Member Info for Macca09

I think you make a fair point, but without Polo's funding and support, there is a reasonable argument that GCM may not have survived long enough to reach where it is today. Polo provided capital when very few others were willing to do so and remains both a major shareholder and creditor. Assets don't normally vanish simply because a company requires restoration or restructuring.

"Polo may currently be dissolved, but GCM still recognises Polo as a shareholder with 43.3 million shares and still carries the loan on its balance sheet. If Polo truly 'didn't exist', there would be serious questions about who owns those assets. The real question is restoration and control, not whether the assets vanished."

£6.49 million owed and a 5.14p conversion price, Polo could receive roughly 126 million new GCM shares, taking its total holding to around 169 million shares. That would make Polo by far the dominant shareholder in GCM.

Polo's funding was a major factor in GCM surviving the last several years and, as a result, Polo should expect to receive the economic benefit of the financing it provided through repayment, conversion of the loan, and the value of its existing GCM shareholding.

Polo will be coming over the hill soon, with circa 43 million GCM shares, £6.1 million convertible loan.

The interesting thing is that even after selling ~11 million Hibiscus shares raising circa £5m during April 2026 (maybe for legal & compliance work to re-list), Polo still appears to hold approximately a further 42 million hibiscus shares which is generating dividends of 700k/year.

Polo is most likely to seek reinstatement because restoration unlocks control of its valuable assets—particularly the £6.2m convertible GCM loan and its GCM shareholding—which cannot be fully realised while the company remains dissolved.

That's odd the 13.26 was a buy not a sell?