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No sign of any loan repayment of SGD5mill to Polo. Why? Pan Asia's sale of TCM has been given a new, later deadline, 15 August 2018. https://imgur.com/a/khOMDVD No explanation given.
You make a fair point. I invested here because I had made some poor choices in commoditites and wanted a professional to do it for me. Following on from this, Mr T bought Celamin just before it lost control of the asset, Blackham just before a boardroom spat, Weatherley just before the water ingress crisis and sp tank never to recover, and the Indonesian coal fiasco. Compared to this performance, the other dogs in my portfolio are absolute crackers! I do accept that Hib was a good investment, GCM may go somewhere at the expense of crippling dilution and what used to be Ironstone remains of moderate interest.
I agree sentiment is poor but I would say Hibiscus Petroleum is a gem in the portfolio, GCM may do something too although will need cash. Unquoted's offer potential but in essence Polo is too small to provide the necessary liquidity. It needs to be more active and turn over assets.
Pukman, I have the same break even price as you, same exit price and been here for the same amount of time and guess what ..Our views on Tang are exactly the same...This share is a joke, Simon Thompson from IC tipped this once and I thought that would get things going here...nothing.Updates are poor, investments are poor....gcm is our ONLY hope here and I think TANG thinks the same.poor poor poor.
Unless we hear anything else, Pan Asia's sale of the TCM shares to the Chinese GM Ltd will complete on 31 May. And one of GM's conditions of completion is that Polo's charge over the shares is lifted, but it will only be lifted if Polo's SG$5m loan to Universal is repaid, or a better security is put in place. Guess what? I don't think the amount will be repaid. Polo will accept a new security and deferred repayment for another two three years... There is a consistent pattern of poor, unexplained decisions coming from Polo and the handling of these SGD5mill is a good example. https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01975429 (pdf)
Well I have been in Polo since the early Dattels days. This used to be one of my best stocks and regular special divis were given back to its shareholders. Dattels was an excellent businessman who rewarded his shareholders. Tang took control and his purchase of 40p / share gave me confidence to invest here further. Unfortunately Tang has proved himself to be absolutely terrible who couldn't give a hoot about his investors. News is slow, special divi? forget it and the clown like situation with the Nomad was comical at best. Try to get hold of Kudzayi and you may as well speak to a brick wall (Does he actually exist?) I need 15p / share to break even and I'm prepared to wait but the reality is we will not be at that level for a long time / if ever. One thing is fur sure, if it approaches anywhere near that amount I'll be out in a flash and good riddance to this tripe. I just wonder why Tang would invest 40p / share and seemingly be happy with its current 4p share price. Perhaps Polo is just a vehicle for him for his other interests and 40p per share was a small price to pay for other benefits unknown. Either way as a shareholder of Polo, the current situation stinks.