Tarquin Resources Share Discussion Threads

[pomp circumstance] 01/7/2005 07:09

CHAIRMAN'S STATEMENT

for the year ended 31 December 2004

This financial year saw the Company transition from the failed commercialisation
of its QuikTrak spectrum tracking technology business into the natural resources
sector.

The Company's wholly owned subsidiary, QuikTrak Telecommunications (UK) Ltd was
placed into Administration on 23 August 2004. The Company incurred a loss for
this financial year of #2,648,472 (2003: #1,801,001) which included a loss on
the loan write off to QuikTrak Telecommunications (UK) Limited of #2,586,663
(2003: #1,400,000).

The Company announced its change of strategy to the market on 26 January 2005
and raised new equity of #800,000 in July 2004 to finance the move into the
natural resource sector. A further #622,000 of new equity was raised in February
2005. The Company's name was changed to Tarquin Resources plc on 28 February
2005, reflecting the change of direction.

The new strategy will encompass direct investment in exploration and operating
businesses, together with short-term investments within the natural resources
sector.

During the financial year, the Company has successfully identified short-term
resource investments, resulting in profits of #187,639 on a turnover of
#325,076.

Since the year end, pursuant to the new strategy, the Company has made its first
investment of #500,000 pre-IPO in a company to list in the UK, to explore Oil
and Gas assets in Kazakhstan.

I am confident that the Company's new direction under experienced management
offers considerable opportunity to create significant value for our
shareholders.


Chris Kyriakou
Chairman

29 June 2005



TARQUIN RESOURCES PLC Group Financial Statements 2





REPORT OF THE DIRECTORS

for the year ended 31 December 2004

The directors present their report together with the audited group financial
statements for the year ended 31 December 2004.

Principal activities and review of the business

The Company's principal subsidiary, QuikTrak Telecommunications (UK) Ltd was put
into Administration on 23 August 2004, until which date the Company's principal
activity was that of a holding company together with the provision of management
services to its subsidiaries.

The principal activity of QuikTrak Telecommunications (UK) Ltd was
commercialising spectrum tracking technology. The principal activity of QuikTrak
(UK) Ltd was to hold a public mobile operator licence and a Telecommunications
Act Licence issued by the Secretary of Trade and Industry (now expired).

In August 2004 the Company's principal activity changed to the development,
exploration and operation of businesses in the natural resources sectors through
strategic investments.

On 28 February 2005 the company changed its name from QuikTrak Networks Plc to
Tarquin Resources Plc.

Future Developments

In April 2005, the Company acquired a minority stake for an investment of
#500,000 in a UK company to explore Oil and Gas assets in Kazakhstan.

Results and dividends

The loss for the year on ordinary activities before tax amounted to #2,664,206
(2003 - 18 months: #6,966,301). The directors do not recommend the payment of a
dividend.

Share capital

Details of the share capital are given in note 17 to the financial statements.

Events since the balance sheet date

The Company raised #622,000 in February 2005 through placing new ordinary
shares.

As set out under 'Future Developments', the Company has acquired an interest in
the Oil and Gas sector.

Directors and their interests

The directors who served during the year and their interests in the company's
Ordinary Shares were as follows:

1p Ordinary Shares
Appointed Resigned 31 December 2004 31 December 2003

C Kyriakou* 18,274,513 8,382,723
C de Chezelles 265,683 100,000
B Parritt 682,825 66,158
J Scott 23 February 2005 998,334 15,000
J Landels* 5 January 2004 - 6,382,357
E Van Alphen 27 May 2004 5,322 -
R Shakesby 23 February 2005 - -



TARQUIN RESOURCES PLC Group Financial Statements 3




REPORT OF THE DIRECTORS (continued)

for the year ended 31 December 2004


Directors and their interests (continued)

In 2005 the directors acquired the following additional shares:

C Kyriakou * 18,900,000
C de Chezelles 6,666,666
B Parritt 133,333

* C Kyriakou and J Landels are both directors of Investika Limited (a
substantial shareholder). J Landels holds shares and executive share options in
Investika Limited. C Kyriakou's family trust holds shares and executive share
options in Investika Limited. The shares owned by Investika in the company's
share capital have been included in each Messrs Kyriakou and Landels' interests.

Options granted to directors and existing at 31 December 2003 were cancelled in
March 2004 and replaced by the following:

Number Exercise Expiry
Price Date

C Kyriakou 2,700,000 25p per share 7 March 2009
C de Chezelles 150,000 25p per share 7 March 2009
B Parritt 150,000 25p per share 7 March 2009
J Scott 150,000 25p per share 7 March 2009
E Van Alphen 200,000 25p per share 7 March 2009


Substantial shareholdings

On 31 December 2004 the following shareholders held 3% or more of the issued
share capital of the company.

