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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Vallar | VAA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,180.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,180.00 | 1,180.00 |
| Top Posts |
|---|
Posted at 12/1/2011 17:04 by strollingmolby Good spot, Lucy01.Nigeria : Shell assets to go to private group? It is reported that 18 consortia will bid on the Nigerian oil rights being sold by the Shell-Total-Eni group, including some private players. The London Sunday Times reported on 9 January that 18 consortia are working on bids for Nigerian oil rights being sold by Royal Dutch Shell and partners, citing sources "close to the process". A number of the groups mentioned are private, in line with a long-term trend of private equity investors going after ever-bigger deals. Another aspect is the requirement that investment consortia comprise a Nigerian partner. The Times reported that billionaire Nat Rothschild wants to back a consortium, but its members were not named, and that London-listed Afren, which is already present in Nigeria and seven other African countries, is planning an offer. Afren bought a stake in an onshore Shell field in October 2010. |
Posted at 07/1/2011 14:14 by flyfisher simonfinancing costs and market listing look to have been holding parts of the business back , it therefore seems logical for the deal to come to london , which is a natural place for a corporate restructuring and associated debt syndication programme to take place . as the broker note comments , if these come through it should give a better investor perception. a fairly unexciting asset, but not difficult to see a 20% upside over a year , as you noted downside seems limited ,which is important to me , however it will ultimately track energy prices to a degree. i remain bullish. |
Posted at 17/12/2010 17:43 by miti 1000 A few comments from alphaville on VallarNH here's a recent note on that NH We understand that Vallar could resume trading as early as today following its suspension after the Bumi/Berau deals were announced. When it does re-list, investors will be looking at owning a company that has issued more than 2x its mkt cap of equity and spent c.US$0.7bn of cash to buy a 25% stake in the world's largest export thermal coal producer Bumi Coal (BUMI IJ) and 75% of fellow Indonesian exporter Berau coal (BRMS IJ). We calculate the mark to market SOTP for Vallar (to be re-named Bumi plc) is US$3.6bn, implying a share price of £10.60. Given Vallar was suspended at £9.73/shr we expect a strong open. NH from Liberum Capital NH Liberum site Bumi visit in Indonesia Our team are on site in Indonesia now looking at both Bumi and Berau's assets and they like what they see. Both assets are large scale, low cost with very low capex/tonne expansion plans which will see capacity increase c.50% over two years and c.80% over 5 years. Cash margins in the past 12 months have been c.US$25/t on gross tonnages of 72mtpa (19.2m attributable to Vallar). We expect margins to recover strongly on coal pricing to c.US$35-45/t in 2011 giving potential attrib EBITDA to Vallar of US$0.9-1.2bn. Since Bumi also owns a recently listed Minerals business too (attrib value to Vallar shareholders of c.US$0.3bn), this puts the company on attractive forward EV/EBITDA multiples of 4-5x. We think the deal is a good one for Vallar and it could be a great one if: a) current strength in coal prices persist b) Vallar address governance/control concerns in Bumi/Berau in part by a further offer for Bumi minorities c) Vallar push to harvest operational and financing synergies which are thrown up by the deal. Either way Bumi plc is very likely to become a very interesting FTSE 100 coal company in 2011 and it is worth doing the work on it. We will write a more detailed view on our return. NH should be a contender for the FTSE 100 at the next review |
Posted at 16/11/2010 12:13 by stuart14 Comms supercycle play with a Rothschild at its prow will, I guess, be afforded a better rating round these parts than something in Indonesia no-one had heard of.well they reckon it's just the start the base to create another Xstrata i'm not so sure but as far as I can tell the assets are good this from Liberum. Vallar, Nat Rothschild's resources investment company, has this morning made its long awaited first acquisition. Via a reverse takeover, it is paying US$3bn in cash and new Vallar shares to acquire: i) 25% of PT Bumi, Indonesia's largest thermal coal producer, which produced 60Mt in 2010; and ii) 75% of PT Berau, Indonesia's 5th largest coal producer, which produced 17Mt of coal in 2010. Vallar states it will make a mandatory offer to Berau's minority shareholders and will increase ownership in Bumi in 2011 (but not to what levels). Vallar will now be