Polo AGM 2009

Friday, Nov 20 2009 by

Introduction & Company Strategy

The AGM was held in a rather pleasant 7th Floor office in the heart of Paris, close to the Arc de Triomphe and with a view to the Eiffel Tower. I asked why Paris was the venue chosen for the meeting and this comes down to Polo’s tax status: being a BVI company, holding the AGM in the UK may cause questions to be asked by the UK tax authorities. Neil Herbert and Catherine Sugarman (Company Secretary) were present in person. Stephen Dattels participated by teleconference at the start of the meeting, for the formal business but we agreed that Neil would be able to answer my questions, so it was not necessary for SD to participate throughout.

I was impressed by Neil. He came across as straightforward and well informed. Someone I would be happy to do business with. Middle age is definitely having its effect on me as he seemed quite youthful by comparison. :0( His track record is impressive, starting with PWC, progressing to the financial controller role at Fags (Antofagasta ) and then on to successful roles, first at Brancote Holdings, then Galahad Gold and at Uramin. Tax complexities at Galahad, being a UK registered firm, had to caused those involved to be rather keen to see Polo established outside the UK’s tax jurisdiction. It was also clear to me that Neil was not privy to all of Dattels’ deals and activities – but I felt that he was not Dattels’ “stooge” and would be prepared to stand up to him if he felt justified.

One of my mains reasons for attending the AGM was to try to uncover Polo’s longer term intentions. This proved most interesting. As I had anticipated, Neil acknowledged that one or more of Polo’s current major investments may liquidate as the result of an external bid (or other event). Whilst it is possible that some or all of the cash may be returned to shareholders in such an eventuality, my impression was that this should not be assumed to be the outcome. The Board has not yet reached a firm conclusion and will actively debate the company’s future at the appropriate time (NB I note from the AR that an extraordinary 35 Board Meetings were held last year!). Though Polo has stated that its commodity focus has switched from coal to uranium, another switch…

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The author may hold shares in this company, all opinions are his own and you should check any statements that appear factual and not rely on them before making an investment decision. The author is NOT a qualified analyst nor authorised to give investment advice. Whilst the author is a director of ShareSoc, all views expressed are entirely his own and not necessarily those of ShareSoc.

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URU Metals Limited is engaged in exploration and development of mineral properties in South Africa and Sweden. The Company's segments include Exploration and Corporate office. The Exploration segments include obtaining licenses and exploring these license areas. The Company's projects include Zebediela Nickel Project, The Narke Oil-Uranium Project and Nueltin Lake Gold-Uranium Project. The Zebediela Nickel Project is located in the Limpopo Province of South Africa close to the platinum mining town of Mokopane. The Narke Oil-Uranium Project is located approximately 150 kilometers west-south-west of Stockholm. The exploration licenses cover approximately 7,087 hectares of land overlying prospective Alum Shale outcrops. The Nueltin Lake Gold-Uranium Project is located in the Kivalliq Region of the Territory of Nunavut, Canada. The Nueltin Project consists of 34 mineral claims and a mineral lease covering a combined area of approximately 27,279 hectares. more »

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Polo Resources Limited is a natural resources and mine development investment company. The Company's geographical segments include BVI/Parent, Americas, Oceania & Australasia, Africa and Europe. The Company is focused on investing in undervalued companies and projects. Its principal investment targets are companies with producing assets and/or tangible resources and reserves verified using internationally recognized standards. It also invests in exploration companies. It invests in companies that are engaged in exploration of gold, oil and gas, coal, iron ore, phosphate and copper, among others. Its investments can take the form of buyouts (with controlling interests) or strategic investments (with minority interests) in both public and private companies. It is also focused on building a portfolio of mineral and hydrocarbon assets. ZAI Corporate Finance Limited serves as an advisor to the Company. more »

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  Is LON:URU fundamentally strong or weak? Find out More »

3 Posts on this Thread show/hide all

emptyend 20th Nov '09 1 of 3

Full marks for effort there....err.....Mark!!  :-)

Well done!

You don't say so explicitly, but can one presume that the AGM was an "intimate" event?




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xigris 20th Nov '09 2 of 3

Great work Mark. Thanks for all the effort you put into this - hope you enjoyed Paris in the Autumn

Very much appreciated.

Best wishes,


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ohisay 20th Nov '09 3 of 3

Many many thanks for this.
Hope you stayed a little longer - Paris "out of season" can be very rewarding in my experience.

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