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My wife is a small shareholder here. She's written to Sam John of Phronimos (sjohn@phronimus capital.com) authorising him to act as her proxy where (specifically) votes on the future chairmanship are concerned. I'd urge all other PI's to do the same. Every little counts, as they say.......
and usualy, messy will depress sp further .
Good appraisal Johah, except for last senterce whre I'm not so certain. By then P/Is could be milked and diluted away. Perhaps Tang is capable of pulling it off but he may become increasing greedy. Wouldn't be so bad waiting if the milking stopped.
If he already talks for circa 27% it would seem prudent for anyone with a votable position to update Sam John at Phronimos with detail so he knows where he stands. After all, Phromimos are likely to pursue this anyway so what harm can it do.
Very sound summary of current position. I too have been invested here for about 15 years. Have a large holding and need about 8p to break even. Best hope might be to remove Tang, I voted him out at last AGM. Be surprised if GCM gets green light, I wonder if they are running the clock down on mining license.
Thank you very much for the detailed reply Jonah, makes everything that is going on a lot more understandable for myself. As I said I have a fair investment in GCM going back over ten years. I can only hope this is another one that Tang eventually delivers on. It is very much a binary bet as they say, it must happen in next month or two or it is gone. There seems to be a lot of recent press about Bangla going against the grain due to necessity and going for coal plants. I really hope that Power China still being involved means that something positive must be happening behind the scenes. We await with baited breath. Good Luck to all.
Jazzer, the issue resides with your 'If'. Yes, if the honourable Datuk delivers on GCM it would be fantastic for Polo shareholders, but he hasn't delivered so far and the market doesn't seem to think he will deliver any time soon, (at a time when sentiment worldwide could not be more hostile towards the burning of fossil fuels). Since taking over from Dattels (who took shareholders' interests very seriously) he has bought with our money some phoney Indonesian coal venture (still waiting for some of that back), an Australian gold outfit with a boardroom spat and unexpectedly low grades of ore, a copper company whose leaching pads have been inundated with water and has gone bust and a Tunisian phopsphate company just before their venture partners absconded with all the whole kaboodle. We are still propping this one up with more cash and undertaking certain other transactions which a large shareholder is objecting to (see letter from Phronimos). The iron ore/vanadium/lithium play in Canada is moving desperatley slowly. Admittedly, he was not to blame for Ebola virus in Siera Leone where we have written off a gold mine and been diddled out of another load of cash by some company in the Channel Islands. He HAS made a sound investment in Hibiscus, but it is hardly surprising that sentiment is at an all time low which is why we are trading at a fraction of our NAV. For this reason, a large group of shareholders are not unreasonably fed up and rather than sit for another eternity watching the honourable Datuk enjoying his magnificent salary are proposing that the assets should be realised as they stand and distributed to the exhausted folk who have kept the ship afloat all these years since Dattels left. So, for us, GCM is just part of the story. All will be forgiven, however, if Phulbari ever getas the green light
Nothing is fantastic for Polo if it never liquidates any of its holdings and if Tang continues to extract all value for his own pocket. It doesn't matter how well the underlying holdings do because the market will never match Polo pricing to the NAV pricing whilst Tang remains anywhere near this
I am not a shareholder in Polo but I am invested in GCM. Can I please ask for some Polo holders thoughts. I know there is a shareholder group trying to prevent the re-election of Tang to the board. Does Tang's continuing investment in GCM have a major bearing on this as Polo shareholders do not think he will be able to deliver on GCM's Phulbari project? or is this a whole further reaching discontent with his actions?. If Tang could deliver on GCM surely it would be fantastic for Polo.
Thank you, Jonah, for the link to Phronimos. A good, well argued and put together letter, but I wonder if and how AIM will respond. I'm sure the Datuk won't. I'm never quite sure how seriously AIM police their members - I've been stung before but regrettably didn't learn't my lesson. I think we should all back Phronimos. My shares are held through my brokers so I'm not sure how i'd go about that. I don't have a million shares, only about 50,000 but they have cost me a fair bit with an average buy in at about 20p
Had email from Sam John's. Be interesting to see whether an investigation into the behaviour of our chairman will be implemented. He seems to running polo as his own private piggy bank. As I own well North of 1 million shares I would like to see an improvement in corporate governance so the share price improves and I can exit. It's quite galling when you see the NAV, but like many I'm sitting on a large paper loss.
www.phronimoscap.com/news
OK Mcco. It's Phronimos. Sam John has written to the AIM regulators on behalf of private investors complaining in the strongest possible terms about the voting at the recent AGM. His letter is long and detailed and, although in the public domain, too long to cut and paste here. He objects that certain shares (Armstrong) were disenfranchised on a technicality, and that related party shareholdings have been manipulated. More specifically, he claims that Diyani is a related party and the issuance of shares to them at a discount was a deliberate manipulation contrary to good corporate governance. He has requested that these shares are not admitted for dealing until an investigation has been completed.
I am sure any bona fide peep who contact Phronimos would get a copy of the letter.
No idea why, Mc. It's unusual for this to happen. Might ask the good folk on GCM if they have any idea.
The admission of the GCM consideration shares has been delayed. Why? Further information to be given in due course. Judging by the history of the Company in keeping shareholders informed, I would not be surprised if this could be some time coming
Bit of activity on GCM today, but has all the makings of yet another P&D!
Outrageous delay IMO. Can they adjourn the AGM indefinitely. Doesn't the Datuk have to face the music at some point? HE LOST AND HE IS OUT.
I think that if it is an adjourned meeting only those entitled to vote at the original meeting would be entitled to vote at the adjourned meeting. The original meeting was adjourned to consider the validity of the votes cast. It is unclear who raised the question of the votes; was it the Datuk because he didn’t get enough votes or was it another shareholder who claimed some votes in his favour were suspect ?
This morning’s spread is quoted at 33%; bid 3.00, ask 3.56. Estimated NAV was 13 at year end yet some holders are prepared to sell at 3.56 while others hope to get a bargain
Let’s push for liquidation and cash in
Now, there's a thought Newby
Note that the AGM was adjourned after the passing of Resolutions 1 and 2, not concluded. Just a thought but I wonder if, when the AGM is resumed, that the latest Dyani 44,367,795 shares will be eligible for a vote on Resolution No.3? Probably enough to make a material change to the outcome one way or another!
So, as predicted, we now own 27% GCM at a time when sentiment worldwide against the use of fossil fuels could not be higher. Interested to note, however, that a statement about the adjourned AGM will be made 'soon'.
Apparently elections only count if the Datuk wins. If he loses, he just stays on and continues to milk the company. Welcome to Democratic Republic of the Congo!
Still no news re AGM. Amazing. GCM RNS today, Polo lending them more money to stay afloat. Can elect to be repaid in GCM shares at small discount to current SP. GCM AGM postponed: no reason given. Any views?
No doubt the lawyers are being well paid to check the voting authorities
Out I say! Throw the Datuk out, distribute the cash and shares of Hibiscus and liquidate the rest of the garbage in the portfolio.