RNS Number : 2536R
18 August 2010
18 August 2010
Interim Management Statement
Vallar PLC ("Vallar" or the "Company") today publishes its interim management statement for the period since incorporation on 31 March 2010 to the current date.
Vallar was admitted to the London Stock Exchange (the "Admission") on 9 July 2010, raising gross proceeds of £707 million. The Company is to use the funds raised to pursue its objective of acquiring a single major company, business or asset that has significant operations in the global metals, mining and resources sector.
Following the exercise of the repurchase option, and the payment of certain costs related to the Admission, as at 17 August 2010, Vallar had 67,342,736 ordinary shares in issue, and cash balances of approximately £670 million (equivalent to 995 pence per ordinary share). The cash has been invested in Sterling denominated money market instruments and deposited with commercial banks in line with the stated strategy that all such investments and deposits will be AA- rated or better at the time of investment, and easily accessible when required.
The Board has commenced the implementation of the company strategy by beginning the process to review a number of acquisition targets. The directors remain confident that a suitable target will be acquired in the medium term.
We will next update the market when we announce our half year results for the six months ending 30 September 2010 during November 2010.
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.
Vallar PLC Investor Relations:
+44 1534 728 235
Finsbury: Edward Simpkins, Clare Hunt
+44 20 7251 3801
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