AN unnamed investor has taken a 12.5 per cent shareholding in Gaelic Resources, the small exploration company restructured last, year. The investor bought the shares within the last two months through a nominee account, according to Mr Ian Forrest, the company chairman.
Mr Forrest was speaking after the company's annual general meeting in Dublin yesterday. He said he did not know who the investors were and suggested they had invested because they expected something to happen following the restructuring.
Under the restructuring last April a British investment company, Charles Street Securities, acquired just under II per cent of the company. Two directors of Charles Street, Mr R. Keith and Mr T. Fussell, joined the board of Gaelic.
Charles Street and Mr Forrest will invest between £165,000 and £250,000 in the company before the end of April, which will be used for development, said Mr Forrest.
The company will contribute to the development of a prototype process for reducing the viscosity of crude oil. Gaelic owns the rights to the process outside North America and Venezuela.
The company will also use some of the money to enable it to look for suitable opportunities, said Mr Forrest.
At present the company has only prepared accounts up to the end of 1994. These show an accumulated loss of £7.5 million.
The company's shares have not traded since last March.
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