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

[rapinvest] 24/3/2010 14:20

which results in heavy selling today.......
Go figure it.

[brian1944] 24/3/2010 13:55

no debts and cash in bank.

[denarii] 24/3/2010 11:00

does anyone have a sum of the parts of prl? thanks

[katylied] 24/3/2010 10:27

This is from the 2009 anuual report...

Foreign currencies - The Company's functional currency is Sterling (£). Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. As at the reporting date the assets and liabilities of these subsidiaries are translated into the presentation currency of Polo Resources Ltd, which is US Dollar ($), at the rate of exchange ruling at the balance sheet date and their income statements are translated at the average exchange rate for the year. The exchange differences arising on the translation are taken directly to a separate component of equity....

The Company has a policy of not hedging and therefore takes market rates in respect of foreign exchange risk, however it does review its currency exposures on an ad hoc basis. Currency exposures relating to monetary assets held by foreign operations are included within the foreign exchange reserve in the Group Balance Sheet...

In view of the last paragraph, I would think it fairly bizarre if PRL had held significant amounts of cash in sterling over the last 9 months, since the likely fall in sterling, was telegraphed from months ago...

[soundbuy] 24/3/2010 10:19

Aren't they BVI registered so perhaps $.?

[barryrog] 24/3/2010 10:15

i don't know mate although i suspect they hold their cash in £sterling as most of the staff are UK based.

[bonnard] 24/3/2010 10:04

Hi Barryrog,

Yes I agree. But do Polo hold their currency reserves in $ or £? I somehow thought that they would hold $. If so, then the £ can sink as low as it likes. ( And probably will ).

[barryrog] 24/3/2010 09:54

Hi Bonnard,
you are right for reporting, my point being that had the £ been stronger they would have been getting a lot more Extract shares for their money.
i still don't understand why they don't quote their NAV on total net assets i.e 8.43p rather than just on their listed securities/cash or at least show it as a footnote.
i think they realise as an AIM only share, its difficult for the share price to reflect properly the worth of the Co. - hence the TSX listing.
the AIM market is dominated by T Traders,spread betting.CFD's and short term chancers - it's because so many are able to trade 'on tick'.

[sagem] 24/3/2010 09:15

Down now so no confidence although I thought the results were good....What does it take to stop all the sellers....this company is not a sinking ship.......OR MAYBE IT IS ??

[haff1] 24/3/2010 08:44

...6p or 8p valuation is good but why are we held back at 4.7p value? Seems like the MM are being more than over cautious with this imo.

[lamanga2004] 24/3/2010 08:35

Use this thread.

[kaos3] 24/3/2010 08:30

we
constantly monitor other opportunities that would add to this.


so no dividends.

[bonnard] 24/3/2010 08:27

barryrog

Surely if the pound is weak agaist the $ then this will increase the value in £?

[fordtin] 24/3/2010 08:25

I've Only had time to skim through the results so far, but I haven't seen any mention of ACB, IPT, UNX or MEY. If anyone's spotted them anywhere can you post a brief excerpt. TIA

[barryrog] 24/3/2010 08:03

for christs sake, stop posting on old threads!
I wonder if we will now see further director buys now the 'closed period' is over.

[stephanie_m] 24/3/2010 08:01

Wednesday 24 March, 2010Polo Resources Ltd
Interim Results
RNS Number : 0542J
Polo Resources Limited
24 March 2010



24 March 2010

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


Interim Results for the 6 Months Ended 31 December 2009



Polo Resources (AIM: PRL), the mining company with coal and uranium interests in Africa, Australasia and Asia, announces results for the six months ended 31 December 2009.



