REG - GCM Resources PLC - Update regarding Polo Resources Limited

GCM ResourcesAnnouncement

26/06/2025 07:00

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RNS Number : 4604O  GCM Resources PLC  26 June 2025

26 June 2025

 

GCM Resources plc

("GCM" or the "Company")

 

Update regarding Polo Resources Limited

 

The Board of GCM Resources plc (LON: GCM), an AIM quoted mining and energy
company, provides the following update in relation to Polo Resources Limited
("Polo").

 

The Company has become aware that Polo, a British Virgin Islands ("BVI")
incorporated company, was dissolved on 5 September 2023 as the result of the
resignation of its BVI agent. The Company has been informed that the officers
of Polo are currently undertaking steps to restore its status as a registered
company in the BVI including the appointment of a new BVI agent. This is
expected to occur following, inter alia, the satisfactory completion of
customary due diligence on Polo and its stakeholders by the new BVI agent,
followed by a court order as required under the laws of the BVI.
Notwithstanding this, there can be no certainty that Polo will be restored as
a registered company in the BVI, nor as to the timing of any such restoration.

 

As most recently announced on 31 March 2025, Polo has provided a £3.5 million
loan facility to the Company of which as at 31 December 2024, £300,000
remained undrawn. The board of directors of GCM believe that the Company's
indebtedness to Polo which, at 31 December 2024 amounted to £5,923,000
including loan interest remains unaffected given the expectation that the
officers of Polo will restore Polo's status as a registered company in the
BVI.

 

Prior to Polo's dissolution, Polo was the parent company of Polo Investments
Limited ("Polo Investments"). Polo Investments is the registered legal holder
of 43,328,253 ordinary shares of 1 pence each in the Company, representing
12.88 per cent of the Company's issued share capital. Notwithstanding the
status of Polo, Polo Investments remains as an active separate legal entity.

 

 

 

For further information:

 GCM Resources plc                                 Tel: +44 (0) 20 7290 1630

 Keith Fulton, Finance Director                    info@gcmplc.com

                                                   www.gcmplc.com (http://www.gcmplc.com)

 Allenby Capital Limited                           Tel: +44 (0)20 3328 5656

 Nominated Adviser and Joint Broker                info@allenbycapital.com (mailto:info@allenbycapital.com)

 John Depasquale / Vivek Bhardwaj / Ashur Joseph

 Axis Capital Markets Limited                      Tel: +44 (0) 203 026 0320

 Joint Broker

 Richard Hutchison / Lewis Jones

 

 

About GCM Resources

GCM Resources plc (LON: GCM), the AIM resource exploration and development,
has identified a high-quality coal resource of 572 million tonnes (JORC 2004
compliant) at the Phulbari Coal and Power Project (the "Project") in
north-west Bangladesh.

 

Utilising the latest highly energy efficient power generating technology the
Phulbari coal mine can support some 6,600MW. GCM requires approval from the
Government of Bangladesh in order to develop the Project. The Company has a
strategy of linking the Company's mine proposal to supplying coal to the
Government of Bangladesh's existing and in the pipeline coal-fired power
plants and / or power plants developed development partners. Together with
credible, internationally recognised strategic development partners, GCM aims
to deliver a practical power solution to provide the cheapest coal-fired
electricity in the country, in a manner amenable to the Government of
Bangladesh.

 

 

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