The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The way this company has been run by Tang is an absolute disgrace. He has been a scandal since taking over and has just milked the company and not rewarded the shareholders
Total Net Assets for the six months ended 31 December 2019 were USD53.89 million (30 June 2019: USD60.16 million).
· Total Net Assets of USD28.61 million as of 20 March 2020 (31 December 2019: USD53.89 million).
· Net Asset Value per share as at 20 March 2020 was approximately 7.94 pence per share (31 December 2019: 13.18 pence per share).
If you look back through the results...Administrative & Exploration expenses (2,263)..over 2.2 million
against a mkt cap then of 8.5 million. The company cannot possibly cope with such costs long term.
As I said below.....dire. Another 13 per cent down today and unless a replacement soon, headed well below 1p. If polo delists my personal view is investors will never see a penny.
My guess is that nobody wants to work with Tang. Not only is he taking an amazing amount out of the company in salary and fees as most of us and one larger holder have pointed out, but his investments seem to be a bit bizarre as he only invests in the same stocks. The meeting etc are held at strange places.....in this huge bull run NAV has fallen by vast amounts . So maybe the Nomad has just got fed up with Tang acting as if this is a private company where he owns all the stock. This is hardly unique I should add and nothing illegal I guess but this has little left now.
Morning all,
Been in here a long while and was thinking of topping up at these low (and hopefully still below NAV) prices. Did some looking over the weekend and came across the news that our NOMAD has resigned. If we don't get a replacement, and the current lot didn't resign for no reason I guess, we could be heading for a delisting .... surprised no one has commented ..
Resignation of Nominated Adviser
Polo Resources Limited (AIM: POL), the multi-sector investment company with interests in oil,
gold, coal, copper, phosphate, lithium, iron and vanadium, announces that Allenby Capital Limited
("Allenby Capital") have served notice to resign as the Company's nominated adviser. It has been
mutually agreed between the Company and Allenby Capital that this resignation will become effective at the close of business on 31 August 2020.
Pursuant to Rule 1 of the AIM Rules for Companies, if an AIM company ceases to have a nominated adviser, trading in its AIM securities will be suspended. Accordingly, if no appointment is
made by 31 August 2020, the Company's shares will be suspended at 7.30 a.m. on 1 September
2020. If, within one month of that suspension the Company has failed to appoint a replacement
nominated adviser, the admission of its AIM securities will be cancelled.
The Company will endeavour to identify a nominated adviser to succeed Allenby Capital and shall
update shareholders in due course.