Sale of Unmarketable Parcels - Update
Adelaide, April 24, 2014 AEST (ABN Newswire) - Valence Industries Limited (
ASX:VXL) ("Valence" or "the Company") provides the following update on the share sale facility for holders of less than marketable parcels of the Company's shares.
A total of 1,622 individual shareholders holding 630,563 shares that constituted less than a marketable parcel were eligible to take part in the sale process. A total of 530,263 shares from 1,495 individual shareholders are available for sale.
A total of 127 individual holders of unmarketable parcels holding 100,300 shares elected to retain their shareholding.
The Company has placed the sale shares with a broker to be sold at market price and the Company will pay all the costs of sale. At the completion of the sale process, the Company will issue proceeds to the individual shareholders for the number of their shares at the average price received for the sale shares.
By facilitating the sale of unmarketable parcels the Company expects to reduce the administrative costs associated with maintaining a large number of small shareholdings.
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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