Rule 8.3 - GCM Resources PLC/Polo Resources Lim...

SOUTHPOINT CAPITAL
                  

                                    FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

                         (Rule 8.3 of the Takeover Code)

1. KEY INFORMATION

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Name of person dealing (Note 1)            Southpoint Capital Advisors LP
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Company dealt in                           GCM Resources PLC
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Class of relevant security to which the    Ordinary Shares of 10p each
 dealings being disclosed relate (Note 2)
------------------------------------------ ---------------------------------------------------------------
Date of dealing                            28 May 2008
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2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)

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                                                        Long                           Short
------------------------------------------ ------------------------------ --------------------------------
                                           Number (%)                     Number (%)
------------------------------------------ ------------------------------ --------------------------------
(1) Relevant securities                    1,531,022 (3.14%)              0 0%
------------------------------------------ ------------------------------ --------------------------------
(2) Derivatives (other than options)       0 0%                           0 0%
------------------------------------------ ------------------------------ --------------------------------
(3) Options and agreements to
 purchase/sell                             0 0%                           0 0%
------------------------------------------ ------------------------------ --------------------------------
Total                                      1,531,022 (3.14%)              0 0%
------------------------------------------ ------------------------------ --------------------------------
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(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 3)

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       Class of relevant security:                     Long                          Short
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                                          Number (%)                    Number (%)
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(1) Relevant securities                   0 0%                          0 0%
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(2) Derivatives (other than options)      0 0%                          0 0%
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(3) Options and agreements to
 purchase/sell                            0 0%                          0 0%
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Total                                     0 0%                          0 0%
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(c) Rights to subscribe (Note 3)

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Class of relevant security:               Details
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NA                                        NA
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3. DEALINGS (Note 4)

(a) Purchases and sales

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Purchase/sale                       Number of securities               Price per unit (Note 5)
----------------------------------- ---------------------------------- ------------------------------------
Purchase (28 May 2008)              15,000                             159 pence
----------------------------------- ---------------------------------- ------------------------------------
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*see Annex 1

(b) Derivatives transactions (other than options)

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Product name,       Long/short (Note 6)    Number of securities (Note 7)   Price per unit (Note 5)
e.g. CFD
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0                   0                      0                               0
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(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

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Product name,      Writing,        Number of          Exercise  Type, e.g.   Expiry    Option money
e.g. call option    selling,        securities to     price      American,   date      paid/received
                    purchasing,     which the option             European               per unit (Note
                    varying etc.    relates (Note 7)             etc.                   5)
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0                  0               0                  0         0            0         0
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(ii) Exercising

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Product name, e.g. call option     Number of securities              Exercise price per unit (Note 5)
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0                                  0                                 0
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(d) Other dealings (including new securities) (Note 4)

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Nature of transaction (Note 8)     Details                           Price per unit (if applicable) (Note
                                                                      5)
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0                                  0                                 0
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4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

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Full details of any agreement, arrangement or understanding between the person disclosing and any other
 person relating to the voting rights of any relevant securities under any option referred to on this
 form or relating to the voting rights or future acquisition or disposal of any relevant securities to
 which any derivative referred to on this form is referenced. If none, this should be stated.
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NA
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Is a Supplemental Form 8 attached? (Note 9) NO

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Date of disclosure                                           30 May 2008
------------------------------------------------------------ ---------------------------------------------
Contact name                                                 Akin Gump Strauss Hauer & Feld

                                                             Att: Flemming Lerche-Lerchenborg
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Telephone number                                             02070129600
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If a connected EFM, name of offeree/offeror with which       NA
 connected
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If a connected EFM, state nature of connection (Note 10)     NA
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Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk

Annex 1 - Notifiable dealings which have not previously been notified in
accordance with Rule 8.3

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Purchase/sale                  Date of Dealing      Number of securities       Price per unit (Note 5)
------------------------------ -------------------- -------------------------- ----------------------------
Purchase                       27 May 2008          145,000                    159.34 pence
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Purchase                       23 May 2008          28,431                     159.1 pence
------------------------------ -------------------- -------------------------- ----------------------------
Purchase                       22 May 2008          500,000                    163..07 pence
------------------------------ -------------------- -------------------------- ----------------------------
Purchase                       21 May 2008          227,591                    163.8 pence
------------------------------ -------------------- -------------------------- ----------------------------
Purchase                       20 May 2008          615,000                    1.6388 pence
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