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I doubt it will be....sometime in September.
Bought a few on Monday at 1.29p......huge discount. Biggest ever I think. 8.5 to 9.5p. Incredible. If we could just get rid of tang.....
Some punters betting on the nomination of a new NOMAD by tomorrow. I hope they’re right
Same here. Looks like Barclays are not dealing these either. They do not come up when I search to buy.
management who let their company share price fall into such ruin have not made enough effort to protect their good shareholders
price 1.1 v 1.6s
nice spread keeps those from chancing and stops a profiteering
how the mms so clever?!
try reading carefully
the appointment of a nomad is dragging into suspension
the lowest buy price 1.2
u cannot profit as its not risen beyond that?!
it will likely close into suspension
as likely some1 playing the trick of sucking all available cheap stock (perhaps)
and appointment of nomad will likely be in the month ofg suspension
which means they can gap it up on release from suspension
good luck with your gambles
BUT it so far (until a change) smells of a rat
Halifax Sharedealing say they no longer trade this share. Anyone else having the same problem ?
MM games?!
the lowset price buy circa 1.2?!
after the range up ie 1.49 mid, still only 1.2 sell side?!
does make you wonder what suspicous actions going on
suspected no nomad b4 suspension
thus suck all the stock out b4 and see whether by a miracle this will find nomad during the suspension period and re rate prior to re opening or be delisted (by some crazy slight of hand
@ the end of the day, defo appears some siuspicous motions going on for some1s purpose, as opposed to simple bad luck?!
reckon will find a nomad within the suspension period and re rate (but that just a thought/devious marketeers and the risk is potentially greater?!
all very suspect management actions/protocol
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.
This Friday then as Monday is bank holiday.
.... there are certainly a lot of buys today (and at the time of writing GCM are 2% down) .. maybe the NOMAD is due to be appointed and the people in the know are buying, otherwise why would you risk more with no positive news?
I'm waiting to buy more, but without a NOMAD and the risk of slipping into obscurity by not being public, I will wait and see what happens next week.
Basically to average down. Ideally the company would wind itself up and distributed the proceeds to the long suffering shareholders who have been seriously exploited. Rant over.
Monday?
then, 3p!
Opening spread is over 80%. Who is going to buy at this margin?
Let’s assume that Polo fails to find a new Nomad and is delisted from Aim. We then become shareholders of an unlisted, privately held company. The shareholdings are illiquid, but have NAV well in excess of the current share price. We might in due course be bought out by the majority shareholder; or it might be possible to dispose of the shares through auction, eg Asset Match. I see my (increasingly) modest shareholding a bit like Premium Bonds: essentially dead money but who knows there could be a tiny jackpot one day. (I hold just 100,000 shares, so whatever happens I’m not going to lose any sleep. My paper losses are water under the bridge.)
I agree with the NAV being about 9p. A penny looks mad. But if this does delist you may well see nothing. The cost of Tang and other costs is obscene in my view.
It would be informative to detail what the “false information’ was and then correct it. It’s very easy simply to deny false information broadly
Of course they will hide behind the sub judice rule to deny us such information
It would also be interesting to know if a statement of claim has been issued, a defence filed and an estimate of when it is likely that the case will be heard. I would have a suspicion that if any writ has been issued it would be a gagging writ to prevent any further discussion
I also wonder if the jailing of the ex prime minister will have any influence on providing information to its shareholders. Did the outgoing NOMAD give any reason why it’s resigning?
Just had a look at the NAV as of 31st March interims '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)' suspect it would be higher now as oil was trading appx 40-50% lower then and March was showing the biggest falls pretty much across the board so all assetts would have been affected
So looking on Phronimos website (if you can call it that) see correspondence below which at the time they thought we could get 10-12p per shareholder , see the doc for full details, so they too have seen significant value here way over the share price.
'Extract below'
Return capital to shareholders via a tender offer at 12p per share
The persistently large discount of Polo’s stock price to net asset value precludes shareholders from
realizing anything remotely close to its fair value through open-market transactions. Consequently,
we believe the next logical step to protect and unlock shareholder value entails a tender offer at
12p per share. Funds for the return of capital can be sourced from a complete or partial divestment
of Polo’s successful investment in publicly listed Hibiscus Petroleum, which is currently worth
roughly two times Polo’s market value. For instance, the sale of a mere one-third of Polo’s stake in
Hibiscus at current prices would allow the company to repurchase 20% of the shares outstanding at
12p—a price that should be accretive to NAV (currently 15.5p) while simultaneously rewarding
shareholders with a buyback at a roughly 200% premium to Polo’s current stock price. We believe
there will be broad shareholder support for a significant voluntary cash tender offer or buyback.
