27 Jun 2013 07:00
27 June 2013
Polo Resources Limited("Polo" or "the Company")
GCM Resources plc - Board Changes
Polo Resources Limited (AIM: POL and BSX: POL), the natural resources investment company with interests in gold, oil and gas, coal and iron ore, notes yesterday's announcement of new appointments to the Board of GCM Resources plc ("GCM"), in which the Company has a 29.8 per cent equity interest. GCM is a London based resource exploration and development company that is currently developing the large-scale Phulbari Coal Project in Bangladesh.
Polo Executive Co-Chairman and Managing Director Mr. Michael Tang joins the GCM Board as Executive Chairman and Messrs. Neil Herbert and Guy Elliott join as Non-Executive Directors. Mr. Elliott is also a Non-Executive Director of Polo.
Mr. Gary Lye, whilst remaining as Chief Executive Officer of GCM's subsidiary, Asia Energy Corporation (Bangladesh) Pty Ltd., has stepped down as a director, but assumes the additional role of Chief Operating Officer of GCM.
Messrs. Gerard Holden, Stephen Dattels and Greg James have also resigned as Non-Executive Directors of GCM. An Independent Non-Executive Director is expected to be appointed in due course.
Executive Co-Chairman and Managing Director of Polo, Michael Tang commented:
"I am most pleased that a new Board of Directors has been appointed at GCM Resources, heralding a new era at GCM as the company works to advance the development of the major Phulbari Coal Project in Bangladesh.
"Polo is working closely with the management of its significant investments in Signet Petroleum, Nimini and GCM. We look forward to delivering substantial value to shareholders from these interests."
For further information, please contact:
Polo Resources Limited Ian Burns, Finance Director | +27 787 312 919 |
ZAI Corporate Finance Ltd (nominated adviser) Ray Zimmerman, Peter Trevelyan-Clark, Steve Feng | +44 (0) 20 7060 2220 |
Liberum Capital Tim Graham, Thomas Bective | +44 (0) 20 3100 2000 |
Blythe Weigh Communications Tim Blythe, Robert Kellner | +44 (0) 207 138 3204 |
About the Company
Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For further details on Polo Resources please see our website: www.poloresources.com.
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Polo Resources Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.