GCM RNS Today21 Nov 2025 07:34
Hi all- POL is mentioned in todays GCM RNS-
On 26 June 2025, the Company announced the Management had become aware that Polo Resources Ltd, a British Virgin Islands ("BVI") incorporated company, was dissolved on 5 September 2023 as the result of the resignation of its BVI agent. The Company has been informed that the officers of Polo are currently undertaking steps to restore its status as a registered company in the BVI including the appointment of a new BVI agent. This is expected to occur following, inter alia, the satisfactory completion of customary due diligence on Polo and its stakeholders by the new BVI agent, followed by a court order as required under the laws of the BVI. Notwithstanding this, there can be no certainty that Polo will be restored as a registered company in the BVI, nor as to the timing of any such restoration. As most recently announced on 31 March 2025, Polo has provided a £3.5 million loan facility to the Company of which as at 31 December 2024, £300,000 remained undrawn. In light of this, the board of directors of GCM believes that the status of the Company's indebtedness to Polo is uncertain but given the expectation that the officers of Polo will restore Polo as a registered company in the BVI, the board is currently treating the loan which, at 30 June 2025 amounted to £6,198,000 (31 December 2024: £5,923,000) including loan interest, as unaffected.