19th Feb 2014 12:22
LONDON (Alliance News) - Polo Resources Ltd, a natural-resources investment company, said Wednesday that Signet Petroleum Ltd, a company in which it holds a 42% stake, has proposed a share buyback to its shareholders following the sale of an interest in two blocks in Namibia.
Polo said its board will convene shortly to consider the buyback and it will make an announcement in due course.
"The buyback has been calculated after retaining sufficient funds to provide adequate working capital and pursue a business opportunity currently under consideration," said the investment company in a statement.
Signet sold its interests in block 2913A/2914B in Namibia to Royal Dutch Shell PLC.
Polo Resources' shares were trading 1.2% lower Wednesday morning, at 20.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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