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The latest update is out from GCM Resources ( (GB:GCM) ).
GCM Resources plc announced that Polo Resources Limited, a major stakeholder, was dissolved due to the resignation of its BVI agent. Efforts are underway to restore Polo’s status as a registered company, but there is no certainty regarding the outcome or timing. Despite Polo’s dissolution, GCM’s financial arrangements with Polo, including a £3.5 million loan facility, remain unaffected. Polo Investments, holding a significant share in GCM, continues to operate as a separate legal entity.
More about GCM Resources
GCM Resources plc is an AIM-quoted mining and energy company focusing on resource exploration and development. The company has identified a significant coal resource of 572 million tonnes at the Phulbari Coal and Power Project in north-west Bangladesh. GCM aims to provide coal to Bangladesh’s coal-fired power plants, leveraging strategic partnerships to deliver cost-effective electricity solutions.
Average Trading Volume: 1,795,168
Technical Sentiment Signal: Buy
Current Market Cap: £11.43M
For an in-depth examination of GCM stock, go to TipRanks’ Overview page.