TIDMPRL
RNS Number : 0542J
Polo Resources Limited
24 March 2010
24 March 2010
Interim Results for the 6 Months Ended 31 December 2009
Polo Resources (AIM: PRL), the mining company with coal and uranium interests in
Africa, Australasia and Asia, announces results for the six months ended 31
December 2009.
Highlights:
Strategic Investments
· Strategic interest of 9.30% in Extract Resources Ltd currently valued at
US$169.4million*
· Strategic interest of 26.12% in Caledon Resources plc currently valued
at US$38 million*
· Polo also holds US$10.8 million Caledon Resources 8.5% Convertible Loan
Notes
· Strategic interest of 29.83% in GCM Resources plc currently valued at
US$32.5 million*
· BMO Capital Markets has been appointed to evaluate strategic options for
the Company's investment in Extract
Mongolian Coal Operations
· In October 2009 Micromine Consulting evaluated the results of the
drilling on the Erds licence area and defined a NI 43-101 compliant resource
estimated at 254 Mt in the Indicated category and at 553 Mt in the Inferred
category
Financial Highlights
· Operating profit of US$6.8 million for 6 month period to 31 December
2009.
· Working capital of US$29.2 million as at 31 December 2009.
· Net-cash balances of US$10 million at 31 December 2009 and US$27 million
at 19 March 2010.
· The Company has no debt borrowings.
· Intention to dual list on the Toronto Stock Exchange ("TSX") announced
post period end.
Neil Herbert, Managing Director, said:
"This has been a period in which Polo has accelerated its development and
earnings potential in the near term and has seen significant growth in the
market value of its investments. We are reviewing the various options open to us
to maximise best value from these investments over time.
"As at 19 March 2010 Polo had a net cash position of US$27 million and listed
investments of US$250 million, equivalent to 6.43p per Polo share.
"Post period end we have also announced our intention to dual list on the TSX,
to take advantage of the mining investment expertise contained within the
Canadian capital markets, as we seek to increase the shareholder value."
* Based on the closing prices on 19 March 2010
Contacts:
+-------------------------------------------+--------------------+
| Polo Resources Limited | + 27 82 404 3637 |
| Neil Herbert, Managing Director | |
| | |
+-------------------------------------------+--------------------+
| Canaccord Adams Limited | + 44 (0) 20 7050 |
| Ryan Gaffney/ Bhavesh Patel | 6500 |
| | |
+-------------------------------------------+--------------------+
| Financial Dynamics | + 44 (0) 20 7831 |
| Ben Brewerton / Ed Westropp | 3113 |
| | |
+-------------------------------------------+--------------------+
CAUTIONARY STATEMENT
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 Limited. 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 Limited
assumes no obligation to update forward-looking statements should circumstances
or management's estimates or opinions change.
Managing Director's Statement
I am pleased to announce the Interim Results for the six months ended 31
December 2009. It has been a period of development for the business and one in
which Polo has utilised the wealth of experience and expertise of its management
team to accelerate development and earning potential in the near term. I am
pleased to report that the results of this strategy have been extremely
encouraging with significant growth in the market value of these timely
investments and, in so doing, establishing the Company as a significant presence
in this sector.
Financial Position
The Group recorded a profit on ordinary activities of US$6.8 million for the
period under review.
During the course of the period, Polo increased its stake in Extract Resources
Ltd while successfully realising several investments in junior listed companies
at a net gain of US$14 million. During the six months ended 31 December 2009,
available for sale investments achieved an increase in value of US$37 million.
The results further support the Board's decision to refocus its strategy and
build a diversified portfolio of mineral assets which the Board considers as
offering substantial growth potential.
As of 19 March 2010 Polo had a net cash position of US$27 million and listed
investments of US$250 million. The combined value of cash and listed investments
at 19 March 2010 was US$277.7 million, equivalent to 6.43p per Polo share.
Peabody - Polo Resources Mongolian Coal Operations
In May 2009, Polo entered into a 50-50 joint venture for its projects in
Mongolia with Peabody Energy Corporation (NYSE: BTU), the world's largest
private-sector coal company, empowered to manage and develop the joint venture
projects.
Erds Coal Project
In October 2009 Micromine Consulting evaluated the results of the drilling for
Polo and defined a NI 43-101 compliant resource estimated at 254 Mt in the
Indicated category and at 553 Mt in the Inferred category.
The Erds Coal Project adjoins a tenement to the west owned by Gulfside Minerals
Ltd, who recently announced NI 43-101 compliant resources of 1,185 Mt of thermal
coal at the Onjuul coal deposit. The strip ratio is low and the coal is lignite
(brown coal), a low rank thermal coal suitable for power generation. Polo,
through its joint venture company with Peabody Energy, also has tenements
(Altanshiree) immediately south of the Gulfside resource and adjoins the Erds
resource to the east. The geology of the coal basin, combined with the large
thicknesses of coal reported at Onjuul and Erds, strongly indicates that
additional coal resources will be discovered at Altanshiree.
The project is approximately 430km south-east of the capital city, Ulaanbaatar.
It is close to rail and power infrastructure and is around 260km from the
nearest border crossing into China. The deposit style for the project is a rift
basin, which coincides with the Jurassic-Cretaceous intracontinental rift
evolution. Deposits in the project area are hosted in the Huhteeg Formation,
which contains thick coal seams. The area has undergone a series of exploration
campaigns and the results indicate potential for large scale, multi bench, and
open-cut operations.
Union Thermal Coal Project (Central Mongolia)
The Union coal project is located in Central Mongolia only 130km south of
Ulaanbaatar. The project is located only 14km from a rail siding where coal is
currently being loaded to supply Ulaanbaatar's three power stations (5Mt/year).
Micromine Consulting evaluated the results of the drilling for Polo and defined
a NI 43-101 compliant resource of 94.7 Mt Measured and Indicated and 38.4 Mt
Inferred categories of coal.
