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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Polo Res.(See LSE:POL) | LSE:PRL | London | Ordinary Share | VGG6844A1075 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.775 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 4.775 | GBX |
Polo Res.(See LSE:POL) (PRL) Share Charts1 Year Polo Res.(See LSE:POL) Chart |
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1 Month Polo Res.(See LSE:POL) Chart |
Intraday Polo Res.(See LSE:POL) Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/10/2011 | 10:23 | Polo Resources | 1,325 |
| 07/4/2010 | 08:57 | Polo Resources - 2009 & Beyond | 6,853 |
| 22/8/2009 | 15:25 | new price target for polo 30P | 4 |
| 02/7/2009 | 10:43 | Polo Resources - ****Official Thread **** | 4,633 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 24/5/2011 07:31 by stephanie_m Tuesday 24 May, 2011Polo 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 |
Posted at 09/7/2010 10:00 by stephanie_m Polo Resources LtdCorporate 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 |
Posted at 27/4/2010 08:16 by stephanie_m Tuesday 27 April, 2010Caledon ResourcesPossible 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." |
Posted at 31/3/2010 07:42 by kerrie3 you have to ignore the day to day share price fluctuations - as 'Soundbuy' has said its a penny share and is behaving like one as trades between newsflow reflects the impatience of small punters.as 'Barryrog' posted a positive announcement re the Extract Holding and/or the Phulbari mine will send the share price soaring. |
Posted at 27/3/2010 14:07 by kerrie3 i thought i would pop in after reviewing yesterdays trades and bulletin board comments.i see the share price was unchanged probably as a result of short termers taking a profit off the table (the share price having advanced over 20% in the last month) offset by buyers looking for the end game re the Extract Resource shareholding. i tend to agree with 'barryrog' in as much as companies buying shares in other companies who hold Extract's shares is a long way from automatic access to the uranium itself at Rossing South. maybe for most who want in, that is the only opportunity because there is very limited availability on the open market where traded volumes are low. having said that, who is going to let go a significant number of shares in Extract at this stage of the game? well only PRL as far as i can see and given the demand i would assume they are looking for a significant premium to the current price which may be too high for some or as has been suggested the deal has already been done or very close to being done. |
Posted at 25/3/2010 11:30 by barryrog Hi Bossman,forget the intra day share price movement, just be patient and wait for the 'blockbuster RNS' that i believe is very close and will finally get the share price in line with the asset values. |
Posted at 18/3/2010 14:11 by nil pd marben, I agree with your sentiments - and with yours steeplejack and probably most on this thread. Nevertheless, PRL does look a little like a resources investment trust.In the past I used to invest profits in ITs and one in particular did extremely well for me - GPE, which is a way in to private equity for the small PIs. GPE acquired unlisted assets as small concerns having massive potential. When they sold them after carefully managing the businesses to Wow! standard the share price responded accordingly. Torotrak was the best example. Now I don't for one minute classify PRL as an IT but I do believe we can expect a significant gap up in the share price once a deal is announced regarding the EXT stake (in my opinion). This will accrue in a similar way as it did for GPE when they sold significant assets because the valuation will be 'real' and will have to be PROPERLY added to the share price While we wait and while the deal-making is going on, a little lubrication of the publicity machinery wouldn't do any harm. I would have thought, provided that specific areas of a potential deal were not visited, PRL's PR company could easily arrange for broker notes that highlight its undervaluation. Or am I being dim here? I don't think so - I have marketing experience too long to mention and I think the company is missing a trick. |
Posted at 11/3/2010 13:30 by kiama Polo Resources (PRL, 4.4p, Buy) (pg 12) a massive buy that will leave a minty fresh tasteThe Liberum Small Cap Team (Rory, Steven and Dan) Polo Resources (PRL, 4.4p, Buy) Polo Resources (Polo) is a mining investment company focused in uranium and coal assets. We wrote on Polo in September, highlighting the value in the price post the rally in the company's two main holdings Extract (EXT AU) and Caledon (CDN LN). While both have given back some of these gains, the key point to note is Polo is still at a significant 44% discount to our eNAV. In fact, with a holding of c. £112m in Extract and a £104m market cap for Polo, not only is Polo a discounted way into Extract but you are getting the remainder of the portfolio for