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'the nomad asked for a NED to be appointed'. Is this documented anywhere?
Please respond as this is important
'the nomad asked for a NED to be appointed'. Is this documented anywhere?
the nomad asked for a NED to be appointed. (clearly they think there is insufficient Corp Gov) - it hasn't happened. come to your own conclusions
I think it was deemed to be by mutual consent, whatever that means. I am appalled that Polo have not said ANYTHING about this to ease shareholders minds. What I want to know is just how long does it take to appoint a Nomad? I imagine there is protocol to go through akin to due diligence, but how long can this take? Should there be a hand over from exit Nomad? Does the Nomad need to independently visit each investment, in which case we could be looking into next year easily> Some advice or guidance isnt too much to ask, is it???
another point is would the datuk Tang want Polo delisted? Wouldn't do his street cred with the Chinese or Bangla any good would it? Then again don't suppose the Chinese are much better themselves at times. Time will tell.
work isn't plentiful in the nomad arena just now I imagine. There will be some out there willing to take it on no doubt. We will see shortly. It did say that they haven't finalised, so maybe something is on the table, just that they are still working things through.
Anyway they can always turn to FinCrap, they will take anyone on..lol.
mister cheers us up why dont you
There's a big difference between the two circumstances. In October 2017 the LSE removed the status of NOMAD from Polo's then adviser ZAI Corporate Finance. This time the NOMAD has essentially resigned and Polo have not stated the reason for this. Such lack of communication leads to inevitable speculation that there are significant corporate governance issues and that other NOMADs will be unwilling to take on the business.
In the past, resignation of a NOMAD has been an enormous red flag. Just look back to when a similar thing happened to a number of Chinese AIM listed firms a few years ago. These have all since disappeared.
didn't it happen to Polo once before? They managed to appoint a nomad then and I expect they will do this time too.
I seem to recall GCM went through the same process but found a new NOMAD during suspension
Hmmm. Looks like game over . Nomads won’t be climbing over each other to represent them given the clear disregard for corporate governance . Well played by Tang to make it his private vehicle . Shame that shareholders can be treated like this on AIM - rules need an overhaul IMO.
Allenby Capital still show us as one of their clients:
POLO RESOURCES
NATURAL RESOURCES
Polo Resources Limited (AIM: POL) invests in natural resources globally and across sectors in Asia Pacific. Investment targets in the natural resource sector primarily fit into the category of companies with producing assets and/or reserves and resources that have been verified using internationally recognised reporting standards (such as NI 43-101). Investment targets in the other sectors are confined to businesses and assets with at least the majority of their operations, or early stage companies that intend to have at least the majority of their operations, in Asia Pacific. Well financed, strategically experienced and backed by a core portfolio in the gold, oil and gas, coal, copper, phosphate, iron and vanadium sectors - Polo Resources is well poised to continue its development, to build upon its performance and to make further timely investments in a selection of value-enhancing opportunities across geographical regions.
If Tang controls GCM & Polo why does he not appoint the same nomad as GCM has. They are OK to deal with him for GCM so is something going on at polo that they want no part of? I genuinely want this sorted, Am I being too simplistic?
even if the shares are suspended, it still leaves another month to appoint a nomad I believe. No big deal imo!
they might have been buys
ask was being played with towards the close of play - to hide sales/buys - look at the last half of trading
Over 1.4 million shares sold in the last few minutes on Friday
So we can expect the shares to be suspended tomorrow?
What then?
Questions for the "independent" directors
Do the AIM people/regulators pay any attention? If so, what action do they take?
Either Nomad news or going private.
probabilities are the order of markets
thus a position as this best played by selling the range 1.2-1.89s
then, gambling only the profit made into todays low price (which was failry easily suspected with no nomad election.......
that way u risk nothing
only the mkts money?!
out for now, as its very risky of suspension. RBD and UJO is the one to hold for next week news
Sorry; Tuesday
A veritable frenzy of trading today - over 10.5 million, but will there be a NOMAD appointment?
Monday is a bank holiday in England, so maybe an announcement can be delayed until Friday?
Grundles
well said...
feeling for your offside position and loss...
fundamentals are ok, but the AIM is thwart with fiddlers...the mkts a rigged casino against you
the mkts message are opportunities exist for all just buy and hold?!
.but most AIM descend in price over a long strategic period, its designed that way, then when evryone and sundry are removed up it flys, recovering all in a very narrow time window...
next investment best consider a trade for the consdered duration, but the price is everything
good luck
I thought about a punt based on Riddlers' tweets, but some real red flags i can't get comfortable with.
1) The Nomad required another NED to be appointed - clearly they were unhappy with the Corp Gov structure - was this the reason for the resignation? I can't see that this has been actioned. (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.)
2) The company ownership structure is a minefield.
3) The company are pretty clear that they are investing for the future and won't be selling anything. "The Strategy stipulates the objective will be to achieve returns to shareholders through the appreciation in the value of the Company's shares rather than by means of a distribution. "
4) Tang is "Executive" Chairman so no-one able to challenge him, and he takes $815k out of this a year.?
Looks to me like this is going private chaps. Best of luck but i can't see a way forward.
I am a LTH here and at GCM. I cannot believe they Polo Board has allowed this Nomad fiasco to happen. Mutual consent suggests this was something Polo saw coming and for us to be given a 10 day (approx) period to sweat and worry about whether our investment will be tradable on the stock market or delisted and effectively worthless is TOTALLY unacceptable.
Then new punters can come in and get these shares ridiculously cheap albeit with the gamble obviously. HOW CAN THIS BE ACCEPTABLE???
If they run this down to the last hour or so before the deadline, then I for one will be seriously pee'd off. The least they could do is tell us what they are doing - IF they are seeking to appoint another Nomad before 1st September. Maybe they aren't and this massive discount to NAV is prompting them to take this private. I lost my Frontera investment to a similar scenario. Not again, surely???
Thats NAV. Crazy.