The main coal seam at Union is up to 80m thick, crops out at surface and results
of drilling indicate potential for large scale, multi bench, open pit mining
with low strip ratios. The size and quality of the resources within the JV's
licences at Union have the potential of supporting a significant size coal or
gas fired power station for more than 20 years, supplying coal and electricity
to domestic and Chinese markets.
The JV is currently talking with adjacent licence holders looking at combining
resources to enhance the project.
South Gobi Coal Projects
The South Gobi Basin hosts some of the largest coking and thermal coal deposits
in close proximity to China e.g.Tavan Tolgoi more than 5 Bt, Ovoot Tolgoi more
than 390 Mt. Peabody-Polo hold thirty coal licences in the South Gobi totaling
5,617 squares kilometres in area.
In 2008 and 2009 drilling and exploration work conducted on six of the licences,
identified coal seams that require further drilling to determine the full extent
and size of the coal resources. Extensive seismic (40km), induced polarisation
(140km) and magnetic (240km) geophysics surveys completed in the last quarter of
2009 have identified numerous targets that require drilling in the 2010 field
season.
Caledon Resources plc
Polo currently holds a 26.12% interest in Caledon Resources plc ("Caledon"), the
Australian coking coal producer and explorer listed on AIM and the ASX.
Caledon's main assets are the Cook Mine in the Bowen Basin, in Queensland,
Australia which has a JORC compliant resource of 406 Mt, and the Minyango
Project, which has JORC compliant resources of 342 Mt.
The Cook Mine achieved a production level of 485,000 tonnes of coal in 2009.
Forecast saleable production for 2010 is scheduled to be greater than 700,000
tonnes.
The outlook for the coking coal market is increasingly encouraging as China has
increased its imports to a level that has effectively replaced the demand lost
from more traditional Asian and European markets during the recession. Indian
demand is also proving to be resilient and continues to grow. Given this change
in outlook, Caledon is currently implementing plans to increase production
whilst maintaining tight cost controls. A key component of this plan is the move
to a more balanced mix of primary development and lower cost secondary
extraction. The impact of this will enable production and sales to exceed
700,000 tonnes in 2010.
In February 2010 Caledon announced a private placement of GBP4.2 million nominal
8.5% unsecured convertible loan notes due 2013, each with a par value of
GBP50,000 (the "Loan Notes'), to certain existing shareholders and other
investors. The Loan Notes have a conversion price of 47.5p per Ordinary Share
and are substantially the same form as the existing unsecured convertible loan
notes of the company due 2010 ("2010 Loan Notes"). The proceeds of the Placement
will be used, inter alia, to provide additional working capital.
As a result of Polo's participation in the Placing (being a nominal amount of
GBP2.5 million), Polo holds in aggregate US$10.8 million Caledon Resources 8.5%
Convertible notes and 54,985,196 Ordinary Shares representing 26.12% of the
Ordinary Issued Share Capital.
GCM Resources plc
Polo holds a 29.83% interest in GCM Resources plc ("GCM") (AIM:GCM), a
London-based resource exploration company with operations in Bangladesh. Its
Phulbari Coal Project is poised for development once the Government of
Bangladesh provides approval.
GCM has established a world class coal resource of 572 million tonnes (JORC
compliant) near the town of Phulbari in North West Bangladesh. The growing
domestic market and proximity to expanding Asian markets adds to the Project's
competitive advantage and economic sustainability. High quality thermal coal
represents 63% of the resource with low ash metallurgical coal, also known as
semi-soft coking coal making up 21%.
The cumulative coal seam thickness varies between 20-65 metres at depths between
165-270 metres and 99% of the open cut mining reserve is contained in two close
thick coal seams separated by a five metre band of sediments. The average strip
ratio of 7.4 bcm per recoverable coal tonne is highly competitive.
Polo believes that the likelihood of the project receiving Government approval
in the mid-term has improved following recent positive developments in
Bangladesh.
The Phulbari deposit is conducive to a long life, low cost mining operation. The
production cost will be in the lowest quartile of industry cost curves for both
thermal coal and semi-soft coking coal. Substantial initial investment relating
to equipment costs, site preparation, box cut development, and initial
resettlement and other community programmes will take place over a three year
period leading up to the commencement of commercial coal production. The ramp up
to saleable coal production of 15 million tonnes per annum will take a further
five years.
The combination of high quality export grade coal, a large coal resource, thick
seams, highly competitive average stripping ratio, low operating costs, a
project life of over 30 years and easy access to domestic and international
markets make Phulbari a world class coal project.
We look forward to the Project receiving approval from the Government of
Bangladesh and proceeding into the development phase.
Extract Resources Limited ("Extract")
Husab Project - Rossing South
Work on Extract's Rossing South prospect continues to make progress with
feasibility studies to advance towards mine development.
Preliminary high level estimates indicate the potential for a 15 Mtpa operation
producing 14.8 Mlb U3O8 per year over a +20 year mine life.
The current resource estimate for the Rossing South prospect is as follows:
Zone 1: Resource of 145 Mlbs U3O8 @ 449 ppm
Zone 2: Resource of 122 Mlbs U3O8 @ 543 ppm
Exploration drilling has further identified a new zone of mineralisation south
of Zone 2 on the western limb of the Rossing South antiform. Significant results
from this area include: drill hole R3RC001, from 157-212m, 55m at 1,474 ppm U3O8
and in drill hole R3RC0002, from 104-157, 53m at 1,616 ppm U3O8. This geological
position has only been sparsely tested and there remains significant scope for
additional mineralisation.
Uranium mineralisation remains open along strike to the south and down dip to
the east with future drilling expected to increase both the resource size and
confidence levels.
Based on the considerable and ongoing exploration success at Rossing South a new
Exploration Target has been defined of between 185 to 285 Mlbs U3O8 (ASX release
26 October 2009). This figure is an addition to the substantial resource base
that has already been defined at Zone 1 and Zone 2.
