Purchase of Shares

RNS Number : 5619F

GCM Resources PLC

10 October 2008

 



GCM Resources plc

Purchase of shares in Polo Resources Limited

Between 18 September 2008 and 10 October 2008 GCM Resources plc ('GCM') made on-market purchases of 74.8 million shares in Polo Resources Limited ('Polo'), representing 4.0% of the outstanding share capital. The aggregate consideration paid for these purchases was £2.8 million, which has been satisfied from GCM's existing cash reserves.

Polo is an AIM-listed coal mining and exploration group with additional interests in uranium and iron ore.  Polo owns 29.8% of the outstanding share capital of GCM.  For the period 23 May 2007 to 31 March 2008, Polo reported a loss before tax of £0.8m. As at 31 March 2008, Polo reported net assets of £84.8m.

Contacts:

GCM Resources plc Stephen Bywater Chief Executive  [phone] Graham Taggart Finance Director [phone]	Pelham PR Charles Vivian [phone] Klara Kaczmarek [phone]
JPMorgan Cazenove Nominated Adviser Michael Wentworth-Stanley [phone]

GCM Resources plc
Tel: [phone], Fax: [phone]
[e-mail]; www.gcmplc.com

 

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