Fastnet Equity Share Discussion Threads

[risk1] 22/2/2016 07:06

8am rns then

[papillon] 21/2/2016 22:04

free stock charts from uk.advfn.com


A bullish ascending triangle. Well if FAST is not suspended before the market opens tomorrow morning we can look forward to a breakout from that ascending triangle tomorrow and a significant rise in the share price

[papillon] 21/2/2016 21:42

EPIC code: FAST

Fastnet reverse takeover could be imminent

By Gary Newman | Sunday 21 February 2016

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Fastnet Equity (FAST) has been attracting plenty of attention this weekend after rumours that a takeover deal is very close to being completed.

The AIM listed company was formerly an oil and gas explorer with assets in the Celtic Sea and Morocco, but last year it took the decision to abandon this sector and relinquish its licences, in light of the low oil prices and expectations for that to continue for some time, plus the limited success of other explorers operating in the same area as Fastnet’s licences.

The directors decided on a complete change of direction for the business and it is now looking for an acquisition in the biopharma sector.

Now if the rumours are correct it looks like a deal could be imminent, with Amryt Pharmaceuticals the expected target as it has already told potential investors that it is looking to float on AIM via a reverse takeover of an existing cash shell.

This shouldn’t come as a huge surprise as Fastnet appointed Harry Stratford as a non-executive director back in December to help it explore opportunities in the healthcare sector. Few in the industry can claim to have been as successful as Stratford, as he has over 40 years experience and founded Shire PLC back in 1986 which is now listed on the FTSE100 with a market cap of over £22 billion.

He is also involved with Amryt, as is Fastnet chairman Cathal Friel, who is on the board of Amryt, and Raglan Road Capital, which he is also connected to, are shareholders in the private company.

The rumours seem to be that Amryt will raise £20 million through the deal, with that company only having been set up last August, seemingly specifically for this purpose – but it does have two directors running it who are very experienced in the life sciences area, Joe Wiley and Rory Nealon.

If any sort of a deal goes ahead we won’t know all of the exact details until a prospectus is issued, but I would expect the outcome to be positive for Fastnet holders given that the company has been trading at around cash value for some time now.

Shares in Fastnet are currently around 2.9p to buy, up a fair bit from the lows of around 2p that we saw when the change of direction for the company was first announced, but still only giving it a market cap of around £9.8 million at the moment.

At the last set of interims up to the end of September the company had around $15.5 million in the bank, and given that it expects annual running costs to be as low as $600,000 following its switch to an investing company, that should still mean that it is currently trading at around cash in the bank. It is debt free and net assets also stood at around $15.5 million after the write off of its oil and gas assets – those were previously valued at around $36 million.

Obviously if there is a reverse takeover then the newly formed company will still have to make progress and actually achieve something, otherwise it will just burn through cash, but given some of those involved I think there is a realistic chance of success and it isn’t just some pipe dream.

Cathal Friel is also someone who has put in a fair amount of his own money, via Raglan Road Capital, and around the start of July last year he nearly doubled his stake in the company, buying nearly 21 million shares at 4p, to take his holding to circa 11.5%.

I would still class this one as highly speculative as it is still very early days, but going forward it should have a decent amount of cash in the bank and a good team behind it, and it all comes down to the terms of any deal that gets done, either with Amryt of anyone else.

- See more at:

[papillon] 21/2/2016 21:11

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[jacksonpollack] 21/2/2016 21:04

Amryt Pharmaceuticals Designated Activity Company was set up on Monday the 17th of August 2015. Their current address is Dublin 4, and the company status is Normal. The company's current directors Rory Nealon, Joseph Wiley and Cathal Friel have been the director of 30 other Irish companies between them; 6 of which are now closed.

[jacksonpollack] 21/2/2016 20:39

Cathal does seem to have his fingers in many pies and likes to mix the companies he resides over together.

Amryt Endocrinology Limited was set up on Monday the 7th of December 2015. Their current address is 106b Pembroke Road, Ballsbridge, Dublin 4, and the company status is Normal. The company's current directors Rory Nealon and Joe Wiley have been the director of 15 other Irish companies between them; 3 of which are now closed.

[jacksonpollack] 21/2/2016 18:51

Fastnet equity shareholders who were in fastnet oil and gas before 16/12/15 will be beneficiaries of any sale of oil and gas assets held in the trust fund. Davy stockbrokers and cathal friel being two massive shareholders together with several other institutional investors. Davy stockbrokers are the ones helping to find finance for fastnet investment. If oil and gas assets were to be sold cathal friel, Davy and all other institutional investors could use the money they gain from oil and gas assets being sold to acquire finance for pharma deal and or any future deals. As institutional investors hold the majority of shares in fastnet equity and the trust company and were there before cut off date, it could be a sizeable amount to reinvest. It would show the confidence the institutions have in fastnets new venture/s. As well as being a director of fastnet equity cathal is a director of the oil and gas trust company and a director of raglan as well as others, so finding finance shouldn't be a problem.

