Friel orchestrated the IPO of Open Orphan in 2019 through the reverse takeover of Dublin-listed Venn Life Sciences
European Green Transition , a company chaired by serial entrepreneur Cathal Friel focused on assets and businesses needed for the green energy transition, has confirmed that it is planning to pursue an initial public offering in London.
Chief executive Aidan Lavelle owns 6.9 per cent of the company. All stakes are based on equity in EGT before the raising funds in the IPO. The company is expected to have pre-IPO value of close to £10 million . The aim is to have follow-on stock placings as the company develops.
An EU law aimed at boosting supply from within the union of minerals crucial for its green and digital transitions – and end its reliance on Chinese supply – is on track to enter force this year, subject to the European Council approving a final text agreed by the European Parliament in December. Fastnet Oil & Gas spun off its oil and gas assets in 2015, following a slump in oil prices. However, Mr Friel subsequently managed a merger in 2016 of what was then a listed cash shell company with Amryt Phrama, which was looking to buy and develop a pipeline of drug candidates focused on treating rare and orphan diseases. The deal was essentially an IPO as it involved a €12.6 million stock offering.
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