Member Info for Manoprom

Jamesss, it’s been public for a while. The July Charter was signed by 25 political parties last year. But I didn’t know about it until this morning.

The Referendum Ballot Context

When voters head to the polls on February 12, 2026, they won't see this full paragraph on the ballot. Instead, they will see the following summarized point as part of the four-point list:

(d) Other reforms described in the July National Charter shall be implemented in accordance with the commitments of the political parties.

By voting "Yes," a citizen is technically consenting to all 30 points of the Charter, including the "neglected resource" clause in Point 18.

The resource utilization section of the July Charter is identical to point 18 of the BNP 31 point agenda.

"All draconian laws, including the Indemnity Act, will be repealed in the power, energy, and mineral sectors. ... Adequate steps will be taken to explore and utilize the neglected gas and mineral resources to reduce import dependence. Investment-friendly policies shall be introduced to attract both domestic and international investments, while giving priority to national interests."

Key Components of the Language

• "Neglected Mineral Resources": This is the primary euphemism used for the Phulbari and North Bengal coal seams, which have remained untouched for 20 years.

• "Reduce Import Dependence": This provides the economic justification. It frames the approval not as a favor to a mining company, but as a "national defense" against the high cost of imported energy.

• "Repeal of the Indemnity Act": This is a "carrot" for the public. It promises that unlike the previous government, the new administration will allow for legal accountability and transparency in how contracts are awarded.

• "Investment-friendly Policies": This signals a green light to international partners (like GCM and PowerChina) that the state is ready to negotiate, provided the terms are rebranded as "prioritizing national interests."

I am just learning about the following this morning. In addition to voting for political candidates on February 12 the people of Bangladesh will vote on a referendum. Information about the referendum is below. The referendum is very popular nationally (polls suggest 90% yes) and even in the North it is quite popular (over 70% yes). Anu Muhammad is campaigning against the referendum, because he does not want the Phulbari project developed. The BNP is asking voters to approve the referendum. Approval would strengthen democracy in Bangladesh and also give the BNP the mandate to renegotiate and develop the Phulbari project in a way that is fair to the residents and will benefit the economy of Bangladesh.

The February 12, 2026, referendum in Bangladesh is a historic "package deal" where voters are asked a single question that encompasses the entire July National Charter.

The exact wording, as per the July National Charter (Constitutional Reform) Implementation Order, 2025, translated into English, is:

“Do you consent to the July National Charter (Constitutional Reform) Implementation Order, 2025, and to the following proposals on constitutional reform as set forth in the July National Charter?” (Yes/No)

What a "Yes" Vote Specifically Covers

While the question is singular, the ballot includes four specific sub-points to clarify what is being approved:

1. Caretaker Government & Institutions: Consent to a permanent framework for neutral caretaker governments during elections and the restructuring of the Election Commission.

2. Bicameral Parliament: The establishment of a 100-member Upper House (Senate) alongside the existing 350-member Jatiya Sangsad.

3. The 30 Reform Proposals: A wide-ranging consensus reached by 25 political parties (including the BNP and Jamaat) which includes:

• Term Limits: A two-term (10-year) limit for the Prime Minister.

• Opposition Power: Mandatory election of the Deputy Speaker and several committee chairs from the opposition party.

• Resource Utilization: This is the critical section for projects like Phulbari—it mandates the "utilization of neglected national resources" to achieve energy independence.

4. Constituent Assembly Status: If passed, the newly elected Parliament will legally act as a Constituent Assembly for its first 180 days to formally write these reforms into the Constitution.

Jamaat is even more supportive of own coal than BNP

Searcher or anyone, could you give me more information or a link about anti-mining protesters being chased out of Phulbari by locals? I wasn’t aware of that incident.

If re-registered Polo would already own 12.88% of GCM. The maximum it can own through D4E is 30%. So worst case scenario is dilution of 20% to take care of loan repayment.

I believe the agreement is Polo gets shares at 11p. Right now GCM owes Polo about £5.9 million including interest. Am I missing something?

Jamesss, doesn’t Tang control a lot of shares? Why would he want to dilute them so heavily?

Thank you!!!

Does anyone have an English transcript of the video from a couple days ago?

I was reviewing the most recent RNS about Polo. Why was Polo delisted? Why are they taking steps toward registering it now? If someone has any theories and could explain, I’d be grateful.

Thanks for all the ideas and reading material, Rider!

Thanks you for all the info, Rider!

What are the other arb investment you have? ETM I assume. Any others?

I guess coal can be considered green

"While providing high-quality electricity, the Payra Power Plant also takes environmental friendliness into account, injecting green vitality into Bangladesh's long-term development," said Wang.

Good point! I remember they said that once this past year and the stock plummeted. Did it happen other times in the past?

Thank you for calling and relaying that to us, Adamk!

Thank you Pappiklon and Searcher for telling us about the happenings of the AGM. Very helpful!

Thank you, for the info Phulbari!

Here’s what I’m thinking now. Please, critique this.

15m tons of coal per year X $5 profit per ton of coal x 5 PE = $375m market cap