Polo 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 Price and Volume
Previous Close: 21.50p* (real time prices at ADVFN) Previous Range:21.00 - 21.25* Previous Volume:72125 shares (down on average)* Trading:above the 50 day M.A. (0.3072) & above the 200 day M.A. (0.2753)*
Oh so it's meant to be a bit of a laugh is it and not a serious investment at all, just like buying a scratch card down the shops? I don't think so. And given the rather emotional response here to my ... shall we say 'unwelcome' views, I'd say most here don't agree with you either and sound far from the thigh slapping funsters you suggest. In fact many sound rather angry and bitter.
Thanks for putting me right about the mining investment sum which I had misread but more importantly I see you agree with me that the assets value (which seems to be the main support for the bull case) is "highly questionable" and that this is not a "sensible investment".
I'm not sure I buy the argument that because it offers more upside than downside it represents a good punt because all shares offer more upside than downside being the nature of equity investment. As you say it rather depends on the probability of each scenario developing.
Anyway, the directors have options over 155,000,000 shares at an average price of just over 3.5p so even at today's bombed out value are sat on a £28m paper gain, so I'm sure they're all having a right old laugh and will be getting the Champers in this Christmas. Unfortunately, you lot paid for it. By Orchard Gate
OG please let an accountant explain. Firstly I think you may have misread the balance sheet in that the $22m is not equipment, which clearly would have to be depreciated, but is "Mining exploration and evaluation costs" e.g. things like seismic surveys, I assume. These do not have to be depreciated but should be regularly reviewed by management who then decide if there should be an impairment charge. The auditors would be expected to review and challenge this if the value could not be justified. Your point on goodwill is fair but it's a relatively small amount.
I entirely agree with you that the asset value is highly questionable. If you read my post of 10 October you will see that I have major concerns about a number of areas. But you must stop trying to see this company in normal sensible investment terms. It has to be seen as a punt, a bit of fun, not one for the faint-hearted. Basically if Signet, Nimini or GCM take off the price could double or better. If they don't the price could fall to half or less. Therefore you stand to win more than you could lose. The art is to try and judge/guess the likely probabilities.
We will all know much more soon as they must publish the accounts to 30 June by the end of December and will give an asset statement then. Until then please lighten up and get into a more jolly seasonal mood. Bah! Humbug! By JM2009
I've got OG on bore/ignore but to take a stab at the answer to the question - there are all kinds of leasing arrangements that can keep keep equipment off the balance sheet and so negate the need for depreciation charges.
I agree that it's futile to comment on and to correct posters' solecisms-as long as their meaning is clear.
I don't like the pompous tone of OG's posts, but he has asked a reasonable question that no-one has answered, and it does seem to be relevant.
Perhaps someone with knowledge of the accounting practices of the mining and oil industries could reply.
" has one of them explained how a mining company can have equipment for which it provides no depreciation charge? " By dreamerr
As you so enjoy the sniping, Wordbodger, I neednt resist picking up the following errors in your post of 17.19:
Lynne Truss book... really should have the extra s, to read Lynne Trusss book... though Ill willingly concede that both options are acceptable! I absolutely agree with your recommendation though.
And wheres the closing parenthesis at the end of your final paragraph?
It would be really pedantic of me to suggest that I hope I will. should, traditionally, be I hope I shall. The OED advises that both forms are now more or less interchangeable.
Happy Christmas to you, too, in case you do return here before. By Investorphobe
I do like it when these boards degenerate into sniping over the niceties of grammar. The standard of grammar on bulletin boards is appalling, harrumph!!! But little by little, post by post everyone will soon know the difference between "their", "there" and "they're".
The other day on another board I came across someone correctly using the apostrophe as well as the correct syntax for the phrase "there'll". Wonders'll never cease, or was the poster just showing off?
A good diversion over the holiday is Lynne Truss' book "Eats, Shoots and Leaves". When we have nought better to do than pick each other's grammar to bits there's not a lot of news happening.
If I don't post again before Christmas have a good one.
(But I hope I will. I hope there'll be lots of news of corporate activity involving subsidiaries of Polo. By Wordbodger
I am sorry if you are all bored but it would appear that many here are simply not interested in another point of view or even something as boring as facts.
When I called into question the real net asset value of Polo I was .... oh yes, let's use your words shall we ... baited, provoked and abused (if you accept 'tr0ll' is abuse) and all because I didn't provide details instantly.
But when I did, was there one single comment from the Polo bull fan club to refute anything I said. has one of them explained how a mining company can have equipment for which it provides no depreciation charge? Nope.
Instead we get the brain dead response "if you don't like Polo why do you post here?" which suggests you only want to read the usual rah rah drivel, devoid of facts or analysis.
And what really gets up your collective noses is - to date at least - I've been right and Polo has performed like a dog. Suck it up guys because I'm enjoying this too much to go away. By Orchard Gate
Irritated Haaaaaaa ha I honestly don't even know what your point is anymore ????Do I have to change my mind on my choice of investments every now and then just to mix things up? even though nothing gives me any reason to do so?Are these some unspoken rules I have never been told about?
I suggest you review the meanings of a few words - start with debate, meaningful, baiting. provoking... perhaps delve into some history watch some old Monty Python see the difference between 'argument and futile gainsaying'
Your contributions on other boards are of a similar vein
I know my remarks may be in vain but also I would advise if you are to find fault with other people's grammar perhaps you should ensure your own is without error .... see
'otherwise we might as well ask for his/her investment recommendations and just slavishly follow these and not bother thinking for yourself'
we would ask and then surely think for ourselves
All in all your contributions are at best irritation but usually don't reach that high on the scale.
This is of course my own bigoted view but, if it is not already clear, I believe this board would benefit from your absence if you are unable to contribute in a less adversarial / provocative / irritating manner.
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Not a lot. I suspect you know all this but...
Just that signet's block is adjacent to BG's and if it good enough for Polo to talk about why shouldn't I?
"An 80% operated interest in the Mnazi Bay North licence offshore Tanzania which 2D and 3D seismic indicates to contain an up dip extension of the BG/Ophir Chaza 1 gas discovery as part of a broader portfolio of prospects and leads;"
Have had shares in Polo for a number of years and although the share price is lower today than that at which I bought this has been more than compensated by the 'dividends' in 2010-11 which means my holding cost is zero. It would be nice if we could get the bod to provide some info on our oil investments in Africa as well as news from Canada and Kazakhstan. Do we know if Dattels sold his 10m shareholding ?
Going or gone, three of our regular contributors. :-p . Board sure going to be a lot quieter now.
Wish them well all the same.
Bad week all-round for me. Bit anti-Medusa like, everything l touch turns to ****e.
GCM fizzled out and retreated.
LGO taking's an hammering
LRL Don't even mention it.
And of course POL but at least l was expecting this. :-( .
As there has been no mention of the strategy changing can only assume that it's still the same.
Whatever that is.
I commented about the steady drop a couple of weeks ago.
It has got to the stage where it is time to exit,much to my frustration.
All the huff and puff a number of months ago has not filtered through to the sp.
With news thin on the ground, and lack of interest on the boards.
I also will be nursing a loss,but will look at regaining some back possibly with ple.
Best of luck to you all !!!