Polo Res.(See LSE:POL) Share Discussion Threads

[lasting44] 19/10/2011 10:23

Anyone any idea what's going on at bhr?

[stephanie_m] 24/5/2011 07:31

Tuesday 24 May, 2011


Polo Resources Ltd

Investment in Joint Venture in Colombia


RNS Number : 1381H

Polo Resources Limited

24 May 2011









FOR IMMEDIATE RELEASE


24 May 2011








Polo Resources Limited
("Polo", "Polo Resources" or the "Company")



INVESTMENT IN JOINT VENTURE IN COLOMBIA







Polo Resources Limited (AIM and TSX: POL) is pleased to announce that it has completed an investment of approximately US$4 million in the gold exploration company Andina Gold Corp. ("Andina"), a company incorporated and registered in the British Virgin Islands.



Polo has subscribed for 15,898,784 new ordinary shares in Andina at a price of US$0.244, constituting 31.8 per cent. of its issued shares (the "Subscription").



Concurrent with the Subscription, Andina issued 3,750,000 new ordinary shares (in respect of cornerstone finance) for US$506,250 (at US$0.135 per share) and a further 5,351,215 shares for US$1,364,560 (at US$0.255 per share) to third party investors (the "Placing") who have granted a power of attorney to Polo to act as their proxy as Polo sees fit in respect of the affairs of the company. Parties related to Stephen Dattels, Neil Herbert, Guy Elliott and Jim Mellon, directors of Polo subscribed for, in aggregate, 1,996,038 (at US$0.255 per share) new ordinary shares representing approximately 4 per cent. of Andina's issued shares.



The proceeds of the Subscription and the Placing were used by Andina to acquire a 100 per cent. interest in a greenfield gold exploration project in Colombia (the "San Bolivar Gold Project") from R&C Group SAS ("R&C") and other parties. As consideration for the acquisition the vendors received US$3,750,000 in cash and R&C was granted 25,000,000 new ordinary shares in Andina (representing 50 per cent. of its issued shares), with the balance of the Subscription being used for working capital purposes.



Andina shareholders have executed a shareholders' agreement setting out how the parties will operate the San Bolivar Gold Project. Each of Polo and R&C will have two director representatives on Andina's board of four directors and one of Polo's directors will act as Chairman. Polo has also been appointed as Operator of the exploration phase.



Additionally, under the terms of the shareholders agreement all of the shareholders of Andina (with the exception of R&C) take on an historic liability of approximately US$2,900,000 in relation to the San Bolivar Gold Project. This liability will be financed by the non-R&C parties and R&C is protected from dilution should further equity be issued. 50 per cent. of the liability is due for payment in February 2012, with the balance due by August 2012.



Andina is interested in applications for 29 gold concessions in the San Bolivar area of Columbia which make up the San Bolivar Gold Project. The Southern Bolívar area of Columbia is the third most important gold producing region in the country, after Antioquia and Choco. The Southern Bolivar region is known as a traditional mining district. Colombia produced during 2009 approximately 47.8 tons of gold, a figure that is expected to rise.



Polo is currently in the process of finalising its proposed exploration program which it will present to the Board of Directors of Andina in the next 4-6 weeks.



Neil L. Herbert, Executive Co-Chairman and Managing Director of Polo commented:



"The San Bolivar Gold Project is another exciting investment by Polo Resources in South America. Working together with Andina's management and R&C Group, Polo will lead the exploration efforts of the company in Columbia in order to deliver shareholder value. This represents a large and highly prospective area for gold in Columbia. We look forward to exciting results from Andina's exploration programme."





Contacts:



Polo Resources Limited

[stephanie_m] 05/8/2010 09:50

Thursday 05 August, 2010Polo Resources Ltd
Dividend Declaration
RNS Number : 5789Q
Polo Resources Limited
05 August 2010





5 August 2010







Polo Resources Limited

("Polo Resources", "Polo" or "the Company")

Dividend Declaration - Polo declares conditional dividend of 3p per share



In accordance with the press release of 2 July 2010 the Board of Directors of Polo Resources Limited (AIM and TSX: POL) is pleased to announce that it has resolved to pay a special dividend of 3p per share (gross) conditional upon the completion of the sale of the Group's interest in Extract Resources Limited, which is expected to occur on or before 13 August 2010, and the Company receiving the cash proceeds of such sale.



The dividend record date has been set for 20 August 2010, the ex dividend date has been set for 18 August 2010 and the payment date has been set for 27 August 2010, provided that the aforementioned condition has been met.



