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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Fastnet Equity | LSE:FAST | London | Ordinary Share | GB00B85HRF56 | ORD 3.8P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.975 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2020 to Feb 2025
TIDMFAST
RNS Number : 6572J
Fastnet Equity PLC
21 December 2015
21 December 2015
Fastnet Equity plc
("Fastnet" or the "Company")
Interim Results for the six months ended 30 September 2015
We are pleased to report on the progress of Fastnet Equity plc ("Fastnet" or the "Company") and present the unaudited interim results for the six month period ended 30 September 2015.
Operational Highlights
-- Concluded detailed asset review of the Company's oil and gas portfolio in light of the rapidly deteriorating economic conditions in the oil and gas sector during the last year
-- Transition from an Oil & Gas business to an investment company following the adoption of an investing policy to acquire companies or businesses in the healthcare sector which was approved by shareholders on 28 August 2015
-- Post period end, the oil and gas subsidiaries were demerged into a separate company, Fastnet Hydrocarbons Limited, on 17 December 2015. Fastnet Hydrocarbons Limited is held in trust for the benefit of shareholders on the register of the Company as at the close of business on 16 December 2015
-- Fastnet will no longer have any ongoing interest or further cost exposure in respect of oil and gas assets
Financial and Corporate Highlights
-- US$15.5m cash balance at 30 September 2015 (US$16.8m at 31 March 2015, US$18.8m at 30 September 2014)
-- Net loss for the period of US$1.5m (6 months to 31 March 2015: loss of US$39.7m, 6 months to 30 September 2014: loss of US$1.6m). The current period net loss comprises general and administrative costs of US$1.2m and exploration and evaluation costs expensed of US$0.3m
-- Change of the functional currency of Company to Euros (EUR) with the cash balance of US$15.1m converted into EUR13.7m on 31 October 2015 at an FX rate of US$1:EUR0.905
-- Cash balance of EUR13.6m as at 30 November 2015 prior to the grant of an unsecured 4 year term loan EUR660,000 to finance residual running of oil and gas assets
Cathal Friel, Non-Executive Chairman, commented:
"Following the recently announced demerger of our oil and gas assets the Company is well positioned to focus on identifying and assessing potential investment targets within the healthcare sector."
For further information please contact:
Fastnet Equity plc +353 (1) 644 0007 Cathal Friel, Non-Executive Chairman Shore Capital +44 (0) 20 7408 4090 (Nomad & Joint Broker) Bidhi Bhoma, Edward Mansfield Davy +353 (1) 679 6363 (ESM Adviser & Joint Broker) John Frain, Anthony Farrell Camarco +44 (0) 20 3757 4980 Billy Clegg / Zoe Moulton
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2015
Hot Features
Premium
Unaudited Audited Audited
6 months 6 months 12 months
to to to 31
30 September 30 September March
2015 2014 2015
Note US$'000 US$'000 US$'000
----------------------------------- ----- -------------- -------------- ----------
Continuing operations
Revenue - - -
Operational costs - - -
----------------------------------- ----- -------------- -------------- ----------
Gross loss - - -
General and administrative
costs (1,177) (1,651) (3,196)
Impairment of exploration
and evaluation assets (308) - (36,593)
Other operating expenses (4) - (12)
Share based payments (30) (74) (129)
Operating loss (1,519) (1,725) (39,930)
Finance income 50 95 185
Net foreign exchange gain 10 2 4
----------------------------------- ----- -------------- -------------- ----------
Loss on ordinary activities
before taxation (1,459) (1,628) (39,741)
Tax on loss on ordinary - - -
activities
----------------------------------- ----- -------------- -------------- ----------
Loss and total comprehensive
loss for the period attributable
to the equity holders of
the Company (1,459) (1,628) (39,741)
----------------------------------- ----- -------------- -------------- ----------
Loss per share:
Loss per share - basic and
diluted, attributable to
ordinary equity holders
of the parent (cent) 3 (0.42) -(0.47) (11.51)
Consolidated Statement of Financial Position
As at 30 September 2015
Unaudited Unaudited Audited
30 September 30 September 31 March
2015 2014 2015
US$'000 US$'000 US$'000
------------------------------- -------------- -------------- ----------
Assets
Non-current assets
Property, plant and equipment 5 11 8
Exploration and evaluation - 35,986 -
assets
------------------------------- -------------- -------------- ----------
Total non-current assets 5 35,997 8
------------------------------- -------------- -------------- ----------
Current assets
Trade and other receivables 58 148 173
Cash and cash equivalents 15,516 18,827 16,790
Total current assets 15,574 18,975 16,963
------------------------------- -------------- -------------- ----------
Total assets 15,579 54,972 16,971