Extract continues to increase the exploration team on site to process chips and
core from the additional drill rigs and to accelerate field work.
Outlook
Trading since the period end has continued well. We believe our strategic
investments continue to deliver significant value to our shareholders and we
constantly monitor other opportunities that would add to this.
As announced on 9 March 2010, it is our intention to dual list the Company's
ordinary shares on the TSX, to access the significant capital resources
contained there and take advantage of the mining expertise contained within the
Canadian capital markets.
Neil Herbert
Managing Director
24 March 2010
POLO RESOURCES LTD
CONSOLIDATED INCOME STATEMENT
FOR THE 6 MONTHS ENDED 31 DECEMBER 2009
+---------------------------+------+-------------+-------------+------------+
| |Note | 6 months | 6 months | Year ended |
| | | ended 31 | ended 31 | 30 June |
| | | December | December | 2009 |
| | | 2009 | 2008 | (audited) |
| | | (unaudited) | (unaudited) | |
+---------------------------+------+-------------+-------------+------------+
| | | $ 000's | $ 000's | $ 000's |
+---------------------------+------+-------------+-------------+------------+
| | | | | |
+---------------------------+------+-------------+-------------+------------+
| Exploration costs | | - | (2,161) | (8,012) |
+---------------------------+------+-------------+-------------+------------+
| Impairment charge | | - | (5,408) | (43,978) |
+---------------------------+------+-------------+-------------+------------+
| Administrative expenses | | (2,794) | (2,706) | (15,098) |
+---------------------------+------+-------------+-------------+------------+
| Share options expensed | | - | - | (607) |
+---------------------------+------+-------------+-------------+------------+
| Currency exchange | | (6) | - | 11,200 |
| (losses)/gains | | | | |
+---------------------------+------+-------------+-------------+------------+
| Investment income | | 317 | - | 403 |
+---------------------------+------+-------------+-------------+------------+
| Gains on sale of | | 14,148 | - | 1,211 |
| available for sale | | | | |
| investments | | | | |
+---------------------------+------+-------------+-------------+------------+
| | | | | |
+---------------------------+------+-------------+-------------+------------+
| Operating profit/(loss) | | 11,665 | (10,275) | (54,881) |
+---------------------------+------+-------------+-------------+------------+
| | | | | |
+---------------------------+------+-------------+-------------+------------+
| Share of joint venture | 5 | (3,833) | - | (3,519) |
| results | | | | |
+---------------------------+------+-------------+-------------+------------+
| Share of associates | 6 | (1,010) | (1,036) | (3,239) |
| results | | | | |
+---------------------------+------+-------------+-------------+------------+
| Finance revenue | | 13 | 1,678 | 2,421 |
+---------------------------+------+-------------+-------------+------------+
| (Loss) on subsidiary | | - | - | (3,512) |
| disposal | | | | |
+---------------------------+------+-------------+-------------+------------+
| | | | | |
+---------------------------+------+-------------+-------------+------------+
| Profit/(loss) on ordinary | | 6,835 | (9,633) | (62,730) |
| activities before | | | | |
| taxation | | | | |
+---------------------------+------+-------------+-------------+------------+
| | | | | |
+---------------------------+------+-------------+-------------+------------+
| Income tax expense | | - | - | - |
+---------------------------+------+-------------+-------------+------------+
| | | | | |
+---------------------------+------+-------------+-------------+------------+
| Profit/(loss) for the | | 6,835 | (9,633) | (62,730) |
| financial period | | | | |
+---------------------------+------+-------------+-------------+------------+
| | | | | |
+---------------------------+------+-------------+-------------+------------+
| Attributable to: | | | | |
+---------------------------+------+-------------+-------------+------------+
| Equity holders of the | | 6,835 | (9,633) | (62,730) |
| parent | | | | |
+---------------------------+------+-------------+-------------+------------+
| | | | | |
+---------------------------+------+-------------+-------------+------------+
| Earnings per share: | 3 | | | |
+---------------------------+------+-------------+-------------+------------+
| Basic earnings/(loss) per | | 0.29 | (0.51) | (3.20) |
| share (US cents) | | | | |
+---------------------------+------+-------------+-------------+------------+
| Diluted earnings/(loss) | | 0.24 | (0.51) | (3.20) |
| per share (US cents) | | | | |
+---------------------------+------+-------------+-------------+------------+
POLO RESOURCES LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 31 DECEMBER 2009
+---------------------------+----+-------------+-------------+------------+
| | | 6 months | 6 months | Year ended |
| | | ended 31 | ended 31 | 30 June |
| | | December | December | 2009 |
| | | 2009 | 2008 | (audited) |
| | | (unaudited) | (unaudited) | |
+---------------------------+----+-------------+-------------+------------+
| | | $ 000's | $ 000's | $ 000's |
+---------------------------+----+-------------+-------------+------------+
| | | | | |
+---------------------------+----+-------------+-------------+------------+
| Profit/(loss) for the | | 6,835 | (9,633) | (62,730) |
| period | | | | |
+---------------------------+----+-------------+-------------+------------+
| | | | | |
+---------------------------+----+-------------+-------------+------------+
| Gain on revaluation of | | 37,215 | 200 | 56,841 |
| available for sale | | | | |
| investments | | | | |
+---------------------------+----+-------------+-------------+------------+
| | | | | |
+---------------------------+----+-------------+-------------+------------+
| Currency translation | | (6,029) | (62,462) | (49,597) |
| differences | | | | |
+---------------------------+----+-------------+-------------+------------+
| | | | | |
+---------------------------+----+-------------+-------------+------------+
| Total comprehensive | | 38,021 | (71,895) | (55,486) |
| income | | | | |
+---------------------------+----+-------------+-------------+------------+
POLO RESOURCES LTD
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2009
+--------------------------+------+-------------+-------------+-----------+
| | | 31 December | 31 | 30 June |
| |Note | 2009 | December | 2009 |
| | | (unaudited) | 2008 | (audited) |
| | | | (unaudited) | |
+--------------------------+------+-------------+-------------+-----------+
| | | $ 000's | $ 000's | $ 000's |
+--------------------------+------+-------------+-------------+-----------+
| | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Non-current assets | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Intangible assets | | - | 70,132 | - |
+--------------------------+------+-------------+-------------+-----------+
| Property, plant and | 8 | 5 | 3,232 | 6 |
| equipment | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Interest in joint | 5 | 15,672 | - | 19,505 |
| venture | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Interest in associates | 6 | 126,873 | 111,172 | 132,596 |
