Sign In
27 Nov 2014 14:32
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
Shareholder | Holding in 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 | +353 (1) 644 0007 |
Shore Capital Nomad Bidhi Bhoma, Edward Mansfield
Corporate Broking Jerry Keen | +44 (0) 20 7408 4090 |
GMP Securities Europe LLP (Joint Broker) Rob Collins, Emily Morris, Liz Williamson |
+44 (20) 20 7467 2800 |
Davy (ESM Adviser & Joint Broker) John Frain Anthony Farrell
| +353 (1) 679 6363 |
Bell Pottinger Philip Dennis, Rollo Crichton-Stuart, Jimmy Lea
| +44 (0) 207 861 3232 |
Follow the stocks
