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

[dbno] 08/12/2009 14:01

Would now be a good time for a hostile bid for Caledon?

[thx1138] 08/12/2009 13:21

I feel that I may have to revisit PRL at these levels.

[steeplejack] 08/12/2009 13:03

Get a life mallorca.

As of July 2009,there were 2,346,645,623 shares in issue.That gives a mkt cap of some £85.65m at 3.65p bid.The value at current xrates of the Extract holding is around £90m.

You can add £23.9m for Caledon at 43.5p and a further £10.5m for the the GCM interest at 69p.There's at least another £20m of holdings in Berkely/A-CAP/Impact/Uranex and West.Aus.,plus Caledon notes and cash.

Total value of holdings is around £145m v mkt cap of £85

A discount of 42% to NAV is clearly excessive even for a company that is seen as an investment trust.

I'd expect director purchases at this level.The NAV is over 6p a share.

[copleyja] 08/12/2009 13:01

Mallorca ... whats the L2 position?

[unkle77] 08/12/2009 12:53

They are buying into CDN!!!

[mallorca 90] 08/12/2009 12:49

NO L2 support.

Bail out time me thinks

[ihavenoclue] 08/12/2009 12:46

amazing ... the two shares PRL hold have gone up at least 4 fold since bottom where as PRL, currently about double its bottom, drops on one share dropping 22%

[dia43] 08/12/2009 12:15

Well i've taken advantage of the drop and topped up.

roomb if 20% = 0.2p, than the value to PRL is 0.8p for the remainder?
This gives just 3p for all other assets,with EXT holdings worth over £90m
this looks(and is) imv a bargain against our M/Cap of £94m.

[humbugg] 08/12/2009 12:08

3.5p coming soon imho.

[steeplejack] 08/12/2009 12:04

Yes 0.2p is near enough.Yet CDN was seen as potential realisation of a star investment come a bid , now that isn't going to happen and meanwhile Extract is still 4 years from production at Rossing.

[haff1] 08/12/2009 12:01

...and down yet further!!!

[roomb] 08/12/2009 11:32

Hanson Westhouse valued PRL's holding of CDN at 1.06 pence per share on 24th November this year. CDN share price on 24th November was about 52p so a 20% drop to 42p would "logically" result in a drop of 0.2p in PRL's sp-please correct me if I'm wrong!

[brian1944] 08/12/2009 10:36

ian2 here here.

[ian_2] 08/12/2009 10:34

Over reaction to the CDN news.Polo is more than a one trick pony.Good time to top up imho.

[roomb] 08/12/2009 10:34

why?
I don't know- drop in EXT? But KAH is UP today-time for a top up???

[haff1] 08/12/2009 09:59

...but why?

[mallorca 90] 08/12/2009 09:12

Down down down we go...........do do do

[5magic] 08/12/2009 09:09

told you marben there would be no bid for cdn.

now apologise and tell me how you will see 140 lol

[humbugg] 08/12/2009 08:52

next leg down???

[steeplejack] 08/12/2009 08:40

Strange days.This stock looks like it wants to revisit 3 and half pence.I really dislike having to scratch around for reasons to justify share price underperformance. Impatience?

Asset value plays can often fall flat.Cambrian Mining was a complete disaster and despite broker buy recommendations ultimately disappeared up the proverbial rear end of its largest holding.Here ,however,the management are second to none and given that the management have recently bought stock p.a.must be more than conscious of this share price weakness.Trouble is that the stock is being treated as an investment trust.It's most unlikely that the discount to assets will ever completely disappear.I suspect,at worst, that the company could easily trade at a discount to assets of perhaps 25%.

[unkle77] 08/12/2009 08:33

CDN sale is over

[2bozmo] 08/12/2009 08:05

Marben,

Not as comprehensive/professional as one of your pieces but here's my take from GCM AGM yesterday....more on GCM board from tiggy/fergus

Tiggy et al has summed up most of the info from the AGM. I've held onto my long for some time and was waiting for the AGM in deciding what to do. And the conclusion today is that it's still a buy and have re-affirmed my conviction in GCM.

After the AGM the directors were very friendly and chatty. I kind of expected them to be less upbeat given the recent price action adn lack of progress but it couldn't have been further from the truth. My main take-away from conversations were:

I was surprised how close GCM and members of the Bangladesh Cabinet were – various dinners at Cabinet members houses etc etc. Bywater seems to know everyone on the cabinet (even after the reshuffle) and is highly respected out in Bangladesh. It's a decision taken by the cabinet with Hasina pulling the trigger. GCM's participation in roadshow is massive plus;

Secondly, with a number of trips being made to Cologne, I asked about the possibility of a joint venture with RWE. At which point the director's face lit up – there seems to be a number of interested parties here. Obviously there's only so much he could say but watch this space, there's definitely something brewing here;

I asked when they expected the go-ahead and he seemed to think it was going to happen soon. He did mention a time frame when he expected the go-ahead and suffice to say it was far earlier than i had imagined;

Also worth noting:

Phulbari resistance and other natural resource protection groups get more press in UK that in Bangladesh;

With regard to non-Phulbari main take-outs were:

Very optimistic about Coal of Africa holdings – Mittal take-over is worst kept secret;
Have high hopes for Aura with drilling results in January;
Polo – it's cheap!;

Keep the faith chaps.

Bozmo

[rjd123] 08/12/2009 08:05

Good start this morning!!!