------------------------------- -------------- -------------- ----------
Equity and liabilities
Equity attributable to owners
of the parent
Share capital 20,261 20,261 20,261
Share premium 38,918 38,918 38,918
Other reserves 2,110 1,996 2,080
Retained deficit (46,251) (6,679) (44,792)
------------------------------- -------------- -------------- ----------
Total equity 15,038 54,496 16,467
------------------------------- -------------- -------------- ----------
Non-current liabilities
Liability for share based - 2 -
payments
Total non-current liabilities - 2 -
Current liabilities
Trade and other payables 541 474 504
------------------------------- -------------- -------------- ----------
Total current liabilities 541 474 504
------------------------------- -------------- -------------- ----------
Total liabilities 541 476 504
------------------------------- -------------- -------------- ----------
Total equity and liabilities 15,579 54,972 16,971
------------------------------- -------------- -------------- ----------
Consolidated Statement of Cash Flows
For the six months ended 30 September 2015
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to 31
30 September 30 September March
2015 2014 2015
US$'000 US$'000 US$'000
--------------------------------- -------------- -------------- ----------
Cash flows from operating
activities
Group operating loss for
the period (1,519) (1,725) (39,930)
Depreciation 3 3 6
Share based payment expense 30 74 129
Impairment of exploration
and evaluation assets 308 - 36,593
Movements in working capital
and other adjustments:
Decrease/(increase) in trade
and other receivables 115 (72) (97)
Increase/(decrease) in trade
and other payables 37 (393) (496)
Net cash flow used in operating
activities (1,026) (2,113) (3,795)
--------------------------------- -------------- -------------- ----------
Cash flow from investing
activities
Payments for property, plant - (1) -
and equipment
Expenditure on exploration
and evaluation assets (308) (16,994) (17,442)
Farm-in proceeds - 20,410 20,410
Finance income 50 95 185
Net cash flow (used in)/from
(MORE TO FOLLOW) Dow Jones Newswires
December 21, 2015 02:00 ET (07:00 GMT)
investing activities (258) 3,510 3,153 --------------------------------- -------------- -------------- ---------- Cash flow from financing activities Net proceeds from issue - - - of equity instruments Net cash flow from financing - - - activities --------------------------------- -------------- -------------- ---------- Exchange and other movements 10 2 4 --------------------------------- -------------- -------------- ---------- Net change in cash and cash equivalents (1,274) 1,399 (638) Cash and cash equivalents at beginning of period 16,790 17,428 17,428 --------------------------------- -------------- -------------- ---------- Cash and cash equivalents at end of period 15,516 18,827 16,790 --------------------------------- -------------- -------------- ----------
Consolidated Statement of Changes in Equity
Reverse
Share asset
Share Share based Merger acquisition Capital Retained
capital premium payment reserve reserve reserve deficit Total
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------------- --------- ---------- ---------- ---------- ------------- ---------- ---------- ---------
Balance at 1 April
2014 20,261 38,918 1,584 11,478 (11,256) 9 (5,051) 55,943
Loss and total
comprehensive
loss for the period - - - - - - (1,628) (1,628)
Share based payments - - 181 - - - - 181
--------------------- --------- ---------- ---------- ---------- ------------- ---------- ---------- ---------
Balance at 30
September
2014 (Unaudited) 20,261 38,918 1,765 11,478 (11,256) 9 (6,679) 54,496
--------------------- --------- ---------- ---------- ---------- ------------- ---------- ---------- ---------
Balance at 1 October
2014 20,261 38,918 1,765 11,478 (11,256) 9 (6,679) 54,496
Loss and total
comprehensive
loss for the period - - - - - - (38,113) (38,113)
Share based payments - - 84 - - - - 84
Balance at 31 March
2015 20,261 38,918 1,849 11,478 (11,256) 9 (44,792) 16,467
(Audited)
--------------------- --------- ---------- ---------- ---------- ------------- ---------- ---------- ---------
Balance at 1 April
2015 20,261 38,918 1,849 11,478 (11,256) 9 (44,792) 16,467
Loss and total
comprehensive
loss for the period - - - - - - (1,459) (1,459)
Share based payments - - 30 - - - - 30
Balance at 30
September
2015 (Unaudited) 20,261 38,918 1,879 11,478 (11,256) 9 (46,251) 15,038
--------------------- --------- ---------- ---------- ---------- ------------- ---------- ---------- ---------
Company Information
1. General Information
Fastnet Equity plc ("Fastnet" or the "Company") is a company incorporated in England and Wales. Details of the registered office, the officers and advisers to the Company are presented on the Company Information page at the end of this report. The Company is listed on the AIM market of the London Stock Exchange (ticker: FAST) and the Enterprise Securities Market of the Irish Stock Exchange (ticker: FOI).
