Guy Elliott, the senior independent non-executive director of resources investor Polo Resources, has disposed of all his shares in the company.
Elliott sold 36m shares at 6.3p a share and his family trust sold 200,000 shares at 6.4p each. The sales brought in £2.28m and leave Elliott with no shares in the company.
Elliott exercised options over 5m shares at 3.5p each at the end of July. He previously acquired 3.03m shares at 5p each in October 2009.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Elliott was previously non-executive chairman of Polo.
Polo has completed the sale of its stake in Extract Resources. There will be a special dividend of 3p a share and the shares go ex-dividend on 18 August - so the buyers of Elliott's shares will get the dividend. Elliott may have preferred taking the cash as a capital gain rather than as income. Polo recently widened its investing policy to cover undervalued investments in mining and oil assets or companies. The focus will be on producing assets. Polo had to declare an investing policy because it sold its coal joint venture in Mongolia.
Polo has been approached by 4% shareholder Laxey Partners but it rebuffed the investor's potential all share offer. Laxey wanted to sell off Polo's assets and return cash to shareholders but Polo has sold most of its investments following the approach.
Polo and fellow coal miner Caledon Resources called off their proposed merger in June because they could not agree on merger terms due to market volatility. However, Polo has invested £2.13m in a placing at 30p a share and it owns more than 27% of Caledon, which has drawn down a £14.9m loan from Polo in order to repay £14.5m of loan notes.
Top Director Buys
Norsk Hydro (NHY) Director name: Mr Finn JebsenAmount purchased: 10,000 @ 315.92p Value: £31,592
VinaLand Ltd. (VNL) Director name: Mr Nicholas Charles Allen Amount purchased: 95,627 @ $0.78 Value: $74,828
Autonomy Corporation (AU.) Director name: Mr Sushovan HussainAmount purchased: 4,033 @ 1,549.00p Value: £62,471
Stagecoach Group (SGC) Director name: Mr Ann H GloagAmount purchased: 15,000 @ 161.09p Value: £24,164
European Nickel (ENK) Director name: Mr Mark Hanlon Amount purchased: 50,000 @ 21.00p Value: £10,500
Top Director Sells
Polo Resources (POL) Director name: Mr Guy ElliottAmount sold: 36,000,000 @ 6.30p Value: £2,268,000
Polo Resources (POL) Director name: Mr Guy ElliottAmount sold: 200,000 @ 6.40p Value: £12,800
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
-
Investing for children this Christmas – five ideasIt might not come with a shiny ribbon, but an investment fund could be the gift that keeps on giving. We share five ideas if you are investing for children this Christmas.
