2014 10:26

UK WINNERS & LOSERS: BT Up, TalkTalk Down As OFCOM Drops Complaint

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
-------
FTSE 100 - WINNERS
-------
Rolls-Royce Holdings, up 5.6%. The maker of aircraft and marine engines has

Read more
19 Jun 2014 09:42

Velocys Shares Rise As Abramovich Raises Stake, Canaccord Starts Coverage

LONDON (Alliance News) - Velocys PLC shares rose Thursday after it emerged late Wednesday that Russian billionaire Roman Abramovich had raised his stake in the business to 7.71% through his Ervington Investments vehicle and after Canaccord initiated coverage of the stock with a "Speculative Buy".

Read more
19 Jun 2014 09:09

UK BROKER RATINGS: Canaccord Raises Charles Stanley To Buy

LONDON (Alliance News) - The following UK shares received analyst recommendations Thursday morning:
----------
FTSE 100
----------
TRADERS: MERRILL LYNCH CUTS VODAFONE TO 'NEUTRAL' ('BUY')
----------
TRADERS: BARCLAYS RAISES WEIR GROUP PRICE TARG

Read more
19 Jun 2014 08:56

Thursday broker round-up UPDATE

BAE Systems: Westhouse Securities initiates with a target price of 360p and a sell recommendation. Berkeley Group: Deutsche Bank increases target price from 2587p to 2877p retaining a hold recommendation. Jefferies raises target price from 2477p to 2543p and keeps a hold recommendation. BG Group:

Read more
19 Jun 2014 07:26

UK MORNING BRIEFING: Rolls-Royce Leads Strong Opening Gains

LONDON (Alliance News) - UK shares have opened strongly higher Thursday, and the pound has broken above USD1.70, following a well-received US Federal Reserve meeting.

Rolls-Royce Holdings leads FTSE 100 gains after saying it will return cash to shareholders through

Read more
16 Apr 2014 14:28

Velocys boosted by British Airways landfill-to-fuel update

News that a British Airways biomass-to-jet fuel project has entered the site engineering phase has given a boost to AIM-listed Velocys, which is to provide its gas-to-liquids technology to the scheme's organiser Solena. A statement from British Airways on Wednesday said: "With the initial enginee

Read more
16 Apr 2014 10:15

Velocys Says Site Chosen For GreenSky London Project

LONDON (Alliance News) - Velocys PLC said Wednesday that Thames Enterprise Park had been chosen as the site for British Airways' GreenSky London project, which it will be providing technology for. The project is to produce a sustainable jet fuel facility, and is being developed by Solena Fu

Read more
27 Mar 2014 14:18

Velocys Says Transition To Commercialisation Has Widened Losses

LONDON (Alliance News) - Synthetic fuels producer Velocys PLC Thursday said its losses widened in the full-year, as it retreated from development and transitioned to commercialisation. The technology innovator for smaller scale gas-to-liquids posted a pretax loss of GBP18.0 million for 2013

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.