May 17: Business Briefs

Ignition Brazil

The Ignition Brazil #1 Mutual Fund Ltd - Class A Preference Shares announced a change in the Fund’s board of directors.

Alison Dyer-Fagundo resigned as director and Arthur Chappel Price was appointed in her place.

Final dividend

Ocean Wilsons Holdings Limited said it intends to pay a final dividend of 38 cents per share on May 31, 2013 to shareholders on the register at close of business May 3, 2013.

Where shareholders have not elected to receive dividends in US Dollars the company will translate the US Dollar amount into sterling at the closing USD / GBP exchange rate on May 3, 2013 which was 1.5562 giving a dividend in sterling of 24.4185p per share.

Polo director

Polo Resources Limited announced the appointment of executive co-chairman and managing director.

Michael Vee Mun Tang is joining the board as executive co-chairman and managing director of Polo and Kian Meng Cheah as a non-executive director.

Neil Herbert, whilst remaining as a consultant to Polo with continued responsibilities for Nimini and Signet has resigned his positions as co-Chairman and managing director to pursue a new endeavour. 

Mr. Herbert will act as an investment advisor to the company and will remain as a director of both Nimini Holdings Limited and Signet Petroleum Limited.

James Mellon has also resigned as a non-executive director given his many other commitments.

Mr. Tang will work alongside Polo’s co-chairman Stephen R. Dattels.

Mr. Dattels said in a press release from the Bermuda Stock Exchange: “Michael Tang’s knowledge of Asian markets provides Polo with a springboard to the valuations which the Asian markets provide for high quality natural resources such as those owned by Polo.

“It is expected that Michael will become actively involved in assisting GCM Resources with its negotiations with the Government of Bangladesh to obtain the ‘Scheme of Development’ for the development of the Phulbari Coal Deposit as well as attracting Asian interest in both Signet’s African oil and gas portfolio and Polo’s promising developmental Sierra Leone gold deposit, Nimini.

“I am also very pleased to welcome Mr. Cheah to the Board, who also has significant experience of relevant sectors in Asian Markets.

“I would especially like to thank Mr. Neil Herbert, Polo’s Co-Chairman and Managing Director and my partner for all of his superb work from Polo’s inception, as well as Mr. Jim Mellon, both of whom assisted in the implementation of a very successful investment strategy that has paid out dividends of 50 pence per share totaling $185.4 million and helped to deliver a strong portfolio of new investments.”

Mr. Tang said: “I am very pleased to be joining the Board of Polo Resources. Polo has a strong track record of making sound, strategic investments in the natural resources space and delivering remarkable returns to shareholders.

“I am honoured and excited to be working alongside Mr. Dattels, an illustrious and accomplished entrepreneur, to further develop the Company’s exciting range of assets and to building upon the success that the management under his stewardship has already achieved.”