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Polo Resources may buy back a further 10 per cent of its shares

Published: 17:57 21 Sep 2011 AEST

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Natural resources development company Polo Resources (LON:POL,TSE:POL) said today that it may buy-back a further 10 per cent of its share capital over the next year.

The company said it had decided to renew the buy-back programme, which was established last year. The directors will be able to buy back the shares when the share price is at a 'significant discount' to the company's net asset value.

The company plans to cancel any shares bought back.

Last month, the company said it was doubling its proposed special dividend in 2011 to 2 pence per share following its disposal of its 29.8 per cent stake in Caledon Resources.

The board decided to increase the payment from 1p to 2 pence.

Executive co-chairman and managing director of the firm Neil Herbert noted that the move followed a special dividend of 3 pence per share in 2010 following the disposal of Polo's interest in Extract Resources (ASX:EXT).

Polo Resources selects, acquires and oversees investments in natural resources companies and projects, which offer strong potential.

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