TORONTO--()--Polo Resources Limited (AIM: POL, TSX: POL) ("Polo" or the "Company") today announces its audited results for the 12 months ended 30 June 2012.
“Over the last 12 months, management has repositioned Polo’s commodity exposure towards gold and oil and gas. This exposure has made Polo’s portfolio more resilient in these challenging economic times and will serve as a store of value for the Company.”
Financial and Operational Highlights
- Sale of coking coal producer Caledon Resources Plc, which realised proceeds of US$163.2 million
- Subsequent return of US$71.5 million to shareholders
- Cash and cash equivalents of US$42 million at 30 June 2012
Company repositioned towards gold and oil and gas. Substantial
investments made in:
- Nimini Holdings Limited (“Nimini”) (US$16.5 million) and
- Signet Petroleum Limited (“Signet”) (US$27 million)
- Net Asset Value per share of 3.85 pence per share
Neil Herbert, Executive Co-Chairman and Managing Director of Polo said,
"Over the last 12 months, management has repositioned Polo’s commodity exposure towards gold and oil and gas. This exposure has made Polo’s portfolio more resilient in these challenging economic times and will serve as a store of value for the Company.
“The investments made during the year in the gold and oil and gas exploration sectors, through Nimini Holdings Limited and Signet Petroleum Limited respectively, have transformed Polo’s portfolio.”
The company is also pleased to announce that contained within the version of this press release, which can be found on the company’s website (www.poloresources.com) and that has been filed with SEDAR, (www.sedar.com), are excerpts from the company’s annual report.
You can also download a copy by clicking on the following link: http://www.usetdas.com/maps/polo/poloAR12072012.pdf
About the Company
Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For further details on Polo Resources please see our website: www.poloresources.com.
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Polo Resources Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.