LAW - LawFinance Limited

[Joe Blow]

TPL Corporation, is a Perth-based company listed on the Australian Stock Exchange (code: TPL).

The Company was originally admitted to the official list of ASX as Terraplanet Limited in May 2000 and carried on business as a publisher of magazines, graphic design and pre-press service provider, internet web designer and developer and related businesses.

Following a major restructuring and recapitalisation, the company was re-launched as TPL Corporation and was reinstated to the ASX Official List on 27 May 2008.

http://www.tplcorporation.com.au

 

[Megacents]

Re: TPL - TPL Corporation

Looking a little interesting with tenements in the Canning basin and not far from REY's 550mt colal resource.

Will start drilling soon for coal and a further 4 tenements award wich brings it up to 7.

Maybe a quite achiever?

 

[Megacents]

Re: TPL - TPL Corporation

Looking a little interesting with tenements in the Canning basin and not far from REY's 550mt colal resource.

Will start drilling soon for coal and a further 4 tenements award wich brings it up to 7.

Maybe a quite achiever?

That spelling was bad.

I have just been reading the laster 4C and was quite impressed with the admin costs of only $54grand for the quarter. Approx. $1.9M in the bank.

Actually the REY resource is 511Mt, sorry for the mistake in the previous post.

In the 4th Quarter activites 2010, they are also talking about Mongolia and Galilee in QLD for coal.

A total of 7 granted exploration licences and 58 under review and a potential 1000km strike in the Lightjack formation.

This I reckon is a sleeper.

 

[kpas]

Re: TPL - TPL Corporation

Absolute sleeper.

If they pull anything off in the canning basin it will be very interesting to watch the rerating.

Definitely one to watch for the next 12 months.

 

[springhill]

Re: TPL - TPL Corporation

MC - $4.2m
SP - 0.7c
Shares - 607m
Options - Nil quoted
Cash - $1.5m

MAIDEN COAL INTERCEPT FOR THE LIGHTJACK HILL COAL PROJECT, CANNING BASIN, WESTERN AUSTRALIA
This morning the company has been advised by its Exploration Manager, Manjunatha Kalal, that overnight coal has been intercepted between 108m and 111m in rotary mud drill chips in drill hole SB3. The programme has now been extended to drill the other 3 holes for which clearance has been received on this fenceline. These samples will be sent for analysis and the results provided to the market. See Figure 3 for the position of SB3 and the Sisters Bore Programme.


Summary of June Quarter Activities
During the quarter the Company announced that it had completed native title heritage clearance and received the final approvals required to commence its first exploration drill programme at the 100% owned Lightjack Hill Coal Project south of Fitzroy Crossing, Canning Basin WA.
The Company has been targeting the discovery of coal seams over three drilling areas which when combined cover 20km of strike length of the prospective Lightjack Formation. The drilling programme commenced in late June and is on-going.
Thirty one drill sites along seven lines have been cleared for exploration drilling. The first phase has focused on 11 drill holes which have been selected as “Priority 1” holes, the success of which will determine the drilling sequence and timing of “Priority 2” and “Priority 3” holes.
The Priority 1 phase of the drill programme, consisting of rotary mud and diamond holes, is close to completion. Following successful intersection of 2-3m of coal in the final hole the programme has been extended to cover a further 3 holes which were originally selected as Priority 2 and Priority 3 holes. Assay samples of drill core and analysis of this programme will follow during the third quarter of 2012.

Subsequent to the End of the Quarter
Drilling Operations subsequent to the end of the quarter have completed the Beefwood target area and moved to the Three Sisters and Sisters Bore target areas on Cherrabun Station for the final 3 holes of the programme. The Company is pleased to advise that its maiden coal intercept, over 2-3m, has been encountered in this programme. A further 3 holes, for which clearance has been received, will now be drilled on this fenceline

 

[springhill]

Re: TPL - TPL Corporation

SECOND COAL INTERCEPT FOR THE LIGHTJACK HILL COAL PROJECT, CANNING BASIN, WESTERN AUSTRALIA

Second Coal intercept encountered approximately 1.2km from maiden coal intercept:
The Company is pleased to report that coal has been intercepted over 1-2m of rotary mud drill chips between 103m and 105m depth in drill hole SB4. SB4 lies approximately 1.2km south of SB3, the drill hole in which the Company encountered its maiden coal intercept, released to the market on 31 July 2012. The programme has now moved to SB2, approximately 1.2km north of SB3. SB1 and SB2 are the final holes for which clearance has been received on this fenceline. These samples will be sent for analysis and reported in the coming weeks

