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Share Name Share Symbol Market Type Share ISIN Share Description
Polo Resources Limited LSE:POL London Ordinary Share VGG6844A1158 ORD NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.13 3.36% 4.00 10,000 09:09:45
Bid Price Offer Price High Price Low Price Open Price
3.60 4.48 4.00 4.00 4.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -5.75 -1.85 12.0
Last Trade Time Trade Type Trade Size Trade Price Currency
09:09:45 AT 10,000 4.00 GBX

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Date Time Title Posts
17/6/201915:07POLO RESOURCES15,402
16/8/201618:04FORGIVE ME IF I AM BEING STUPID BUT ...........14
23/3/201619:00Ban cadbury-
05/3/201517:02get your snout in this trough.5
18/9/201411:29please god make jocks vote YES!-

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Trade Time Trade Price Trade Size Trade Value Trade Type
08:09:454.0010,000400.00AT
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DateSubject
24/6/2019
09:20
Polo Resources Daily Update: Polo Resources Limited is listed in the Mining sector of the London Stock Exchange with ticker POL. The last closing price for Polo Resources was 3.87p.
Polo Resources Limited has a 4 week average price of 3.74p and a 12 week average price of 3.74p.
The 1 year high share price is 4.80p while the 1 year low share price is currently 2.70p.
There are currently 311,789,151 shares in issue and the average daily traded volume is 183,539 shares. The market capitalisation of Polo Resources Limited is £12,471,566.04.
13/6/2019
14:27
iambv: Hello 888ICB, " It is also highly likely that good news for GCM will give a massive boost to Polo’s share price. " I hope you are right, but fear that you are not. It has been my belief for some time that the share price will only become more representative of the underlying assets if the shareholders receive dividends as in the past. The board, in their wisdom, declared that they do not intend to do this and because of this new investors are not attracted to Polo because they think that they will never get their money back. Mr Tang is doing himself and all other shareholders no favours by following this policy. We can only hope that he eventually realises this and changes things. Perhaps, if Hibiscus starts to pay a dividend, some of it may be passed on to us. We can only hope ! BV
13/6/2019
08:25
888icb: When you take account of the value of Polo’s holding in Hibiscus which is easily converted into cash it is difficult to make a case for Polo falling from here. It is certainly frustrating that Polo sits at such a massive discount to NAV. It is also highly likely that good news for GCM will give a massive boost to Polo’s share price.
11/4/2019
09:49
donkey15a: Received an e-mail from: sjohn@phronimoscap.com 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 sjohn@phronimoscap.com
24/3/2019
10:25
888icb: As Hibiscus is being mentioned it’s perhaps worth reminding ourselves what it is worth. Hibiscus has seen it’s share price continue to rise such that its market value is now Malaysian Ringgit 1.444 Billion. This converts to £269 million which values Polo’s 8.75% at £23.53 million. Polo’s current Market Cap is £14.19 Million. This is a massive undervaluation of Polo based on just one of its investments.Let us hope that the group currently pressing Polo to take action in this area is successful. We all hope that good things are about to happen at GCM which should provide a further massive boost to Polo’s NAV. It is important that action is taken to reduce the very large discount to NAV that the shares currently trade at.
