Inactive Instrument

VELOCYS

VLS

GB00B11SZ269

Velocys says GBP4 million takeover receives court approval

January 12, 2024 at 09:22 am EST

(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

Latest news about VELOCYS

Velocys plc announced that it has received $40 million in funding from Kibo Investments Pte. Ltd, Carbon Direct Capital Management LLC, Lightrock LLP, Carbon Solutions Investments Pte. Ltd.	Jan. 17	CI
Madison Bidco Acquires Velocys through Court-Sanctioned Scheme	Jan. 17	MT
UK Court Approves Takeover Offer for Velocys	Jan. 12	MT
Velocys says GBP4 million takeover receives court approval	Jan. 12	AN
Velocys agrees bid, Helical lets office to Sainsbury	Dec. 05	AN
Velocys Agrees to Takeover Deal by Madison Bidco	Dec. 05	MT
Ashtead in record half-year; tinyBuild cuts outlook	Dec. 05	AN
Lightrock Climate Impact Fund managed by Lightrock LLP, Carbon Direct Fund II LP managed by Carbon Direct Capital Management LLC, Carbon Solutions Investments Pte. Ltd., and Kibo Investments Pte. Ltd. agreed to acquire Velocys plc from Lansdowne Partners (UK) LLP and others for £4.1 million.	Dec. 04	CI
FTSE 100 Closes Down 0.11% As Investors Eye Autumn Statement	Nov. 20	DJ
Velocys reports possible offer but still no funding, stock plummets	Nov. 20	AN
AIM WINNERS & LOSERS: Oriole inks earn-in deals; Velocys sinks	Nov. 20	AN
Velocys Receives Takeover Interest from Lightrock, Carbon Direct Capital Management; Shares Plunge	Nov. 20	MT
Ashtead tumbles on guidance cut; Diploma rises	Nov. 20	AN
Ashtead cuts guidance; BT eyes musicMagpie	Nov. 20	AN
GreenRoc bullish on asset; Esken eyes Renewables sale	23-10-31	AN
Velocys Remains in Funding Talks with Potential Investors; Shares Plunge	23-10-31	MT
Stocks up despite Eurozone recession fear	23-10-31	AN
AIM WINNERS & LOSERS: Real Good Food expects positive earnings	23-10-31	AN
Velocys launches Ohio sustainable aviation fuels production facility	23-10-23	AN
Velocys, Announces the Launch of New 52,500 Sq. Ft Technology Facility in Plain City, Ohio	23-10-23	CI
Velocys loss widens reflecting higher project development costs	23-09-21	AN
Earnings Flash (VLS.L) VELOCYS Reports H1 Revenue GBP61,000	23-09-21	MT
Earnings Flash (VLS.L) VELOCYS Posts H1 Loss GBX-0.65	23-09-21	MT
Velocys plc Reports Earnings Results for the Half Year Ended June 30, 2023	23-09-21	CI
Velocys plc Provides Financial Guidance for the Year 2023 and 2024	23-09-21	CI

Chart VELOCYS

Duration

Period

More charts

Company Profile

Velocys plc is a United Kingdom-based sustainable fuel technology company. The Company is engaged in the engineering, manufacturing, development, and financing of sustainable fuel projects. It is focused on providing customers with a technology solution to enable the production of negative carbon intensity synthetic, drop-in fuels from a variety of waste materials. It also offers an integrated solution for project developers, owners and operators by supplying reactors, catalysts and associated engineering services. It is involved in developing a commercial plant in Immingham, the United Kingdom, namely Altalto, to make sustainable jet fuel in collaboration with British Airways. It is involved in developing a plant in Mississippi, namely Bayou Fuels, which seeks to produce over 36 million gallons per year of negative-emission transportation fuels. It operates through its subsidiaries in the United Kingdom and the United States.

Sector

Renewable Fuels

Calendar

2024-05-14 - Q4 2023 Earnings Release (Projected)

More about the company