Polo Resources issues 9.8m shares to buy Perfectus Management

15th Jul 2016 11:11

(ShareCast News) - Natural resources investment company Polo Resources said on Friday it was issuing about 9.8m new ordinary shares to buy a further 49% of Perfectus Management for $3m at the 2014 agreed price of 15p per share.The ordinary shares will rank alongside the company's existing issued ordinary shares and will be admitted on AIM on 25 July. Polo Resource's enlarged issued share capital will be about 311.7m ordinary shares.One share will have one voting right and the company does not hold any ordinary shares in treasury.Perfectus Management had unaudited net assets of $4.68m or £3.24m as of 24 May.Perfectus owns about 5.8m ordinary shares or 2.3% in Blackham Resources' issued fully paid ordinary share capital. Polo Resources holds a further 14.7m or 5.83% Blackham Resources ordinary shares.Shares in Polo Resources were up 6.96% to 6.15p at 1151 BST.