13/3/2019
21:35
st96dgx8: https://docs.google.com/a/phronimoscap.com/viewer?a=v&pid=sites&srcid=cGhyb25pbW9zY2FwLmNvbXx0M3N0aW4xfGd4OjU5YzI3MGQ1MGM2OGQ4Y2I Phronimos Urges Polo to Respond to Shareholder Requests and Concerns March 13, 2019—Subsequent to the publication of Phronimos Capital's (“Phronimos”) letter to the Board of Directors of Polo Resources (“Polo” or the “Company”), on February 13th, we have heard from numerous other Polo shareholders supportive of our cause and, consequently, the concerned shareholder group has grown significantly. 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. Fellow Polo shareholders supportive of a significant share buyback or distribution are encouraged to contact us at sjohn@phronimoscap.com. Phronimos transmitted a follow-up letter to the Polo Board of Directors today. The full text of the letter can be found below or at: www.phronimoscap.com/news March 13, 2019 Polo Resources Limited Craigmuir Chambers, P O Box 71 Road Town, VG1110 British Virgin Islands To the Board of Directors: We are disappointed with Polo’s response to the proposals put forth in our letter dated January 28th, 2019. We write to you again so that the Board and the Company’s shareholders fully understand our viewpoint and the reasons for our concern. 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. Consequently, we request that the Board: 1. Provide fellow concerned shareholder Nicholas Greenwood with the register of members within five business days. As you are aware, Section 100 of the BVI Business Companies Act grants shareholders a statutory right to inspect and make copies of the register of members. The Company has denied Mr. Greenwood’s request to exercise his statutory right, citing “data privacy” concerns. The right to inspect shareholder lists for the purpose of communicating with shareholders with regards to a proper purpose, being in this case the exercise of shareholder rights in the form of gathering support for a potential requisition of a shareholder meeting, is enshrined in company law. We urge the Board to respect this right. 2. Provide an explanation and/or the remuneration committee minutes regarding the appropriateness of Chairman Michael Tang’s total compensation (including the 2018 share option grant of 20 million shares at a greater than 70% discount to NAV.) We note that Chairman Tang’s consulting fees of ~USD 1 million per year from Polo Resources and its investee company GCM Resources is many multiples above the norm. According to BDO’s AIM Directors Remuneration Report 2018, the median average total salary for CEOs of AIM constituents was approximately GBP 150,000. The QCA Remuneration Committee Guide for Small and Mid-Size Quoted Companies states: “Companies should communicate their decisions and supporting rationale clearly to shareholders and other stakeholders, most importantly through the report of the remuneration committee chairman. A company will face severe criticism if it rewards failure. Just as important is to ensure that mediocre performance is not rewarded as if it were good performance. It is fair that executives are offered the opportunity for higher levels of remuneration if they produce good results and excellent long-term sustainable value creation. Companies should avoid paying their executive directors more than is necessary to remunerate and motivate them. … No board should allow any executive director to be, or to consider himself or herself to be, irreplaceable: amongst other governance challenges that will inevitably arise, this may lead to demands for excessive remuneration.” Furthermore, we note that in 2018, the Company issued share based payments granting Chairman Tang the option to purchase 20,000,000 shares at a greater than 70% discount to NAV. We believe the valuation methodology chosen by the Company significantly understates the fair value of the grant. The choice of a particular valuation method to determine fair value is not “fair and reasonable” if it does not take into account information material to the value of the corporation. With regards to investment companies (like Polo) in particular, the Net Asset Value per share is of paramount importance in determining “fair value.” Had the NAV per share been used to determine the fair value of the share based payment, we calculate the value of the grant to be ~USD 2.9 million (or ~USD 1 million annually considering that the options vest in equal instalments over a three year period.) Summing up the 2018 consulting fees and the share based payments using NAV as the fair value in pricing the options, total annual compensation for Chairman Tang was approximately USD 2 million (or GBP 