Last checked at 3 Nov 2011 07:10
VALLARES PLC ("Vallares" or the "Company")
3 November 2011
For immediate release
Update on transaction and proposal to change the name of the Company to Genel Energy plc
On 7 September 2011, Vallares announced its plans to merge with Genel Energy International Ltd ("Genel Energy"), the largest oil producer in the Kurdistan Region of Iraq.
In connection with the proposed merger, Vallares undertook to use reasonable endeavours to change its name to "Genel Energy plc". This reflects the fact that, following completion of the acquisition of Genel Energy, the Company's operating business will be that of Genel Energy and its subsidiaries, and accordingly the proposed new name will better reflect the Company's business and brand.
Vallares has today served a circular to its shareholders to convene a general meeting of the Company to approve the proposed name change. The board of directors of the Company has unanimously recommended that shareholders vote in favour of the proposed name change. The general meeting will be held at 11.00 a.m. on 18 November 2011 at 12 Castle Street, St Helier, Jersey JE2 3RT, Channel Islands.
If the resolution is passed, the change of name will become effective at the same time as completion of the acquisition of Genel Energy, which is currently expected to occur around 21 November 2011.
For further information, please contact:
Vallares: Julian Metherell +44 207 518 8195
Finsbury: Edward Simpkins +44 20 7251 3801