* Vallar shares up 6.4 pct, outperforms mining sector
* Firm agreed reverse takeover with Indonesia coal groups
LONDON -
Shares in mining investment vehicle Vallar Plc (VAAR.L) gained on Friday in the first trading since it agreed a complex deal last month to transform into an Indonesian coal company.
The London shares shot up 6.4 percent to 1,035 pence by 0828 GMT compared with a 0.5 percent increase in the British mining index .FTNMX1770.
London-listed Vallar, established by financier Nathaniel Rothschild earlier this year, announced a reverse takeover on Nov. 16 to join forces with Indonesia's powerful Bakrie family, which control the country's biggest coal producer.
"We believe the deal was a good one for Vallar and it could be a great one," analyst Michael Rawlinson at Liberum Capital said in a note.
Under the November deal, the Bakrie Group, run by the family of politician and tycoon Aburizal Bakrie, is joining miner Berau Coal (BRAU) with prize asset PT Bumi Resources (BUMI) in a share swap deal with Vallar.
Bakrie will gain majority control of Vallar and rename it Bumi Plc. Bakrie Group will own 43 percent of Bumi Plc, while 28.3 percent will be owned by existing Vallar ordinary shareholders. Source: Reuters
* Firm agreed reverse takeover with Indonesia coal groups
LONDON -
Shares in mining investment vehicle Vallar Plc (VAAR.L) gained on Friday in the first trading since it agreed a complex deal last month to transform into an Indonesian coal company.
The London shares shot up 6.4 percent to 1,035 pence by 0828 GMT compared with a 0.5 percent increase in the British mining index .FTNMX1770.
London-listed Vallar, established by financier Nathaniel Rothschild earlier this year, announced a reverse takeover on Nov. 16 to join forces with Indonesia's powerful Bakrie family, which control the country's biggest coal producer.
"We believe the deal was a good one for Vallar and it could be a great one," analyst Michael Rawlinson at Liberum Capital said in a note.
Under the November deal, the Bakrie Group, run by the family of politician and tycoon Aburizal Bakrie, is joining miner Berau Coal (BRAU) with prize asset PT Bumi Resources (BUMI) in a share swap deal with Vallar.
Bakrie will gain majority control of Vallar and rename it Bumi Plc. Bakrie Group will own 43 percent of Bumi Plc, while 28.3 percent will be owned by existing Vallar ordinary shareholders. Source: Reuters
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