Fastnet Oil & Gas PLC Holding(s) in Company (2169Y)

TIDMFAST

RNS Number : 2169Y

Fastnet Oil & Gas PLC

27 November 2014

27 November 2014

Fastnet Oil & Gas plc

("Fastnet" or the "Company")

Holdings in Company

The Company has received notification by Pan Maghreb Oil & Gas Limited ("Pan Maghreb") of a corporate restructuring ("Restructuring") and resulting changes in its shareholding in Fastnet. Prior to the Restructuring, Pan Maghreb held 40,688,212 ordinary shares in the capital of the Company (representing 11.78% of its share capital).

Pan Maghreb has declared a dividend in specie ("Dividend") of its entire holding in Fastnet. The result of the dividend is that, save for Paul Griffiths (MD of Fastnet) who has waived his right to the Dividend, each of Carl Kindinger, Zizi Mahmoud and Armira Zylyftari (together the "Receiving Shareholders") now has received Fastnet shares in proportion to their shareholdings in Pan Maghreb.

In addition to the above, the Receiving Shareholders have also transferred their shares in Pan Maghreb back to Pan Maghreb and those shares have been cancelled, leaving Paul Griffiths as the sole shareholder of Pan Maghreb.

The shareholdings in Fastnet and Pan Maghreb, both before and after the Restructuring, are set out below:

Position prior to the Restructuring

 
                      Holding in 
 Shareholder          Pan Maghreb   "Look through" holding in Fastnet   "Look through" holding in Fastnet (%) 
 Paul Griffiths         37.5%                  15,258,080                               4.42 
 Armira Zylyftari       28.5%                  11,596,140                               3.36 
 Zizi Mahmoud           25.0%                  10,172,053                               2.95 
 Carl Kindinger          9.0%                   3,661,939                               1.06 
 TOTAL                  100.0%                 40,688,212                               11.78 
 

Position following the Restructuring

 
 
   Shareholder       Direct holding in Fastnet     Direct holding in Fastnet (%) 
 Pan Maghreb*               15,258,080                        4.42 
 Armira Zylyftari           11,596,140                        3.36 
 Zizi Mahmoud               10,172,053                        2.95 
 Carl Kindinger              3,661,939                        1.06 
 TOTAL                      40,688,212                        11.78 
 

*Paul Griffiths is the sole shareholder of Pan Maghreb

There is no change to Paul Griffiths' beneficial interest in Fastnet as a result of the Restructuring.

For further information, please contact:

 
Fastnet Oil & Gas plc 
 Cathal Friel, Chairman 
 Paul Griffiths, Managing 
 Director                                [phone] 
 
Shore Capital 
 Nomad 
 Bidhi Bhoma, Edward Mansfield 
 
 Corporate Broking 
 Jerry Keen                              [phone] 
 
  GMP Securities Europe LLP 
  (Joint Broker) 
  Rob Collins, Emily Morris, 
  Liz Williamson                           [phone] 
Davy 
 (ESM Adviser & Joint Broker) 
 John Frain 
 Anthony Farrell                          [phone] 
Bell Pottinger 
 Philip Dennis, Rollo Crichton-Stuart, 
 Jimmy Lea                                [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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