AIM Soiree Butler Polo Resources POL.L

Polo ResourcesPolo Resources Limited (AIM and TSX: POL) is a globally focused natural resources and mine development investment company. We select, acquire and manage substantial investments in companies and projects with strong value enhancement potential and attractive growth prospects, and utilise this ability to deliver value-adding returns.

Polo Resources is trading below the moving 50 day average and below the moving 200 day average on above-average volume.
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  • China's Iron Supply by Wordbodger
    Thu, 17 Apr 2014 12:04:00 GMT

    I don't like posting vaguely relevant macro news but please forgive this exception....

    https://uk.finance.yahoo.com/news/chinas-plan-iron-ore-giants-010253075.html

    Ironstone could easily align its future with an enormous consumer capable of consuming the whole of Clear Hills and then some. IMO the key to Ironstone has always been to get the Chinese to sign a contract which Ironstone could take to Toronto for financing. (Or perhaps the Chinese would finance the development.)

    Ironstone was invited to a Business Mission in Beijing on March 17-21 organised by CNOOC-Nexen. Let's hope Ironstone did not waste their time.
    By Wordbodger
  • Re: RNS Director Appointment by theCFB
    Tue, 15 Apr 2014 16:35:00 GMT

    If I were working for Polo and was asked the question I would answer that Polo and GCM's interests are aligned and a positive outcome would benefit both companies. However, that is exactly the danger that I'm talking about. The exploration license runs for about another 18 years and the Bangladesh government could easily wait that long for it to expire, all the while GCM will need about $1m/year to keep operating. Policitically sensitive due to both population relocation and they know that if mining commences then the profits from the country's natural resources will go out of the country.

    Unfortunately I'm unable to attend the Master Investor conference in Islington but would appreciate you probing the Polo representative along these lines.

    In terms of Polo's other investments, it is no coincedence that Signet has yielded results as that is being progressed by a third party. Whilst GCM represents the biggest risk/reward I fear that it is an all or nothing prospect and if I had wanted the management to be focused on that I would be buying GCM plc shares rather than having doing through the back door via Polo. By theCFB
  • Re: RNS Director Appointment by casper72
    Tue, 15 Apr 2014 15:33:00 GMT

    Hi CFB.

    I think its a step in the right direction, on the basis that Gary Lye has had some success in other exploration ventures (excluding GCM, of course) and that the board needs some additional firepower. However, its not by any means sufficient from a corporate governance point of view.

    You make some good points about the risk that it may bias Polo towards GCM. Its a tricky one to judge without actually talking to management about their rationale and strategy. I'm hoping that they will be at the Master Investor conference in a couple of weeks (as they have been for the last few years) so that I can ask the question... By casper72
  • Re: OG by Orchard Gate
    Tue, 15 Apr 2014 13:11:00 GMT

    rodani,

    You obviously never read my first post here in which I explained why I felt there was something wrong with Polo and why the shates should be avoided. Since when they have halved in value.

    But I trust you're happy with your prejudices and will not allow any facts to impinge.

    By Orchard Gate
  • Re: OG by rodani
    Tue, 15 Apr 2014 12:58:00 GMT

    Alpal, what "warning" are you referring to ? OG never, whilst he owned Polo shares, said anything that constituted advice to sell, which is what you are implying. Obviously continuing to be long whilst at the same time encouraging others to sell is something even OG would see was nonsensical.
    All that he ever did was whinge, incessantly, about the fact that the sp was going in the opposite direction to that which he hoped. He then used these whinges to support his boasts that we are all fools for not following his "advice". On two occasions after he had posted such boasts I challenged him to re-post any post he relied upon to show that he had given advice to sell as opposed to simply complaining about what he could see in his rear view mirror i.e the same thing we can all see for ourselves. Guess what ?, he never did which is not surprising because he is nothing but a poser.
    I have had him on ignore since he told us he had sold out but it is apparent that he still generates a disproportionate amount of discussion here which is sad because he contributes nothing that can be relied upon to be sensible, objective and insightful. Surely it is beyond dispute that he/she is a compulsive attention seeker and so long as you react to his posts, he will continue to haunt us.
    So far as the question you posed is concerned what makes you think this poser's crystal ball is more efficient than yours, and would you seriously follow any advice that he gave? By rodani
  • Re: RNS Director Appointment by theCFB
    Tue, 15 Apr 2014 12:39:00 GMT

    casper72: Thank you for your positive contribution to this board.