+--------------------------+------+-------------+-------------+-----------+
| Available for sale | 7 | 167,137 | 7,054 | 108,264 |
| investments | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Trade and other | | 2,700 | - | 2,813 |
| receivables | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Total non-current assets | | 312,387 | 191,590 | 263,184 |
+--------------------------+------+-------------+-------------+-----------+
| | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Current assets | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Trade and other | | 7,141 | 6,879 | 4,560 |
| receivables | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Available for sale | 7 | 12,442 | - | 32,395 |
| investments | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Cash and cash | | 9,996 | 70,747 | 12,288 |
| equivalents | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Total current assets | | 29,579 | 77,626 | 49,243 |
+--------------------------+------+-------------+-------------+-----------+
| | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Total Assets | | 341,966 | 269,216 | 312,427 |
+--------------------------+------+-------------+-------------+-----------+
| | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Current Liabilities | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Trade and other payables | | (339) | (7,310) | (8,821) |
+--------------------------+------+-------------+-------------+-----------+
| Total Liabilities | | (339) | (7,310) | (8,821) |
+--------------------------+------+-------------+-------------+-----------+
| | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Net Assets | | 341,627 | 261,906 | 303,606 |
+--------------------------+------+-------------+-------------+-----------+
| | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Shareholders' equity | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Share capital | 4 | - | - | - |
+--------------------------+------+-------------+-------------+-----------+
| Share premium | | 294,417 | 245,897 | 305,359 |
+--------------------------+------+-------------+-------------+-----------+
| Share based payment | | 3,017 | 1,472 | 3,129 |
| reserve | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Foreign exchange reserve | | 12,212 | 30,679 | 8,037 |
+--------------------------+------+-------------+-------------+-----------+
| Available for sale | | 94,618 | 233 | 56,553 |
| investments reserve | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Retained earnings | | (62,637) | (16,375) | (69,472) |
+--------------------------+------+-------------+-------------+-----------+
| | | | | |
+--------------------------+------+-------------+-------------+-----------+
| Total Equity | | 341,627 | 261,906 | 303,606 |
+--------------------------+------+-------------+-------------+-----------+
POLO RESOURCES LTD
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 6 MONTHS ENDED 31 DECEMBER 2009
+--------------------------------+-------------+-------------+-----------+
| | 6 months | 6 months | Year |
| | ended 31 | ended 31 | ended 30 |
| | December | December | June |
| | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
+--------------------------------+-------------+-------------+-----------+
| | $ 000's | $ 000's | $ 000's |
+--------------------------------+-------------+-------------+-----------+
| Cash outflow from operating | | | |
| activities | | | |
+--------------------------------+-------------+-------------+-----------+
| Operating profit/(loss) | 11,665 | (10,275) | (54,881) |
| (Increase) in trade and other | (2,581) | (2,523) | (204) |
| receivables | (8,482) | (949) | 562 |
| (Decrease)/increase in trade | 6 | (1,781) | (11,200) |
| and other payables | - | - | 607 |
| Foreign exchange translation | - | - | 8,021 |
| Share options expensed | - | 5,408 | 43,978 |
| Share based payment charge - | - | 146 | - |
| shares issued | (14,148) | - | (1,211) |
| Impairment charge of | 1 | 162 | 5,844 |
| investment in Mongolia | | | |
| Loss on sale of fixed assets | | | |
| Gains on sale of available for | | | |
| sale investments | | | |
| Depreciation & impairment | | | |
+--------------------------------+-------------+-------------+-----------+
| Net cash (outflow)/inflow from | (13,539) | (9,812) | (8,484) |
| operating activities | | | |
+--------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------+-------------+-------------+-----------+
| Cash flows from investing | | | |
| activities | | | |
+--------------------------------+-------------+-------------+-----------+
| Interest received | 13 | 1,678 | 2,421 |
+--------------------------------+-------------+-------------+-----------+
| Payments to acquire intangible | - | (12,433) | (2,798) |
| assets | | | |
+--------------------------------+-------------+-------------+-----------+
| Payments to acquire tangible | - | (3,241) | (3,858) |
| assets | | | |
+--------------------------------+-------------+-------------+-----------+
| Investments in associates | - | (5,387) | (6,113) |
+--------------------------------+-------------+-------------+-----------+
| Receipts on sale of available | 30,598 | - | 9,586 |
| for sale investments | | | |
+--------------------------------+-------------+-------------+-----------+
| Purchase of available for sale | (20,087) | (6,469) | (83,908) |
| investments | | | |
+--------------------------------+-------------+-------------+-----------+
| Loans to joint ventures | - | - | (2,813) |
+--------------------------------+-------------+-------------+-----------+
| Net cash inflow/(outflow) from | 10,524 | (25,852) | (87,483) |
| investing activities | | | |
+--------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------+-------------+-------------+-----------+
| Acquisitions and disposals | | | |
+--------------------------------+-------------+-------------+-----------+
| Payments to acquire | - | (577) | - |
| subsidiaries | | | |
+--------------------------------+-------------+-------------+-----------+
| Cash (derecognised) with | - | - | (231) |
| subsidiaries | | | |
+--------------------------------+-------------+-------------+-----------+
| Net cash outflow from | - | (577) | (231) |
| acquisitions and disposals | | | |
+--------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------+-------------+-------------+-----------+
| Cash flows from financing | | | |
| activities | | | |
+--------------------------------+-------------+-------------+-----------+
| Issue of ordinary share | - | - | 10,172 |
| capital | | | |
+--------------------------------+-------------+-------------+-----------+
| Share issue costs | - | - | (704) |
+--------------------------------+-------------+-------------+-----------+
| Net cash inflow from financing | - | - | 9,468 |
| activities | | | |
+--------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------+-------------+-------------+-----------+
| Net (decrease) in cash and | (3,015) | (36,241) | (86,730) |
| cash equivalents | | | |
+--------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents at | 12,288 | 115,974 | 115,974 |
| beginning of period | | | |
+--------------------------------+-------------+-------------+-----------+
| Exchange gain on cash and cash | 723 | (8,986) | (16,956) |