In addition, the Board has resolved to establish a share buy-back programme. Accordingly, in accordance with its powers under the Company's articles of association, the Board has delegated the administration of the programme to the independent investment committee. The independent investment committee will have the discretion, subject to any legal or regulatory requirements, to buy back up to 10 per cent. of the Company's issued shares over the next twelve months where the price at which the Company's shares trades is at a significant discount to the Company's net asset value. It is the intention that any shares bought back will be cancelled.



Contacts:



Polo Resources Limited

Neil Herbert

Executive Co-Chairman

+ 27 82 404 36 37 + 27 82 404 36 37

[stephanie_m] 09/7/2010 10:00

Polo Resources Ltd
Corporate Update
RNS Number : 0937P
Polo Resources Limited
09 July 2010



9 July 2010



Polo Resources Limited
("Polo" or "the Company")



Proposed investing policy, preliminary approach and proposed meeting of Shareholders



Following the announcement on 30 June 2010 with respect to the sale of its interests in Peabody-Polo Resources B.V., Polo Resources (AIM and TSX: POL) is now categorised as an investing company for the purposes of the AIM Rules. Polo announces that it is proposing an investing policy, the full text of which is set out at the end of this announcement, for approval at a meeting of shareholders ("EGM") which is expected to be held at the beginning of August 2010.



Polo reports that it has been notified that Laxey Partners Ltd ("Laxey") holds 4.04% of the voting rights of the Company as at 2 July 2010 and that Polo has received a non-binding indicative offer letter ("Letter") from Laxey. The Letter, which is subject to due diligence and any regulatory conditions, states that Laxey is considering making an all share offer to acquire the entire issued share capital of the Company through a special purpose vehicle ("Offeror") in consideration for shares in the Offeror. The Offeror, which would be an investing company for the purposes of the AIM Rules, would then apply to have its issued share capital admitted to trading on AIM. The Letter notes that the investing policy of the Offeror would be the orderly realisation of the Company's portfolio and the return of the net proceeds to shareholders. The Offeror would appoint Laxey as its investment manager and seek to capitalise any costs relating to the establishment of the Offeror and facilitating the transaction. The Directors of Polo have rejected the indicative offer contained in the Letter.



Since the Letter was written, Polo has announced the termination of its merger discussions with Caledon Resources Plc and the disposal of its interest in its Mongolian joint venture by the sale of its shareholding in Peabody-Polo Resources B.V. As announced this morning, Polo and its wholly owned subsidiary, Polo Australasia Limited have also signed an agreement for the sale of its shares in Extract Resources Limited for a total consideration of approximately AUD157.9 million and the directors are currently assessing the most suitable manner in which to return value to shareholders through the use of the sales proceeds, which as announced on 2 July 2010, subject to receipt of shareholder approval, completion of the sale of the Extract shares and receipt of cash proceeds of the sale of the Extract shares, the Board of Polo may utilise part of the proceeds of sale to fund a special dividend to shareholders of 3p per share. The Board of Polo also intends to use the proceeds from the sale of the Extract shares in accordance with its proposed investing policy and for working capital purposes. Polo will update shareholders on the outcome of this assessment in due course.



A shareholders circular and notice convening an EGM to consider and if thought fit approve the Company's proposed investing policy will be posted to shareholders shortly.



Contacts:



Polo Resources Limited

Neil Herbert,

Executive Co-Chairman

[stephanie_m] 06/7/2010 22:37

Daily Mail 6/7/10

Buyers chased Polo Resources 0.7p better to 4.275p, following Friday's late news of a special dividend of 3p a share once it completes the sale of a strategic investment asset. Long-term admirer Liberum expects the early premium sale of its portfolio holding Extract, which has a book value of 3.5p. Another 0.56p a share should be receivable in 12 months time from the sale of the Peabody joint venture

Read more:

[stephanie_m] 27/4/2010 08:16

Tuesday 27 April, 2010Caledon Resources
Possible Merger of Polo and C
RNS Number : 8348K
Caledon Resources PLC
27 April 2010



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OR JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF ANY SUCH JURISDICTION



This is an announcement falling under Rule 2.4 of the City Code on Takeovers and Mergers (the "Takeover Code") and does not constitute an announcement of a firm intention to make an offer or to pursue any other transaction under Rule 2.5 of the Takeover Code. Accordingly, Caledon Resources plc shareholders are advised that there can be no certainty that a formal offer for Caledon Resources plc will be forthcoming, even in the event that the pre-conditions in this announcement are satisfied or waived.