The principal activity of the Company during the period was oil and gas exploration. At a general meeting of the Company on 28 August 2015, a fundamental change of business and adoption of an Investing Policy was approved by the shareholders of the Company. The Investing Policy is to acquire companies or businesses in the healthcare sector particularly those in the biopharma sector.
The interim results of the Company for the six month period ended 30 September 2015 comprise the Company and its subsidiaries (together the "Group").
2. Basis of Preparation
The interim results have been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU"), and their interpretations adopted by the International Accounting Standards Board ("IASB"). As is permitted by the AIM rules the Directors have not adopted the requirements of IAS34 "Interim Financial Reporting" in preparing the financial statements. Accordingly the financial statements are not in full compliance with IFRS and have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practises Board. The accounting policies used in the preparation of the interim financial information are the same as those used in the Company's audited financial statements for the year ended 31 March 2015 and are expected to be used in the 31 March 2016 year-end financial statements.
The financial information for the six months ended 30 September 2014 and 30 September 2015 is unaudited. The financial information presented for the year ended 31 March 2015 is an extraction from the Group's audited accounts and therefore does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 on which the auditors issued an unqualified report. The auditor's report also did not contain a statement under Section 498(2) or 498 (3) of the Companies Act 2006 and did not include reference to any matters the auditor drew attention by way of emphasis. The accounts for the year ended 31 March 2015 have been delivered to the Registrar of Companies. The Directors consider that the financial information presented in this Interim Report represents fairly the financial position, operations and cash flows for the period, in conformity with IFRS. The Interim Report for the six months ended 30 September 2015 was approved by the Directors on 21 December 2015.
Presentation of Balances
The Financial Statements are presented in US Dollars ("US$") which was the functional and presentational currency of the Company during the period and the functional currency of all the Group's subsidiary companies. Balances in the Financial Statements are rounded to the nearest thousand ("US$'000") except where otherwise indicated. In light of the Company's fundamental change in business the directors have reviewed the functional currency of Company and determined with effect from 1 November 2015 that Euro ("EUR") will be the appropriate functional currency going forwards (see note 4.)
3. Loss per Share - Basic and Diluted
The Group presents basic and diluted loss per share ("LPS") data for its Ordinary Shares. Basic LPS is calculated by dividing the loss attributable to Ordinary Shareholders of the Company by the weighted average number of Ordinary Shares outstanding during the period. Diluted LPS is determined by adjusting the loss attributable to Ordinary Shareholders and the weighted average number of Ordinary Shares outstanding for the effects of all dilutive potential Ordinary Shares, which comprise warrants and share options granted by the Company.
The calculation of loss per share is based on the following:
6 months to 30 September 6 months to 30 September 12 months to 31 March 2015
2015 2014
----------------------------- ---------------------------- ---------------------------- ---------------------------
Loss after tax attributable
to equity holders of the
parent (US$'000) (1,459) (1,628) (39,741)
Weighted average number of
Ordinary Shares in issue 345,369,071 345,369,071 345,369,071
Fully diluted average number
of Ordinary Shares in issue 345,369,071 345,369,071 345,369,071
----------------------------- ---------------------------- ---------------------------- ---------------------------
Basic and diluted loss per
share (cent) (0.42) (0.47) (11.51)
----------------------------- ---------------------------- ---------------------------- ---------------------------
Where a loss has occurred, basic and diluted LPS are the same because the outstanding share options and warrants are anti-dilutive. Accordingly, diluted LPS equals the basic LPS.
The share options and warrants outstanding as at 30 September 2015 totalled 13,819,726 (31 March 2015: 20,397,423, 30 September 2014: 25,397,423) and are potentially dilutive.
4. Subsequent Events
Change of Functional and Presentational Currency
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December 21, 2015 02:00 ET (07:00 GMT)
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