1.5 million.) Even if we were to exclude Chairman Tang’s ~USD 400,000 salary from Polo’s investee company, GCM Resources, his total annual compensation of approximately USD 1.6 million (or GBP 1.2 million) is significantly above the median average total remuneration of GBP 248,000 for CEOs of companies trading on the AIM (as cited in BDO’s AIM Directors Remuneration Report 2018). As we stated in our previous letter, we do not begrudge management teams being adequately compensated when they have helped to create shareholder value. However, Chairman Tang’s significantly above market compensation (approximately 5-6 times the median) stands in stark contrast to the historical returns of Polo’s shareholders, who have witnessed c.80% decline in the share price and received no dividends or return of capital since his appointment in May 2013. 3. Engage in a thoughtful dialogue regarding potential financing to help unlock value for shareholders. Subsequent to the publication of Phronimos’ letter to the Board of Directors on February 14th, we have heard from other Polo shareholders supportive of our proposals, and, consequently, the concerned shareholder group has grown significantly. Furthermore, we have also heard from other investors willing to provide non-dilutive financing to help unlock value for Polo shareholders. 4. Provide shareholders with the time frame deemed necessary by the Board to evaluate any shareholder value unlocking proposals currently being contemplated. We strongly urge the Board to respond to our requests and concerns without further delays. Sincerely, Sam John, CFA Managing Member of Phronimos Capital, LLC Investor Contact: Sam John (sjohn@phronimoscap.com/+1 (424) 781-7871/www.phronimoscap.com) SOURCE: Phronimos Capital, LLC Important Information This document sets out the views of Phronimos Capital, LLC (“Phronimos”). This document does not constitute a financial promotion of any kind by Phronimos or any affiliate, and the receipt of this document in no way renders you a client of Phronimos or any affiliate. The information contained in this document should not be construed as investment or tax advice, nor should it be construed as an invitation to purchase or sell any of your shares in Polo Resources Limited (“Polo” or the “Company”) (LON: POL). If you are in any doubt as to the action you should take, you should seek advice from an appropriately qualified independent financial or other adviser. The information contained in this document (which may include price or other data) is for illustrative purposes only and may not be comprehensive or up to date. In preparing this document, Phronimos has relied upon and assumed, without independent verification, the accuracy, reliability and completeness of all information available from public sources. No responsibility is accepted and no representations, undertakings or warranties are made or given, in either case expressly or impliedly, by Phronimos or any affiliate as to the reliability, accuracy, timeliness, completeness or fitness for a particular purpose of information contained in this document or as to the reasonableness of any assumptions on which any of the same is based. Additionally, neither Phronimos nor any affiliate accepts any direct or consequential liability for any errors in or reliance upon the contents of this document. Neither Phronimos nor any affiliate will be responsible for updating any information contained within this document and opinions and information contained herein are subject to change without notice. Certain figures included in this document have been subject to rounding adjustments. The release, publication or distribution of this document in jurisdictions other than the United Kingdom may be restricted under the laws of those jurisdictions and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction. Phronimos is not affiliated with Polo. However, as at the date of this document, clients of Phronimos hold a long position in shares of Polo. We acquired interests in the securities of the Company based on the belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to Phronimos, and the availability of securities of the Company at prices that would make the purchase or sale of such securities desirable, Phronimos may seek to increase or decrease its clients’ long position in the Company.
03/3/2019
14:51
888icb: Polo continues to hold its higher share price that we have seen in February as Hibiscus continues to do well,GCM is due to make a submission to the Bangladesh Government and there is some shareholder pressure being brought to bear to improve the share price It’s about time we saw the massive discount to NAV reduced.