[papillon] 21/2/2016 18:00

"FASTNET EQUITY, the one-time AIM-quoted Celtic Sea gas explorer, is poised to complete its transition to the life sciences sector with the takeover of a newly formed pharmaceutical business.

Fastnet is planning to close a deal with Amryt Pharmaceuticals, a company headed by Joe Wiley and Rory Nealon, two experienced senior life science executives. Amryt aims to raise up to £20m (€25.8m) as part of the proposed transaction.

Amryt has told potential investors it will float through the reverse takeover of an unnamed “AIM-listed cash shell”, believed to be Fastnet. Davy Stockbrokers has been hired to raise new funds for the company."

The above is from today's Irish edition of the Sunday Times:



JacksonBollacks was bleating about hearing this RTO news through a newspaper report in the Irish Independent rather than a FAST RNS, but the Sunday Times says the "AIM-listed cash shell" is UNNAMED, but "BELIEVED TO BE FASTNET".

Which newspaper is correct? Has FASTNET been officially NAMED as the "AIM-LISTED CASH SHELL" as reported by the Irish Independent, OR, is the Sunday Times correct when it states that the "AIM-LISTED CASH SHELL" is UNNAMED, but "believed to be FASTNET"?

[kiwimonk] 21/2/2016 17:36

who's the halfit jackson?
useless posts cluttering up the board, filtered.

Big Deal - suggest it will be suspended tmrw and await financing.
All set up now. Well done management.

[jacksonpollack] 21/2/2016 15:31

Risk1. I understand that but just to leave it grow cobwebs over the years seems a waste. It must have some value and the more money fastnet can raise the better to use on aquisitions.

[risk1] 21/2/2016 15:22

No JP this belongs to shareholders in a completely separate company noyhing to do with fastnet equity

[risk1] 21/2/2016 14:59

Please let there be a rights issue

[papillon] 21/2/2016 14:23

"It would also be interesting to hear what might happen to the oil and gas data being held in a seperate account. Is this part of negotiations or a seperate entity."

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Do wake up, JP!! The oil & gas interests are held in a TRUST completely separate from FAST (though FAST has loaned money to the TRUST) and ONLY the shareholders who held FAST shares on the 16/12/15 will have any interest in that TRUST. Read the relevant RNS!!

So from the 16/12/15 FAST has NO O&G interests and the O&G interests held in a COMPLETELY SEPERATE TRUST FUND will have ABSOLUTELY NO part in the RTO negotiations!!

FAST NOW HAVE NO O&G interests apart from the loan to the TRUST, which if the O&G data has no value will mean that the loan will never be re-paid to FAST.

You really are as thick as 2 short planks, JacksonBollacks.

PS. I'm hopeful that any suspension for the RTO will be closer to 3 months rather than, say, 6 months, but who can tell?

[jacksonpollack] 21/2/2016 13:52

Risk1. I would be disappointed if 8p was a re list price. I think a 3x hike is a bare minimum you are expecting. I would be hoping for way above that. I would think the market is onto this share now and news over the suspended months will be well documented and anticipation of re entry will be huge. What cathal did with cove is probably a one off turning a couple of million company into a billion company, but with the right people on board and the right investments, lightning could strike twice. Now that cathal and Harry have put me firmly in my place with the news that has been released I'm hoping for very big things here.

[bdaonion] 21/2/2016 12:13

Thanks for the link bwd. Excellent news. Hopefully at least a partial rights issue to allow existing shareholders to participate fully.

[talkman2] 21/2/2016 10:41

The board consists of big hitters . I am sure they have plans to build a significant pharmaceutical company . It's going to be a very exciting ride .

[risk1] 21/2/2016 10:36

He has skin in the game JP that is why i gambled here plus FAST had 10 million and told us exactly how they planned to spend it

Obviously the market had no faith

What price will it relist at

Imo 40 million cap minimum 8p a share

[jacksonpollack] 21/2/2016 10:31

Not bothered if it takes 6 mths and cathal takes his pay each month as he has done his job, that's all I ask of a bod. And believe me I have been in and am in at the moment several companies predominantly on aim where bods don't achieve anything. Cathal and Harry have restored my faith somewhat.

[risk1] 21/2/2016 10:20

I think it will be suspended before a share is traded and just a word of caution JP HNR has just returned after 7 months and it is extremely frustrating so take a chill pill every day as CF will be trousering several months salary in the mean time but we have to trust him

I really hope we get s rights issue