free. Given the wide discount to NAV has been a long-standing feature in Polo, the obvious question is what is going to close this discount? We believe the announcement this week of a conditional listing on the Toronto Stock Exchange potentially can act as the catalyst for tightening. Polo's portfolio is dominated by one holding Extract Resources, accounting for c. 61% of assets. Extract is a Namibian focused uranium miner which is currently drilling the Rossing South deposit - this is adjacent to Rio Tinto's producing Rossing uranium mine. We believe Rossing South could prove to be a world class deposit, that is potentially attractive to Rio, but we have heard that the ore is different to Rio's Rossing mine. This implies that Rio would have to double up on processing equipment if they wanted to develop it, thus not obtaining the synergies from running it through their current mill. Caledon Resources (c. 17.32% of NAV) is a coking coal producer situated in Queensland, Australia. It acquired the mothballed Cook Mine in late 2006 and has since recommissioned the operation. The company had been soliciting interest for bids in early 2009, however the Board since decided in December 2009 that it was no longer going to pursue a sale, given the positive outlook for coal and opportunities at hand. Price suffered initially but has since rebounded. GCM Resources (c. 11% of NAV) develops coal mines and power plants in Africa and Asia. Its main asset is the Phulbari coal project which has an estimated 572 Mt of export quality thermal and metallurgical coal. The company has been waiting since 2005 for governmental approval to develop the project, and rumour in January was that the company was on the verge of being awarded this licence. Share price has rallied strongly since this announcement. Polo also has stakes in other small listed holdings in A-Cap Resource (ACB AU) and Impact Resources (IPT AU) accounting for c. 2% of NAV. In the unlisted portfolio Polo has a producing Mongolian coal JV with Peabody accounting for c. 7% of NAV. We like the Mongolian coal assets in terms of the coal quality and the very cheap operating costs. Some investment in transport infrastructure by the Mongolian government could transform the value of these assets given the asset is land locked but we acknowledge this is a slow-burner. Valuation At a discount of c. 44% to eNAV, Polo currently trades significantly below the estimated value of their listed portfolio. Effectively we see it as a cheap access point to Extract with a number of other promising assets thrown in for free. While Extract and Caledon have sold off since our last note, this has been balanced with the sharp rise in AUD in the period. We expect 31st December results to be released at the end of this month which should give more clarity to exact portfolio values. |
Posted at 06/3/2010 12:37 by barryrog humbugg,hope you bought in @3.95p. you are probably right re the cash from an Extract sale but not because Directors,Dattels mates or whoever else bought in at a much higher level cos that is irrelevant as all shareholders would benefit regardless of how much they paid for their shares. the sale would send the share price soaring as the holding in Extract is already worth more at todays Ext share price than Polo's total capitalisation and a decent premium to that price is highly probable. however,as you say, he is far more likely to acquire other assets ( the nature of the beast etc) at which time me and just about every other holder will make a judgement on the wisdom of those acquisitions and then make a decision to sell some/all or stay invested. |
Posted at 03/3/2010 14:29 by sitiain marben im not sure you are right to be honest .the company will need huge capital injections from both debt and equity to develope the mine. i cannot see the likes of KAH and PRL being capable of helping with this and i am sure neither of the above parties wants rio to take a bigger stake. therefore the favourite i would think is a slug of debt and equity from someone like the koreans for a guarenteed off take of a percentage of future production. this is what i would do if i were building a load of nuclear power stations coming on line about when EXT should start producing yellow cake. its all about the deal, and weather it reprices the shares at a new level. being a EXT FAN, GCM FAN, not so keen on CDN unless they really can do 700,000 tones next year on a coking coal price of 175 dollars.so far they have failed miserably. i would not be too keen on POLO selling their stake too early. mind you dattels of course is no fool, BUT even he can not defend this companies share price in that as a business model .. i.e holding the different assetts has not worked and some how he has to realise some value. weather larger share holder will force his hand i am not sure. i would be happy to wait but then again i did not buy all my shares at 14 pence in the last raising like a lot did. interesting times... |
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