Sale of Foreign Holdings
Melbourne, Mar 28, 2014 AEST (ABN Newswire) - Valence Industries Limited (
ASX:VXL) announces that the sale of foreign holdings resulting from the demerger of the Company from its former parent, Strategic Energy Resources Limited (ASX:SER) has been completed - Valence was named Tarcoola Gold Limited at that time.
The shares of holders not registered in Australia or New Zealand were held by a custodian as required under the demerger scheme booklet and as advised via ASX announcement by SER on 9 December 2011.
A total of 1,553,931 shares were sold during March 2014 to complete the process and net proceeds will be paid to the foreign holders in the coming week. The shares were sold for an average price of 35.7 cents per share, before costs.
The average number of shares traded per day during the sale process, including the foreign shares sold, was 884,350 shares per day and the foreign shares sold accounted for 12.6% of the average daily sales volume.
About Valence Industries Ltd
Valence Industries Limited (ASX:VXL) is an industrial manufacturing company producing high grade flake graphite products for distribution and sale to global markets. Valence Industries owns established processing facilities and infrastructure to manufacture a wide range of graphite product lines for multiple applications and multiple industries. Valence Industries produces and sells its graphite products from its Uley Graphite facilities in regional South Australia for delivery to diversified markets for graphite in the Asia Pacific, Europe and North America. Visit Valence Industries
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