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

[los ricos] 29/3/2010 14:28

RAB spec. sit. still holding, more importantly is their take on commodities:

[barryrog] 29/3/2010 14:20

Itochu have bought shares in Kalahari not shares in Extract and certainly not enough of KAH to have any major say re the Extract holding.

[wiloughby2] 29/3/2010 14:17

interesting comment that rio's mine is 'adjacent'.I suppose it's all relevant but I looked on a topographical map and found it's nearer 70km+ away with the most horrendous terrain in between(mountainous/valleys)I think if rio wanted to invest such huge sums as it would cost to buy up extract it would already have tried.could see them wanting some mining action but not the whole thing.

[sitiain] 29/3/2010 14:09

yes plus rio could have lifted that kah lump that the japanese fund got hold of.
that was as cheap as chips.
thats the trouble with bloody ext there is far cheaper ways of getting it than buying ezt.au
anyway here hoping like everyone else.
interesting to see RAB special sit fund numbers today
NAV 43.37 PENCE AND THEY TRADE AT 38.25 PENCE.
makes us look very cheap seeing as we are just the same sort of fund really

[marben100] 29/3/2010 14:03

An increase to 25% of EXT's shares DOES force Rio to bid. Under ASX rules, you cannot exceed 20% without making a mandatory bid.

There has been some debate whether an indirect holding via Kalahari counts towards this - but that would be a matter for legal argument.

Kalahari came by its 40% through a "whitewash" provision when it swapped licence interests (including 50% of EPL3138) for shares. ASX rules also include a "creep" provision which allow existing holders above 20% to add up to 3% in each 6 month period, without a mandatory bid.

[barryrog] 29/3/2010 13:57

no such thing as a wrong opinion but:-
you simply cannot get 10% of the Co. on the open market - most shares are already held by other Companies/Instis - the free float is very limited hence daily trading volumes are small.
Kalahari's Uranium subsidiary already holds over 40% of the shares so an increase to 25% by Rio certainly doesn't force them to bid although they would be over the moon if they were able to take over Extract - they already own the adjacent uranium mine.

[katylied] 29/3/2010 13:53

"Over the last year Polo has transformed itself into a company with cash and
near-term investments valued at US$187.6 million* together with coal mining
interests in Australia, Bangladesh and Mongolia. The Company is now set to
embark on a new growth strategy..."

Once again, the coal-interests are differentiated from the
'near-term' (meaning = to be realised) investments...

[zangdook] 29/3/2010 12:27

barryrog - 28 Mar'10 - 09:39 - 6707 of 6710

Rio would love to get their hands on PRL's stake as it would take them past 25% and they hold Kalahari shares as well.
------

I don't share this opinion. If RIO had wanted to increase their stake they would have continued buying in the market. If they did buy a further 9% of the company (eg PRL's stake) it would take them past 20%, and AIUI they would be obliged to bid for the whole thing. I've seen no sign this fits their plans.

[soundbuy] 29/3/2010 11:31

Rns out.

Neil Herbert appointed Co-Chairman


Polo Resources (AIM: PRL), is pleased to announce that Neil Herbert, a Director
of the Company since 2008, has been appointed Co-Chairman of the Board of
Directors together with Stephen Dattels, Chairman of the Board since 2008.

Neil Herbert, Chairman of Polo Resources, said:

"Over the last year Polo has transformed itself into a company with cash and
near-term investments valued at US$187.6 million* together with coal mining
interests in Australia, Bangladesh and Mongolia. The Company is now set to
embark on a new growth strategy and I am pleased to join Stephen Dattels in
chairing the Company, as we enter this phase of development."

* Based on the closing prices on 26 March 2010



"The Company is now set to
embark on a new growth strategy and I am pleased to join Stephen Dattels in
chairing the Company, as we enter this phase of development."

More news re KAH holding due very soon IMO.

[barryrog] 29/3/2010 09:02

there are a lot more net assets than these 3 listed holdings if you look on the balance sheet.

[johnma] 29/3/2010 08:53

Company valued at $150 - its investments are as follows Strategic interest of 9.30% in Extract Resources Ltd currently valued at US$169.4million*
Caledon Resources plc currently valued at US$38 million* Polo also holds US$10.8 million Caledon Resources 8.5% Convertible Loan Notes in GCM Resources plc currently valued at US$32.5 million* total value $250m

No Brainer!!!