No. of Ordinary Percentage issued
Shares Ordinary Shares

Investika Limited 18,106,013 15.5%
Damelian Automobile Limited 5,935,483 5.2%
Pershing Keen Nominees Limited 12,000,000 10.3%


Corporate Governance

As QuikTrak Networks Plc is not a fully listed company, it is not required to
comply with the Code of Best Practice published by the Committee on the
Financial Aspects of Corporate Governance ("the Combined Code"). However, the
directors do place a high degree of importance on ensuring that high standards
of corporate governance are maintained. As a result, most of the relevant
principles set out in the Combined Code have been adopted during the period and
these are summarised below.

Directors

The company supports the concept of an effective Board leading and controlling
the company. The Board is responsible for approving the company's policy and
strategy. It meets frequently and receives and reviews on a timely basis
financial and operating information appropriate to being able to discharge its
duties. Directors are free to seek any further information they consider
necessary. All directors submit themselves for re-election every three years by
rotation in accordance with the Articles of Association. Given the size of the
company it is not considered appropriate that there should be a separate
nomination committee. It is the view of the Board that the appointment of new
directors should be a matter for consideration by the Board as a whole. All
appointments to the Board are subject to confirmation by shareholders at the
following AGM.


more here

[telecomstrader] 23/6/2005 22:04

5P HERE WE COME

[pomp circumstance] 23/6/2005 12:03

he wont be stale when they get to 5p soon!!!

[excretia-ventaxia] 23/6/2005 11:52

Sudden pick up in volume. Any reason anybody. Stale bull at 2p level. I am told that they will quickly get back to this level

[pomp circumstance] 21/6/2005 06:54

why do some people get so uppity about incorrect information.

For christ sakes all the guys trying to do it ramp the stock up a bit, give him a break!!

[dell314] 20/6/2005 21:36

telecomstrader - LOL!

I believe that TQN have previously reported remaining cash and assets of £850k and then placed stock to raise an additional £622k.

This adds up to c. £1.47mln and clearly isn't all cash.

Unless I've made a glaring error, current mkt cap appears to be c.£1.97mln your statement above would appear to be garbage.

Rgds
dell

All IMHO, DYOR etc.

[telecomstrader] 20/6/2005 21:20

TARQUIN volume picked up today. best cash shell on market . trading at a discount to cash. deals expected very soon. price shold be 3p IMHO

[shirishg] 23/5/2005 10:40

Post removed by ADVFN

[istykhan] 23/3/2005 20:49

already rang them POMP ,they said anything would be announced via an RNS !!!!!!!

[scripophilist] 23/3/2005 20:17

I guess Chris is looking forward to really fleecing his shareholders again and getting paid a lot to do it. Good luck to those who believe otherwise.

[pomp circumstance] 23/3/2005 20:05

ring em up and ask them!!

[istykhan] 23/3/2005 19:57

STILL NO ACTION ???????????????????????

[istykhan] 21/3/2005 21:27

ANOTHER 3.5 MILLION is held by DIRECTORS !!!!!!!!!!!!!!!!!

[istykhan] 21/3/2005 21:23

anybody out there with any views on TQN,not many shares in issue either only
about 157.45 MILLION so a bit of interest in this could soon see it move either
way depending on any news !!!!!!!!!!!!!!!!!!!!
Chris Kyriakou holds 27.3 MILLION so that only leaves 130.15 MILLION,hopefully
because of the cash pile we will start attracting some BUYERS soon and see some
movement NORTHWARDS ???????????????????????

[istykhan] 20/3/2005 18:59

here's hoping there will be news soon !!!!!!!!!!!!!!!!!!

[jwoody1971] 20/3/2005 13:57

hi isty, yes they seem to be taking their time with an investment, but thats a good thing isn't it. perhaps something great will happen?

[istykhan] 19/3/2005 15:41

plenty of cash but no one to shell it on ???????????????????

[pomp circumstance] 14/3/2005 20:19

bu then I might have kept it for Cheltenham this week ;)

There be gold in them there 'ills!!!

[jwoody1971] 14/3/2005 20:15

yes you have done very well pomp, well done.

[pomp circumstance] 14/3/2005 18:04

The shudve given me the cash a month ago, I would have had them in Galahad and Jubilee Plat!!

[jwoody1971] 14/3/2005 16:48

i hope they will be doing research and looking long term at investments , not buying shares on a day trading basis!