Polo Resources co-Chairman Stephen Dattels steps down from Extract Resources board

Polo Resources Ltd (AIM, TSX: POL), a 9.3% shareholder in Extract Resources (TSX, ASX: EXT), told investors that its co-chairman Stephen Dattels has resigned as a non-executive director of Extract. Polo Resources, who recently hired BMO Capital Markets to evaluate strategic options with regards to its Extract shareholding, said that it is a major investor and supporter of Extract.
“Polo has previously announced the evaluation of a range of strategic options to enhance shareholder value with respect to its shareholding in Extract", Stephen Dattels commented. "Extract commenced its own review of strategic options in May 2009 ... In view of all these developments, and the demands of my other commitments, including in particular as executive director of Polo, I have decided to resign from the board of Extract".

Dattels noted that Extract has made significant progress with its Rossing South asset, identifying the project’s potential as one of the leading development uranium projects in the world. Furthermore, Polo’s co-chairman said that he expects Extract to have a successful future.

Kalahari Minerals (AIM: KAH), with just over a 40% of the company, is Extract’s largest shareholder, and recently two companies co-chaired by Dattels sold their entire shareholdings in Kalahari. Emerging Metals (AIM: EML) and Regent Pacific (HKG: 0575) both agreed to sell their respective holdings of approximately 8.4% and 2.81% of Kalahari at 185p per share in a deal with a Japanese investor.

Major Japanese conglomerate, the ITOCHU Corporation (TYO: 8001) agreed to acquire a stake in Kalahari totalling 15%. ITOCHU is one of the largest uranium traders in the world and according to Kalahari, the transaction significantly solidifies and strengthens its shareholder base.

http://www.proactiveinvestors.com.au/companies/news/6310/polo-resources-co-chairman-stephen-dattels-steps-down-from-extract-resources-board-6310.html