[barryrog] 28/3/2010 09:39

Rio would love to get their hands on PRL's stake as it would take them past 25% and they hold Kalahari shares as well.
I'm pretty sure thats not what the other shareholders would want as they are looking for new holders but it is difficult to know who is pulling the strings at the moment.
the move by ITOCHU may galvanise Korea Electric into action.



exciting times - i'd love to see an auction for PRL's holding..

[sagem] 28/3/2010 08:11

GCM Resources added a further 13.7 per cent to 116p on continued speculation that the government in Bangladesh would soon give the go-ahead for its Phulbari coal field.

Meanwhile, Polo Resources , which owns a 29.8 per cent stake in GCM, added 1.9 per cent to 4p. The gains came after the mining investment company said it had appointed advisers to examine options for its 9.3 per cent stake in Australian-listed Extract Resources, which is worth around $150m. Polo's current market value is also $150m. Rio Tinto is seen as a possible buyer for Polo's holding in Extract

Posted as a reminder of Polo's potential.

[caretaker2] 27/3/2010 16:02

Ref the latest Russian American nuke arms deal will it mean large
amounts of recycled uranium affecting the exploration market
mid to long term?.

[kerrie3] 27/3/2010 14:07

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.

[papillon] 26/3/2010 16:19

vosene? Wasn't that/is an anti-dandruff shampoo?

Cant go wrong with PRL IMO.

[vosene] 26/3/2010 16:10

I topped up on Polo today. Couldn't get any significant volume until around 11am though. Big change from a few weeks ago when you could buy loads for 4p.

[barryrog] 26/3/2010 15:32

i still believe investors are missing an opportunity here.
for Company's keen to have access to what is forecasted to be 10% of the worlds uranium, then they need to own shares in the Co. that owns the mine.
buying shares in company's that have a holding in Extract has imo very limited value and that is why i believe one of the Big Boys like Korea Electric or the Chinese National Nuclear Corp will pay a very hefty premium for direct ownership of a decent slice.

[meandy] 26/3/2010 13:02

there are some interesting names on the board of EML

Board of Directors

The Directors of the Company are as follows:

Executive Directors

Stephen Roland Dattels, Executive Co-Chairman + Read Biography

James Mellon, Executive Co-Chairman + Read Biography

Denham Eke, Chief Financial Officer + Read Biography

Non-executive Directors

Mitchell Alland, Non-executive Director + Read Biography
Patrick Weller, Non-executive Director + Read Biography
For details about the Board's Responsibilities click here

[odvod] 26/3/2010 11:38

buy yourself a ticket at the table and then prepare a virtual takeover and then do the takeover. if you fail you can still cash the chips

[katylied] 26/3/2010 11:33

I have tried to calculate the effective price/share 'Itochu Corp' have paid for their (by KAH proxy) 6% of ASX:EXT. In USD, EXT is currently trading at about $7.11/share. Via KAH, Itochu now 'have' 6% of EXT = 14,557,200 shares (based on EXT issued shares = 242,620,000). The market value of 6% of EXT = $103,501,000. However, the amount paid by 'Itochu Corp' for 15% of KAH = $92,280,000 which is an ~11% discount on EXT. That is more or less the same discount that KAH's mktcap has for its EXT holding. Which I suppose makes sense. Now I understand, Itochu obtained the KAH shares from EML at £1.85/share (some shares still subject to a shareholder vote). Given all the manuevouring going on around EXT at present, this seems like a pretty bizarre disposal (at that price) by EML. 'Itochu Corp' on the otherhand, have made out like bandits, subject to the point barryrog makes above...

[barryrog] 26/3/2010 11:30

the salient point is that buying in to a Co. that has a holding in Extract Resources doesn't necessarily give you any contol over their Extract holding or any guaranteed access to the uranium itself - unless of course you buy a controlling interest (which in effect becomes a takeover) and then you can dictate the Co's future strategy.
to get a slice of the action, you need to own Extract shares which is why Polo's 9.3% holding is such a valuable asset.

[papillon] 26/3/2010 11:18

Looks like SD and his associates are selling out their interests in EXT, whether indirectly or directly held. First URU sold around 50% of KAH with most of the rest to follow suit when shareholders agree. Now EML selling 50% withe the rest to follow. We know PRL are possibly looking to sell their stake in EXT.