| equivalents | | | |
+--------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents at | 9,996 | 70,747 | 12,288 |
| end of period | | | |
+--------------------------------+-------------+-------------+-----------+
POLO RESOURCES LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited)
FOR THE 6 MONTHS ENDED 31 DECEMBER 2009
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| | Attributable to equity holders of the parent |
+----------------+------------------------------------------------------------------------------+
| | Called | | Foreign | Available | Share | Retained | |
| | up | Share | currency | for sale | based | earnings | |
| | share | premium | translation | investment | payment | | |
| | capital | reserve | reserve | reserve | reserve | | Total |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| Group | $ | $ | $ | $ | $ | $ | $ |
| (unaudited) | 000's | 000's | 000's | 000's | 000's | 000's | 000's |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| As at 1 July | | 305,359 | 8,037 | 56,553 | 3,129 | (69,472) | 303,606 |
| 2009 | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| Profit for the | - | - | - | - | - | 6,835 | 6,835 |
| period | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| Currency | - | (10,942) | 4,175 | 850 | (112) | - | (6,029) |
| translation | | | | | | | |
| differences | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| Gain on | - | - | - | 37,215 | - | - | 37,215 |
| revaluation of | | | | | | | |
| available for | | | | | | | |
| sale | | | | | | | |
| investments | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| Total | - | (10,942) | 4,175 | 38,065 | (112) | 6,835 | 38,021 |
| recognised | | | | | | | |
| income and | | | | | | | |
| expense for | | | | | | | |
| the period | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| Share capital | - | - | - | - | - | - | - |
| issued | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| Cost of share | - | - | - | - | - | - | - |
| issue | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| Share based | - | - | - | - | - | - | - |
| payments | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| As at 31 | - | 294,417 | 12,212 | 94,618 | 3,017 | (62,637) | 341,627 |
| December 2009 | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
| | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+---------+
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| | Attributable to equity holders of the parent |
+----------------+-------------------------------------------------------------------------------+
| | Called | | Foreign | Available | Share | Retained | |
| | up | Share | currency | for sale | based | earnings | |
| | share | premium | translation | investment | payment | | |
| | capital | reserve | reserve | reserve | reserve | | Total |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| Group | $ | $ | $ | $ | $ | $ | $ |
| (unaudited) | 000's | 000's | 000's | 000's | 000's | 000's | 000's |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| As at 1 July | - | 338,861 | (285) | (62) | 2,029 | (6,742) | 333,801 |
| 2008 | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| (Loss) for the | - | - | - | - | - | (9,633) | (9,633) |
| period | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| Currency | - | (92,964) | 30,964 | 95 | (557) | - | (62,462) |
| translation | | | | | | | |
| differences | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| Gain on | - | - | - | 200 | - | - | 200 |
| revaluation of | | | | | | | |
| available for | | | | | | | |
| sale | | | | | | | |
| investments | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| Total | - | (92,964) | 30,964 | 295 | (557) | (9,633) | (71,895) |
| recognised | | | | | | | |
| income and | | | | | | | |
| expense for | | | | | | | |
| the period | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| Share capital | - | - | - | - | - | - | - |
| issued | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| Cost of share | - | - | - | - | - | - | - |
| issue | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| Share based | - | - | - | - | - | - | - |
| payments | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| | - | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| As at 31 | - | 245,897 | 30,679 | 233 | 1,472 | (16,375) | 261,906 |
| December 2008 | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
| | | | | | | | |
+----------------+---------+----------+-------------+------------+---------+----------+----------+
POLO RESOURCES LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (continued)
FOR THE 6 MONTHS ENDED 31 DECEMBER 2009
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| | Attributable to equity holders of the parent |
+-----------------+-------------------------------------------------------------------------------+
| | Called | | Foreign | Available | Share | Retained | |
| | up | Share | currency | for sale | based | earnings | |
| | share | premium | translation | investment | payment | | |
| | capital | reserve | reserve | reserve | reserve | | Total |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
|Group (audited) | $ | $ | $ | $ | $ | $ | $ |
| | 000's | 000's | 000's | 000's | 000's | 000's | 000's |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| As at 1 July | - | 338,861 | (285) | (62) | 2,029 | (6,742) | 333,801 |
| 2008 | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| (Loss) for the | - | - | - | - | - | (62,730) | (62,730) |
| period | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| Currency | - | (57,394) | 8,322 | (226) | (299) | - | (49,597) |
| translation | | | | | | | |
| differences | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| Gain on | - | - | - | 56,841 | - | - | 56,841 |
| revaluation of | | | | | | | |
| available for | | | | | | | |
| sale | | | | | | | |
| investments | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| Total | - | (57,394) | 8,322 | 56,615 | (299) | (62,730) | (55,486) |
| recognised | | | | | | | |
| income and | | | | | | | |
| expense for the | | | | | | | |
| period | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| Share capital | - | 25,364 | - | - | - | - | 25,364 |
| issued | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| Cost of share | - | (1,472) | - | - | - | - | (1,472) |
| issue | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| Share based | - | - | - | - | 1,399 | - | 1,399 |
| payments | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| | - | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| As at 30 June | - | 305,359 | 8,037 | 56,553 | 3,129 | (69,472) | 303,606 |
| 2009 | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
| | | | | | | | |
+-----------------+---------+----------+-------------+------------+---------+----------+----------+
POLO RESOURCES LTD
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 DECEMBER 2009
1. Basis of preparation
The financial information has been prepared under the historical cost convention
and on a going concern basis and in accordance with International Financial
Reporting Standards and IFRIC interpretations adopted for use in the European
Union ("IFRS") and those parts of the BVI Business Companies Act applicable to
companies reporting under IFRS.
