Vallares Raises GBP1.35 Billion To Buy Emerging Markets Oil, Gas Assets
17 June 2011 - 5:36PM
Dow Jones News
Vallares PLC, led by former BP PLC (BP.LN) boss Tony Hayward and
financial magnate Nathaniel Rothschild, said Friday it has raised
GBP1.35 billion in a float to create an acquisition vehicle to buy
oil and gas assets in emerging markets.
Conditional dealings in the shares are expected to begin at 0700
GMT under the ticker symbol VLRS. Admission to the London Stock
Exchange and unconditional dealings on the main market for listed
securities is expected to begin at 0700 GMT on June 22.
Vallares is modeled on Vallar (VAA.LN), Rothschild's mining
investment vehicle whose shares are up 21% since their summer 2010
debut.
"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," Rothschild said.
Vallares has placed 133 million ordinary shares at a price of
GBP10 per share. The gross proceeds of GBP1.35 billion includes a
GBP100 million repurchasing option.
Credit Suisse is acting as global coordinator and joint
bookrunner, J.P. Morgan Cazenove is acting as joint bookrunner and
Evolution Securities is acting as co-lead manager in the share
placing.
-By Selina Williams, Dow Jones Newswires +44 207 842 9262;
selina.williams@dowjones.com
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