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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
Started: jamesss, 28 Dec 2023 20:28
Last post: jamesss, 28 Dec 2023 20:28
What is his game play?
To drain everything of everything and then drop dead?
Polo resources and GCM is finished.
Started: mcco, 14 Aug 2023 10:22
Last post: Grundles, 14 Aug 2023 11:57
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
Started: dflynch, 14 Jun 2023 19:43
Last post: dflynch, 14 Jun 2023 19:43
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
Started: okfornow, 23 Feb 2023 10:15
Last post: okfornow, 23 Feb 2023 10:15
Like many, have quite a lot of polo shares.
Hoping for a relisting but not expecting it.
Started: Brightonscot, 6 Jan 2023 20:28
Last post: SteveY1, 12 Jan 2023 11:20
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.
Started: SteveY1, 12 Dec 2022 17:47
Last post: SteveY1, 17 Dec 2022 10:53
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?
Started: Brightonscot, 16 Nov 2021 10:47
Last post: Brightonscot, 16 Nov 2021 10:47
Any shareholder who may wish to network with others - please see Facebook group POL investors to share comments and info
Started: Brightonscot, 16 Nov 2021 10:44
Last post: Brightonscot, 16 Nov 2021 10:44
The articles have been recently restated on the company website
http://poloresources.weblite.com.my/WebLITE/applications/News/uploaded/docs/Polo%20Resources%20Limited%20-%20Memorandum%20and%20Articles%20of%20Association.PDF
The company report for 2020 is well overdue.
Started: Brightonscot, 16 Nov 2021 00:26
Last post: ICB888, 16 Nov 2021 00:51
Tue, 19th Feb 2008 13:41
AIM19 February 2008 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES") COMPANY NAME: Polo Resources Limited COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :Craigmuir Chambers, Road Town, Tortola, British Virgin Islands COUNTRY OF INCORPORATION: British Virgin Islands COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:www.poloresources.com COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITSINVESTING STRATEGY
The registered office is in the British Virgin Islands so it’s probably a BVI company.
I don’t know where the company is registered - anyone know ? It’s not in UK - no listing at companies house.
Also - any investors want to join a Facebook or WhatsApp group ?
Started: Vbig, 20 Apr 2021 18:24
Last post: Vbig, 20 Apr 2021 18:24
Maybe we can make a market for the shares on this site.
Anybody want to buy mine? I have 189,000 shares and am open to offers.
Started: LifeOfBrian, 29 Mar 2021 12:28
Last post: barnetpeter, 4 Apr 2021 21:22
Nope. Good chance never relisted. Why would Tang want that?
Do we think this will be relisted?
This year?
With or without GCM getting the GL?
Thanks in advance.
Started: Vbig, 3 Mar 2021 14:33
Last post: Vbig, 3 Mar 2021 14:33
Does anyone gave an opinion on the value of each of Polo's assets? As commodities might be in another up-cycle I was hoping this might breathe some life into Polo's assets.
Or should I assume a 100% write-off on my investment. All opinions gladly heard.
Started: Rhinos, 3 Feb 2021 22:27
Last post: Rhinos, 3 Feb 2021 22:27
Nimini Mining is still listed on Polo Resources website as one of their investments with a 90% equity holding. However, Nimini Mining (UK) Limited - company number 0841057 - was dissolved on 5 January 2021. Does anyone know what has become of the Komahun Gold project which was Nimini's mine? Back in 2012 it was said to represent about a third of Polo's assets.
"resisting" should read "relisting"
GCM has had its shares re-admitted on the appointment of a nomad and the SP has rebounded as a result. The appointment only came after a change in the Board and management including a change in the Datuk’s responsibilities. Doesn’t seem that he is interested in resisting POLO in spite of earlier pronouncements, sadly
Gcm have lost Nomad, I wonder what Tang is doing.
Obviously he cares nothing for the long suffering shareholders.
Let's hope he gets his moral act together and returns any money still left to its rightful owners!!!.
Started: Racey, 3 Nov 2020 21:33
Last post: Racey, 3 Nov 2020 21:33
... I hope we relist sooner rather than later ...
http://poloresources.weblite.com.my/WebLITE/Applications/news/uploaded/docs/2_11_2020%20Hibiscus%20Petroleum%20-%20Investment%20Update.pdf
With polo de-listed there is little to prevent him from liquidating assets and keeping the proceeds for himself to offset losses in purchasing these companies from Dattles. The cash will probably go to prop up GCM which has been hemorrhaging money for years. The PM of Bang has clearly stated GCM will never be approved and she has 3 years left, GCM doesnt have enough cash to last 3 years. As for the MOU today, its just that "a memorandum" and means sweet FA.
No investment has been made, no money changed hands.
If GCM does ever get the green light to produce a mine then the finance package will drown out all PI's leaving them with 5% of their current holdings or less, if you don't believe me check out how finance worked for GKP or SXX.
GCM share price doubled this morning to 20
The delisting RNS tells us that the Company will advise its shareholders via its website of further developments. Don't hold your breath. I have just checked the website and the "news" item goes up to 31st May 2016
Every time I type relisting it has got changed, third time lucky!!!
Started: okfornow, 29 Sep 2020 13:25
Last post: okfornow, 29 Sep 2020 13:25
Bit of a typo.
It would nice if Tang would make a statement of what's happened and a road map of future intent, but I don't think he's that honourable. GLA.
Started: okfornow, 29 Sep 2020 13:22
Last post: okfornow, 29 Sep 2020 13:22
I don't see how this serves Tang very well.
He's always decided his pay and controlled everything.
Most of the assets are in the form of shares so crazy to bust a viable business.
Let's hope there's a way back or a reasonable offer to shareholders.
TBH, I remained hopeful but am not overly surprised, our Mr Tang has been self serving straight from taking over the reins.
Last post: Grundles, 29 Sep 2020 12:18
Absolute effing idiots at Polo. How on earth they think this is acceptable is beyond me.
This isn't over but clearly this is a huge setback
My warm personal congratuions to the honourable Datuk.
Started: hamiltonbro, 9 Sep 2020 14:52
Last post: UKInvestor2.0, 29 Sep 2020 10:21
Delisted, goodbye to one of the older AIM resource co's
The co did this in 2017. They waited until the last day to notify the market of a new nomad.
Logically it shouldn’t take more than 2 weeks to find a nomad, it’s relatively easy
Atlantic coal / carbon suspended and then delisted. It then had three offers ...that we know of...at a substantial premium. The directors refused the offers and continued to take large fees and expenses. They then deemed the company to be bankrupt. Shareholders lost the lot. Polo need to relist. Or they may also get nothing.
And why would the Board of Director's do that and see themselves out of work??
If they don’t return to market then one option is basically distributing the shareholding’s they have In companies such as hibiscus and GCM to shareholders in POL on a pro rata basis !
Nai/DYOR
Only one week to get a new NOMAD. I wonder how hard the Board , including the so-called independent Directors , are trying