14th Feb 2019 14:31
LONDON (Alliance News) - Polo Resources Ltd on Thursday said it has no plans to dispose of any of its investments, responding to press reports.
On Thursday, Phronimos Capital LLC, representing shareholders owning 14% of Polo, said it had written to Polo urging it to return cash via a tender offer at 12 pence per share.
The shareholders also suggested selling some investments to pay for this, and also urged Polo to no longer make investments into resources companies who cannot fund their capital needs.
Polo said on Thursday: "Polo takes this opportunity to make clear it remains a long term supportive and activist investor in all companies held within the investment portfolio and has no plans to dispose of any significant investment stake at this time."
"The company continues to focus on our stated investment strategy, which is to continue to support our current investee companies and work to realise and return value to shareholders through timely and appropriate transactions and specifically the appreciation in the value of the company's shares rather than by means of distribution as previously approved by shareholders."
The views of the "purported" shareholder, Polo said, have served "to create unnecessary and inaccurate speculation surrounding the company".
Polo shares were down 0.9% on Thursday afternoon at 4.52 pence, having reached 4.76p on Wednesday.
Related Shares:
POL.L