Fastnet Equity considering exploration asset spin-out

Fastnet Equity is considering spinning out its Irish exploration assets into a separate entity, in a bid to derive future shareholder value from them.

The Dublin-based investment company gained approval, at a general meeting in London, yesterday for its name-change from Fastnet Oil & Gas to Fastnet Equity and for its plan to exit the exploration sector in favour of investing in the healthcare/biopharma industry.

Dealings under the new name will begin on Monday in Dublin and Tuesday in London.