20/2/2019
02:18
barnetpeter: LONDON (Alliance News) - Phronimos Capital LLC on Wednesday said it wrote to Polo Resources Ltd ... Alliance News13 February, 2019 | 9:26AMEmail Form LONDON (Alliance News) - Phronimos Capital LLC on Wednesday said it wrote to Polo Resources Ltd in January requesting a tender offer to return 10 to 12 pence per share to shareholders. Shares in resources investor Polo were 16% higher on Wednesday at a price of 4.76 pence each. In early 2014, they stood much higher, at 20.63p. Polo has stakes in gold, oil and gas, coal, iron ore, and phosphate projects across five continents. The investment advisory firm wrote on January 28 to Polo on behalf of some of its clients who are Polo shareholders, with a 14% stake in total. "The persistently large discount of Polo's stock price to net asset value precludes shareholders from realizing anything remotely close to its fair value through open-market transactions," said Phronimos. "Consequently, we believe the next logical step to protect and unlock shareholder value entails a tender offer at 12 pence per share." Phronimos said funds could be sourced from a sale of some or all of Polo's "successful" investment in Hibiscus Petroleum, with the entire stake double Polo's market capitalisation. Selling one-third of the Hibiscus stake, the advisor continued, could allow Polo to buyback 20% of its shares at 12p, a significant premium to its current share price. It believes there would be widespread shareholder support for the move. Phronimos does not dispute Polo's right to "generously" pay its leadership when they help create shareholder wealth, but it noted Polo's share price has fallen 80% over the past five years with no returns whatsoever. Chair Michael Tang, it continued, has received around USD1 million a year, and his compensation through 2018 to 2020 is estimated to be 35% of Polo's market cap. Phronimos lastly urged Polo to stop making new investments into resources explorers who cannot fund their capital expenditure needs. "Phronimos has studied the returns of publicly traded natural resource companies across the globe from 2005 to 2018 and the results indicate shareholder returns from resource companies with assets producing free cash flow were more than quadruple their free-cash-flow-negative counterparts," Phronimos said. "This empirical study, combined with the anecdotal evidence from Polo's investments in the junior resource exploration companies that resulted in the aforementioned two-thirds decline in NAV since May 2013, leads us to conclude there are better alternatives to deploying capital in resource companies that lack the balance sheet wherewithal and near-term free-cash-flow generation to fund their capital expenditure needs." A spokesperson for Polo Resources contacted by Alliance News didn't have an immediate response from the company. Copyright 2019 Alliance News Limited. All Rights Reserved.
14/2/2019
13:57
xow98: "Phronimos does not dispute Polo's right to "generously" pay its leadership when they help create shareholder wealth, but it noted Polo's share price has fallen 80% over the past five years with no returns whatsoever. Chair Michael Tang, it continued, has received around USD1 million a year, and his compensation through 2018 to 2020 is estimated to be 35% of Polo's market cap."
18/1/2019
20:26
g0ldfinger: Hi beergut, “Net Asset Value per share as at 14 December 2018 was approximately 15.73 pence per share“ HTTPS://uk.advfn.com/stock-market/london/polo-resources-POL/share-news/Polo-Resources-Limited-RESULTS-FOR-THE-YEAR-ENDED/78935882 The subsequent rise in value of GCM has been mostly offset by a slight fall in the value of Hibiscus. I don’t know of any other significant changes since 14 Dec, so I reckon current NAV is probably still around 16p per share. Keeping an eye on Hibiscus warrants. The way they’ve maintained such a high price suggests to me that holders are expecting Hibiscus shares to be trading considerably higher before the warrants expire in 2021. Polo’s Hibiscus warrants and GCM convertible loans could seriously boost the NAV if Polo get the timing right.
19/10/2017
06:14
spights: Posted on iii by small holding As far as I can establish, the current holdings for their listed holdings are as follows O Blackham (5.98%) share price 0.22AUD, current valuation £2,739,094 (Difficult to establish exactly how many shares Polo hold because it is shown through nominees) GCM (21.2%) 17,494,000 shares, share price £0.44, current valuation £7,697,360 Hibiscus (9.22%) 138,900,000 shares, share price MYR 0.73, current valuation £18,245,940 Weatherly (5.2%) 54,852,859 shares, share price 0.7p, current valuation £383,970 Current Valuation £2,739,094 - Blackham £7,697,360 - GCM £18,245940 - Hibiscus £383,970 - Weatherly Total valuation £29,066,364 Not listed Universal Coal Resources (20%?) Ironstone Resources (18.8%) Nimini Holdings Ltd (90%) Regalis Petroleum (11%) Celamin Holdings Ltd (12.7%) At the time of writing Polo share price 3.51p x 311,789,151 shares in issue = £10.94M market cap My calculations are there to be shot at but I think they are close. If Polo are genuinely trying to attract investors I can't why isn't this information isn't released on a regular basis, say quarterly. Even giving the bottom 5 investments a zero valuation, the current market cap of Polo is only a third of its listed assets
Polo Resources share price data is direct from the London Stock Exchange
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