Polo Resources Limited NIMINI GOLD HOLDINGS - INVESTMENT UPDATE (3624M)
September 16 2019 - 2:00AM
UK Regulatory
TIDMPOL
RNS Number : 3624M
Polo Resources Limited
16 September 2019
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.
16 September 2019
POLO RESOURCES LIMITED
("Polo" or the "Company")
NIMINI GOLD HOLDINGS - INVESTMENT UPDATE
OUTSTANDING LOAN REPAYMENT
OWED TO POLO BY PLINIAN GUERNSEY LIMITED, A COMPANY OWNED BY
PLINIAN CAPITAL LIMITED AND CONTROLLED BY BRAD MILLS
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, advises that it is experiencing
difficulty recovering a loan amounting to US$ 4,182,717.28 (with
interest calculated to 22 July 2019) from Plinian Guernsey Limited
("Plinian Guernsey"), a company owned by Plinian Capital Limited
("Plinian Capital") and both controlled by Bradford A. Mills.
Efforts by the Company to recover this outstanding loan
including demand letters from Polo and the Company's lawyers to the
principals of Plinian Capital and Plinian Guernsey have been
futile.
Polo was notified that the "sole shareholder" of Plinian
Guernsey had voluntarily put Plinian Guernsey in liquidation and
that as an identified "potential stakeholder", Polo was invited to
provide "proof of debt owed". Polo has responded to the joint
voluntary liquidators as well as informed that, as noted in an RNS
made by West African Minerals Corporation on 11 February 2016,
Plinian Guernsey had transferred its assets to Plinian Capital,
which in Polo's view may otherwise have been used to repay sums
outstanding under agreements with Polo. The directors of Polo will,
in the interest of prudence, provide a full impairment against the
recoverability of the outstanding loan.
Details of the agreements with Plinian were contained in a Polo
RNS on 22 March 2012 entitled "Appointment of Plinian Capital
Limited as Operator of Nimini Gold Project - Plinian Acquires 10
per cent Interest for US$ 2.5 million". Amongst others, Polo
announced that it had provided Plinian Guernsey a loan amounting to
US$ 2.5 million, accruing interest at 3 per cent. above LIBOR per
annum, and that Plinian Capital was appointed operator of the
project.
While Polo views the actions of Plinian as an intentional
manoeuvre to evade liability, the door remains open to negotiating
a settlement pending the preparation to commence court proceedings
against Plinian Guernsey and its principals to pursue the recovery
of the outstanding sums on behalf of its shareholders.
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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