London, UK, 27 April 2010



Possible Merger of Polo Resources Limited
and Caledon Resources plc



Summary



· The Boards of Polo and Caledon have reached an in principle understanding regarding a potential combination of the two companies

· If it proceeds, Polo will make an all share offer for the entire issued and to be issued share capital of Caledon at an exchange ratio of 11.4 Polo Shares for every Caledon Share

· The Possible Offer is subject to the waivable pre-conditions set out below and is expected to be effected by way of a scheme of arrangement by Caledon

· If it proceeds, the merger would create a coal-focused natural resources company with investments in geographically diverse exploration and development projects and direct exposure to current high coking coal prices through the producing Cook mine



The Board of Polo Resources Limited ("Polo") and the independent directors of Caledon Resources plc ("Caledon") are pleased to announce that they have reached an in principle understanding (the "Possible Offer") regarding a possible merger of the two companies (the "Merger"), to be effected by a scheme of arrangement by Caledon. The Caledon Independent Directors have indicated that they are supportive of the Possible Offer and the Merger, and that their current intention is that, if the Possible Offer proceeds on the same terms to a firm offer pursuant to Rule 2.5 of the Takeover Code, they will unanimously recommend such offer.



Under the terms of the Possible Offer and subject to a number of pre-conditions, Polo would be prepared to make an all share offer for the entire issued and to be issued share capital of Caledon at an exchange ratio of 11.4 Polo Shares for every Caledon Share. Based on the exchange ratio and the closing price of Polo Shares on AIM of 5.40 pence on 26 April 2010, the implied offer price for each Caledon Share would be 61.56 pence. This represents a premium of 14.53 per cent to the closing price of Caledon Shares on AIM on 26 April 2010 and 12.77 per cent to the volume weighted average price of Caledon Shares on AIM for the 20-trading day period ending on 26 April 2010.



The Merger would create a coal-focused natural resources company with existing production, interests in exploration and development projects with geographic diversity and a larger balance sheet.



Commenting on the Possible Offer, Neil Herbert, Executive Chairman of Polo, said: "The transaction will provide all Polo shareholders with a renewed focus and direct exposure to the coking and thermal coal markets through 100% ownership of the Cook mine and the Minyango project."



Mark Trevan, Managing Director of Caledon, added: "The proposed combination offers diversification for Caledon shareholders through Polo's investments in resource companies and its joint venture in Mongolia, while retaining shareholders' exposure to the upside potential contained within our Cook mine and Minyango project. The combined strength of Polo and Caledon's balance sheets will also reduce the risk inherent in financing the development of the Minyango Project. Access to Polo's strong management team with particular emphasis on capital markets experience will also be a major benefit."

[pompey magnus] 10/4/2010 19:31

Thanks moormoney.

[moormoney] 09/4/2010 20:00

epic now POL.

[pompey magnus] 09/4/2010 19:53

Hello everyone. Hope you've no objection to me posting. Any one know why I can't seem to get PRL coming up on my ADVFN Monitor (should call ADVFN really, but thought I'd check with the thread first to see if they've been suspended or something like that). The chart seems to work alright.

Thanks in anticipation of any info.

[stephanie_m] 09/4/2010 10:06

I do not hold Polo or GCM, but the GCM performance is mighty impressive.
s

[kabylie] 09/4/2010 08:59

The rise is due to their 29% holding in gcm

[stephanie_m] 09/4/2010 08:52

See thread Epic : POL

s

[lamanga2004] 07/4/2010 08:57

Use this new thread:

[barryrog] 07/4/2010 07:19

please use this link:-

[davegk] 06/4/2010 23:13

Well I Think I would vote with my feet !!
You can hold polo in ISA with Hargreaves Lansdown, FastTrade (charles stanley) and Selftrade

[someuwin] 06/4/2010 22:47

...What reason could they possibly have for that 'business decision'?

[genie] 06/4/2010 22:42

Barclays are a real pain - just received the following email from them:

"I've spoken with our Revenue regulations Team regarding Polo Resources and although the company has a dual listing on the TSX, I regret you won't be able to hold these shares in an Investment ISA with us and I would like to offer my sincere apologies for any disappointment this may cause. This is a business decision and not in line with the current regulations set by HMRC for ISA eligibility."

[solsticefire] 06/4/2010 18:03

Post a link and i will :-)

[lamanga2004] 06/4/2010 13:40

Use this new thread:

[alex_raga] 06/4/2010 13:36

advfn PRL still works but POL doesnt show up

[lamanga2004] 06/4/2010 12:44

Use this new thread:

[haff1] 06/4/2010 12:44

.. that does not explain the wrong graph!