TIDMPOL
RNS Number : 3751M
Polo Resources Limited
27 April 2018
27 April 2018
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS NL - INVESTMENT UPDATE
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, is pleased to announce that its
investee company, Celamin Holdings NL ("Celamin") (ASX: CNL) has
issued an update on its progress towards reinstatement of its
shares to trading.
Highlights
-- Celamin is progressing with actions towards reinstatement of
its shares to trading, including dispatch of Notices of Annual
General Meetings to be held on 28 May 2018.
-- Shareholder approval is being sought for consolidation of the
company's capital by a ratio of 1 for 100, extinguishment of unpaid
amounts on partly paid shares, change of status to a public company
limited by shares and a change of name to Celamin Holdings
Limited.
-- ASX grants short extension to deadline for the company to be
removed from the ASX to 15 June 2018 to provide additional time for
completion of these steps.
-- Celamin undertakes to offer both a Share Placement Plan and a
bonus issue of options to shareholders within 3 months of
reinstatement of the company's shares to trading on the ASX.
As previously advised (Celamin's ASX Release 2 March 2018),
Celamin is committed to completing the steps necessary to support
an application for reinstatement of the company's shares to trading
on ASX. To allow the company time to complete these necessary steps
ASX extended the deadline for removal from the ASX Official List by
3 month to 6 June 2018.
ASX has now granted Celamin a further short extension to this
deadline for removal from the ASX Official List to Friday, 15 June
2018, allowing more time for completion of Celamin's application
for reinstatement.
An update on Celamin's progress in this regard is provided
below:
Celamin has now prepared and lodged outstanding accounts and
reports including the 2016 and 2017 Annual Reports, copies of which
may be accessed on the company's website: www.celaminnl.com.au or
via Celamin's announcement platform on ASX.
Notices of Annual General Meetings have been dispatched today to
Celamin's shareholders for meetings to be held on 28 May 2018. The
Annual General Meetings and the resolutions to be put to the 2017
Annual General Meeting are further steps to be completed prior to
Celamin seeking reinstatement of it shares.
In addition to the usual business for the company's 2017 Annual
General Meeting ("2017 AGM"), Celamin is proposing a number of
additional resolutions for the purpose of:
-- consolidating the Celamin's issued securities by a ratio of 1
for 100, to support a price of 2.5 cents for the company's
application for reinstatement to ASX ("Consolidation");
-- extinguishing the unpaid amounts on the consolidated partly
paid shares ("Capital Reduction"), effectively converting these
shares to fully paid ordinary shares;
-- changing the status of the company from a no liability
company to a public company limited by shares and changing the
company's name to Celamin Holdings Limited;
-- replacing the outdated constitution; and
-- issuing underwriter options outstanding from the December 2014 Rights Issue.
Celamin believes that the consolidation and other steps will
provide the company with the best platform for continued growth, a
capital structure that is more in line with the company's size and
a share price level that is more attractive to investors.
Celamin intends to formally seek approval from ASX to
reinstatement of its shares to quotation and trading on the ASX
market following:
-- shareholder approval of all resolutions proposed at the 2017
Annual General Meeting to be held on 28 May 2018;
-- lodgement of a cleansing prospectus in respect of the
placement completed in February 2018 following the meetings being
held; and
-- completion of the consolidation of issued capital, Capital
Reduction, change of status and name of the company following the
2017 Annual General Meeting.
In support of its application for reinstatement, Celamin will
undertake to conduct an offer of shares to eligible shareholders by
way of a Share Purchase Plan ("SPP") which will enable all eligible
shareholders an opportunity to apply for between $500 and $15,000
worth of new Shares at an issue price which will be capped at the
Consolidated Share Price. Celamin believes that this SPP will offer
Shareholders the opportunity to increase their shareholdings to at
least a marketable parcel at a price that is at least equivalent to
that offered to participants in the last placement conducted in
February 2018.
In addition, in order to reward Shareholders for their support
during the 3 year period of suspension and to enhance their
exposure to Celamin's future growth, the Directors have resolved to
make a bonus issue of options to Shareholders on the basis of one
$0.05 (5 cent) option for every 2 Shares held at the same time as
the SPP is offered to Shareholders.
The SPP and Bonus Offer will be subject to reinstatement of the
Celamin's shares to trading on ASX and, subject to all necessary
waivers under the Corporations Act and the Listing Rules, the
company intends to make these offers within 3 months of
reinstatement of the company's Shares to trading on ASX.
The full details of the announcement can be found at
http://www.celaminnl.com.au/.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor
Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & joint broker)
- John Depasquale +44 (0)20 3328 5657
Liberum Capital (Broker)
- Henry Freeman +44 (0) 20 3100 2000
Blytheweigh (Public relations)
- Tim Blythe, Nick Elwes,
Camilla Horsfall +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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