    I'm interested in your view that the governance has changed for the better since bringing on GCM's board. From Tang's position it makes sense to give GCM's board some work if they are mothballing it. However, by doing this they have made Polo biased towards GCM. GCM itself is a money drain for the foreseeable future and on current liquidation values is worthless. In fact, I would value GCM as a negative asset in that it is likely to need further working capital over time.

    The reason I'm still invested is, like you, I believe the liquidation value of Polo is worth considerably more than the current share price. However, this could change if GCM start to use Polo as a cash cow.

    CFB By theCFB
  • Re: RNS Director Appointment by spotyplonka1
    Tue, 15 Apr 2014 09:27:00 GMT

    Casper
    It depends if the critical journo is sympathetic to suppression of grass root Muslims with little education and knowledge of US financial dominance over developing Muslim majority countries.

    Bangladesh is allowed to partake in global economy on condition of high operating cost, World Bank and IMF step by step plan to extend mass poverty. Whose interest is the GoB serving? Obama? They could be building hospitals every year, setting world records in welfare if they got rid of quick rental and inspired corruption within the energy ministry. By spotyplonka1
  • Past dividends by Hizer
    Tue, 15 Apr 2014 09:25:00 GMT

    What I will say about Polo when Dattles was in charge was that they did pay 2 good dividends.
    Prior to the 10 for 1 consolidation on 06/02/13.
    Dividends of 3p and 2p were paid for each share.
    The shareprice back then ranged roughly between 3p-5p.
    As shareholders had 10 times more shares then these dividends would be equivalent to 50p in todays terms.
    Hizer By Hizer
  • Re: RNS Director Appointment by casper72
    Tue, 15 Apr 2014 08:51:00 GMT

    Hi Okenia

    I don't think that this is likely (a merger of Polo and GCM). This would require the other GCM shareholders to sell out their stakes. Given the uncertainty inherent in GCM, I don't think Tang could agree a price that they would be willing to sell at (i.e. is it worth three parts of nothing, which is the current share price, or is it worth billions, which is what most shareholders are hoping?).

    I infer the opposite conclusion: Tang has concluded that GCM is going nowhere for a good long while and is pulling what he perceives as the "good people" back into Polo to try to develop the other assets in the portfolio. You wouldn't find another job for the GCM finance director if you thought he would need to arrange a massive funding deal for a coal mine in the near future....

    I think that this is a useful, but not complete, step in the direction of better corporate governance (my main concern about this company). I would still like to see a further non-exec on the board, preferably without such strong connections to the investment portfolio.

    I posted a month or so back that, at 20p/share, I would not recommend a friend to buy the shares, because of the governance issue.

    However, the share price now is at such a remarkable point that this may no longer be that important (dare I suggest it can't go any lower? a dangerous assertion, I know ...;-). Price matters. At 14.75p I would recommend anyone buy.

    Polo is now trading at or around its liquidation value. I.e. if you paid off all the staff, wrote off all inter-group loans, wrote off all unlisted investments plus GCM, got nothing more from Signet, sold the other listed investments and distributed the remaining cash, then you would return around 15p/share minimum. This seems to me to be more than a margin of safety. It is a moat.

    Finally, a word or two re. Orchard Gate and the extensive back and forth posts that have dominated for the last few months. I value contrary views, as it helps limit the amount of confirmation bias that is inherent in a discussion board, but it is getting a bit wearing at the moment...

    It would be helpful if all parties could be polite and respectful in their posts. Ask yourself: "if I were not anonymous, and a critical journalist were investigating my conduct, would I still be happy with what I have written?" By casper72
  • OG by alpal
    Tue, 15 Apr 2014 08:33:00 GMT

    It seems a pity that we have this vitriol surrounding OG and his posts. Personally, I am sorry that I did not heed his warning when he first started posting - how much money have we all lost since then.

