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Polo Resources was incorporated and registered in the British Virgin Islands on 23 May 2007 for the purpose of making investments and/or acquisitions in the natural resources sector. Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and...Read more
Polo Resources stock up on executive share buy, broker remains upbeatJune 25 2012, 11:12am
Shares in Polo Resources (LON:POL, TSE:POL) rose in morning trade on news that executive co-chairman Neil Herbert has increased his holding by 2 million shares to 85,385,625, and he now holds 3.72 percent of the capital.
The stock rose 3 percent by 11.10 am to trade at 2,71 pence.
Herbert bought the shares on the market at an average price of 2.58 pence, and broker Investec viewed the move as “clearly positive”, demonstrating confidence following positive news from Polo’s portfolio company Nimini last week.
Investec recently recommended the natural resources exploration investment company with interests in coal, gold, iron ore and oil and gas as a ‘buy’.
It highlighted the significant discount that Polo is trading at compared to the current live sum of the parts net asset value, as well as the growth potential for the key strategic assets.
Polo had reported a 374 percent increase in the indicated gold resource of its majority controlled portfolio company for the Nimini-Komahun gold project in Sierra Leone.
Investec said in its note: “We view the shares as very attractive at current levels and the demonstrable progress being made at the underlying portfolio companies, including Nimini, should lead to strong NAV growth and realisations over the next 12 to 18 months.”