Polo Resources Share Discussion Threads

[icb888] 17/9/2019 19:21

That is clearly an incorrect statement as Hibiscus is still worth more than double the current market cap and will in all likelihood remain so(or better) regardless of what happens to GCM. The point is that Tang seems as if he won’t do anything with other investments until he has sorted GCM.

[bebehuge] 17/9/2019 18:05

And polo - 8.64% at 2.68p..... either GCM or THE END

[icb888] 17/9/2019 15:57

The Malaysian stock market was open again today so it is good to note a rise of 6.8% for Hibiscus as it reacts to higher oil prices.

[bebehuge] 17/9/2019 10:08

Hahaha plinian Investing in Rock Solid Opportunities

[glavey] 17/9/2019 04:12

Looking back:

Annual Report 2012: "Polo announced on 1 August 2011 that it had entered into an
agreement with TSX-listed AXMIN Inc. to acquire a 51 per cent. interest, for US$7.5 million, in a new company (Nimini Holdings Limited) that would own AXMIN’s Sierra Leone gold assets. Polo completed the acquisition of Nimini in December 2011, acquiring the outstanding 49 per cent. interest for a cash consideration of US$9 million.
Plinian Capital Limited was appointed in March 2012 to manage all of Nimini’s exploration, development, administrative and production activities, Plinian’s subsidiary, Plinian Guernsey Limited, taking a 10 per cent. equity stake in the Nimini for US$2.5 million."

27 March 2012 RNS: "Under the terms of a subscription agreement, PGL has subscribed for a 10 per cent interest in Nimini for a total consideration of US$2.5 million (the “Consideration”). The Consideration was funded by PGL by way of a loan (the “Loan”) from the Company for US$2.5 million, accruing interest at 3 per cent above LIBOR per annum. The Loan is repayable in the event that the Operator Agreement is terminated for any reason."

Annual Report 2013: "During the year ended 30 June 2013, Ninimi Holdings Limited (Nimini) received a loan from Plinian Guernsey Limited (Plinian), whom own 10% of the ordinary share capital of Nimini. The loan is non interest bearing and
was advanced over the course of the year in respect of Plinian’s contribution to all project expenditure during the period. The outstanding balance due at 30 June 2013 from Nimini to Plinian was $2,653,000."

Interim Results 31-12-2016: "Subsequent to the reporting period, notice was given to terminate the Operator Agreement between Nimini and Plinian Capital Limited effective from the 26 March 2017 anniversary date. After that date, it was agreed that activities previously undertaken by Plinian will be carried out by Nimini’s shareholders."

Annual Report 2018: "... the Nimini Project’s mining licence was cancelled at the
end of August 2018."


Bradford A. Mills:





Postscript:
West African Minerals Corporation 11 February 2016
"...Plinian Guernsey Limited ("Plinian Guernsey") transferred on 10 February 2016 its entire holding of ordinary shares in the Company to its parent company Plinian Capital Limited... " "...Plinian Guernsey has transferred 32,353,998 ordinary shares of no par value in the Company to Plinian Capital ("WAFM Shares") at their carrying value in Plinian Guernsey's accounts (being US$2,335,605, equivalent to approximately 5 pence per WAFM Share)."

[behuge] 16/9/2019 12:18

Icb don´t you think Dattels the old fox in mining industry sold all its mining assets in coal and oil when he could get ´some´ of its money back? I´m afraid that Tang will never achieve the goal he had always dreamed for... future will tell and the only hope now is GCM with China and their BRI as I say since many months. Let see if Tang is more cunning than Dattels.... This is a Las Vegas investment and people have to be ready to lose all their invested hard earned cash money

[shawzie] 16/9/2019 12:14

Do not forget that if GCM does not come good, Polo will not only lose its investment in GCM shares but also lose its loan to GCM of £2.3million.
Polo are still trying to recover $800,000 from Andina.

[alpal2] 16/9/2019 12:06

At least I'm not the only one who misjudged Tang: [...]
That's from 2013; so Tang took over 7 years ago.
The Plinian deal was 2012 - so, before Tang.
I cannot accept that it's taken until 2019 to find out that Plinian can't / won't pay.

[shawzie] 16/9/2019 11:51

Polo has other outstanding loans.
The following may be difficult to collect.
"In May 2016, Polo’s subsidiary, PIL, entered into a secured SGD5 million (USD3.79 million) nominal value 15% redeemable convertible note (“Note”) with Universal Coal Resources Pte Ltd (“Universal221;)".

[icb888] 16/9/2019 11:26

I haven’t reviewed the history of Nimini but it’s possible the problem existed when Tang took over and it hasn’t been possible to resolve it. If you look at investments in resource stocks they often involve delays of many years for a variety of reasons. The obvious example of this is GCM a very long-standing Polo Investment made by Dattels. Tang first got involved with GCM to assist Dattels and then bought Dattels out of Polo because he wanted GCM. GCM is still a work in progress into which Tang has put a lot of time and money. We are all hoping that with Chinese and Bangladeshi assistance a breakthrough is close for GCM. In my opinion if GCM comes good then so too will Polo.

[behuge] 16/9/2019 11:18

surely Dattels and Mellon sold this years ago for good reasons....they are not billionaires for nothing...

[jamesss1] 16/9/2019 11:17

GCM or bust for POLO im afraid.Lets see what happens.Bottom draw im afraid.

[alpal2] 16/9/2019 11:07

icb: Your memory is better than mine. But since Tang took over there has been plenty of time [8 years?] to take management action to deal with any Dattels hangovers; it can hardly take that time to find out a debt is dodgy. And what were the auditors doing?

Sadly, I was so optimistic when Tang took over as I thought he would have the ability to sort out GCM. Should have followed Dattels and sold out. Expensive lesson.

[glavey] 16/9/2019 10:45

icb, I believe your memory serves you well. One is caused to wonder why it appears none of this loan has ever been repaid and why, if as it appears, it was unsecured. It also seems that Polo may have been a bit slow updating the market, would you concur?

[glavey] 16/9/2019 10:34

An inciteful post James. Now time for a dump?

[jamesss1] 16/9/2019 09:59

This is DEAD!!!!

[alpal2] 16/9/2019 08:57

Refer my post #15500 re Polo's investments. RNS just reinforces that Wang is a Tanker; never does any due diligence on 'partners'.
Also: Phronimos seems to have abandoned action against Polo management. Can't believe
that II's are happy with the situation but don't take any action.

[icb888] 16/9/2019 08:37

The steep rise in the oil price today should have a beneficial impact on Hibiscus going forward.

[failedqs] 16/9/2019 07:59

RNS out. Bad news re Nimini.
I think that this announcement today is part of the bigger picture that explains why there is such an apparent discount to NAV in the share price. The NAV is an illusion, just like it is with Woodford's funds - scratch the surface and you expose the truth. Expect further revelations in the future.
Hibiscus is the only semi decent asset in the portfolio, and should be relatively easily sold (albeit at a discount to the current price), but Tang has no plans to liquidate that and return funds to Polo shareholders.
Its almost 2 years since I dumped my Polo holding, I see nothing that would make me buy the shares now, they're un-investable as long as the numpty Tang is at the helm.

[jamesss1] 12/9/2019 18:09

🤣🤣🤣🤣9315;poor thing

[glavey] 12/9/2019 10:53

Why can't? Few things are impossible.

[behuge] 12/9/2019 09:38

Can’t go out😂😂;🤡🤡

[jamesss1] 08/9/2019 14:26

My use of 'if i could' surley suggests that i can't???