28th Nov 2013 07:00
28th November 2013
TRIPLE PLATE JUNCTION PLC
("TPJ" or the "Company")
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2013
Chairman's Statement
Since the Annual General Meeting on 30th September 2013 we have been working on a number of possible transactions that would bring new life into TPJ; During the 6 months we spent £52,000 on looking at these possibilities. None of these has yet come to a successful conclusion and the project that we have spent the most time on fell away in September due to some significant due diligence issues that we uncovered in our target.
However we are still actively pursuing a number of other possibilities, one of which was introduced by our largest shareholder, Newmont.
TPJ has at present an interest in a project in Vietnam and in four joint ventures in Papua New Guinea, which are discussed further below.
Vietnam: Pu Sam Cap
TPJ retains a 10% undilutable carried interest through to the commencement of commercial production in the Pu Sam Cap project, in which Vietnamese government parties hold 30% and Bill Howell, a former director of TPJ, holds the remaining 60%.
The Vietnamese government has granted an extension of the exploration licence, and Bill Howell's team has undertaken preliminary field investigations in order to define with greater clarity the broad copper-gold mineralization found in the North Nam Tra area. Assay results have not yet been received from several hundred rock-chip samples. However, if these results are sufficiently encouraging they should provide the vectors to identify some deep drill holes.
Papua New Guinea: Wamum
TPJ has accepted, subject to contract, an offer of US$ 750,000, payable in cash, to purchase its 12.14% contributing interest in the Wamum project. One of the conditions is that Barrick completes its negotiations for a joint venture involving its 87.86% interest. These negotiations have progressed, but at a very slow rate, and we hope that they will be concluded, albeit probably subject to some conditions, early in the New Year.
Papua New Guinea: Morobe
As announced in December 2012, Newmont advised TPJ that it would not be allocating a budget to the Morobe JV in 2013. In January 2013, Newmont further advised the Company that it had decided to cease exploration activities on the JV property, and that it was in the process of exploring sale options. We are currently exploring whether to retain an interest in one of the licence areas, possibly in partnership with another junior company.
Papua New Guinea: Crater Mountain
As announced in April 2013, TPJ sold its 8% interest in the Crater Mountain project to Gold Anomaly for Australian $200,000 (approximately £137,000) and Gold Anomaly has placed these proceeds into an escrow account. Gold Anomaly has now received Papua New Guinean Government approval for part of the transaction (which was one of the remaining outstanding conditions), but there are still approvals that are needed.
Papua New Guinea: Manus Island
During the year our interest diluted from 15.20% to 10.38%. Newcrest have recently advised of exploration plans for the 2014 financial year. They are assessing potential drilling targets and we expect them to take a view on a possible drilling programme during the course of this year.
Financial position
The Financial Statements are set out on pages 3 to 7.
During the period, our Exploration and Evaluation Assets reduced from £1,131,000 to £500,000 (a reduction of £631,000) due to reclassification of our investments in Wamum and Crater Mountain from Exploration to Trade Receivables, as a result of the impending sales of Wamum for US$ 750,000 and Crater Mountain for Australian $200,000. Trade Receivables increased correspondingly from £9,000 to £589,000: The difference of £51,000 was due to the effect of movements between the US and Australian Dollar and UK exchange rates.
During this period, our cash balances declined by £176,000, from £1,330,000 to £1,154,000.
The Income Statement shows that in the 6 months to 30th September 2013 the Company incurred £232,000 of Operating expenses. Of this, £52,000 was spent on possible new ventures for the Company, and £129,000 on administration and other expenses relating to our listing on AIM. The balance of £51,000 was the effect of the movements in exchange rates referred to above.
Composition of the Board and Officers
The Board comprises Chris Goss (Non-Executive Director) and me as Non-Executive Chairman. Fraser McGee resigned on 28th February 2013 and we are grateful to him for his enthusiasm and commitment over the last two years. The Board continues to be well served by the Advisory Board which comprises Patrick Gorman, John Catchpole and Bill Howell.
Conclusion
We have spent a large part of the last year looking at potential new opportunities for TPJ, though we have not been able to announce any of these due to confidentiality restrictions. We remain committed to finding new opportunities for the Company and creating value for our shareholders, and we will update shareholders as soon as practically possible.
