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31 Dec 2009 11:00
|
For immediate release |
31 December 2009 |
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:
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Triple Plate Junction PLC |
020 73409970 |
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Peter Wright, Finance Director |
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Buchanan Communications |
020 7466 5000 |
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Tim Anderson, Miranda Higham, Camilla Barnardt |
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Arbuthnot Securities |
020 7012 2000 |
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John Prior, Edward Burbidge, Richard Johnson |
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
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6 months to 30 September 2009 |
6 months to 30 September 2008 |
||
|
£'000 |
£'000 |
||
|
Unaudited |
Unaudited |
||
|
Revenue |
84 |
174 |
|
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Less: Cost of Goods Sold |
- |
(122) |
|
|
Gross Profit |
84 |
52 |
|
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Operating Expenses |
|||
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Other Operating |
250 |
937 |
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Operating Profit before Financing Costs |
(166) |
(885) |
|
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Net Finance Expenses/(Income) |
2 |
8 |
|
|
Profit/(Loss) before Income Tax |
(164) |
(877) |
|
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Income Tax Expense |
- |
- |
|
|
Profit/(Loss) for the Period |
(164) |
(877) |
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|
Other Comprehensive Income: |
|||
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Currency translation differences |
11 |
||
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Other Comprehensive Income for the period, net of tax |
(11) |
- |
|
|
Total Comprehensive Income for the period |
(175) |
(877) |
The loss for the period is 100% attributable to equity shareholders.
TRIPLE PLATE JUNCTION PLC
statement of financial position
At 30 September 2009
|
30 September 2009 |
30 September 2008 |
||
|
£'000 |
£'000 |
||
|
Unaudited |
Unaudited |
||
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Current Assets |
205 |
655 |
|
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Cash and Cash Equivalents |
- |
- |
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Investments - Term Deposits |
405 |
550 |
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Trade and Other Receiveables |
- |
91 |
|
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Inventories |
610 |
1,296 |
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Non Current Assets |
|||
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Property, Plant & Equipment |
44 |
2,225 |
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Intangibles |
9,770, |
19,692 |
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9,814 |
21,917 |
||
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Total Assets |
10,424 |
23,213 |
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Current Liabilities |
|||
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Trade and Other Payables |
843 |
526 |
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|
843 |
526 |
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Non Current Liabilities |
- |
- |
|
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Total Liabilities |
843 |
526 |
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Shareholders' Equity |
|||
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Share Capital |
22,899 |
21,827 |
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Share Option Reserve |
1,327 |
1,327 |
|
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Translation Reserve |
3,417 |
(297) |
|
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Retained Earnings |
(18,062) |
(188) |
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Total Equity |
9,581 |
22,687 |
|
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Total Equity and Liabilities |
10,424 |
23,213 |
|
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
|
Share Capital |
Shares to be issued |
Share premium |
Share Option Reserve |
Translation Reserve |
Retained Earnings |
Total Equity |
|
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As at 01 October 2009 |
944 |
- |
16,969 |
1,251 |
- |
2,220 |
21,384 |
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Exchange differences on translation of foreign operations |
(279) |
(279) |
|||||
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Net income recognised directly in equity |
- |
||||||
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Loss for the period after tax |
(2,408) |
(2,408) |
|||||
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Total recognised income and expense |
- |
||||||
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Equity settled share options |
76 |
76 |
|||||
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Issue of shares |
469 |
- |
3,445 |
3,914 |
|||
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As at 30 September 2009 |
1,413 |
- |
20,414 |
1,327 |
(279) |
(188) |
22,687 |
|
Exchange differences on translation of foreign operations |
|||||||
|
3,696 |
3,696 |
||||||
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Net income recognised directly in equity |
|||||||
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Loss for the period after tax |
(17,874) |
(17,874) |
|||||
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Total recognised income and expense |
|||||||
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Issue of shares |
275 |
797 |
1,072 |
||||
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At 30 September 2009 |
1,688 |
- |
21,211 |
1,327 |
3,417 |
(18,062) |
9,581 |
TRIPLE PLATE JUNCTION PLC
STATEMENT of cash flows
For the period ended 30 September 2009
|
6 months to 30 September 2009 |
6 months to 30 September 2008 |
||
|
£'000 |
£'000 |
||
|
Unaudited |
Unaudited |
||
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Cash flows from Operating Activities |
|||
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Loss before tax |
(175) |
(877) |
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Adjusted by: |
|||
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Depreciation |
3 |
111 |
|
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Finance Income |
(8) |
||
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(Increase)/Decrease in trade and other receivables |
4 |
(15) |
|
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Increase/(Decrease) in trade and other payables |
(217) |
119 |
|
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Net cash (used)/generated from operating activities |
(385) |
(670) |
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Cash flows from Investing Activities |
|||
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Payments for intangible assets |
(477) |
(951) |
|
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Interest received |
2 |
8 |
|
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Equipment and intangibles purchased |
0 |
(638) |
|
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Net cash used in investing activities |
(475) |
1,581) |
|
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Cash flows from Financing Activities |
|||
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Proceeds from shares issued |
508 |
1,970 |
|
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Net cash generated from financing activities |
508 |
1,970 |
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Net increase/(decrease) in cash and cash equivalents |
(352) |
(281) |
|
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Foreign Exchange Movements |
350 |
(241) |
|
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Cash and cash equivalents at the start of the period |
203 |
1,177 |
|
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Cash and cash equivalents at balance date |
201 |
655 |
|
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Reconciliation of Cash Flows from Operating Activities |
|||
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With Profit for the Period |
|||
|
2009 |
2008 |
||
|
£'000 |
£'000 |
||
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Surplus/(Deficit) for the Year |
(175) |
(877) |
|
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Movements in Working Capital |
|||
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Finance Income |
0 |
(8) |
|
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Depreciation |
3 |
111 |
|
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Income Tax |
0 |
0 |
|
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Creditors and Accruals |
(213) |
104 |
|
|
(210) |
207 |
||
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Net Cash Flows from Operating Activities |
(385) |
(670) |
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.
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