    However, if OG would like to be constructive, is POL still a "sell" at 14.5p or have we seen the worst? By alpal
  • Re: Orchard Gate - FURTHER TEDIUM by Orchard Gate
    Tue, 15 Apr 2014 07:55:00 GMT

    Turkeyminder:

    (1) don't shout
    (2) try not to repeat yourself
    (3) try to plya the ball and not the man
    (4) a simple question - do you agree or disagree that over the past 5 years Polo has underperformed the market (call it the FTSE All Share for simplicity)? Yes or no? By Orchard Gate
  • Re: Impressive Value by Orchard Gate
    Tue, 15 Apr 2014 07:34:00 GMT

    “There you go again making it up. It is not my contention that Polo has under performed for 5 years and not been valued properly for that period of time”

    “Thanks for the [5 year] graph which illustrates how the market is failing to properly value Polo"


    Errrr .... which is it? You seem very confused. By Orchard Gate
  • Re: RNS Director Appointment by okenia
    Tue, 15 Apr 2014 07:09:00 GMT

    I see the POL CFO has stood down and we now have the GCM CFO. I wonder if this is a prelude to merging POL and GCM? By okenia
  • RNS Director Appointment by ICB888
    Tue, 15 Apr 2014 06:49:00 GMT

    Gary Lye appointed as a Director and further reshuffle of GCM people to Polo. Looks like an efficient use of human resources. Interesting. By ICB888
  • Orchard Gate - FURTHER TEDIUM by Turkeyminder
    Mon, 14 Apr 2014 23:32:00 GMT

    On 13 March 2009 I bought Polo shares at 2.708p

    Since then dividends total 5p per share.

    Share price today is equivalent to 1.475p ( Don't forget the share consolidation at 10 to 1 )

    Special dividends + share price now = 6.475 per share

    A CLEAR INCREASE, YES INCREASE, IN VALUE OF OVER 130 %


    ORCHARD GATE -

    YOUR ABILITY TO CONFIDENTLY WRITE NONSENSE IS MATCHED ONLY BY YOUR

    INABILITY TO SEE WHY MOST PEOPLE ON THIS BOARD THINK SO LITTLE OF YOU.
    By Turkeyminder
  • RE: What is happening? by okenia
    Fri, 18 Apr 2014 07:17:52 GMT

    What would you do if you were on the BOD fingerintgewind? Pol is an investment company in a certain sector. You have to decide and make that macro call as to whether you want exposure to this, at this time. Pols job is to choose a portfolio, and manage entry/exit to those positions.
  • What is happening? by FingerInTheWind
    Thu, 17 Apr 2014 13:32:54 GMT

    This is terrible management, how can any BOD allow this constant slide of value for shareholders? Dont they have a positive plan to gain interest and some develop something? Taken from their website, I have just checked to find out why I invested in them and it says: Polo Resources Limited (AIM: POL and BSX: POL) is a globally focused natural resources and mine development investment company. We select, acquire and manage substantial investments in companies and projects with strong value enhancement potential and attractive growth prospects, and utilise this ability to deliver value-adding returns. The experienced management team that guides our strategic decisions specialises in the identification of under-valued investment opportunities – both listed and unlisted – that are either at an early stage in their operational development or have latent value that has yet to be realised. Investment targets primarily fit into the category of companies with producing assets and/or reserves and resources that have been verified using internationally recognised reporting standards (such as NI 43-101). Well financed, strategically experienced and backed by a core portfolio in the gold, oil & gas, coal, iron ore and phosphate sectors – large-scale investments include Nimini Holdings Limited (90%), Signet Petroleum Limited (42%), Regalis Petroleum Limited (8.32%), Equus Petroleum plc (1.95%), GCM Resources plc (27.8%), Ironstone Resources Limited (15.7%), Blackham Resources Limited (4.2%) and Celamin Holdings NL (12.7%) – Polo Resources is well poised to continue its development, to build upon its recent performance and to make further timely investments in a selection of value-adding natural resource opportunities.
  • spelling by papachav
    Wed, 16 Apr 2014 14:32:36 GMT

    Sorry meant their hands .
  • Socks up ! by papachav
    Wed, 16 Apr 2014 11:06:06 GMT

    Laugh out loud , better socks up than knickers down ! depending on your point of view ! I just watched that video posted over on the Gcm board re open pit coal . Remember , Bangla Gov went to see the German open pit coal operation run by Rwe in Cologne , now there is a thought ! Tang and co plus Germans plus Bangla gov on a jv . Everybody happy , Germans get something to dig up plus equipment sales plus ect, Bangla get 4000kw reliably for 20/30 years , lots of jobs, new townships , new medical facilities , schools and education plus an estimated 1% plus boost to gdp. And Polo get to resolve the Gcm thorn and receive a share of mine production ( ie income ) without getting there hands dirty . Genius !
  • RE: Socks up! by okenia
    Wed, 16 Apr 2014 09:03:39 GMT