Tony Shearer, Non-Executive Chairman, 28th November 2013
For further information, please contact:
Triple Plate Junction Plc [email protected]
Tony Shearer
finnCap Limited +44 (0) 20 7220 0500
Matthew Robinson/Christopher Raggett
Copies of this announcement are available to view on the Company's website at: www.tpjunction.comTRIPLE PLATE JUNCTION PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2013
Consolidated income statement | Six months ended | Year ended | ||
30th September | 31st March | |||
2013 | 2012 | 2013 | ||
£'000 | £'000 | £'000 | ||
(Unaudited) | (Unaudited) | (Audited) | ||
Revenue | - | - | - | |
Cost of sales | - | - | - | |
Gross profit | - | - | - | |
Operating expenses | (232) | (278) | (549) | |
Share-based payments | (7) | (50) | (60) | |
Impairment of assets | - | - | (4,249) | |
Operating loss | (239) | (328) | (4,858) | |
Investment income | 5 | 8 | 30 | |
Loss before taxation | (234) | (320) | (4,828) | |
Income tax expense | - | - | - | |
Loss for the period from continuing operations | (234) | (320) | (4,828) | |
Discontinued Operation | ||||
Loss from discontinued operation, net of tax | - | (120) | (57) | |
Loss for the period attributable to equity holders of the parent | (234) | (440) | (4,885) | |
Basic and diluted (loss) per share (pence): | ||||
On continuing operations | (0.06)p | (0.09)p | (1.31)p | |
On continuing and discontinued operations | (0.06)p | (0.12)p | (1.33)p | |
Consolidated statement of comprehensive income | Six months ended | Year ended | ||
30th September | 31st March | |||
2013 | 2012 | 2013 | ||
£'000 | £'000 | £'000 | ||
(Unaudited) | (Unaudited) | (Audited) | ||
Loss for the period | (234) | (440) | (4,885) | |
Other comprehensive income: | ||||
Exchange differences on translating foreign operations | - | - | 18 | |
Total comprehensive income for the period attributable to equity holders of the parent | (234) | (440) | (4,867) | |
TRIPLE PLATE JUNCTION PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2013
Consolidated balance sheet | |||
30th September | 31st March | ||
2013 | 2012 | 2013 | |
£'000 | £'000 | £'000 | |
(Unaudited) | (Unaudited) | (Audited) | |
Assets | |||
Exploration and evaluation assets | 500 | 5,323 | 1,131 |
Total non-current assets | 500 | 5,323 | 1,131 |
Trade and other receivables | 589 | 33 | 9 |
Cash and cash equivalents | 1,154 | 1,729 | 1,330 |
Total current assets | 1,743 | 1,762 | 1,339 |
Total assets | 2,243 | 7,085 | 2,470 |
Equity attributable to owners of the parent | |||
Share capital | 3,687 | 3,687 | 3,687 |
Share premium | 25,271 | 25,271 | 25,271 |
Share-based payment reserve | 668 | 750 | 661 |
Currency translation reserve | 763 | 745 | 763 |
Own shares held reserve | (98) | (898) | (98) |
Retained losses | (28,077) | (22,697) | (27,843) |
Total equity | 2,214 | 6,858 | 2,441 |
Liabilities | |||
Current liabilities | |||
Trade and other payables | 29 | 227 | 29 |
Total liabilities | 29 | 227 | 29 |
Total equity and liabilities | 2,243 | 7,085 | 2,470 |
TRIPLE PLATE JUNCTION PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2013
Consolidated statements of cash flows | Six months ended | Year ended | |
30th September | 31st March | ||
2013 | 2012 | 2013 | |
£'000 | £'000 | £'000 | |
(Unaudited) | (Unaudited) | (Audited) | |
Cash flows from operating activities | |||
Loss before and after tax | (234) | (440) | (4,885) |
Share-based payments | 7 | 50 | 60 |
Impairment of exploration and evaluation assets | - | - | 4,249 |
Interest received | (5) | (8) | (13) |
Operating loss | (232) | (398) | (589) |
Decrease in trade and other receivables | 51 | 10 | 35 |
Decrease in trade and other payables | - | (46) | (245) |
Net cash outflow from operating activities | (181) | (434) | (799) |
Cash flows from investing activities | |||
Joint Venture contributions | - | (114) | (170) |
Interest received | 5 | 8 | 13 |
Net cash inflow / (outflow) from investing activities | 5 | (106) | (157) |
Financing activities | |||
Proceeds from issue of equity shares | - | 34 | 34 |
Own shares held by EBT | - | (34) | (34) |
