PRL Polo Res.(See LSE:POL)

 

TIDMPRL 
 
RNS Number : 2090M 
Polo Resources Limited 
26 January 2009 
 

 
 
26 January 2009 
 
 
Polo Resources Ltd 
("Polo Resources" or the "Company") 
 
 
Approach Received 
 
 
Polo Resources Ltd (AIM: PRL) announces that it has received an unsolicited, 
non-binding, indicative and highly conditional approach from Denham Commodity 
Partners Fund V LP, which may or may not lead to a cash offer being made for the 
Company. 
 
 
The Board of Polo Resources considers the indicative approach to significantly 
undervalue the Company's assets. 
 
 
The Company continues to evaluate potential strategic partnerships for its 
Mongolian mineral interests to expedite the funding and development of these 
assets. 
 
 
The Board of Polo Resources is also currently reviewing options to ensure that 
should a formal offer be made for the Company, the equity rights of Polo's 
shareholders are appropriately protected. 
 
 
Further announcements will be made in due course, as appropriate. 
 
 
Neil Herbert, Deputy Chairman of Polo Resources, said: 
 
 
"We are pleased with the interest shown in Polo's assets and believe it 
illustrates the potential resource and significant value available to the 
Company, as well as the strategic importance of our Mongolian licenses. However, 
this approach does not appropriately reflect the value of our assets, 
particularly considering our strong working capital position of approximately 
US$78 million and equity stakes in Caledon Resources plc (26.3%) and GCM 
Resources plc (29.8%). Caledon has announced that it is having discussions which 
may lead to an offer for the Company and GCM is working with the newly elected 
government of Bangladesh to move the Phulbari Coal Project forward, both of 
which would greatly enhance their value. 
 
 
Polo continues to make progress in achieving its aim to become a major 
international coal mining and exploration group and is confident that 
negotiations underway for the development of its assets can deliver substantial 
value to shareholders." 
 
Number of Relevant Securities in Issue: 
The Company's issued share capital consists of 1,874,239,816 ordinary shares of 
no par value ('Ordinary Shares'), each share having equal voting rights. The 
Company does not hold any Ordinary Shares in treasury and therefore the total 
number of Ordinary Shares with voting rights is 1,874,239,816. 
 
 
The ISIN number of the Ordinary Shares is VGG6844A1075. 
 
 
Contacts: 
 
 
+----------------------------------------+----------------------------------------+ 
| Polo Resources Limited                 | Tel: +27 11 269 4906                   | 
| Neil Herbert, Deputy Chairman          |                                        | 
|                                        |                                        | 
+----------------------------------------+----------------------------------------+ 
| Canaccord Adams                        | Tel: +44 (0) 20 7050 6500              | 
| Mike Jones and Ryan Gaffney            |                                        | 
|                                        |                                        | 
+----------------------------------------+----------------------------------------+ 
| Financial Dynamics                     | Tel: +44 (0) 20 7831 3113              | 
| Ben Brewerton                          |                                        | 
| Edward Westropp                        |                                        | 
+----------------------------------------+----------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 OFDBELLLKFBZBBZ 
 

Polo Res.(See LSE:POL) (LSE:PRL)
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Polo Res.(See LSE:POL) (LSE:PRL)
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