3rd Nov 2008 11:39
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For Immediate Release |
03 November 2008 |
Triple Plate Junction PLC
("TPJ" or the "Company")
Buyout of Morobe Block Joint Venture Agreement
Triple Plate Junction PLC (AIM : TPJ), is pleased to announce that its wholly owned Papua New Guinea ("PNG") subsidiary Terenure Limited ("Tenenure") has concluded an agreement to buy out the interests of its joint venture partner Melanesian Resources Ltd ("Melanesian") in the joint venture established in 2005 in relation to the Morobe Block of six exploration licences and three exploration licence applications in the Wau-Morobe district of PNG.
Melanesian has as of Friday 31 October assigned and transferred to Terenure all of its rights and obligations under the JV Agreement, including, without limitation, any residual interest that Melanesian may hold in any of the JV licences and licence applications, on the terms and condition set out in the Termination Agreement.
Terms of the Buyout
The consideration for the Termination Agreement, effective from 31 October 2008, is £314,744 and has been satisfied by the issue of 10,491,479 new ordinary shares in the Company to Melanesian (" the Consideration Shares"), credited as fully paid.
Application for the Consideration Shares to be issued to Melanesian has been made to AIM, and admission to trading ("Admission") is expected to occur on Friday 7 November.
For a period of 12 months from Admission Melanesian will not, without TPJ's prior written consent sell, transfer or otherwise dispose of directly or indirectly, or agree to do the same, any interest in any of the Consideration Shares. Thereafter, any sale, transfer or disposal must be made through TPJ's broker in London.
Upon the Termination having become effective Melanesian has been deemed to have assigned and transferred to Terenure all if its right, title and interest in the JV Agreement, including , without limitation, all economic benefits attributable to the JV licences and licence applications.
Upon Admission, the Company's enlarged share capital will comprise 151,769,912 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 151,769,912 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
Ian Gowrie-Smith, Chairman, commented :
"As announced in our preliminary results announcement of 30 September 2008 Triple Plate Junction is continuing to attract the attention of the two top gold mining companies in the world, Barrick Gold Corporation and Newmont Mining Corporation. The termination of this agreement with Melanesian facilitates discussions with such parties to continue as regards the assets concerned."
For further information please contact:
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Triple Plate Junction plc |
0207 340 9970 |
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Geoff Walsh, Chief Executive |
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Peter Wright, Finance Director |
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Arbuthnot Securities Limited |
020 7012 2000 |
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John Prior/Chris Connors |
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Buchanan Communications |
020 7466 5000 |
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Tim Anderson / Isabel Podda |
Related Shares:
Tethyan Resources