Polo Resources Share Discussion Threads

[dbno] 23/11/2022 17:26

Do not forget to put something inside that goes bang when he opens it

[russman] 23/11/2022 17:02

I am doing my Xmas cards. Any ideas where Tang is hiding. British Virgin.

[russman] 26/10/2022 02:45

hope springs eternal.

[jb777] 25/10/2022 14:59

Interactive investor. However just realised i logged in on new device and it must have reset the don't show zero stocks. Sorry got excited for a nanosecond!

[scoots] 25/10/2022 14:48

Hi jb, which broker please

[jb777] 25/10/2022 13:33

Anyone else had their pol investment pop back into portfolio? Showing as 0p of course but wasn't even there before.

[russman] 15/8/2022 22:48

Dyani concert party - a scratched record.

[trickytrees2] 14/8/2022 12:19

Seriously considering it if they are still public by then or they haven’t gone bust. Mr T knows it’s binary with GCM and my guess is he’s waiting 18 months for change of Bangal Govt to formally lodge proposal for best chance of positive outcome. In the meantime they will run out of cash and he / us will effectively own it which is more or less the case now. He is difficult to suss out though. A lawyer so clearly not stupid and he’ll be very aware of our frustrations but more importantly about what we can do actually about it. He has a lot of skin in the game having, on paper, lost a huge amount with the initial purchase of Polo and he’s relying on GCM to bail him out in my view. Total lack of response to request for info, certainly from myself, however shows unbelievable arrogance but that doesn’t make him a criminal but gambler?, well it does make you wonder, after all he’s got an awful lot riding on black with this, (pardon the pun).Patience is a virtue as they say but he can’t stay in the shadows and ignore us all for ever. We shall see.

[bedbel] 13/8/2022 12:06

Indeed, a visit to the next GCM agm is the first and easiest step to take.
Let's all go there, probably in january. Time enough to buy a gcm share but better wait a while because you never know it will be delisted before then.

[trickytrees2] 13/8/2022 09:12

Been here for years like many of us unfortunates. Maybe only real way to get some answers is Rock up at next gcm agm. We are indirect shareholders after all. Either that or a trip to BVI where he probably won’t be in.

[alpal2] 11/8/2022 08:53

Of course tang has a conscience; and every time it looks to be getting the better of him, he helps himself to another $1-million of our funds. And then his conscience goes away for another 6 months.

[russman] 10/8/2022 17:33

Does Tang have a conscience?

[fordtin] 04/8/2022 17:28

Hi Bedbel - I've sent you a message.

[bedbel] 04/8/2022 09:55

Thank you fordtin for sharing this information.

I am still wondering what Tang's plans are with Polo. It looks like it is still business as usual but they refuse to give any information. And it is probably very difficult to get official information from a BVI company, even with a specialised lawyer. But when nothing is changing, we have to find a way to get our info.
Ideas are welcome.

[alpal2] 04/8/2022 09:32

Pleased that someone is keeping up with progress [if that's what it is] on this investment disaster.

[fordtin] 03/8/2022 17:31

"...On August 25, 2020, the Company added 848ha to the package when it announced the acquisition of the rights to certain mineral claims from Polo Resources Limited. The 848ha package of four claims is contiguous with and west and northwest adjacent to FenixOro's Abriaqui Project. Polo, through its subsidiary Andina Gold, has been awarded seizure rights to the claims pursuant to legal action it has taken, and Andina has commenced the procedure for seizure of the properties.

FenixOro has issued 1,000,000 common shares to Polo in exchange for the rights to the properties under seizure order. These shares will have a legend restriction that will be removed upon Polo's receipt of formal title award from the relevant court, up to a maximum of 18 months, following which the titles will be registered in the name of FenixOro. FenixOro will fund all costs associated with the court proceedings. These shares were issued on July 21, 2021. ..."






FenixOro Gold was founded in 2019 and based in Ontario,

[russman] 13/7/2022 17:17

No other option. Polo has to reverse into GCM.
Hobson's choice.

[glavey] 29/6/2022 08:38

So long, and thanks for all the spam.

