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Hydras I agree with your comments .But Tang has not been professional with polo share holders so far and only has his own interests with his share options and wages.
It would be interesting to see where the share price lands if that was to happen
Polo has a large stake in GCM but no statement issued to shareholders? I expect that Polo will appoint new auditors to clear their accounts and register on AIM with all existing shareholders on board. Could be a new beginning for Polo as Hibiscus is doing well and Polo has a large shareholding in it also. Let's see if Tang has the honesty and integrity that Director's should have in that position!!
I have tried contacting Polo, last time got no reply, expect the same again! God I hope that we get some value and they haven’t done the dirty! Still showing in my Portfolio with Lloyds Stockbrokers, which should mean company not gone to the wall. We have a 20% plus holding in GCM I believe plus other investments
With gcm going from strength to strength no mention on the polo interest in the company
What is his game play?
To drain everything of everything and then drop dead?
Polo resources and GCM is finished.
Ive seen absolutely nothing since their delisting. Absolutely shocking
I have only just noticed the directors’ buys notified in January. I can’t find the details but they are shown as “buys” rather than transfers or allotments but at a price of 0p. Interesting?
I also can’t find any accounts being published
From the GCM Board
RE: 2.5p Placing!!!
RNS Today 08:15
Tang you are a absolute disgrace just like most rich selfish people I know
Like many, have quite a lot of polo shares.
Hoping for a relisting but not expecting it.
Sorry- Hi Brightonscot
Hi dflynch- is that the private f/bk group with 465 members? It doesnt have LSE in the title but its the only one I can find.
That was issued 1 July 2021
GCM Resources plc announced that it has entered into a Relationship Agreement with Polo Resources Limited ("Polo") (the "Agreement"). Polo is currently a private limited company and owns 28.3% of the Company's issued share capital. The purpose of the Relationship Agreement is to ensure that the Company is capable of carrying on, at all times, its business independently of Polo.
The Relationship Agreement has a minimum term of one year from the execution date, and thereafter will terminate if the ordinary shares of the Company cease to be admitted to trading on AIM or Polo ceases to retain an aggregate interest of 25% or more of the issued ordinary share capital of the Company. The Company confirms in relation to the Loan Facility with Polo announced on 3 February 2020, it has drawn down a further £250,000 in accordance with the terms announced thereon. The Company has utilised currently £3.2million of the £3.5million facility.
This current drawdown along with existing cash balances will be sufficient to fund the Company for a further 3 months.
Datuk Michael Tang PJN (Executive Chairman) is Chairman of the Company’s largest shareholder, Polo Resources Limited, and is the principal of Mettiz Capital Limited, an investment company. Datuk Tang has significant corporate and financial experience in natural resources, power generation, healthcare, technology, manufacturing and real estate. Datuk Tang qualified as a barrister at Lincoln’s Inn and holds a Bachelor of Law degree from the London School of Economics and Political Science.
Datuk Tang was conferred the Distinguished Order for Meritorious Service (“Panglima Jasa Negara”) which carries the honorific title of “Datuk” by His Majesty King of Malaysia. The award was in recognition of his invaluable service and contribution to the nation.
Polo Resources investment in CGM Resources plc is 23.8%
GCM Resources plc (GCM), an AIM listed resource exploration and development company, has identified a world-class coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the Project) in North-West Bangladesh. GCM is awaiting approval from the Government of Bangladesh to develop the Project.
So how can an individual be a Chairman of an AIM listed company (GCM) and honoured by His Majesty King of Malaysia and be so opaque in regard to another AIM listed company, Polo Resources (POL), albeit suspended because of actions under the control of that individual?
The connection between the two companies is significant; so would it not be in the best interests of GCM shareholders to express concern that what happened to POL could also happen to GCM.
If anyone is interested in forming a group to investigate the company and co-ordinate a response please search on Facebook for POL Investors and quote LSE
We need to assemble as many shareholders as possible to put some pressure on management to come clean and update shareholders about the real situation
The ShareSoc are covering POL in their latest newsletter--
https://drive.google.com/file/d/1gluD8-bEP0F6xUGB3M05pIKOTTCv2Z61/view
So its worth contacting the FCA as I have done already.
Hi guys- Ive been in touch with The Share Society (Cliff Weight) and he has usefully given me contact details for someone at the FCA who may be in a position to looking into why POL havent been updating their website as promised when they delisted. We are still shareholders and the Hibiscus holding alone makes this worth a decent amount to all holders, its just that we have no up to date info on POL or method of dealing in the shares either. So please contact- Yvonka.Hurtado@fca.org.uk and copy to - miumailbox@fca.org.uk plus- cliff.weight@sharesoc.org with your concerns and they will hopefully get back to us when they have tracked down the current directors and put our points to them. Feel free to share this.
There is more information over on advfn, however it seems Tang is ducking and diving. I don't hold out any hope of getting anything back from this disgraceful company / proprietor.
Does anybody know the rules to re-list. If that is ever likely.
I've read AIM rules, but its not clear to me, but my understanding is minimum of 5 years from delist & must have £3m cash in the bank.
I sent an email asking where I could view accounts, but maybe unsurprisingly, no reply
It’s been over 6 months since we have been disenfranchised and we have heard nothing
Is there anyone to whom one can complain? We are still shareholders but we are ignored completely. One suspects fraud?
(1) Is there anyone out there that understands Company law and where we as investors stand vis a vis the situation with Polo Resources?
(2) Does anyone think there is any chance that this could come back from the dead or is it a capital loss tax write-off?
Has any shareholder had any communication from this Company in the last 6 months? I can’t find any details of any published accounts anywhere As shareholders we are entitled to know what’s going on. I presume that the Directors and their companies are being paid, but one wonders for what
They seem to have gone underground. I have also sent an email but no reply.
Anyone have any up to date info ???