GTL sells shares to recoup losses

Ethanol and bio-refining investment company GTL Resources has been bought by marine business Siem Kapital and fund firm North Atlantic Value (NAV) for £32 million (€36.6 million).

Siem and NAV will pay a pound for each share belonging to GTL, which is listed on London’s AIM.

GTL produces more than one million gallons of ethanol each year through its subsidiary Illinois River Energy. However, GTL’s shares have fallen by about 16% since April 2011 and selling on the shares has already caused the trading price to rise again.