The financial information for the period ended 31 December 2009 has not been
audited or reviewed in accordance with the International Standard on Review
Engagements 2410 issued by the Auditing Practices Board. The figures were
prepared using applicable accounting policies and practices consistent with
those adopted in the statutory accounts for the period ended 30 June 2009.The
figures for the period ended 30 June 2009 have been extracted from these
accounts, which have been delivered to the AIM Market operated by the London
Stock Exchange, and contain an unqualified audit report.
The financial information contained in this document does not constitute
statutory financial statements. In the opinion of the directors the financial
information for this period fairly presents the financial position, results of
operations and cash flows for this period.
This Interim Financial Report was approved by the Board of Directors on 19 March
2010.
Statement of compliance
These condensed consolidated interim financial statements have been prepared in
accordance with International Accounting Standard ('IAS') 34 - Interim Financial
Reporting as adopted by the European Union. Accordingly the interim financial
statements do not include all of the information or disclosures required in the
annual financial statements and should be read in conjunction with the Group's
2009 annual financial statements.
Basis of consolidation
The consolidated financial statements comprise the financial statements of Polo
Resources Ltd and its controlled entities. The financial statements of
controlled entities are included in the consolidated financial statements from
the date control commences until the date control ceases.
The financial statements of subsidiaries are prepared for the same reporting
period as the parent company, using consistent accounting policies.
All inter-company balances and transactions have been eliminated in full.
Foreign currencies
(a) Functional and presentation currency
The functional currency of each entity is determined after consideration of the
primary economic environment of the entity. The group's presentational currency
is US Dollars ($).
(b) Group companies
The results and financial position of all the group entities are translated into
the presentation currency as follows:
· Assets, liabilities and equity for each balance sheet presented are
translated at the closing rate at the date of that balance sheet;
· Income and expenses for each income statement are translated at average
exchange rates; and
· All resulting exchange differences are recognised as a separate component
of equity.
(c) Rates of exchange
Rates of exchange to US$1 were as follows:
+------------+------------+-------------+------------+------------+
| | |Average for | | Average |
| | As at 31 | the 6 | As at 30 | for the |
| | December | months to | June 2009 | period to |
| | 2009 |31 December | | 30 June |
| | | 2009 | | 2009 |
+------------+------------+-------------+------------+------------+
| | | | | |
+------------+------------+-------------+------------+------------+
| Pound | 0.62792 | 0.61079 | 0.60546 | 0.62696 |
| Sterling | | | | |
+------------+------------+-------------+------------+------------+
| Australian | 1.11967 | 1.15247 | 1.24259 | 1.36035 |
| Dollar | | | | |
+------------+------------+-------------+------------+------------+
2. Segmental analysis - Group
+--------------------+----------+--------+--------+----------+
| For the purposes of segmental information, the operations |
| of the group currently comprise one class of business: the |
| investment in mining and exploration companies, with a |
| view to enhancing Group shareholder values. |
| |
| The parent company acts as a holding company. |
| |
| The Group's profit for the period arose from its |
| investment sales, with all assets being held within |
| British Virgin Island (BVI) subsidiaries. |
| |
+------------------------------------------------------------+
| | | | | |
+--------------------+----------+--------+--------+----------+
3. Profit / (Loss) per share
The calculation of earnings per share is based on the profit /(loss) after
taxation divided by the weighted average number of shares in issue during the
period:
+-------------------------+-------------+-------------+-------------+
| | 6 Months | 6 Months | Year 30 |
| | ended 31 | ended 31 | June 2009 |
| | December | December | (audited) |
| | 2009 | 2008 | |
| | (unaudited) | (unaudited) | |
+-------------------------+-------------+-------------+-------------+
| | $ 000's | $ 000's | $ 000's |
+-------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------+-------------+-------------+-------------+
| Net profit/(loss) after | 6,835 | (9,633) | (62,730) |
| taxation | | | |
+-------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------+-------------+-------------+-------------+
| Weighted average number | 2,346.6m | 1,874.2m | 1,962.9m |
| of ordinary shares used | | | |
| in calculating basic | | | |
| earnings per share | | | |
+-------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------+-------------+-------------+-------------+
| Basic earnings/(loss) | 0.29cents | (0.51)cents | (3.20)cents |
| per share (expressed in | | | |
| US cents) | | | |
+-------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------+-------------+-------------+-------------+
| Weighted average number | 2,346.6m | 1,874.2m | 1,962.9m |
| of ordinary shares in | | | |
| issue | | | |
+-------------------------+-------------+-------------+-------------+
| Adjustments for; | | | |
| - share options | 120.75m | - | - |
| - warrants | 415.46m | - | - |
+-------------------------+-------------+-------------+-------------+
| Weighted average number | 2,882.81m | 1,874.2m | 1,962.9m |
| of shares for diluted | | | |
| earnings/(loss) per | | | |
| share | | | |
+-------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------+-------------+-------------+-------------+
| Diluted earnings/(loss) | 0.24cents | (0.51)cents | (3.20)cents |
| per share (expressed in | | | |
| US cents) | | | |
+-------------------------+-------------+-------------+-------------+
Diluted earnings per share are calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The company has two categories of dilutive potential
ordinary shares: warrants and share options. For the warrants and share options,
a calculation is done to determine the number of shares that could have been
acquired at fair value (determined as the average period market share price of
the company's shares) based on the monetary value of the subscription rights
attached to outstanding share options. The number of shares calculated as above
is compared with the number of shares that would have been issued assuming the
exercise of the share options that were in the money.
