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".
Abromovich's vehicle previously had nearly 7.8 million shares in the smaller scale gas-to-liquids technology business, but now has just over 9.0 million shares, according to a filing to the London Stock Exchange late Wednesday.
Velocys changed its name from Oxford Catalysts Group last September. It has created technology that converts unconventional, remote and problem gas into valuable liquid fuels, meaning that small-scale gas-to-liquids plants producing between 1,500 and 15,000 barrels a day are more economically viable.
Its shares were up 5.9% at 220.25 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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