Polo Resources Share Discussion Threads

[next time lucky 19] 14/2/2020 06:28

Agreed I think uncontrolled changes without a succession plan is worse.

[888icb] 13/2/2020 23:50

We should be careful what we wish for with the course of action taken by Phronimos. Reporting this to all and sundry could have consequences that none of us actually want. I don’t think that they have fully thought this through as they haven’t spelt out a plan going forward. What sort of a track record do they have in situations like this?

[furgus ferret] 13/2/2020 22:39

Shawzie

Being a bit pious are we not ?

Why does it matter what Phronimos specifically holds ?

Your own quoted statement is what matters - the extent to which they (Phronimos), and supporters, are 'interested', in other words supportive, of the stance to challenge the behaviour of the Polo Board. 27% of the ISC.

Have you bothered to read the letter of concern sent to the LSE, AIM team (not Premiership by the way), their NOMAD (this is not a marauding tribe in case you are confused !)and the FCA ?

Which bit of this situation do you not understand ? I will arrange translations if requested !!

[shawzie] 13/2/2020 21:18

Fergus Ferret - accuracy is required.
"The only way to get rid of Tang is to pledge our voting support to Sam John the Managing Member of Phronimos Capital LLC, an investment group with a large holding in Polo."
What size is Phronimos large holding?
Phronimos has stated that "Clients of Phronimos Capital LLC along with other concerned shareholders are interested in approximately 27% of the issued ordinary share capital of Polo Resources Limited".

[shawzie] 13/2/2020 21:08

888ICB - accuracy is required.
Polo Resources Limited
14 May 2013
Malaysian Group, Mettiz Capital Ltd, becomes Polo's Largest Shareholder

Polo Resources Limited (AIM: POL and BSX: POL:BH) the natural resources investment company with interests in gold, oil and gas, coal and iron ore, has been informed that Mettiz Capital Ltd.("Mettiz") (a company controlled by Michael Tang, Executive Co-Chairman and Managing Director of Polo), today acquired 31,738,775 ordinary shares of no par value (representing approximately 11.77 per cent of the Company's issued ordinary share capital) at a price of 40 pence per share.

[1solstace] 13/2/2020 19:38

Need to sue the management should this be the case

[millerman1] 13/2/2020 19:34

Correct beergut, absolutely nothing in this for ordinary shareholders whilst Tang is in charge. Treats us with total contempt.Could this be classed as a scam, certainly feels like ive been the victim of one.All I can hope for now is to keep my losses to a minimum.

[1solstace] 13/2/2020 18:46

The problem is that the value will be eaten quickly by tang’s massive salary...

[beergut] 13/2/2020 18:27

The good news is Phronimos thinks there is value for shareholders here, or they wouldn't be going to all this trouble.

The problem with Tag, who may or may not deliver success at GCM; if he does get the deal through you can bet that prior to the deal there will be a lot of dilution to existing shareholder.

So unless you are in the inner circle the chances of seeing a meaningful return are slim.

[1solstace] 13/2/2020 17:24

What about those who paid 70p? They also surely want their money back, but sometimes it is only a dream...
IF and IF and IF 888 is Mr IF...hahahaha

[888icb] 13/2/2020 16:57

I deplore that Tang has taken an obscene amount of money out of Polo as salary since he arrived. He did pay Dattels I think 20p per share so I am sure he would like to get his money back. If GCM comes good which essentially has been his main focus the kitty will be overflowing and at that point Polo shares would rerate as 27.5% of GCM will be a serious amount of money.
Tang is well entrenched at Polo and GCM. He knows how to operate in the corporate world. If shareholders are seeking to remove him what I would want to know is what happens then. What is the plan and who is going to be put in his place to ensure GCM is not compromised and that the shareprice starts to reflect the NAV.

[1solstace] 13/2/2020 16:25

Not sure 888 understand the situation...

[millerman1] 13/2/2020 16:01

888 - It dosnt matter what “level” Polo may get to, you need to realise as most of us have now, you/we will not get any return from this share whilst Tang is in control. Its all for him. We need to get him out whilst there is still something left in the kitty.

[1solstace] 13/2/2020 09:53

Tang must feel his wings burning.... Enough is Enough with the muppet...

[furgus ferret] 13/2/2020 09:50

Guys and gals

The only way to get rid of Tang is to pledge our voting support to Sam John the Managing Member of Phronimos Capital LLC, an investment group with a large holding in Polo.

Phronimos has launched a formal caution/complaint to the LSE, AIM Team and the FCA about the recent conduct of Tang and his Board.

Let him know we are behind him and share his concerns.

[e-mail]

[888icb] 13/2/2020 09:47

I have no connection with Tang and have never been happy with the share price of Polo under his stewardship and his failure to get the share price closer to the NAV. I also have always said I think his remuneration is a disgrace. The problem is what to do about it. I do think he has done some good work in relation to GCM which was always his primary focus.
We know today that someone is trying to do something about it and I have read the Phronimos capital letter which they have referred to in an RNS and published on their website. We now have an insight as to what occurred at the AGM which they attended. They state they are representing shareholders totalling 27% of the total number of shareholders. This is a very interesting development but brings a lot of potential problems as we certainly don’t want to destabilise GCM at this very crucial time of its submission to the Government of Bangladesh. Polo has invested a lot of time and money over many years in GCM and success there would take Polo to a new level.

[packman8] 13/2/2020 09:34

1solstace
Agree with you that Tang needs to be ousted.If all small shareholders contact phronimoscap as Polo not advising them who owns their shares.

[alpal2] 13/2/2020 09:18

Brotherhumble: Please post or summarise detail of broker's note as I do not use twitter.

[1solstace] 13/2/2020 09:04

Need to be ousted...

[chevalierdaven] 13/2/2020 08:24

888CIB your response leaves no doubt.You are a puppet of Tang.
You give a blank cheque and praise Tang who has looted POLO and is now going all-in on GCM in a desperate hail mary pass. All this whilst collecting a massive salary at your expense and increasing its control by all legal and illegal means in the book.

Over the years, as a shareholder of POLO, I found out there were only two kinds of Tang supporters: the people who are not good at maths, and those who are happy to facilitate frauds.

[888icb] 12/2/2020 17:58

I am not Tang and have never met or corresponded with him. Although I would like his salary! I have on many occasions said that I think his salary is excessive and should be severely cut. I am a long term Polo shareholder who is well aware of the problems Dattels and Mellon had with GCM which they bought. Tang has taken up the mantle where they failed. He has put in a lot of effort and come up with a new strategy involving the Chinese and Bangladesh consultants. He knows how to operate in this part of the world. He has also had to deal with GCM being a company with no income which is always the case with companies like GCM at this stage in their development. It is normal to raise funds by issuing new shares. He has been very innovative in getting the consultants to take shares instead of cash which focuses them on ensuring the project succeeds. No success no money.
If GCM succeeds the recent transactions in taking more GCM shares will creat massive value for Polo which will more than compensate for any dilution that was caused by paying with Polo shares. I wish Polo shares traded much closer to their NAV but they don’t and hence it is not realistic to expect Dyani to accept the NAV rather than the actual share price.
It is easy to criticise but perhaps you can tell us how it should have been done and how that would have been achieved. We are where we are and we need Tang to deliver on GCM. It would be shooting ourselves in the foot if he doesn’t see it through when we are so close to getting a result.

[shawzie] 12/2/2020 10:50

Is M Tangs gamesmanship beginning to unravel? Sill no news about AGM.

[jamesss1] 11/2/2020 20:41

Well lets hope so, the last roll of the dice is approaching given the level of cash burn.