LONDON (Alliance News) - Fastnet Equity PLC on Monday named Harry Stratford, co-founder and former chief executive of FTSE 100 pharmaceuticals business Shire PLC as a non-executive director, a statement of intent as it explores acquisitions in the healthcare sector.
"We are delighted to welcome Harry to the board as a non-executive director. We look forward to working with him as we investigate potential acquisition opportunities within the healthcare sector, where we expect his extensive knowledge and experience of the specialty and orphan drug pharmaceutical industry will be of particular value," Chairman Cathal Friel said.
The appointment of Stratford comes in the wake of the demerger of Fastnet's oil and gas assets due to tough conditions in that sector over the last year.
Fastnet's accounts for the six months ended September 30 showed that losses before and after tax narrowed to USD1.5 million from USD1.6 million in the corresponding half the prior year.
Shares in Fastnet were up 7.5% at 2.50 pence on Monday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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