Highlights:



Strategic Investments

· Strategic interest of 9.30% in Extract Resources Ltd currently valued at US$169.4million*

· Strategic interest of 26.12% in Caledon Resources plc currently valued at US$38 million*

· Polo also holds US$10.8 million Caledon Resources 8.5% Convertible Loan Notes

· Strategic interest of 29.83% in GCM Resources plc currently valued at US$32.5 million*

· BMO Capital Markets has been appointed to evaluate strategic options for the Company's investment in Extract



Mongolian Coal Operations

· In October 2009 Micromine Consulting evaluated the results of the drilling on the Erds licence area and defined a NI 43-101 compliant resource estimated at 254 Mt in the Indicated category and at 553 Mt in the Inferred category



Financial Highlights

· Operating profit of US$6.8 million for 6 month period to 31 December 2009.

· Working capital of US$29.2 million as at 31 December 2009.

· Net-cash balances of US$10 million at 31 December 2009 and US$27 million at 19 March 2010.

· The Company has no debt borrowings.

· Intention to dual list on the Toronto Stock Exchange ("TSX") announced post period end.





Neil Herbert, Managing Director, said:



"This has been a period in which Polo has accelerated its development and earnings potential in the near term and has seen significant growth in the market value of its investments. We are reviewing the various options open to us to maximise best value from these investments over time.



"As at 19 March 2010 Polo had a net cash position of US$27 million and listed investments of US$250 million, equivalent to 6.43p per Polo share.



"Post period end we have also announced our intention to dual list on the TSX, to take advantage of the mining investment expertise contained within the Canadian capital markets, as we seek to increase the shareholder value."



* Based on the closing prices on 19 March 2010



Contacts:

Polo Resources Limited

Neil Herbert, Managing Director


+ 27 82 404 3637

[nilip] 24/3/2010 07:58

Neil Herbert, Managing Director, said:

"This has been a period in which Polo has accelerated its development and
earnings potential in the near term and has seen significant growth in the
market value of its investments. We are reviewing the various options open to us
to maximise best value from these investments over time.

"As at 19 March 2010 Polo had a net cash position of US$27 million and listed
investments of US$250 million, equivalent to 6.43p per Polo share.

"Post period end we have also announced our intention to dual list on the TSX,
to take advantage of the mining investment expertise contained within the
Canadian capital markets, as we seek to increase the shareholder value."

* Based on the closing prices on 19 March 2010

[katylied] 24/3/2010 07:55

All things considered... 'The Bank of Polo'
would seem an appriopriate description
and Triple-A rated at that...

[barryrog] 24/3/2010 07:48

you need to look behind the headline data and study the Balance Sheet to see the real worth of the Co.
the net assets have in fact increased from $261 mill to $342 mill from a year ago as their coal assets and other investments are not included in the immediately realisable value per share and if included would translate to 8.43p per Polo share.
its nice to generate a profit because it turned negative cash flows of $26 mill from a just 6 months ago to positive cash flows of $10 mill.
its a pity that the £Sterling is so weak, particularly against the A$ otherwise things would have looked even better.

[bearingup] 24/3/2010 07:28

Nothing that we didn't already know but its nice to have it straight from the horse's mouth:

"As at 19 March 2010 Polo had a net cash position of US$27 million and listed
investments of US$250 million, equivalent to 6.43p per Polo share."

Not that its doing us much good until something happens with EXT.

GLA
BU

[bossmanuk] 24/3/2010 07:17

Interim Results out

[steeplejack] 23/3/2010 23:46

I'm quite happy to continue holding this stock in a portfolio but nvestment is all about opportunity cost.In the time that this stock has struggled to match the all share index -which it has over a year- Western Coal and Ferrexpo have risen tenfold from their lows of March 2009 .Such comparisons foster impatience,so when people sell out for a wee profit here ,it's easy enough to understand why they perceive there are other fish in the sea. This company should improve its PR.

[soundbuy] 23/3/2010 20:03

Agreed. Also we have some movement at last, resurge in Uranium interest et al.

As Barryrog states, an early morning Rns. and you'll see some mark up. Expect to get in then? Fat chance. I tried to top up KAH, EML and PRL after EXT's recent rise. No chance online unless 'at best' or 'fill or kill' order. Managed finally to get some EML but that was it.