 

[springhill]

Re: TPL - TPL Corporation

COAL INTERCEPTED OVER 3.5KM, DRILL PROGRAM COMPLETE FOR THE LIGHTJACK HILL COAL PROJECT, CANNING BASIN, WESTERN AUSTRALIA


TPL Corporation reports that its maiden drilling programme has been completed having intercepted coal in 4 drill holes over a 2.4km trend at the Sisters Prospect with the shallowest intercept occurring at 35m depth.
The Company believes the Sisters Prospect drilling results to be amongst the best coal intercepts in the Canning Basin indicating similar thicknesses to the Duchess Paradise coal deposit. It is highly encouraging for the Company to achieve these intercepts in its maiden drilling programme. Work will now continue on planned mapping programmes while the next drill programme at the Sisters Prospect is planned and submitted for approval.
In addition to recently announced intercept in SB3, following are the details of the coal intercepts in SB1 and SB2:
● SB1, the northernmost drill hole, encountered a mixture of sandstone and coal in rotary mud drill chips in each of 34-35m and 35-36m. The company interprets this as being a similar intercept to SB2 (described below) with possibly increased sandstone bands. SB1 lies approximately 1.2km north of SB2 and approximately 3.5km north of SB4, the southernmost hole on the fenceline. Please see Figure 1 for a diagram of the drill hole positions.
● SB2 encountered 90cm of coal with minor sandstone bands in drill core at 86m depth. SB2 lies approximately 1.2km north of SB3 in which coal was intersected over 2-3m* of rotary mud drill chips between 108m and 111m depth. Samples from these drill holes will be sent for analysis and reported in the coming weeks.
* By comparison the Duchess-Paradise P1 total seam thickness ranges from less than one to more than three metres, but it is very often in the range of 2.0 to 2.25 metres in both the Paradise and Duchess areas

 

[System]

Re: ACJ - African Chrome Fields

On February 28th, 2014, TPL Corporation Limited (TPL) changed its name and ASX code to African Chrome Fields Limited (ACJ).

 

[System]

On February 27th, 2015, African Chrome Fields Limited (ACJ) changed its name and ASX code to Just Kapital Litigation Partners Limited (JKL).

 

[greggles]

I've never paid much attention to litigation funders. Seems risky and a morally murky business if you ask me.

However, I couldn't help but notice JustKapital Limited moving north this morning after it announced the conditional confidential settlement of two cases that it has funded. The proceeds of $6.6 million will end up being a net cash inflow of $4.4 million. Yesterday the company closed at 6.9c and had a market cap of $10 million. So the revenue generated from these two cases was about 44% of the entire market cap. At the end of the last quarter it had almost $2 million in the bank. I'm not quite sure I understand how valuations are calculated with these types of companies.

Anyway, JKL is currently up 17.39% today to 8.1c. That would make the current market cap around $11.74 million.

 

[galumay]

Seems to be a business trying to transition itself, selling of a sector with the intention of using the cash raised to repay debt - given the size of the debt that would seem prudent! Its hard to tell what will be left at the end of the transition though.

I probably would not even try to value the business until it was cleaned up and showed some stability in cash flow generation.

 

[greggles]

Thanks Galumay. That seems like an interesting strategy to pay down debt. Become a litigation funder and use the revenue generated to pay off the debt. You would have to be very careful which cases you fund and ensure that the other party has the ability to pay any settlement or judgement sum. Seems like a very risky enterprise, which would account for the valuation.

 

[galumay]

Sorry @greggles, i wasnt quite clear, from the company -

The Board resolved to exit the litigation funding business during the financial half year to enable the Group to focus on its core, profitable, financing business.

But! Then I read a bit more and the sale fell through for regulatory reasons, so they are stuck with the litigation funding business - and the very large debt! Makes it all the more unatrractive IMO>

 

[greggles]

Thanks again Galumay. Sounds like they're between a rock and a hard place.

I also noticed that there is an attempted board spill going on. Looks even messier now.

 

[System]

On December 31st, 2018, JustKapital Limited (JKL) changed its name and ASX code to LawFinance Limited (LAW).