GCM Resources plc (LSE:GCM) has issued an update regarding Polo Resources Limited, a major shareholder, which has been dissolved following the resignation of its agent in the British Virgin Islands. Efforts are currently underway to reinstate Polo Resources as a registered entity, although the timeline and outcome remain uncertain.
Despite the dissolution, GCM confirmed that its financial agreements with Polo Resources, including a £3.5 million loan facility, remain intact and unaffected. Additionally, Polo Investments—another entity holding a substantial stake in GCM—continues to operate independently and is not impacted by the changes affecting Polo Resources Limited.
About GCM Resources plc
GCM Resources is a UK-based mining and energy development company listed on the AIM market. The company is focused on the Phulbari Coal and Power Project in north-west Bangladesh, where it has identified a substantial thermal coal resource totaling 572 million tonnes. GCM is working to support Bangladesh’s energy needs by supplying coal for power generation, aiming to forge strategic alliances that deliver affordable electricity solutions.
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