Net cash raised from financing activities | - | - | - |
Net decrease in cash and cash equivalents | (176) | (540) | (956) |
Cash and cash equivalents at beginning of period | 1,330 | 2,269 | 2,269 |
Exchange differences | - | - | 17 |
Cash and cash equivalents at end of period | 1,154 | 1,729 | 1,330 |
TRIPLE PLATE JUNCTION PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2013
Consolidated statements of changes in equity
Share capital | Share premium | Share based payment reserve | Own shares held reserve | Currency translation reserve | Retained losses | Total equity | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 31 March 2012 (Audited) | 3,669 | 25,255 | 700 | (864) | 745 | (22,257) | 7,248 |
Loss for the period | - | - | - | - | - | (440) | (440) |
Total comprehensive income for the period attributable to equity holders of the parent | - | - | - | - | - | (440) | (440) |
Shares held by EBT | - | - | - | (34) | - | - | (34) |
Share-based payments | - | - | 50 | - | - | - | 50 |
Shares issued | 18 | 16 | - | - | - | - | 34 |
At 30 September 2012 (Unaudited) | 3,687 | 25,271 | 750 | (898) | 745 | (22,697) | 6,858 |
Loss for the period | - | - | - | - | - | (4,445) | (4,445) |
Exchange difference on translating foreign operations | - | - | - | - | 18 | - | 18 |
Total comprehensive income for the period attributable to equity holders of the parent | - | - | - | - | 18 | (4,445) | (4,427) |
Share options lapsed | - | - | (99) | 800 | - | (701) | - |
Share-based payments | - | - | 10 | - | - | - | 10 |
At 31 March 2013 (Audited) | 3,687 | 25,271 | 661 | (98) | 763 | (27,843) | 2,441 |
Loss for the period | - | - | - | - | - | (234) | (234) |
Total comprehensive income for the period attributable to equity holders of the parent | - | - | - | - | - | - | - |
Share-based payments | - | - | 7 | - | - | - | 7 |
At 30 September 2013 (Unaudited) | 3,687 | 25,271 | 668 | (98) | 763 | (28,077) | 2,214 |
TRIPLE PLATE JUNCTION PLC
INTERIM REPORT FOR SIX MONTHS ENDED 30 SEPTEMBER 2013
Notes to the interim financial information
1. No dividend is proposed in respect of the period.
2. The results for the period ended 30th September 2013 are derived from continuing activities.
3. Basis of preparation
This interim financial information has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union with the exception of IAS 34 Interim Financial Reporting, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The accounting policies, methods of computation and presentation used in the preparation of the interim financial information are the same as those used in the Group's audited financial statements for the year ended 31st March 2013.
The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information for the six months ended 30th September 2013 and 30th September 2012 is unaudited. The comparative information for the year ended 31st March 2013 was derived from the Group's audited financial statements as filed with the Registrar of Companies. It does not constitute the financial statements for that year. The auditors reported on those financial statements; their report was unqualified, did not contain a statement under section 498(2) or 498 (3) of the Companies Act 2006, and did not include reference to any matters to which the auditor drew attention by way of emphasis.
4. Loss per share
The calculation of loss per share is based on a loss of £234,000 for the period ended 30th September 2013 (30th September 2012: loss of £440,000; 31st March 2013: loss of £4,885,000) and the weighted average number of 368,716,729 shares in issue (31st March 2013: 368,248,236; 30th September 2012: 367,782,303). There is no difference between the diluted loss per share and the loss per share presented.
Share options and warrants that could have a potentially dilutive effect on earnings per share in the future as at 30th September 2013 were:
· 17,400,000 share options in issue at prices between 1.0 and 1.1 pence per share
· 6,043,780 warrants in issue at prices between 1.2 and 2.5 pence per share
Related Shares:
Tethyan Resources