Polo Resources has announced that its subsidiary Polo Investments is increasing its direct shareholding in GCM Resources by acquiring 13,483,200 shares in GCM.
The acquisition would total £1,557,309.60 at 11.55 pence per share at its last traded price on January 28, 2020 from Dyani Corporation. The consideration agreed is at a 6.5% discount from GCM's last traded share price on the date hereof.
The consideration will be payable by the issuance of 44,367,795 new ordinary shares in the company at 3.51 pence per share. The consideration shares will be issued at a 5.72% premium to the company's last traded share price and will be subject to a 12 month lock in.
Upon completion, Polo will become the largest shareholder of GCM, from 17,493,712 shares (approximately 15.57%).
At 9:02am: (LON:POLR) Polar Capital Holdings PLC share price was -11p at 571p