Vallares Share Discussion Threads

[stuart14] 20/6/2011 10:44

VAA went down to about 915 before the big bounce. Only a grey market at the moment, trading starts Wednesday I think

[eric gardener] 19/6/2011 07:29

Are these actually availible for public trading yet?

What I don't understand is if they were placed at £10 per share then who is selling them allready at 990p at a loss?

cheers

[stuart14] 17/6/2011 11:26

Could well be. Nat clearly liked Indonesia. I'm going to pick up an equal holding here to that I have with VAA. If I can get in with an average below 950p i'll be pretty happy.

With $2bn in cash they could easily do a deal worth $6bn. Will make it a nice Co- straight into the FTSE100 I'd think

[flyfisher] 17/6/2011 10:47

stuart , thanks for setting up a thread.
i wonder if gallo oil will be part of the deals to come.
the BUMI deal to sell 20% of it's subsidiary gallo oil , which has acreage and an oil find in yemen fell through at the end , possibly due to the political situation in yemen .
in the absence of resource estimates from gallo ,it gives a clue to valuing gallo. at the $ 290m agreed sale price for the 20% stake it implied a $ 1.45bn value .
gallo seems to be non core for bumi and a sale would certainly help bumi towards clearing it's expensive chinese debt , so it fits well there.

[envirovision] 17/6/2011 10:32

sorry internet connection problem

[stuart14] 17/6/2011 09:26

Results of Placing

Vallares is pleased to announce the results of its successful placing of Ordinary Shares (the "Placing").

Following a book-building process, Vallares has placed 133 million Ordinary Shares at a placing price of GBP10 per Ordinary Share, raising gross proceeds of GBP1.35 billion(1) (inclusive of GBP100 million Repurchase Option for stabilising activity) to enable the Company to pursue its objective of acquiring or establishing a major company, business or asset that has significant operations in the resources sector.

Commenting on today's announcement, Rodney Chase, Chairman of Vallares, said: "We are delighted to have received such a positive response from global investors, and I am pleased that we are now able to pursue our acquisition strategy. With the experience and skills of our Founders, led by Tony Hayward and Nat Rothschild, I am confident that we will identify and execute the right acquisition for Vallares, generating significant shareholder value and providing a platform for the future growth of the business."

Tony Hayward said: "It is heartening to receive the backing of so many investors and to reach the fund raising target so quickly. This demonstrates the confidence investors have in the strong fundamentals of the resources sector and our focus will now turn to searching for suitable acquisition opportunities."

Nathaniel Rothschild said: "The response from a range of high quality institutional and long term investors has surpassed our expectations and is a major vote of confidence both in the quality of the Vallares team and in the structure of the vehicle. The investment proposition which matches investors with assets in the resources sector seeking access to capital and expertise has proved an attractive one."

Conditional dealings are expected to commence at 8.00 a.m. today under the ticker symbol "VLRS". It is expected that Admission will become effective and unconditional dealings in the Ordinary Shares on the London Stock Exchange's main market for listed securities will commence at 8.00 a.m. on 22 June 2011.

Credit Suisse is acting as Global Co-ordinator and Joint Bookrunner, J.P. Morgan Cazenove is acting as Joint Bookrunner and Evolution Securities is acting as Co-lead Manager in respect of the Placing.