Thursday 29 September 2016

Fastnet completes demerger of oil and gas assets

Published 18/12/2015 | 07:45

Fastnet is switching its focus away from oil and gas
Fastnet is switching its focus away from oil and gas

Fastnet Equity has completed the demerger of its oil and gas assets as it looks to focus on healthcare investments.

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The company, chaired by Merrion Corporate Finance co-founder Cathal Friel, has moved the oil and gas assets into a new company, with the shares in that company to be held in a trust for the benefit of Fastnet shareholders.

"Today's announcement positions Fastnet to focus exclusively on the Company's strategy of pursuing acquisition opportunities within the healthcare sector," Mr Friel said.

"Ring-fencing the Company's existing oil and gas assets in a trust structure is designed to allow the search for a buyer of these oil and gas assets to continue.

"In the event that this search process is completed, the Company's existing shareholders would receive any value generated from the disposal of these assets."

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