Beard, looks like they will be trying to do a majority payment........the snipet is from page 11 of the announcement. I'll be happy with the below so long as the Moke deal doesn't take too much longer.
"In April 2015 Shareholders approved the issue of 595.2 million drilling performance
shares (Performance Shares) to BSP in consideration for the procurement of drilling
services for 2 wells at the Company’s Aolong project by 31 December 2015. On
satisfaction of the attached vesting conditions the Performance Shares are due to convert
into ordinary shares on a 1:1 basis. As at 31 December 2015 the 2 wells had been drilled
and cored as announced by the Company to ASX previously, however certain other
specified components of the drilling services were not able to be met by 31 December 2015
through no fault of Triple or BSP and are now expected be met during 2016. The
Independent Directors of Triple (being, in this instance the Directors not nominated by or
associated with BSP) have resolved to take such remedial action as may be necessary to
enable the commercial substance and intent of the drilling services arrangements with BSP
to be honoured. This may involve or include the seeking of shareholder approval for a
reissue of the Performance Shares on amended terms, or for a new issue of ordinary shares at some point in the future. Triple is in dialogue with BSP and ASX to identify the
most appropriate route forward and will update shareholders accordingly."
TNP Price at posting:
1.1¢ Sentiment: Hold Disclosure: Held
