10th Oct 2008 09:47
GCM Resources plc
Purchase of shares in Polo Resources Limited
Between 18 September 2008 and 10 October 2008 GCM Resources plc ("GCM") made on-market purchases of 74.8 million shares in Polo Resources Limited ("Polo"), representing 4.0% of the outstanding share capital. The aggregate consideration paid for these purchases was £2.8 million, which has been satisfied from GCM's existing cash reserves.
Polo is an AIM-listed coal mining and exploration group with additional interests in uranium and iron ore. Polo owns 29.8% of the outstanding share capital of GCM. For the period 23 May 2007 to 31 March 2008, Polo reported a loss before tax of £0.8m. As at 31 March 2008, Polo reported net assets of £84.8m.
Contacts:
|
GCM Resources plc Stephen Bywater Chief Executive +44 (0) 20 7290 1630
Graham Taggart Finance Director +44 (0) 20 7290 1630
|
Pelham PR Charles Vivian +44 (0) 20 7743 6672
Klara Kaczmarek +44 (0) 20 3159 4395 |
|
JPMorgan Cazenove Nominated Adviser Michael Wentworth-Stanley +44 (0) 207 588 2828 |
|
|
GCM Resources plc |
|
|
Tel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631 |
|
|
[email protected]; www.gcmplc.com |
Related Shares:
GCM ResourcesPOL.L