Vallares bosses set to share up to £270m
FORMER BP chief Tony Hayward is set to share in a pay-out of up to £270m if his new Vallares venture with Nathaniel Rothschild successfully buys up oil and gas assets.
The four founders of Vallares – Hayward, Rothschild, Tom Daniel and former Goldman Sachs partner Julian Metherell – have together committed £100m to the project, £20m of which will convert to a 6.67 per cent stake in the company if it makes a successful acquisition, according to IPO documents.
Vallares is raising £1bn in its London float this month, but is understood to be set for a valuation of up to £6bn once the cash shell purchases a company. If the venture fails to seal an acquisition, the founders will forfeit the money they put in as capital.
Hayward has said the venture will search for energy assets in the emerging markets, rather than buying up resources nearing the end of their lifespan, such as North Sea oil fields.
Vallares, advised by Credit Suisse, JP Morgan Cazenove and Evolution Securities, is due to close its book on 20 June. The firm said last week it is placing shares at £10 each, and expects to launch straight into the FTSE 100 later this month.