Shares in Polo Resources (POL) soared by over 10 per cent to 26.75p after the resource investment company revealed that Michael Tang had replaced Neil Herbert as managing director and co-chairman - a role he will fulfil alongside Polo's other co-chairman Stephen Dattels.
It also emerged that Mettiz Capital, a Malaysian investment company controlled by Mr Tang, is now Polo's largest shareholder after having acquired 31.7m shares in an off-market transaction at 40p a share - a 65 per cent premium to the previous day's closing price. Mettiz Capital bought the shares from Regent Mercantile Holdings, which is owned by a trust that counts Stephen Dattels as a discretionary beneficiary. The deal leaves Mr Tang holding 39.2m shares in Polo, representing 14.55 per cent of the issued share capital, in addition to options on 6m shares that have been awarded to the new co-chairman, exercisable at 25p a share.
In February, Mettiz Capital was brought in an advisory role by Aim-traded GCM Resources (GCM) in order to progress negotiations with the government of Bangladesh to win approval for the proposed Scheme of Development linked to the 572m tonne Phulbari coal project.
