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My warm personal congratuions to the honourable Datuk.
Delisted, goodbye to one of the older AIM resource co's
The co did this in 2017. They waited until the last day to notify the market of a new nomad.
Logically it shouldn’t take more than 2 weeks to find a nomad, it’s relatively easy
Only one week to get a new NOMAD. I wonder how hard the Board , including the so-called independent Directors , are trying
Atlantic coal / carbon suspended and then delisted. It then had three offers ...that we know of...at a substantial premium. The directors refused the offers and continued to take large fees and expenses. They then deemed the company to be bankrupt. Shareholders lost the lot. Polo need to relist. Or they may also get nothing.
More excellent news and no sp performance to assess market reaction.
Now where is our new NOMAD?
And why would the Board of Director's do that and see themselves out of work??
If they don’t return to market then one option is basically distributing the shareholding’s they have In companies such as hibiscus and GCM to shareholders in POL on a pro rata basis !
Nai/DYOR
I hope you are right in your thinking. I already lost Frontera Resources this way and its been over 12 months and counting. It seems an easy way to take a company private and not a lot shareholders can do. Lets hope the GCM holding and Bangladesh project potential keep this listed and not private
I think we will get a new nomad no problem but that’s just my personal opinion.
The company said the appointment couldn’t be ‘finalised’ before suspension which makes me think they were close.
Nai/DYOR
We all know that, but what do you think are the chances of a new Nomad this month?
Exactly, and something that was being pushed for wasn’t ?
: )
They parted company with the last nomad by a mutually agreement.
Nai/DYOR
Pol would have to liquidate all shareholdings and pay out a dividend
It isn't acceptable. That is the point. But you must understand if these are not listed on any stock market, how can you sell them and realise value??
You would still own the shares it just POL would be a private company and you couldn’t trade in its shares on the market unless they made that available.
There’s plenty of asset backing here so I’m not even bothered if they never come back to the market as the market didn’t value them properly anyway. They should have been at least 4p imho so give me that some point in the future and I’m happy. Listing or no listing.
Nai/DYOR
If this is delisted, you can kiss goodbye to your ISA.... How can that be acceptable, as they have say 20+£million pounds that could be paid out, surely if delisted out of choice then there must be some protection in place.
Sorry Jennis but I don't think you are accurate. You will still own shares, in or out of an ISA, but they will be effectively worthless as they are not listed on any stock exchange. If the Nomad issue is as simple as you suggest (you may be right btw) then how come they allowed this vacant period and why not be open to their shareholders like all reputable companies are? If this is delisted, you can kiss goodbye to your ISA
i dont see how appointing a Nomad can be a problem,. they have healthy cash balances or can liquidate their investment portfolio so its not like the company wont be responsible to existing shareholders . i dont know what woul happen to my shares if they didnt appoint a nomad by the end of september, as mine are in my ISA. surely if they chose not to, which i cant believe is an option, then legal action will be inevitable and tang would also lose out
I agree, but still I cannot get my head round why Pol haven't said a single word to us shareholders about what they are doing, if indeed they plan to relist. Hugely irresponsible behaviour to shareholders
That announcement today means POL’s share in Hibiscus is worth around £16m isn’t it ?
Plus GCM stake worth about £4m at current prices so don’t see why these won’t spike to around 4p when they resume trading, IF they sort the nomad out.
Nai/DYOR
Fingers crossed for you they get it sorted . Some massive value they could unlock if they can get the corporate governance right .
at least they are acknowledging the fact! Anyway cheers!
It's in the 21st Feb RNS. This was the big red flag, which i think will have led to the Nomad leaving.
"Additional Independent Non-Executive Director - On the advice of the Company's Nominated Adviser, the Board will, in the near future, be appointing an additional Independent Non-Executive Director to further enhance the governance of the Company."
Yes - it is in the RNS - give me a min.