Member Info for ManuDave

Dyani now own 18.81% of Polo shares - 384,005,966

Nice to see a few buyers return this morning..... :)

Good to see - that can only be good news for sure.

it's not Papa9911 - I think lse is glitchy atm

18-21

out of auction 20-21

Hi Brokenovice - I can’t say I’m not disappointed with the extension tbh - I thought we were getting there and would see some solid news this week.

It’s a hell of a reason for the delay though, so you can see the reasons.

Hopefully news will be soo near rather than later......

GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)

Extension of MOU with NFC and PowerChina

GCM Resources plc, an AIM quoted mining and energy company, announces that, further to its announcement of 13 January 2020, it has agreed an extension of the memorandum of understanding ("MoU") with China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. ("NFC") and Power Construction Corporation of China, Ltd. ("PowerChina"), for a further six months, on the same terms as previously announced, in view of the current coronavirus disease pandemic.

The Company notes that significant progress has already been made with NFC and PowerChina under the MoU and that this extension enables the Company to continue towards the formation of a strategic partnership to jointly develop the Company's proposed world class high grade coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project in North-West Bangladesh (the "Project").

In relation to the formal proposal to the Government of Bangladesh, the Company is looking forward to working with PowerChina and NFC to finalise this in due course. A further announcement may be made when appropriate.

The Executive Chairman of GCM, Datuk Michael Tang PJN, stated:

"Whilst the Covid-19 pandemic has delayed our progress with the Project, we believe that it has encouraged the Government of Bangladesh to review and enhance its energy security by utilising local fuel sources, following supply and importation disruptions. This supports our strategy to become an impact project for the people of Bangladesh, providing low cost and sustainable electricity in-country, by combining the Company's coal mine proposal with mine mouth power plants generating 6,000MW.

"We are also pleased to report that a large part of the process towards finalising our strategic partnership with NFC and PowerChina has been completed. Both NFC and PowerChina are highly respected global companies, and in becoming strategic partners to the Project, will add tremendous strength and credibility to our proposal.

"I would like to thank the teams at both NFC and PowerChina for their dedication and continuing support, particularly during this global crisis, towards delivering substantial benefits for the Government of Bangladesh, its people and our stakeholders."



This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

24.50 - 25.00

out 26.50 - 27

auction 26 :)

out - 24-26

in auction at 24

takes you back to the heady days of 2008/9 - same again please :)

On lse not law.... doh!

Someone with half decent pockets....3.48million volume on law and a little on nex - 123k

They do know though....... Polo rns

Cont’
The Transaction represents an opportunity for Polo to increase its shareholding in GCM and enables the Company to increase its asset base without any cash outlay and to issue new shares at a substantial premium to its market value. The Board is hopeful that the current Coronavirus Disease pandemic will encourage the Government of Bangladesh to enhance its energy source security by utilising local coal following supply and importation disruptions. The Board views this Transaction to be a considerable value driver for shareholders and in their best interests.



Allegations by Phronimos and its principal, Mr. Sam John



Phronimos and its principal, Mr. Sam John, continues to disseminate false information concerning the Company. As announced on 21 February 2020, the Board will be seeking legal redress against Phronimos and Mr. Sam John to protect the interests of the Company and shareholders.



Adjourned AGM



The Board has determined to defer its adjourned Annual General Meeting which was held on 21 January 2020 ("AGM") due to the Coronavirus Disease pandemic and associated lockdowns in a number of countries preventing directors and shareholders from attending the meeting. Due to the lockdowns the Company does not have the facilities to hold the AGM by phone. The Company shall re-convene the AGM as soon as reasonably practicable after the lockdowns are over.



Non-Executive Director



The Board is continuing to identify an appropriate Non-Executive Director via its network of business associates.



Total Voting Rights



The Company will shortly make an application to the London Stock Exchange for the admission to trading on AIM ("Admission") of 72,216,815 Consideration Shares. The Consideration Shares rank pari passu in all respects with the Company's existing ordinary shares and Admission is expected to become effective at 8:00 a.m. on 15 April 2020. Following the anticipated admission of these shares, the total number of ordinary shares of no par value in the Company in issue will be 384,005,966 with each share carrying the right to one vote.



The figure of 384,005,966 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.



