Polo Resources Limited: Results for the Twelve Months Ended 30 June 2012


Polo Resources Limited: Results for the Twelve Months Ended 30 June 2012

TORONTO--(BUSINESS WIRE)-- Polo Resources Limited (AIM: POL, TSX: POL) ("Polo" or the "Company") today announces its audited results for the 12 months ended 30 June 2012.

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.

Polo Resources Limited
Ian Burns, + 2782 404 36 37
Finance Director
Neil Elliot, Chris Sim, George Price, +44 (0) 20 7597 5790
Liberum Capital
Chris Bowman, Tim Graham, +44 (0) 20 3100 2228
Blythe Weigh Communications
Tim Blythe, Robert Kellner, +44 (0) 20 7138 3204
Borden Ladner Gervais LLP
Jeffery Barnes, Syed Habeeb, +1 416 367 6459

KEYWORDS: North America Canada


The article Polo Resources Limited: Results for the Twelve Months Ended 30 June 2012 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.