Polo Resources Limited has announced that its subsidiary Polo Investments Limited has given notice of its intention to exercise its right to purchase a further 49 per cent of Perfectus Management Ltd for A$3.0 million to be satisfied by the issue of 9,832,358 new ordinary shares in Polo at the price agreed in 2014 of 15p per share. At 7 June 2016 closing price of 4.00p, the Consideration Shares have a value of approximately GBP393,000 or A$800,000. As at 24 May 2016, Perfectus had unaudited net assets of US$4.68 million (approximately GBP3.24 million or A$6.35 million).
Perfectus owns 5,888,495 ordinary shares (approximately 2.3 per cent.) in Blackham Resources Limited’s issued fully paid ordinary share capital. Polo directly holds a further 14,761,905 (approximately 5.83 per cent.) Blackham ordinary shares.
The consideration shares will when issued represent approximately 3.15 per cent of Polo’s enlarged issued share capital. Upon completion, Polo’s undiluted interest in Blackham will increase to approximately 8.11 per cent from its current attributable combined direct and indirect holding of approximately 6.97 per cent.
Perfectus is a substantial shareholder in Polo with a holding of 32,334,048 Polo ordinary shares.