Polo Resources Limited POLO INCREASES INTEREST IN GCM (1833C)
February 06 2020 - 3:53AM
UK Regulatory
TIDMPOL
RNS Number : 1833C
Polo Resources Limited
06 February 2020
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
6 February 2020
POLO RESOURCES LIMITED
("Polo" or the "Company")
POLO INCREASES INTEREST IN GCM,
ISSUE OF EQUITY AND TOTAL VOTING RIGHTS
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, announces that its subsidiary Polo
Investments Limited ("PIL") is increasing its direct shareholding
in GCM Resources plc ("GCM") by acquiring 13,483,200 shares in GCM
for a consideration of GBP1,557,309.60 ("the Consideration") being
11.55 pence per share at its last traded price on 28 January 2020
from Dyani Corporation Limited ("Dyani"). The Consideration agreed
is at a 6.5% discount from GCM's last traded share price on the
date hereof.
The Consideration will be payable by the issuance of 44,367,795
new ordinary shares in the Company at 3.51 pence per share
("Consideration Shares") being its last traded price on 28 January
2020. The Consideration Shares will be issued at a 5.72% premium to
the Company's last traded share price on the date hereof and will
be subject to a 12 month lock in.
Upon completion, Polo will become the largest shareholder of
GCM, from 17,493,712 shares (approximately 15.57%) currently to
30,976,912 shares (approximately 27.57%).
The Company will shortly make an application to the London Stock
Exchange for the admission to trading on AIM ("Admission") of
44,367,795 Consideration Shares. The Consideration Shares rank pari
passu in all respects with the Company's existing ordinary shares
and Admission is expected to become effective at 8:00 a.m. on 12
February 2020.
Following the anticipated admission of these shares, the total
number of ordinary shares of no par value in the Company in issue
will be 356,156,946 with each share carrying the right to one
vote.
The figure of 356,156,946 may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the Disclosure and Transparency Rules.
A further announcement regarding the adjourned Annual General
Meeting will be made shortly.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & broker)
- John Depasquale +44 (0)20 3328 5657
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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