Polo Resources Share Discussion Threads

[888icb] 19/8/2020 17:16

I do think you have a good point about the possibly unexpected consequences of the Nomad situation being used as leverage on the shareholders supporting Phronimos as a delisting would put them in a very difficult position just as it would the rest of us. I think you are right that Tang will remain as a Director and that a new Nomad will be appointed. They have one at GCM and they haven’t resigned. So if the agm confirms Tang’s reappointment we could see a Nomad announcement very quickly after that.

[up4itt] 19/8/2020 16:24

I doubt if the original plan was to delist, but delisting could be the unintended consequence of the concatenation of events that has unfolded before and since the adjourned AGM. I agree with Big Frankie that the threat of delisting is quite possibly now being used as leverage. I also doubt that Tang has broken any LSE rules; but he may well be sailing close to the wind and the NOMAD prefers not to be a party to that. Tang has social status and a public profile in Malaysia and he would not be so stupid as to expose himself to legal action. Therefore the most likely outcome on Friday will be a strengthening of Tang’s position and it remains to be seen whether the company will be delisted. I don’t think the smaller shareholders will be left with nothing and there is a reasonable chance that a compromise will eventually be forged. I’d say that, taking account of all relevant factors, a realistic target price for the shares, if all goes well, is around 4p-6p, and probably closer to the lower figure. This is less than the NAV of the company, but the shares will always trade at a substantial discount to NAV.

[johnnyrambo1] 19/8/2020 15:55

Friday, tick tock tick tock

[big frankie] 19/8/2020 15:51

I am no longer invested here having previously had a large holding which benefited from both the special dividends.

I agree wholeheartedly with up4itt in the post above and would add that the possibility of delisting maybe being used as a lever.

[up4itt] 19/8/2020 14:31

The NOMAD very probably resigned because he (1) he was unable / unwilling to compel public disclosure of the Perfectus shareholders agreement, which would have revealed the relative shareholding power of all shareholders; and /or (2) he was unable / unwilling to justify the allegedly related party transaction whereby an agreement that grants supernormal voting rights to Mettiz Capital over shares in excess pf 10% of the issued capital of Polo; and (3) the Outgoing Chairman (Tang) most likely intends to issue shares to friendly parties (Dyani) in an effort to increase the voting rights of those who will support his views. The market clearly believes this version of events – hence the collapse in the share price since 31st July.

[mickmack] 19/8/2020 13:29

Are you invested in Polo Russman?

[russman] 19/8/2020 13:21

Polo have never revealed the votes on previous AGM resolutions.
Friday will be no different.

[mickmack] 19/8/2020 12:43

Where's Glavey gone? 😀

[johnnyrambo1] 19/8/2020 08:58

1.12p

-7.05%

[johnnyrambo1] 18/8/2020 22:56

“maintaining a dialogue with shareholders“😂😂

for sure

[russman] 18/8/2020 22:25

It appears I can read: Extract from Polo's Corporate Governance.

10.Communicate how the Group is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders

The Board recognises the AGM as an important opportunity to meet private shareholders.

The results of voting on all resolutions in future general meetings will be posted to the Group’s website, including any actions to be taken as a result of resolutions for which votes against have been received from at least 20 per cent of independent shareholders.

[johnnyrambo1] 18/8/2020 18:02

« The stock is actually up 37% in the last three years » yeahhhhh and polo is down how much in the last three years???? 😂😂😂😂



The simplest way to benefit from a rising market is to buy an index fund. While individual stocks can be big winners, plenty more fail to generate satisfactory returns. Unfortunately the Hibiscus Petroleum Berhad (KLSE:HIBISCS) share price slid 38% over twelve months. That falls noticeably short of the market decline of around 0.7%. On the bright side, the stock is actually up 37% in the last three years.


Of course Hibiscus Petroleum Berhad may not be the best stock to buy

[johnnyrambo1] 18/8/2020 17:28

Tick tock tick tock friday is coming......

[mickmack] 18/8/2020 17:11

Well 888 it's a bit stupid to offer a judgement on the 'balance of probabilities' if he has no evidence whatsoever to balance. So unless he's connected to the Nomad or Polo he is simply making a guess as to why the nomad has resigned. As you rightly point out there are several reasons why a nomad may part company, it doesnt necessarily mean wrong doing. I could say that Tang as a barrister will know the rules inside out and on the 'balance of probabilities' it is unlikely he would step outside them. But like Glavey's statement that would be hogwash too.

[888icb] 18/8/2020 16:15

The question you ask of Glavey is the same point I have made for sometime which he can’t answer because he doesn’t have any concrete evidence. He is just giving speculative opinions which he can’t support with facts. One then has to question what he wishes to achieve by spreading his speculation.

[mickmack] 18/8/2020 15:33

Glavey you say 'on the balance of probability' the Nomad has resigned over breaches of LSE rules. I've asked you what evidence you are basing your conclusion on?

[glavey] 18/8/2020 14:59

mickmack,

Information quoted is in the public domain. I added it there for you. :-)

But you really must try to read what is written and not make up things which weren't. Similarly understand the meaning of what you write. In post 16886 my ultimate comment makes clear the limit of the NOMAD's duties.

Trading in the company's shares will be suspended immediately if it has no NOMAD. It is on notice now, not once the NOMAD has resigned. It then has 30 days 'grace' in which to find and sign up a NOMAD who will agree to act for the company, if it has not found one previously. This period is to enable completion of diligence and formalities. If a NOMAD is not found within the allotted time the company will be delisted.

"Under such circumstances, where the Nomad had relinquished its responsibilities towards a particular company, the company’s shares are suspended from trading and then delisted if no replacement is found within 30 days."

You ask a question and call for an answer. You get a straight response and then you don't like it, so you call it hogwash.

[russman] 18/8/2020 14:32

Any allegations would have to be investigated (and proven) before any action would be taken.
I have never heard of any Nomad "blotting" their home patch.
Auditors very occasionally.
That is why you have whistleblowers.
Is Tang behaving ethically?

[mickmack] 18/8/2020 14:09

Glavey don't get all sanctimonious when you later add additional information to your post after it was read.

So you consider on the balance of probability that Polo have acted illegally. Do you have any evidence to back up this hogwash? The company is on notice of suspension if it has no Nomad. If and when the company appoints a Nomad it will be lifted. If the company had acted illegally it would be reported to the LSE and they would suspended immediately. More hogwash from you I'm afraid.

[glavey] 18/8/2020 13:42

mickmack,

Do yourself a favour and R..E..A..D.. :-)

I consider, on the balance of probability, that the NOMAD has given notice of resignation because, in their view, there is irregular behaviour or sufficient cause for concern thereof.

The company is on notice of suspension.

A NOMAD acts as a regulator, they do not administer the law.

[mickmack] 18/8/2020 13:08

Glavey you like to ask questions but you never give answers. So you go first, do you thjnk the Nomad has resigned due to illegal activity by Polo? If you think that is the situation then why has Polo not been suspended from trading, presuming the Nomad has fulfilled it's obligations to report.