Member Info for shareaction

Perhaps Polo's broker Liberum Capital could have a role to play if Polo are delisted? I'm sure they are familiar with unlisted securities.

mrc, that would be a dream come true to be able to trade POLO shares directly on the electronic board and avoid those ghastly, antiquated market makers. The only market they make is their own cosy monopoly market leaving us to pay up to 30% spread in some cases. Market preventers I would call them. It certainly improves liquidity when buyers and sellers trade directly. More than likely, you say? Do you think Tang know about Jenkins? You could ring them and suggest it!

Hmmm.. Didn't sound right... I meant the opportunity cost of selling the conventional oil fields to DGOCin order to produce shale gas and oil will be higher hence they won't sell, or their price for a sale will be higher.

With the increasing oil and gas prices, shale oil/gas production will be less profitable. Therefore will there be fewer established oil companies willing to sell their conventional resources to DGOC (in order to concentrate on shale)? Any thoughts?

Masterbaker, I wouldn't daytrade shares in private companies! These shares are for me long term, perhaps a bit like Venture Capital Trusts but without the "Trust" bit and without VCTs tax advantages. I find out from the company who their brokers are who would normally keep a manual order book for shares but not being a market maker however these brokers may of course trade the shares themselves also if they wish. Some of these companies are traded almost daily whereas others much less frequently. I doubt they are suitable for buying into SIPPs or ISAs but my SIPP provider told me that if shares in my SIPP (and ISAs I presume) are de-listed they will not force me to take them out of my SIPP thereby being deemed to taking taxable pension benefits against my will. Instead the shares will linger in the SIPP for as long as I don�t sell them. I suppose it must be a manual process for my SIPP-host to sell these share once I have established who the broker with the order book is. In due course probably all of us must find out who Polo's house broker is, perhaps as simple as their existing brokers (on their website) will be able to assist with manual trades if Polo go private?

If Polo has not got a nomad by the de-listing deadline I think we can safely say goodbye to AIM. They don�t need any additional time to find out if a new nomad wants to take over (as they have gone through quite a few in the last 9 years). But if they will remain unlisted or find another exchange somewhere, is another matter. Failing to appoint a new nomad is not all bad news. Several of my long-term investments are unlisted non-uk private companies, and as private companies you actually have many advantages (and lots of disadvantages of course). I can for instance ring up management, who are not restricted by listing rules with regards to information, and instead of getting "we will keep you updated" I have a much more meaningful discussion about the operation.

Doji, I agree. I just looked at the venues for Polo�s AGMs the last 9 years: 2016 Kuala Lumpur 2015 Singapore 2014 Bangkok 2013 Valletta 2012 Valletta 2011 Bermuda 2010 Guernsey 2009 Paris 2008 Paris These tax haven companies do get away with lots of things including minimizing shareholder participation at AGMs. The majority of shareholders are based in UK and London nobody can say that it would be more difficult to have the AGM in London than the Channel Islands, Malta or Bermuda. To me it is clear that Polo has never had any interest in AIM or even UK. Tang inherited AIM listing but to him this is just a historic hindrance, almost like an unwanted Grade 2 listing on your home. He hasn�t seen the need for placings and the stock options with ridiculously high strike only remind him of the high price he paid for his shares. I think it would suit him if all nomads he contacts find Polo unpalatable and the shares de-listed from AIM. Nothing would then please me more than Polo re-listing on BursaMalaysia instead. But BursaMalaysia is a higher quality exchange than AIM so I doubt it will be accepted there without quite a lot of corporate governance improvements. Therefore Polo would be a normal private company in the meantime, which Tang actually might comfortably get used to and find more suitable for his goals and strategies.

I would instead wait until after the basement discount placing and after "reshuffled" board and management has been finalised.

http://www.poloresources.com/Advisors.htm ZAI still there listed as nomad long after their role was terminated. If that isn't another middle finger from Polo management to its shareholders and AIM I don't know what is.

And none of this was known 3 months ago at the AGM?? "Philip Crawford, Group Non-executive Chairman, will make the following statement [19 July 2017]: "The Company continues to see a positive market for its products with the landscape largely unchanged since we announced our 2017 full year results in May." Really, Mr Chairman?

Doji, Shame that Polo's Broker Liberum Capital only act as nomad for proper companies.

AIMforprofit, Ignoring all their non-quoted crap, just the publicly quoted shares Polo owns (directly but also indirectly unfortunately) plus estimated cash less debt represent an estimated 9.68 pence per share today at 10am in my spreadsheet. Who has the money to offer that for all the Polo shares? Tang has a lot to catch up to cover the price he paid for his shares initially so he won't have any apetite to pay market value. After de-listing a much, much, MUCH lower offer could come of course. Without corporate governance policies there is no such thing as independent valuation.

Polo and GCM were in the same situation a week ago. One of the many things a find shockingly disappointing in this situation is that TANG (CEO of Polo the chairman of GCM Resources Plc) and Polo board member GARY LYE (CEO of Asia Energy Corporation (Bangladesh) Pty Ltd, the operating subsidiary of GCM Resources Plc where he is COO) are incapable of calling each other to coordinate an effort to get a new nomad for Polo! Polo owns nearly 30% of GCM, they have both appointed each other to their respective boards, GCM got a new nomad (conditionally) in 2 days, Polo say they haven't even found a single nomads to speak to yet. I would say that as a Polo board member Gary Lye has a duty to assist Polo with a new nomad, he has been voted to the board by the shareholders and is therefore acting in the shareholders' interest. What on earth is going on?

Technically ZAI was still their advisor at 18.02hrs yesterday when the RNS was dated. But today from 0700hrs ZAI are no longer anyone's nomad so the website should have been changed. But Polo are obviously not bothered about that.

Divhunter, yes ZAI is still on their website as nomad and they are still only "endeavouring to" engage a new nominated adviser. In other words a week later they are not even in contact with any. They never update their website to show anything accurate which is misleading. Polo are a sloppy few people scattered around the world sitting in S Africa and Malaysia and perhaps other places. There is no public relations here. I cannot imagine any replacement nomads queuing up for this lot.

What proper nomads don't like is this arrogant statement from Polo: "..no corporate governance code has been formally adopted by the Company..". They think: Why should we bother with this company when they cannot be bothered themselves?

EQTEC PLC has now also appointed new adviser.

UniVision Engineering Limited and Zibao have appointed new advisors. Ukrproduct Group Ltd confirm they have not. Polo has said nothing

Broker fee is one thing. Even at its lowest the bid-offer spread in Polo can be down to 5%, but normally 15 - 25% which is absurd. But even 5% handed over to marketmakers is crazy not just for daytraderes but also for long term investors. In today's electronic world we should all be allowed to place orders directly in the market in direct competition with MMs. MMs are outdated dinosaurs given permission to milk a living for "making a market" which is there already and more efficient than if the MMs weren't there.

Divhunter, do you know what would happen to Polo shares in a SIPP if Polo was de-listed from AIM?