4. Share capital
The authorised share capital of the Company and the called up and fully paid
amounts at 31 December 2009 were as follows:
$ 000's
Authorised
Unlimited ordinary shares of no par value each
-
+--------------------------------------+---------------+-------------+
| Called up, allotted, issued and | Number of | Nominal |
| fully paid | shares | value |
| | | $ 000's |
+--------------------------------------+---------------+-------------+
| As at 1 July 2009 | 2,346,645,623 | - |
+--------------------------------------+---------------+-------------+
| No shares issued in the period | - | - |
+--------------------------------------+---------------+-------------+
| As at 31 December 2009 | 2,346,645,623 | - |
+--------------------------------------+---------------+-------------+
Total share options in issue
During the 6 months ended 31 December 2009, 20,000,000 options were granted over
ordinary shares and 20,000,000 were cancelled.
As at 31 December 2009 the unexercised options in issue were;
+------------------------+----------------------+------------------+
| Exercise Price | Expiry Date | Options in Issue |
| | | 30 June 2009 |
+------------------------+----------------------+------------------+
| 5p | 4 September 2012 | 4,000,000 |
+------------------------+----------------------+------------------+
| 9p | 4 March 2018 | 21,000,000 |
+------------------------+----------------------+------------------+
| 3.5p | 30 January 2019 | 105,750,000 |
+------------------------+----------------------+------------------+
| 4.28p | 7 June 2019 | 10,000,000 |
+------------------------+----------------------+------------------+
| | | 140,750,000 |
+------------------------+----------------------+------------------+
As at 31 December 2009 the unexercised warrants in issue were;
+------------------------+----------------------+------------------+
| Exercise Price | Expiry Date | Warrants in |
| | | Issue |
| | | 30 June 2009 |
+------------------------+----------------------+------------------+
| 4p | 30 November 2010 | 404,866,875 |
+------------------------+----------------------+------------------+
| 3.775p | 30 November 2010 | 8,823,530 |
+------------------------+----------------------+------------------+
| 4p | 30 November 2010 | 1,764,706 |
+------------------------+----------------------+------------------+
| | | |
+------------------------+----------------------+------------------+
| | | 415,455,111 |
+------------------------+----------------------+------------------+
No warrants lapsed or were cancelled or exercised during the 6 months to 31
December 2009.
5. Investment in Joint Ventures
+--+--------------+---------------+------------+-----------+-----------+-------------+
| | | | $ 000's |
+--+-------------------------------------------------------+-----------+-------------+
| | Group | | |
+--+-------------------------------------------------------+-----------+-------------+
| | At 1 July 2009 | | 19,505 |
+--+-------------------------------------------------------+-----------+-------------+
| | Share of Joint Venture's results | | (3,833) |
+--+-------------------------------------------------------+-----------+-------------+
| | As at 31 December 2009 | | 15,672 |
+--+-------------------------------------------------------+-----------+-------------+
| | | | |
+--+-------------------------------------------------------+-----------+-------------+
| | The breakdown of the carrying values and fair values at the |
| | balance sheet date of the Group's investment in joint ventures is |
| | as follows: |
+--+---------------------------------------------------------------------------------+
| | | Carrying | Fair |
| | | Value | Value |
+--+-------------------------------------------------------+-----------+-------------+
| | | $ 000's | $ 000's |
+--+-------------------------------------------------------+-----------+-------------+
| | Peabody-Polo Resources BV | 15,672 | 15,672 |
+--+-------------------------------------------------------+-----------+-------------+
| | | | |
+--+-------------------------------------------------------+-----------+-------------+
| | | | |
+--+-------------------------------------------------------+-----------+-------------+
| | Details of the Group's Joint Venture interests at 31 December |
| | 2009 are as follows: |
+--+---------------------------------------------------------------------------------+
| | Name | Place of |Proportion | Date |Reporting | Principal |
| | |Incorporation | held |associate | Date of | activities |
| | | | | interest | JV | |
| | | | | acquired | | |
+--+--------------+---------------+------------+-----------+-----------+-------------+
| | Peabody-Polo | Netherlands | 50% | 01/05/09 | 30/06/09 | Coal |
| | Resources BV | | | | |exploration |
+--+--------------+---------------+------------+-----------+-----------+-------------+
| | | | | | | |
+--+--------------+---------------+------------+-----------+-----------+-------------+
6. Interest in associates
+-----------+---------------+------------+-----------+-----------+-------------+
| | $ 000's |
+----------------------------------------------------------------+-------------+
| Group | | |
+----------------------------------------+-----------------------+-------------+
| At 1 July 2009 | | 132,596 |
+----------------------------------------+-----------------------+-------------+
| Investments in associates | | - |
| - purchases | | |
+----------------------------------------+-----------------------+-------------+
| Foreign exchange | | (4,713) |
| translation | | |
+----------------------------------------+-----------------------+-------------+
| Share of associates loss | | (1,010) |
| for the period | | |
+----------------------------------------+-----------------------+-------------+
| As at 31 December 2009 | | 126,873 |
+----------------------------------------+-----------------------+-------------+
| | | |
+----------------------------------------+-----------------------+-------------+
| The breakdown of the carrying values and fair values at the |
| balance sheet date of the Group's interest in listed |
| associates is as follows: |
+------------------------------------------------------------------------------+
| | Carrying | Fair Value |
| | Value | |
+----------------------------------------------------+-----------+-------------+
| | $ 000's | $ 000's |
+----------------------------------------------------+-----------+-------------+
| GCM Resources Plc | 33,902 | 18,668 |
+----------------------------------------------------+-----------+-------------+
| Caledon Resources Plc | 92,971 | 58,998 |
+----------------------------------------------------+-----------+-------------+
| | 126,873 | 77,666 |
+----------------------------------------------------+-----------+-------------+
