Ascendis Health’s private-equity backer offloads more shares
Coast2Coast owned 25.5% of Ascendis in December 2018, and a year before, it held 30.9% of the company
Ascendis Health’s private-equity backer, Coast2Coast, has sold more shares in the troubled JSE-listed healthcare company, a regulatory filing on Friday shows. Coast2Coast subsidiary Gane Holdings has reduced its stake to just 14%, Ascendis said. Coast2Coast owned 25.5% of Ascendis in December 2018. A year before, it held 30.9% of the company. The private equity group has been forced to offload large chunks of Ascendis shares in recent months to meet obligations to lenders, since the stock was used as collateral for loans. But Ascendis no longer needs to disclose all of those sales because the Coast2Coast representative on its board, Gary Shayne, stepped down at the end of March. Now, it only needs to tell investors when Coast2Coast’s shareholding breaches certain thresholds. Shayne is the majority beneficial owner and CEO of Coast2Coast Capital, which founded Ascendis in 2008 and listed it on the JSE in November 2013. He had been on the Ascendis board since its founding. Ascendis’s...
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