[russman] 28/6/2022 17:04

Feathering his own nest as usual.

[glavey] 27/6/2022 22:19

To put a bit more meat on the bone:


Stock [HIBISCS]: HIBISCUS PETROLEUM BHD
Announcement Date 24-Jun-2022
Director's Particular: Name DATUK MICHAEL TANG VEE MUN
Details of Changes: Currency
-
Date of Change Type Number of Shares
23-Jun-2022 Acquired 5,000,000
Registered Name
CGS-CIMB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Mettiz Capital Sdn Bhd
Nature of Interest: Indirect Interest

Date of Change Type Number of Shares
22-Jun-2022 Acquired 15,000,000
Registered Name
CGS-CIMB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Mettiz Capital Sdn Bhd
Nature of Interest: Indirect Interest

POLO unaffected.

[russman] 27/6/2022 21:41

Dyani to you too.

[shawzie] 24/6/2022 10:53

M Tang still active.
Open market acquisition by Mettiz Capital Sdn Bhd.
Nature of interest Indirect Interest
Direct (units) 0
Direct (%) 0
Indirect/deemed interest (units) 214,359,066
Indirect/deemed interest (%) 10.652
Total no of securities after change 214,359,066
Date of notice 24 Jun 2022
Date notice received by Listed Issuer 24 Jun 2022


Remarks :
The total number of 214,359,066 ordinary shares are held as follows:-

1) 138,900,000 ordinary shares are registered in the name of Cimsec Nominees (Asing) Sdn Bhd CIMB for Polo Investments Limited (PB);

2) 3,625,000 ordinary shares are registered in the name of Cimsec Nominees (Tempatan) Sdn Bhd CIMB for Mettiz Capital Sdn Bhd (PB);

3) 51,834,066 ordinary shares are registered in the name of Affin Hwang Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Mettiz Capital Sdn Bhd; and

4) 20,000,000 ordinary shares are registered in the name of CGS-CIMB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Mettiz Capital Sdn Bhd.

Datuk Michael Tang Vee Mun is deemed interested by virtue of his interest in Mettiz Capital Sdn Bhd and Polo Investments Limited pursuant to Section 8 of the Companies Act 2016.

[glavey] 24/6/2022 06:05

11. Payables


2021 2020
GBP000 GBP000

Trade payables 579 527
Related party accrued payable 843 546

1,422 1,073
-------- --------


Refer to note 20 for details of the related party accrued payable.

12. Borrowings


2021 2020
GBP000 GBP000
Loan from related party
Balance as at 1 July 3,220 2,343
Loan instalments drawndown 600 600
Interest charges 383 277

Balance as at 30 June 4,203 3,220
-------- --------


Refer to note 20 for details of the loan from related party.

The Company on 26 March 2021, as part of the completed equity placing, extended and amended the terms of the loan facility provided by Polo Resources Limited (the "Facility") of which, as was announced on 7 January 2021, there is GBP300,000 of the initial GBP3.5 million facility remaining undrawn. The lender has agreed that it will not serve a repayment request on the Company for 5 years from the date of the agreement replacing the previous provision that it was payable on demand with 90 days' notice. The Company and Polo Resources Limited have agreed an increase in the interest rate from 12% to 15% per annum rising by 1.5% on the third anniversary and by a subsequent 1.5% on each anniversary thereafter. Furthermore, the lender may request conversion by the issuance of new ordinary shares in the Company at 7.5 pence per share (being the Issue Price) subject to any necessary regulatory approvals. The Company may elect to repay all or part of the outstanding loan at any time giving 60 days' notice and with the agreement of Polo Resources Limited. Any share issue to the Lender is conditional upon the Lender's interest, together with the interest of any parties with which it is in concert, remaining below 30% of the Company's issued capital. All other principal terms of the loan facility remain unchanged. Refer page 39 for details of Management judgement used in accounting for the loan amendment

[russman] 24/6/2022 05:00

Does GCM pay the interest on their Polo loan or does the loan get bigger & bigger & bigger.........