TORONTO, June 23, 2011 /CNW/ - Polo Resources Limited (AIM/TSX: POL)
notes the 2.5 announcement published with respect to an offer by
Guangdong Rising (Australia) Pty Ltd ("GRAM") to acquire 100% of the
issued shares of Caledon.
Polo holds an interest of approximately 29.8% in the issued share
capital of Caledon in addition to £2.5 million of Caledon's 8.5%
unsecured Convertible Loan Notes issued in 2010. Should GRAM complete
its proposed acquisition of Caledon at the announced price of 112p per
share, Polo will receive total proceeds on disposal of its interest of
approximately £100 million equivalent to approximately 4.36p per issued
Neil Herbert, Executive Co-Chairman and Managing Director of Polo said:
"The disposal of our interest in Caledon will provide the company with
£100 million in additional liquidity. Subject to and upon completion of
the sale and receipt of cash proceeds, the Board of Polo intends to
utilise part of the proceeds to fund a special dividend to shareholders
of 1p per share.
Polo's strategy is to identify assets, listed and private, which have
the potential to increase shareholder value.
We are in the strong position of having cash to build on our portfolio
of investments which includes; coal, iron ore and gold projects, which
have the potential to deliver superior returns to shareholders."
Estimated proceeds from the sale of Caledon
Non Listed Investments
Share prices as at 21 June 2011.
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. The Company will
primarily invest in companies with producing assets and/or resources
and reserves that have been verified under internationally recognised
reporting standards. For complete details on Polo Resources: 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
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.
SOURCE Polo Resources Limited
For further information:
Polo Resources Limited
Neil L. Herbert, Executive Co-Chairman
Ian Burns, Finance Director
+ 27 82 404 36 37
Canaccord Genuity Limited
Andrew Chubb / Bhavesh Patel
+ 44 (0) 20 7050 6500
Heenan Blaikie LLP
+1 416 643 6903
Blythe Weigh Communications
+44 (0) 20 7 138 3204