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TTR regroups to preserve cash and achieve marine consents

1 October 2014

Media Statement

For Immediate Release

Trans Tasman Resources (TTR) regroups to preserve cash and achieve its marine consents

TTR announced today that it is determined to continue working towards achieving its marine consents and to develop its project. Consistent with this outcome TTR has undertaken a review of its management, Board and budgets with a focus on preserving cash to the maximum extent while retaining key talent and historical knowledge.

Sadly this means that several staff have been made redundant.

The Independent Directors who participated in the strategy review remain fully supportive of the company’s strategy and cash saving initiatives and as a measure of their support have resigned as Directors. In order to retain their skills and talent they have agreed to remain available to the company on an “as needs” consultancy basis.

In addition TTRs largest New Zealand share holder Alan Eggers will become the new Chairman and current Executive Chairman Tim Crossley will step down as Chairman but will remain as an executive Director on the Board.

TTR would like to acknowledge the hard work of those staff and directors, and the ongoing support of shareholders and stakeholders during this challenging time.

Ends


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