Member Info for CStallion

Agreed the facility is still available & so would re-negotiation of the conversation rate.

Hence, maybe keeping the shar price low, until May funding.

Q from me

Why was the Polo drawdown not utilised?

Was there a concern that the re-negotiation on the loan facility & conversion rate for shares unacceptable at 1.65p/shares?

Potential loan conversion could of been.

£3.5m / 1.65p = 212m shares, excluding any 15% interest.

Hmm, that a lot of shares...

Hi, might be worth a re-read / post. looks like a lot of the dates tie in with other recent discussions.

https://www.tbsnews.net/bangladesh/energy/coal-mine-hardly-utilised-and-then-what-656878

Yes, tang buys the 500k cheap, on his massive salary that we pay for & sells it back to us, only to buy more later down the road.

We still haven't found out who boght the last tranch of shares. GCM website updated with holders but no notification of who bought last time.

That's my cynical view after a few mid week Shandy's.

No, just me, it's back.

Is the GCM website down or is it just me?

I can't recall where I read the 5 year duration, but will keep looking.

the £3m is now £6m & this related to an Investment Company, which Polo Resources is, i believe.

Special conditions for certain applicants

No 8 of the AIM Rules.

My understanding from the AIM rules, please correct me if anyone knows differently, once delisted a company can not relist for 5 years & required a minimum of £3m in the bank.

It's been a while & didn't find reading the rules all that helpful in how to re-list after being delisted.

Again, more than happy to be corrected...

No guarantee the suspension will only be 3 weeks, GCM "expects". But we all know what GCM & timescales are like

The Board regrets to inform shareholders that the Company is still in the process of completing its 2022-2023 audit; the delay is due to finalising an ongoing funding event. Therefore, as it will be unable to publish its audited financial statements for the year end 30 June 2023 by 31 December 2023, the Company's shares will therefore be temporarily suspended from trading on AIM. The suspension would occur from 7.30am on 2 January 2024.

The board of GCM expects to complete the audit and publish its audited annual results within the first three weeks of January, once it has completed the necessary funding process. The Company will provide updates on this as and when appropriate.

Polo want a lower rate in there conversion, lower than the current 3.14p agreement. Price will keep rising prior to election, so have to do something to stop the rise.

All manipulation if yo uask me.

Final top up

Every time Polo loan has been used the T&C's have been revised. usually the conversion rate of the loan.

last conversion rate was 5.14p. I can see that coming down drastically, which would increase Polo potential holding massively.

I just hope Polo can get back to trading at some point.

This is the only bit that stood out for me "which it aims to develop in partnership with the Government of Bangladesh"

That's new I'm sure

Project Update

The Company also wishes to advise its shareholders that throughout the Bangladesh General Election period (election due in January 2024) it continues to promote its planned coal mining and power project ("the Project") in Bangladesh, which it aims to develop in partnership with the Government of Bangladesh. The Project will deliver the Government and People of Bangladesh a step-jump in their economy which is dealing with the very considerable financial burden of rampant energy costs.

Trading updated expected.

Well that's changed after the admission as

- GD Infratech

- Oriental Eagle Group Limited

- Kilkenny Ltd

were all above 3 % prior

Who took the 20,000,000, which is about 9.6%

This doesn't include Polo's loan facility that can be converted into shares.

My last understanding was Polo conversion rate of 7.5p / share

If Polo loan again they will want to negotiate a lower conversion rate as they have done before.

Max loan of £3.5m @ 4p = 87.5m

Ignore that it's old

There will be more Chinese support for coal mining in Bangladesh, said Saiful Islam Sarkar, the managing director of Barapukuria Coal Mining Company Limited

He said this after meeting Chinese Ambassador to Bangladesh Li Jiming, who visited Barapukuria coal mine and Barapukuria Coal Fired 525MW Thermal Power Plant in Parbatipur upazila of Dinajpur yesterday.

that's the whole article, above. such effort on reporting

https://www.thedailystar.net/news/bangladesh/news/china-support-coal-mining-bangladesh-3140346

I'm sure Hasina said coal to be left for future generations, hopefully her successor is the next generation.

Bangladesh's Prime Minister Sheikh Hasina announced on 6 February 2014 that the issue of coal extraction was to be left to “future technology as food security and protecting the land of the farmers is the first priority”

https://www.google.com/amp/s/www.thedailystar.net/environment/natural-resources/energy/news/bangladesh-didnt-promise-net-zero-emissions-2050-3062886%3famp

Towfiq-e-Elahi Chowdhury, energy advisor to the prime minister, today stood in favour of power generation using coal and said Bangladesh did not make any promise regarding Net Zero Emissions by 2050.

Bangladesh is a very low carbon emission country and that is why the promise of Net Zero Emissions by 2050 will not be applicable for Bangladesh, the PM's energy advisor said.

"We didn't make such a promise anywhere, it's not our goal. It's for the developed countries," he said at the second stakeholders' meeting on Integrated Energy and Power Master Plan (IEPMP) at a hotel in the capital.

& how would Polo re-list, what is the process / rules?
Does any body know?