For further information, please contact:

POLO RESOURCES LIMITED


( " Polo " or the " Company ")



Update on Polo increasing interest in GCM, Issue of Equity, False Allegations, Update on Adjourned AGM, Non-Executive Director and Total Voting Rights



Polo Resources Limited (AIM:POL), the multi-sector investment company with interests in oil, gold, coal, copper, phosphate, lithium, iron and vanadium, announces that further to the Company's announcements on 6, 12 and 21 February 2020, concerning the transaction between the Company's subsidiary, Polo Investments Limited ("PIL") and Dyani Corporation Limited ("Dyani") in relation to the acquisition of shares of GCM Resources plc ("GCM") (the "Transaction"), the Company can confirm, having taken appropriate advice, it is satisfied that there are no regulatory or legal matters preventing it from entering into the Transaction.



As a result of the Company's inability to complete the Transaction in accordance with the agreed terms following the complaints by Phronimos Capital LLC ("Phronimos"), the Company has had to agree to revised terms in order to consummate the Transaction.



PIL has agreed with Dyani to acquire 16,101,931 shares in GCM for a consideration of £1,682,651.79 (the "Consideration") or at 10.45 pence per share. The Consideration is at a 2.8% discount to GCM's last traded share price on 31 March 2020. The Consideration will be payable by the issuance of 72,216,815 new ordinary shares in the Company at 2.33 pence per share ("Consideration Shares"). The Consideration Shares will be issued at a 40% premium to the Company's last traded share price on 31 March 2020. 50% of the Consideration Shares amounting to 36,108,408 shares will be subject to a 12 month lock in. Upon completion, Polo will become the largest shareholder of GCM with 33,595,643 shares (approximately 29.9%) from 17,493,712 shares (approximately 15.57%) currently. The Company welcomes Dyani as the largest shareholder with 18.8% of the enlarged share capital.



GCM (AIM: GCM) is listed on AIM and is developing a world class coal resource of 572 million tonnes (JORC 2004 compliant) and 6,000 mega-watts of mine mouth power plants utilising highly energy-efficient ultra-supercritical technology, known as the Phulbari Coal and Power Project, in North West Bangladesh. Polo has been a significant shareholder and promoter of GCM since 2008. In the past 18 months, GCM has made considerable progress with the project, as reported in various GCM announcements. Dyani has been seeking to divest its shareholding in GCM in order to qualify themselves to receive further GCM shares pursuant to a pre-existing arrangement with GCM and had sought Polo's assistance. Polo has been endeavoring for several years to increase its exposure to GCM following several rounds of dilution as well as to reinstate its position as the largest shareholder. The Transaction represents an opportunity for Polo to increase its shareholding in GCM and enables the Company

7 April 2020

San Leon Energy plc

("San Leon" or the "Company")



Cash Receipt of US$40 Million





San Leon, the independent oil and gas production, development and exploration company focussed on Nigeria, is pleased to announce that it has received a Loan Notes payment of US$40 million.



The Company also announces that it has entered into an agreement dated 6 April 2020 amending the Loan Notes Instrument (the "Amendment") between San Leon and Midwestern Leon Petroleum Limited ("MLPL"). Under the terms of the Amendment, the remaining balance payable is approximately US$82 million. A further US$10 million will be paid to the Company on or before 6 October 2020, with the balance of the Loan Notes receivable payable in three quarterly instalments, commencing July 2021 and completing by December 2021.



The balance will continue to accrue interest at a coupon of 17% per annum until repaid. All other material terms of the Loan Notes Instrument remain unchanged.



The Company has received just over US$190 million from Loan Notes payments to date, and has a cash balance at 7 April 2020 of approximately US$74 million with no debt.



Midwestern Oil & Gas Company Limited ("Midwestern") remains as the guarantor of the loan notes. Midwestern is a related party of the Company for the purposes of the AIM Rules by virtue of its shareholding of 13.18% of the existing Ordinary Shares. The Amendment is therefore a related party transaction under the AIM Rules. The Directors consider, having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, that the terms of the Amendment are fair and reasonable insofar as the Company's shareholders are concerned.



Oisin Fanning, Chief Executive Officer, commented:



"The Company is in a very strong position armed with such significant cash. We believe that this is a situation that will continue. San Leon has around US$100 million of additional Loan Notes and interest receipts expected by the end of next year, as well as income from the provision of our technical services to Eroton as operator of OML 18. In addition, the Company expects to receive dividends from its indirect shareholding in Eroton in due course. I look forward with confidence to updating shareholders on the Company's growth and progress."

We’ll get a speeding ticket if it goes up much further.....