Polo Resources has just got round to publishing its results for the year that ended on 30 June. In what is actually quite a comprehensive report on the current state of the business, the NAV per shares at the end of June isn’t mentioned (total equity net of all liabilities was $143.6m at the end of June and is $117.8m today or 27.2p per share).
The business benefitted from an influx of cash from the sale of Signet Petroleum’s Namibian oil & gas interests and this helped finance a number of new investments including Celamin Holdings (phosphates in Tunisia), Blackham Resources (gold and coal in Australia) and Weatherly International (copper in Namibia). Unfortunately Nimini Holdings’ gold project in Sierra Leone has been impacted by the ebola outbreak and they have made a significant provision against the value of that asset.
POL : Polo Resources writes down Nimini investment