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12 Aug 2011 07:00
Vallares PLC
Interim Management Statement
12 August 2011
Vallares PLC ('Vallares' or the 'Company') today publishes its interim management statement for the period since incorporation on 1 April 2011 to the current date.
Vallares was admitted to the London Stock Exchange (the 'Admission') on 22 June 2011, raising gross proceeds of £1.35 billion. The Company is to use the funds raised to pursue its objective of acquiring or establishing a major company, business or asset that has significant operations in the resources sector.
Following the exercise of the repurchase option, and the payment of certain costs related to the Admission, as at 1 July 2011, Vallares had 130,632,522 ordinary shares in issue, and cash balances of approximately £1.303 billion (equivalent to 997 pence per ordinary share). In line with the Company's stated strategy the cash has been deposited with commercial banks with a minimum AA- credit rating and is readily accessible.
The Board has commenced the implementation of the Company strategy by reviewing a number of acquisition targets.
We will update the market when we announce our half year results for the six months ending 30 September 2011 during November 2011.
Other than as described above, there have been no material events or transactions, nor any material change in the underlying financial position of the Company during the period.
Enquiries:
Vallares: Julian Metherell +44 207 518 8195
Finsbury: Edward Simpkins +44 20 7251 3801
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