Tethyan Resources Regulatory News (TETH)

31 Dec 2009 11:00



Triple Plate Junction PLC

("TPJ" or the "Company")

Interim Results for the Six Months ended 30 September 2009

Triple Plate Junction PLC (AIM : TPJ), the gold, copper-gold and mineral exploration company announces its interim results for the six months ended 30 September 2009.

CHAIRMAN'S STATEMENT

As only a few weeks have transpired since we released the Annual Report which included a review of all activities and movements in our assets there is little to report on, apart from the proposal to cancel the Company's admission to AIM.

As I am one of the largest shareholders, the proposal to cancel the Company's admission to AIM was not taken lightly. The Company is still alive today financially because of equity support by companies associated directly with David Lees, myself and friends of ours together with loans from those companies and the support of our creditors. 

The last equity fundraising of £2 million, in July 2008, would not have been successful without the significant support through subscriptions by David, myself and friends, together with their associated companies.

Further equity, if it could be raised at all, could only be obtained on highly dilutive terms to existing shareholders, with a significant portion of the new funds being used to cover the costs associated with being an AIM-traded Company. Any equity fundraising would need to be at a minimum issue price of 1p per share, being the nominal value of the Company's shares and therefore the lowest price at which the Company may issue new shares, and this is a considerable premium to the current share price.

None of the Directors, with the exception of Bill Howell who is receiving a substantially reduced remuneration, are being paid, and David and I are not prepared to continue to financially support the Company purely to cover ongoing costs associated with AIM. The Board's view, with the exception of Bill Howell, was that existing shareholders would have a greater chance of benefiting from any future success without these ongoing costs.

Shareholders will have noted that the proposed resolution to cancel the Company's admission to trading on AIM was not passed at today's AGM, and therefore a solution must be found quickly. An update will be provided in the New Year.

Ian Gowrie-Smith

Chairman

31 December 2009

For further information please contact:

The interim results will shortly be available to view at www.tpjunction.com

TRIPLE PLATE JUNCTION PLC

statement of financial position

At 30 September 2009

The loss for the period is 100% attributable to equity shareholders. 

TRIPLE PLATE JUNCTION PLC

statement of financial position

At 30 September 2009

The financial statements were approved by the Board of Directors on 30 December 2009

P Wright

Director

The accompanying accounting policies and notes form an integral part of these financial statements

TRIPLE PLATE JUNCTION PLC

STATEMENT OF CHANGES IN EQUITY

For the period ended 30 September 2009

TRIPLE PLATE JUNCTION PLC

STATEMENT of cash flows

For the period ended 30 September 2009

  TRIPLE PLATE JUNCTION PLC

NOTES TO THE COMPANY FINANCIAL STATEMENTS

For the year ended 30 September 2009

BASIS OF PREPARATION

The unaudited consolidated interim financial information is for the six month period ended 30 September 2009. The financial information has been prepared in accordance with the accounting policies which are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) effective at 31 March 2009. The interim financial information does not include all of the information required for full annual financial statements.

The interim financial information has not been audited nor has it been reviewed under ISRE 2410 of the Auditing Practices Board. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The Group's statutory financial statements for the year ended 31 March 2009 prepared under IFRS have been filed with the Registrar of Companies.