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Would anyone, including Phronimos, let us know if there has been any progress with their dealings with the Company?
Another brilliant investment by the Datuk....I see BLK-ASX trading at 1 c down from 50 c in 2017. These idiots are DESTROYING value every day they stay in control. What are they carrying this at in their NAV?
Hi MCCO. I think the answer lies in the spread. For some reason (can anybody explain) POL shares are quoted on LSE with the "mid" price often equating to the Bid or Ask, giving the impression of huge swings in Sp when, in fact, absolutely bu**er all is happening. I've just done a dummy buy for £500 worth and was quoted 3.99p. So the Ask of 4.48 in the banner above is a joke. Some of those sells over the last few days will have been buys.
In all other respects, I heartily agree with your post.
According to the table of share transactions, the last purchase was on 25th June.
That surely indicates the confidence of potential investors in the Board of Directors - ie zilch.
The current SP is a fraction of the underlying assets and one wonders if it is a deliberate policy of the Board to keep the SP at such a low price. Sadly, I along with others do not have confidence that the Directors are acting in their legal fiduciary duty to the shareholders
Did you ever get a reply from Phronimos?
Spread of over 20%
No response to concerns expressed by Phronimos in February
Has anyone tried to contact the PR people or the Brokers?
Must be one of the worst companies on the exchange for communication. Complacent arrogance
the company mgmt. has shown that are co0mpletely indifferent to shareholder interests and are acting in a purely self-serving way. An activist investor was our only hope. If hey gave up, we are in a heap of trouble (on top of what we have already suffered)
I emailed them a couple of days ago and haven't heard anything back. I really hope they are still persisting
We should be informed by the Company. The last we heard from them was in February when they were still trying to contact them to correct some inaccuracies. Can someone in the UK try and contact the brokers/PR people and report back here. If they have nothing to say, please let us know
What happened to Phronimos? Did they run away with their tail under their legs?
2.64? Lol - Even I would buy some if I could get that trade price and I promised myself I’d never put another penny in the potentially fake Datuk’s pocket.
Someone has bought 250000 shares @ 2.64. Okay, only a small amount of cash, but relatively big for this Company
Interesting to note that on 14 February Polo stated that it was having difficulty making contact with the author of the article in order to formally reply to, inter alia, correct the inaccuracies. We know from this chat board that there has been no conclusive response, but should there not be a formal statement to the Market.? I wonder what the “independent “ directors think about their responsibilities
this one about 5 years ago and it's gone absolutely nowhere. Hugely frustrating for holders given massive discount to NAV. Great case for small shareholders to act together for change as is happening at BZT.
Nicholas Greenwood is in effect second largest, or joint second largest with Armstrong Investments Limited, both at 4.3%, as Perfectus Management ltd (10.37%) is a company 98% owned by Polo Resources itself (!!), which gives Tang its voting power. Tang's combined voting power in Polo is therefore around 22%.
Phronimos Capital LLC are seem to be the advisers / brokers etc for Nicholas Greenwood. Nick holds 4.3% of Polo stock and is the 3rd largest investor. Phronimos are probably just working from instruction as Nick clearly seems frustrated with the situation reading the letters to Polo where he is mentioned. He is not alone either as this potentially fake Datuk certainly does not seem to have his shareholders interests as his priority, he has his own.
Anyone know what's in it for Phronimos?
If we shareholders can give the requested information and confirmation to Phronimos it will at least put some pressure on Tang and wake up his board of directors. Are they independent? I doubt it, but there are potential consequences for them if they simply follow the Overpaid Chairman without considering the interests of the shareholders
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
I got an e-mail this morning from Phronimos asking me to confirm details of my shareholding as they are proposing a shareholder meeting to discuss their proposals, given Polo's unhelpful responses. I'd be happy to share details here if anyone is interested.
"Celamin intends to declare the total amount owing by TMS on a regular basis."
It doesn't sound like Polo expect to see any of that cash anytime soon.
Since Celamin now has a legally valid claim against TMS (Tunisian Mining Services) of US$4mill, TMS cannot lawfully sell or dispose of any of its assets before paying its debt to creditors first. And their remaining 49% share of Chaketma Phosphate Project is certainly one such asset which Celamin will go after.
However, TSM having been exposed by courts "worldwide" to have stolen Celamin's 51% share, clearly were – and still are - desperate. Probably with no other assets than this 49% share, they tried to pull a fast one and failed. Characters like these ones don't hang about so I wouldn't be surprised if they have mortgaged its 49% share to third party cronies in the period after the theft to attempt to protect it from creditors (hence the "Celamin is also pursuing civil and criminal claims in Tunisia against individuals and organisations")
Apart from Celamin's 51% share, the rest of their claim ($4m) would as far as I know be as an unsecured creditor so if TMS has other unsecured creditors Celamin would have to share all assets value with them. Again, I wouldn't be surprised if TSM directors have spent these years constructing all sorts of debts and liabilities to cronies designed to compete with Celamin's claim. However, I assume the ongoing criminal proceeding in Tunisia are related to such activities.
I've sold my Polo shares. Also, Polo's interest in Celamin is only 18.4% (which is only around £1m or 0.3 pence (!!) per POLO-share), so almost totally negligible, so why my interest here? Well, I just seen that I could purchase Celamin shares DIRECTLY through the ii-platform, which I already use, and that would give direct exposure to Celamin. And equally important, I would not have to even go near Tang's infested casino fiefdom, Polo Resources! Whether I will invest in Celamin or not I haven't decided as mining projects are difficult enough even without such legal mess as Celamin's.
https://www.investegate.co.uk/polo-resources-ltd--pol-/rns/celamin-holdings-ltd---investment-update/201904100735567319V/
Wonder if would then be possible we could make a claim for the other 49%.
Hi MB. Nice to see you posting. I suppose it all depends on whether TMS actually has $4 M! I suspect it will just go bust and that will be the end of it.
A possible reason for yesterdays rise.
https://www.asx.com.au/asxpdf/20190409/pdf/4445gsldcrq2qs.pdf