Polo Resources Share Discussion Threads

[alpal2] 12/4/2019 11:56

Shawzie: Can't agree that phronimos doesn't understand the constituent parts of Polo. I think he understands it very well and that the company is being run for the sole benefit of Tang. My understanding is the Greenwood [owning 4%] asked for the share register and was turned down. That looks as though Tang has something to hide.
Tang takes no action for the benefit of shareholders but continues to draw a massive [and unwarranted] salary.
Any stirring up by phronimos can only be to the benefit of all shareholders [maybe, except Tang]

[russman] 12/4/2019 10:59

Tang will not divulge the share register as that is how he maintains control.
If it came to a resolution vote in some obscure location, how would you know if the proxy results were correct or amended.
Does anyone know the number of votes voted against the resolutions at the last AGM.
Doubt it - it may show the level of shareholder discontent.
Start picking holes in their corporate governance with the Nomad, the Auditor and the AIM regulator.

[shawzie] 11/4/2019 15:47

donkey15a - Sam John has no right to see the Shareholder Register unless he is a shareholder, in which case he might need to travel to distant shores to see it.
He would certainly need to obtain Polo approval to get a copy of the Register from the Registrars ;
Computershare Investor Services (Jersey) Limited
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES

Trust that you are not losing on your Polo investment - assuming that you hold Polo.

[alch00] 11/4/2019 14:50

So, let's support them! Fight for your right :-)

[donkey15a] 11/4/2019 09:49

Received an e-mail from: [e-mail]

Dear Fellow Polo Resources Shareholder,

Despite numerous attempts to resolve matters amicably, the Board and management of Polo Resources have not complied with our requests for:

The shareholder register (which we have a statutory right to inspect under section 100 of the BVI Business Companies Act);
An explanation regarding the appropriateness of Chairman Michael Tang’s ~$2 million annual total remuneration; and
The time frame deemed necessary by the Board to evaluate any shareholder value unlocking proposals currently being contemplated.

We firmly believe the underlying value in Polo is significantly higher than the current share price and that the stubborn adherence to the Board's current investment policy is detrimental to the interests of shareholders as a whole. The market’s lack of faith in the stated investment policy is evidenced by the greater than 70% discount of Polo’s share price to its Net Asset Value (“NAV”) per share. The persistently large discount of Polo’s share price to net asset value precludes shareholders from realizing anything remotely close to its fair value through open-market transactions. The status-quo, which has resulted in significant realized and unrealized losses for past and present shareholders of Polo, is unacceptable.

We believe there will be broad shareholder support for a substantial cash distribution or share buyback if the proposal to return capital were put to a vote at a requisitioned meeting of the shareholders of Polo. Consequently, in preparation for requisitioning a shareholder meeting for a vote on our proposals (none of which are board control seeking) to unlock value via a significant buyback or distribution and improve corporate governance via the appointment of a shareholder representative to the Board, we'll need each concerned shareholder to provide us with confirmation of:

the number of Polo Resources shares held and owned by you
confirmation that you can exercise the voting rights on the above-mentioned shares (Yes Or No will suffice); and
the name and address of the Broker and Nominee account in which the shares are actually held (if not in paper form).

Please note that you will likely have to contact your account manager or liaison at your broker/custodian to obtain the name of the nominee/registered shareholder. Your written confirmation is critical to our efforts to requisition a shareholder meeting, so please make every effort to provide the requested information as soon as possible. If any aspect of this message is unclear, please feel free to call me.

Thank you for your support.


Best Regards,
Sam John, CFA
Managing Member
Phronimos Capital, LLC

[e-mail]

[russman] 10/4/2019 16:05

The corporation tax in CI & RMI is nil.
Top Slice some investments.
Tender for say 25% of Polo Resources.
Or start by "buying back" the Perfectus holding for cancellation at current price.
Have to keep the 2% minority happy.

[behuge] 10/4/2019 12:04

This company sucks.

[icb888] 09/4/2019 18:28

RNS at lunchtime giving a further update on Celamin. So this investment should start to have some value. Polo is looking good but the current share price continues to frustrate and Mr Tangneeds to address it.

[russman] 09/4/2019 09:29

Perfectus is a sub which controls some Polo Resources shares.
No mention of this in the share capital note of the Annual Report or the AGM notes.
No mention of any voting restrictions on the major shareholding notification either.

[jamesss1] 08/4/2019 21:48

That's fair comment showzie.

[shawzie] 08/4/2019 21:22

For investment purposes, I rate the value between 8p and 10p.
All of Polos unquoted investments and quoted investments are high risk and could be substantially written down at any time.
The Market knows this. That does not mean that the investments are worthless - only that they are too high risk to value properly.

[jamesss1] 08/4/2019 21:18

I am a weekly reader of Investors Chronicle and since Simon Thompson got Polo wrong he nor any of the magazine contributors have mentioned Polo since.There is something amiss with this share as the discount to NAV is just not recognized by the market.Im not sure if the mining sector is generally poor performing or Tang has a reputation that is not favored by many...who knows.If GCM get the go ahead then will it be reflected here????Will we bounce to 10p and then slide?Would not surprise me one bit.This behaves like a dog of a share but no one knows why....10p-15p discount on NAV and its treated like something a dog would produce....something iffy to say the least.

[icb888] 08/4/2019 19:30

On the NAV point this was stated in the recent report to be 15.59p as at 21 March 2019.
I think since that date the value of our Hibiscus stake could have increased by £2Million approx. That must be worth a few pence on the NAV if someone wants to do a calculation. Perhaps Phil jeans will show is calculations.
It is massively underrated. It’s abouttime Simon Thompson of Investors Chronicle revisited it as several years ago he was a big fan.

[icb888] 08/4/2019 19:14

Polo’s 8.75% holding in Hibiscus after today’s rise is valued at £25.95 Million which is nearly double Polo’s current market cap of £13.78 Million. So if POLO needed to assist GCM at any point we know how it could easily raise some funds or if it just wanted to pay its long suffering shareholders a dividend!

[alpal2] 08/4/2019 17:30

Philjeans:Please post the make-up of 22p NAV. Hope you're right.

[behuge] 08/4/2019 15:02

Agree james.

[philjeans] 08/4/2019 12:23

Stonking value clearly with NAV 22p!!

[jamesss1] 08/4/2019 11:02

Gcm is the only thing that will get this moving anywhere

[behuge] 08/4/2019 10:43

Nobody wants this share. Nobody have confidence in the fake datuk

[russman] 08/4/2019 09:45

Perfectus is 98% sub registered in Republic of Marshall Islands.
Polo Investments (100% sub registered in Guernsey) holds Perfectus.
Polo Resources (Holding Company) is registered in BVI.
According to Polo Resources, Perfectus owns 10.37% of Polo Resources.
Perfectus i.e Tang may control the shares but cannot vote them i.e legally use them.

[icb888] 08/4/2019 08:51

Hibiscus is UP 6% to a new 52 week high so that is good for Polo.

[icb888] 08/4/2019 08:48

Polo up this morning correcting Friday’s fall. GCM making a good start to the week as well.

[philjeans] 07/4/2019 11:28

Bargain - seller will be back this week after claiming CGT losses.

[icb888] 06/4/2019 10:53

Hibiscus continues to do well and supports a much higher share price on its own. GCM has very strong prospects. Positive news in yesterday’s RNS. So no news to cause a fall in the share price yesterday. The most obvious explanation is that it was the last day of the tax year when investors often carry out housekeeping on their portfolios. It is highly likely that it will correct next week and rise again.