renamed Bumi Plc and it will trade on London's Main Market. It is interesting that given Vallar's "mini-Xstrata" aspirations, it has chosen to make its company founding acquisition in coal we wonder if this is a case of history now repeating itself. With expected expansions at Berau, we estimate Vallar's attributable coal production in 2014 at 45Mt pa, which would be c.54% of Xstrata's current coal division, which is not bad for a standing start. With combined attributable 2010 EBITDA of US$620m Vallar is paying a trailing EV / EBITDA of 4.8x. Our view is that this acquisition should be well received by investors since this is a good price for high quality coal assets, plus a London listed, large scale, pure play Indonesian coal play should offer a unique commodity exposure and should have strong investment appeal all our tracker funds will soon be owning a chunk of a London listed indonesia coal company controlled by some Indonesia family we have never heard of and a Rothschild Bakrie Brothers are the people behind it and they recently had to sell a 5% stake in Bumi to Glencore because they needed some cash It's a complex and rather incestuous world, mining. |
Posted at 15/7/2010 09:13 by leedskier I have reposted the note I found after you drew attention to it Stuart.Rothschild's Vallar Beats IPO Target in London Sale July 09, 2010, 4:30 AM EDT MORE FROM BUSINESSWEEK Rothschild's Vallar Seeks Iron Ore, Coal Acquisitions RenCap's Sacks to Build 'Cape to Cairo' Equities Unit (Update1) Brazil Lower House Passes Petrobras Capital Increase Bill Global Geophysical Joins High-Yield 'Glut': New Issue Alert Nedbank, Ecobank May Buy Stake in Nigerian Lender (Update1) STORY TOOLS e-mail this story print this story digg this save to del.icio.us add to Business Exchange (Updates with analyst comment in fourth paragraph.) By Jesse Riseborough and Zijing Wu July 9 (Bloomberg) -- Vallar Plc, Nathaniel Rothschild's investment vehicle, raised 707.2 million pounds ($1.07 billion) in an initial public offering in London to fund a mining acquisition, beating a target announced last month. Vallar placed 68.7 million ordinary shares at 1,000 pence apiece, the company said in a statement. So-called conditional dealing will begin today and unconditional dealing on July 14 on the London Stock Exchange, it said. Jersey, U.K.-incorporated Vallar had sought to raise 600 million pounds, it said June 25. Rothschild, former co-president of New York-based hedge- fund firm Atticus Capital LLC and the only son of British financier Lord Jacob Rothschild, is tapping investors to help fund an acquisition of a mining business or operation. Vallar's offering came after at least 50 companies postponed or shelved IPO plans worldwide since April amid the European debt crisis. "The prices of public and private market mining assets are certainly cheaper than they were three months ago," analysts from Liberum Capital Ltd. in London said in a note to clients today. Vallar plans to buy a mining asset with an enterprise value of between 2 billion and 5 billion pounds, Liberum said. Shares in the company fell 0.4 percent to 996 pence in conditional dealing at 9:13 a.m. London time. The Vallar team is led by Rothschild and James Campbell, a former Anglo American Plc coal and base-metals chief. Investment will focus on metals, coal and iron ore in the Americas, Russia, eastern Europe and Australia, Vallar said last month. 'Compelling Fundamentals' "The long-term fundamentals of the commodities sector are compelling and Vallar will be able to react more quickly than our competitors when targets become available," Campbell said in today's statement. Credit Suisse Group AG coordinated the sale with joint bookrunner JPMorgan Cazenove Ltd. Evolution Securities Ltd. and Liberum Capital Ltd. are co-managers for the IPO. Rothschild, the youngest of four children of Jacob Rothschild, ranks seventh in the Sunday Times list of the 25 wealthiest U.K.-based hedge-fund managers in an annual estimate of net worth known as the "Rich List." He has an estimated fortune of 330 million pounds, according to the list published in April. --Editors: Amanda Jordan, Alastair Reed. To contact the reporters on this story: Zijing Wu in London at zwu17@bloomberg.net; Jesse Riseborough in London at jriseborough@bloombe |
Posted at 12/7/2010 22:16 by jon827 Vallar Val"lar\, noun: a circular gold crown with palisades, bestowed upon the soldier who first surmounted the rampart and broke into the enemy's camp.Vallar PLC: a company listed on the main market of the London Stock Exchange (VAA.L) formed to acquire a single major company operating in the global metals, mining and resources sector. Financial Calendar: March 2011 Preliminary Results Announcement May 2011 Annual General Meeting |
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