Zamano may resurface as oil firm

The owners of recently wound-down smartphone content supplier Zamano are considering numerous investment options, including reinventing the business through potential acquisitions as an oil and gas exploration company.

A management buyout of the company was agreed upon last month, with the long-held plan to wind down the plc and return its €5.3m in cash to shareholders backed at an EGM.

Management still intends to return the company’s cash to investors, the process of which is likely to take up to six months. However, the company’s board yesterday said that it also considers it to be in shareholders’ interests to continue to examine possible investment opportunities for which those cash reserves could be used.