    And Anton Mauve is also joint Plinian/WAFM

    link

  • Socks up! by okenia
    Wed, 16 Apr 2014 09:02:21 GMT

    Lol! Yes Plinian are part of that web of companies and people (eg Brad Mills, who is also CEO of WAFM which is a company under Plinian). I have wondered for a while why Dattels kept EML/WAFM at arms length from POL, wonder if POL might seek to bring it under their umbrella now the SP is attractive?
  • RE: RE gcm by Masterbaker
    Wed, 16 Apr 2014 08:31:39 GMT

    Pull your socks up! Check out 2nd link.
  • RE: RE gcm by okenia
    Wed, 16 Apr 2014 08:11:10 GMT

    Where did the 10% of Nimini go to? Is it down the back of the sofa?
  • RE gcm by Masterbaker
    Wed, 16 Apr 2014 07:55:06 GMT

    Polo once had 100% of Nimini,

    link

    link

  • RE: Gcm by okenia
    Wed, 16 Apr 2014 07:47:01 GMT

    Papachav, You're right to stress POL is an investment vehicle not a producer. However they have taken very high stakes (90% of Nimini for example) in the companies they have an investment in, so there's nothing stopping them going for 100%. I gather GCM is a toxic brand in BD, so might there be some logic in POL buying them out so the assets could be under the POL brand for a while, as an attempt to defuse some of the historical "baggage"?
  • Gcm by papachav
    Wed, 16 Apr 2014 07:24:28 GMT

    Hi Okenia , just been reading your posts over on ii ref ( who controls Gcm) . I quite agree with your comments . I had posted yesterday the idea of Gcm being taken over in some way or other . I had looked at major shareholders as you say 3 control nigh on 50% . Lots of questions to answer . Gcm sold their holding in Polo , Griffiths goes to 5% ? I still think Tang and Mettiz are trying to put a deal together to bring in a major mining company on a jv with Bangla to the benefit of all . As I said yesterday and you pointed out on ii , Polo is not a miner nor a producer , it is an investment instrument , ie Caledon , Signet and so on . Just a thought.
  • Apologies by Masterbaker
    Wed, 16 Apr 2014 05:14:52 GMT

    Apologies for my heading yesterday "You'll never walk alone". I was unaware of yesterdays anniversary at Anfield. It may have seemed crass but was unintentional and purely coincidental. Hope no-one took offense with it.
  • RE: polo/gcm by leonasdad
    Tue, 15 Apr 2014 13:24:38 GMT

    maybe Tang could give Max Clifford a chance to redeem himself (on professional level) and create some positive spin on GCM/Asia Energy. Mr Clifford could deflect negativity over to quick rental/Orion. Why not set up an opinion pol... Which source of energy is financially negative for Bangladeshi peoples well being? Imported liquid fuel vs Domestic Coal Do Native Banglas want to benefit from dommy coal leccy? If the population have the choice to pay...which source of energy would they use?
  • polo/gcm by papachav
    Tue, 15 Apr 2014 11:47:23 GMT

    Re conflict on interest ect , as I said , Gcm/Asia Energy are dirty words in Banglaland . So cut costs and Mr Tang /Mettiz have to woo an acceptable mining company to either partner Polo or a jv with Bangla . Given that Polo is an investment instrument not a miner or producer . Having just said that , then the question is , is Gcm up for sale ?
  • Two faced by Masterbaker
    Tue, 15 Apr 2014 11:27:57 GMT

    As l see the only thing near term which may give the sp a fillip, is if Equus announces an IPO. They are due to make a announcement soon, whether this includes an IPO or not who knows? Even then l don't think it would be much. l check daily.

    link

    On that basis l have once again dipped into my Polo stock pile and sold some ( at a massive loss) in the belief that a couple of short term trades may pay off. Why do l do it? If you're interested on a scary gamble they are LGO ( l know, but things are warming up) and PTR, news within a week for both, l hope.