Reynolds to take Life Energy Technology into the Nasdaq

Life Energy Technology Holdings, the company chaired by former Taoiseach Mr Albert Reynolds, plans to list on the Nasdaq with…

Life Energy Technology Holdings, the company chaired by former Taoiseach Mr Albert Reynolds, plans to list on the Nasdaq with a valuation of more than $200 million (€215 million).

The Dundalk-based business is completing the reverse takeover of Health-Pak, a medical products company headquartered in New York, and has applied for a listing on the Nasdaq - the US market favoured by technology stocks.

Documents filed with the Securities and Exchange Commission in the US say Life Energy Technology Holdings is the parent company of 19 subsidiary companies with assets worth more than $70 million. A revised balance sheet, to be filed shortly, is expected to value the company at around $200 million. Life Energy's subsidiaries are involved in real estate, industrial and agricultural machinery production, construction, research, computer technology and other businesses, according to the filing. The company has substantial oil and gas interests in the US, according to the documents, and has access to a $450 million line of credit, $150 million of which will be spent on oil and gas exploration and exploitation in Algeria.

Mr Reynolds is executive chairman of Bula Resources, the troubled exploration company quoted in Dublin and London. North Africa and the Middle East are currently the focus of Bula's operations.

READ MORE

Mr Reynolds said yesterday he had made the board of Bula aware of Life Energy's interest in Algeria and that no conflict of interest arose as a result of his relationship with that company. He refused to comment on the resignation this week of Bula chief executive Mr John Hogan.

Following the reverse takeover, Mr Anthony Liberatore, the main shareholder in HealthPak, will retain just under 20 per cent of the enlarged group.

The other principal shareholders will be three Isle of Man-based companies - Chelise Investments, Eden Developments and McIntosh - which will each have 11.73 per cent of the company. Life Energy chief executive Dr Christoper McCormack said the three companies were linked to the family trusts of people involved with the company. He would not disclose the identities of the individuals or say if Mr Reynolds was one of them.

John McManus

John McManus

John McManus is a columnist and Duty Editor with The Irish Times