Objective: To deliver attractive returns to investors through a global natural resources and mine development focused portfolio. Polo Resources Limited (“Polo Resources” or “the Company”) selects, acquires and manages substantial investments in companies and projects with strong value enhancement potential and attractive growth prospects.
Listing: Polo Resources is traded on the AIM market of the London Stock Exchange and the Toronto Stock Exchange (TSX), under the trading symbol POL.
Net Asset Valuation, as at 31 December 2012
% Change in
|Net Asset Value||3.62||-5.48||Listed Investments||4.6||4.72|
|Diluted Net Asset Value||3.62||-5.48||Unlisted Investments||66.8||68.51|
|Ordinary Share Price||2.48||-15.93||Short-term Investments, Cash and Receivables||26.1||26.77|
|Total listed & unlisted||97.5|
(1) As at 30 September 2012 Net Asset Value (“NAV”) per share was 3.83 pence and the share price was 2.95 pence.
|Value (£m)|| |
Nimini Holdings Limited
Gold project developer in Sierra Leone with Indicated Resources of 521,000 oz gold at the Komahun Gold Project.
Signet Petroleum Limited
African oil & gas explorer with substantial concessions across Africa, particularly Tanzania and Namibia.
Regalis Petroleum Limited
A private oil and gas company focussed on acquiring and exploring high impact exploration assets in Africa. The company has an offshore project in Namibia and other opportunities in an advanced stage in sub-Saharan Africa
Ironstone Resources Limited
Canadian resource development company, owner of the Clear Hills Iron Ore/Vanadium Project
GCM Resources plc
Developers of the Phulbari Coal Project, Bangladesh
Equus Petroleum plc
Kazakhstan energy and petroleum company
OVERVIEW: Polo Resources’ NAV decreased slightly during Q4 2012. The NAV closed at 3.62 pence per share on 31 December 2012 compared to 3.83 pence per share on 30 September 2012. The decrease in NAV during the quarter is primarily attributable to two factors; an increase in issued share capital resulting from the Signet transaction and secondly, a reduction in the share price of GCM Resources plc.
Neil Herbert, Executive Co-Chairman and Managing Director commented:
“During the quarter we continued to invest in both gold and oil and gas projects. Polo funded a significant drill programme at the Komahun gold deposit in Sierra Leone and increased its interest in African oil and gas explorer Signet Petroleum.
“Substantial progress was made at our 90 per cent-owned Sierra Leone gold project in the three months since our last net asset value statement. Nimini secured a large-scale Mining Licence in November 2012, covering the total area of both the Nimini East and West exploration licences, and concluded lease agreements with local chiefdoms enabling the use of the Mining Licence area for the operation of a proposed gold mine. On the exploration front the extension of the deposit eastward appears promising and has potential to increase gold resources significantly. We expect to publish a new global mineral resource estimate in Q1 2013 and a Preliminary Economic Assessment is expected to be completed in Q2 2013, after which we will consider a fast-tracked Definitive Feasibility Study that would allow Nimini to move to an early decision for mine development, plant construction and first gold production.
“With respect to Polo’s oil and gas portfolio, the identification by Signet Petroleum of a potentially significant structure on the company’s Namibian acreage as well as a possible up-dip extension of BG/Ophir’s Chaza 1 gas well in offshore Tanzania are both exciting, and broaden and strengthen Signet’s asset base. We expect further technical analysis of these and Signet’s other projects early in 2013 and have recently increased our interest to 48.21 per cent of Signet’s issued share capital with an option enabling Polo to increase its holding to over 50 per cent.”
Highlights of activity during the last three months:
Outlook: Polo Resources expects to deliver NAV growth over the medium term. Management continues to assess its investment portfolio and takes a cautious approach to new investments in the current market environment. Polo Resources announces estimated NAV figures on a quarterly basis.
Polo Resources has announced its intention to undertake a consolidation of all issued no par value Ordinary Shares in the Company on a 10:1 basis, carrying the same rights as to voting, dividends and return on capital that attach to the existing Ordinary Shares. This consolidation proposal requires shareholder approval and will be subject to a vote at the Company’s Annual General Meeting, to be held on 30 January 2013.
Director share dealings: A share acquisition was reported on 21 December 2012.
Polo Resources became an investment company for AIM purposes on 30 June 2010, with a NAV of 7.2 pence/share. In the two years to 30 June 2012, the Company paid special dividends totaling 5 pence/share following the disposal of certain coal and uranium interests.
Shares in Issue:
AIM and TSX
Year End: 30 June
Neil L. Herbert (Executive Co-Chairman and Managing Director)
Stephen R. Dattels (Executive Co-Chairman)
Ian Burns (Finance Director)
Guy Elliott (Senior Non-Executive Director)
Ian Stalker (Non-Executive Director)
James Mellon (Non-Executive Director)
Bryan Smith (Non-Executive Director)
Investec Bank plc
Neil Elliot, George Price +44 (0) 20 7597 5970
Investec Bank plc: Chris Sim +44 (0) 20 7597 5970
Liberum Capital Limited: Tim Graham +44 (0) 20 3100 2225
Registered Number: 1406187
Road Town, Tortola
British Virgin Islands VG 1110
Polo Resources Limited is incorporated in the British Virgin Islands.
Further information is available on www.poloresources.com.
This document is issued by Polo Resources. The information contained in this document is not intended to and does not constitute an offer, solicitation, inducement, invitation or commitment to purchase, subscribe to, provide or sell any securities, service or product or to provide any recommendations which should be relied upon for financial, securities, investment or other advice or to take any decision based on such information. Individual advice should be sought from legal, financial, personal and other advisors before making any investment or financial decision or purchasing any financial, securities or investment-related service or product.
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 complete details on Polo Resources refer to: www.poloresources.com.
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. 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 assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
The Company's exploration and investment activities may also be affected by a number of risks, including legal, political, environmental, economic, financing, permitting, commodity, exploration and development and other market risks which are normal to the industry and referenced in greater detail in the Company's 2012 Annual Report for the period ending 30 June 2012, filed on the Company’s profile on www.sedar.com.
Polo Resources Limited
Ian Burns, +27-82-404-3637
Blythe Weigh Communications
Tim Blythe, Robert Kellner
+44 (0) 20-7138-3204
Source: Polo Resources