| | | |
+----------------------------------------------------+-----------+-------------+
| Subsequent to 31 December 2009 the market value of the |
| investment in Associates, has increased substantially. It is |
| considered that this increase is a subsequent event that does |
| not require adjustment at 31 December 2009. The market value |
| of the interests in associates was US$81.1 million at 19 March |
| 2010. |
+------------------------------------------------------------------------------+
| | | |
+----------------------------------------------------+-----------+-------------+
| Details of the Group and Company's associates at 31 December |
| 2009 are as follows: |
+------------------------------------------------------------------------------+
| Name | Place of |Proportion | Date |Reporting | Principal |
| |Incorporation | held |associate | Date of | activities |
| | | | interest |associate | |
| | | | acquired | | |
+-----------+---------------+------------+-----------+-----------+-------------+
| GCM | UK | 29.83% | 01/02/08 | 30/06/09 | Coal |
| Resources | | | | |exploration |
| Plc | | | | | |
+-----------+---------------+------------+-----------+-----------+-------------+
| Caledon | UK | 26.12% | 05/06/08 | 31/12/09 |Coal Mining |
| Resources | | | | | |
| Plc | | | | | |
+-----------+---------------+------------+-----------+-----------+-------------+
7. Available for sale investments
+--+--------------------------------------+------------+------------+
| | Group - Listed Investments | | $ 000's |
+--+--------------------------------------+------------+------------+
| | | | |
+--+--------------------------------------+------------+------------+
| | At 1 July 2009 | | 140,659 |
+--+--------------------------------------+------------+------------+
| | Acquired during the year | | 20,087 |
+--+--------------------------------------+------------+------------+
| | Disposals during the year | | (30,613) |
+--+--------------------------------------+------------+------------+
| | Realised gains on disposals | | 11,969 |
+--+--------------------------------------+------------+------------+
| | Currency translation differences | | 262 |
+--+--------------------------------------+------------+------------+
| | Movement in market value | | 37,215 |
+--+--------------------------------------+------------+------------+
| | At 31 December 2009 | | 179,579 |
+--+--------------------------------------+------------+------------+
| | | | |
+--+--------------------------------------+------------+------------+
| | The available for sale investments, | | |
| | are split as below; | | |
+--+--------------------------------------+------------+------------+
| | Non-current assets | | 167,137 |
+--+--------------------------------------+------------+------------+
| | Current assets | | 12,442 |
+--+--------------------------------------+------------+------------+
| | | | 179,579 |
+--+--------------------------------------+------------+------------+
| | | | |
+--+--------------------------------------+------------+------------+
Available for sale investments comprises investments in listed securities, which
are traded on Stock markets throughout the world, and, which are held by the
Group as a mix of strategic and short term investments. No unlisted available
for sale investments are held. In the period commencing 1 January 2010, several
disposals were made and the market value of available for sale listed
investments held at 19th March 2010 was US$169.4 million.
8. Property, plant and equipment
+------------------+----------------+----------------+-------------+
| | | Property, | Total |
| | | plant and | |
| | | equipment | |
+------------------+----------------+----------------+-------------+
| Group | | $ 000's | $ 000's |
+------------------+----------------+----------------+-------------+
| At 1 July 2009 | | 6 | 6 |
+------------------+----------------+----------------+-------------+
| Additions | | - | - |
+------------------+----------------+----------------+-------------+
| Disposals | | - | - |
+------------------+----------------+----------------+-------------+
| Depreciation | | 1 | 1 |
+------------------+----------------+----------------+-------------+
| As at 31 | | 5 | 5 |
| December 2009 | | | |
+------------------+----------------+----------------+-------------+
9. Post balance sheet events
There are no post balance sheet events to disclose.
Corporate Information
+-------------------+-----------------------------------------+
| Registered number | 1406187 registered in British Virgin |
| | Islands |
+-------------------+-----------------------------------------+
| Directors | Stephen Dattels - Executive Chairman |
| | Neil Herbert - Managing Director |
| | Paul Ingram -Chief Executive Officer |
| | for Australia |
| | Guy Elliott - Senior Non Executive |
| | Director |
| | Bryan Smith - Non Executive Director |
| | James Mellon - Non Executive Director |
| | |
+-------------------+-----------------------------------------+
| | |
+-------------------+-----------------------------------------+
| Registered Office | Craigmuir Chambers |
| | Road Town, Tortola |
| | British Virgin Islands VG 1110 |
| | |
+-------------------+-----------------------------------------+
| | Email: info@poloresources.com |
| | Website: www.poloresources.com |
| | |
+-------------------+-----------------------------------------+
| Auditors | Chapman Davis LLP |
| | |
| | 2 Chapel Court |
| | |
| | London SE1 1HH |
| | |
| | United Kingdom |
| | |
| | |
+-------------------+-----------------------------------------+
| Solicitors | Charles Russell LLP |
| | 5 Fleet Place |
| | |
| | London EC4M 7RD |
| | |
| | United Kingdom |
| | |
+-------------------+-----------------------------------------+
| | |
+-------------------+-----------------------------------------+
| Nominated Advisor | Canaccord Adams Limited |
| & Broker | Cardinal Place, 7th Floor |
| | 80 Victoria Street |
| | London SW1E 5JL |
| | United Kingdom |
| | |
+-------------------+-----------------------------------------+
| Registrars | Computershare Investor Services |
| | (Channel Islands) Ltd |
| | PO Box 83 |
| | Ordnance House, 31 Pier Road |
| | St Helier JE4 8PW |
| | Channel Islands |
+-------------------+-----------------------------------------+
| | |
+-------------------+-----------------------------------------+
| Principal Bankers | HSBC Bank plc |
| | PO Box 14 |
| | St. Helier |
| | Jersey JE4 8NJ |
| | Channel Islands |
| | |
+-------------------+-----------------------------------------+
| | |
+-------------------+-----------------------------------------+
| | |
+-------------------+-----------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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