Should the significant gap between market price and NAV persist, additional capital should be
returned to shareholders in the near term via buybacks, tenders offers, or in-specie distributions of
Hibiscus shares.
https://docs.google.com/a/phronimoscap.com/viewer?a=v&pid=sites&srcid=cGhyb25pbW9zY2FwLmNvbXx0M3N0aW4xfGd4OmQ0Yjk3MTNkMjA3MzU4ZQ
From 21st Feb 2020 RNS.
The Board advises that false information has been disseminated by Phronimos Capital LLC ("Phronimos") and its principal, Mr. Sam John. In particular, the Company categorically refutes all allegations of impropriety or wrongdoing implied by Phronimos and its principal relating to the transaction announced on 6 February 2020 involving the Company's subsidiary, Polo Investments Limited, and Dyani Corporation Limited, and reserve all rights in regard to this matter. The Board is seeking legal redress against Phronimos and Mr. Sam John to protect the interests of the Company.
Tripod-Man
"Has the Company made contact with and formally answered the views of the 'purported minority shareholder' (presumably Phonimus) as advised in the RNS of 14th February 2019?"
If so, would the Company advise its shareholders of the content of that answer?
18 months tomorrow
Will you be attending the meeting? Or by proxy?
I suspect Tang pulled the plug on the January AGM when it became apparent he didn't have enough votes to remain chairman. To reconvene the AGM, he must believe that he now has enough votes to swing resolution 3 in his favour and remain chairman.
Maybe I've misunderstood, but the holding of Perfectus (owned by Polo (all shareholders) but controlled by Tang) gives Tang 10.37% voting rights paid for by us. "Perfectus is 98% owned by Polo Investments Limited, a wholly owned subsidiary of Polo, and 2% by Mettiz Capital Limited, a company controlled by the Chairman. Perfectus holds 10.37% of the issued share capital of the Company." Something doesn't feel right about that.
The acquisition of GCM shares in February looks like a knee jerk reaction by a man thinking he might be losing control. A poison pill. Moving value from something he might lose control of (Polo) to something more secure (GCM)?
I don't recall Phronimos making an offer to buy the company. I think they were pushing for a return of capital funded by a Hibiscus sale.
Ah, so that's why this board is quiet, there is more discussion on the GCM board about Polo than here :-)
Personally, for the West, I see the post covid revival being about Green initiatives and the green economy, EV's, Solar, Wind, etc. However, for Countries such as Bangladesh, it's got to be about what's cheapest, and sitting on a pile of coal, even if the price is going up, has got to be the cheapest, more securest way to go to secure their power needs over the next 10/20 years
I'm very tempted to top up (average down) at these prices, I will look at Polo's other investments, (if there are any still trading, I see a couple have gone pop) and maybe wait for the Nomad to be announced. Buying before the Nomad announcement reminds me of when I bought Woolworths all those years ago (I was a bit greener then) .. how can Woolworths go bust, but it did. A tad more caution this time, lets get the Nomad announced then I'll top up.
Well this board seems to have started coming back to life, Good to see differing opinions and thought processes and even the ccassional research. I hadn't just started buying Polo shares I have been in and out of them for years, there are some good potential assetts in here, not just GCM, at my current average i will be very surprised if I don't make money on my Polo holdings, course I could lose it all, it's AIM, well actually that can happen anywhere, My main interest here is GCM and if I didn't believe the odds were in favour of getting approval or bought out I would sell up. How will I make money on my Polo purchases ... when my Polo shares reach their target prices I will sell them. ....It's while back but weren't Phronimos offering a buy out of Polo at a good mark up which caused all the AGM furore about who could vote, isn't that the vote that is taking place at this reconvened meeting? It's a while back and I am open to being re-educated/updated.
nice fiddles on the spread
mm's at it with their deep pocketed friends
mkts been created fpr them as cash cow by illusion
1.1 v 1.5p
helps stop buyers while they hoover up the giveaway sells near 1p
flip back for 1.5s
all innit together
Who is the next Nomad and when will they be appointed?? Maybe a pertinent question.