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TIR Tiger Royalties And Investments Plc

0.225
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tiger Royalties And Investments Plc LSE:TIR London Ordinary Share GB0002308525 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.225 0.20 0.25 0.225 0.225 0.23 0.00 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec -160k -457k -0.0009 -2.44 1.18M
Tiger Royalties And Investments Plc is listed in the Offices-holdng Companies sector of the London Stock Exchange with ticker TIR. The last closing price for Tiger Royalties And Inve... was 0.23p. Over the last year, Tiger Royalties And Inve... shares have traded in a share price range of 0.125p to 0.275p.

Tiger Royalties And Inve... currently has 535,128,553 shares in issue. The market capitalisation of Tiger Royalties And Inve... is £1.18 million. Tiger Royalties And Inve... has a price to earnings ratio (PE ratio) of -2.44.

Tiger Royalties And Inve... Share Discussion Threads

Showing 1576 to 1599 of 2225 messages
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DateSubjectAuthorDiscuss
17/3/2009
19:36
witteklip - 17 Mar'09 - 16:07 - 1185 of 1186 edit

Re my earlier post: "Someone please explain how these figures work:

The difference has to do with voting rights - the treasury shares bought by TIR don't have them.

witteklip
17/3/2009
19:35
Skyship - thanks for the encouragement.
witteklip
17/3/2009
18:39
Witte -

1. I shall publicise yr action on the Mike Walters website

2. I shall sit down soon & type out Colin Bird's reply to my letter

Keep at it - you're doing well - now need to sign up GLC etc - I've seen that name before - was it on here?

skyship
17/3/2009
16:07
Someone please explain how these figures work:

If 10542025 shares is 6.11% of the total (Barclays purchase 17 March)
Then how can 7,200,000 shares = 4.2% of the total (GLC Limited No 1 FURBS notification 11 March)

Have new shares been issued the past few days?

witteklip
17/3/2009
13:51
Update Re: Tiger Investor's direct action:

We now have support from 4.415% of the 202,071,939 Ordinary Shares in Issue: And of the 172,571,939 shares (excluding Treasury shares) with a vote we have 5.17%

With regard to our objectives and a collective strategy I would like to start pooling any specific points or ideas anyone might want represented so that we can include these in our proposal (and debate them if we're not all in agreement.). So, if you have a moment spare and have the inspiration then please email me anything that comes to mind.

Anyone who is interested in getting involved please write to tigerinvestor@easy.com

witteklip
17/3/2009
13:19
"RNS Number : 7138O
Tiger Resource Finance PLC
11 March 2009

Tiger Resource Finance plc ('Tiger' or 'the Company')

Significant shareholding

The Company received notification today that following a recent acquisition of ordinary shares of 1p each, GLC Limited No 1 FURBS hold 7,200,000
Ordinary Shares in Tiger, which represents 4.2 % of the relevant share capital of the Company.

For further information please contact:

Bruce Rowan, Chairman
Tel: +0044 (0) 20 7486 3997

Colin Bird, Director
Tel: +0044 (0) 20 7581 4477

witteklip
17/3/2009
10:24
Re: Tiger Investor's direct action:

We currently have shareholders representing 3.56% of the company prepared to join forces to make a positive adjustment at Tiger Resources.

If there are other posters here who hold TIR shares and wish to get their views taken seriously then please email tigerinvestor@easy.com

For now I'm trying to gather as much support as possible. We'll pool ideas and reach a consensus on exactly what action to take. In the meantime send suggestions, volunteer (an experienced chairman would be useful) and/or let us know of your current shareholding so that we can measure our increasing strength.

Together we are likely to be taken more seriously - if not, we'll take collective action at the next AGM.

If you use other financial bulletin boards please pass this message on.

Reach me at tigerinvestor@easy.com

witteklip
11/3/2009
12:40
aportime - Good point but I don't consider myself a good candidate to be representative. We need someone with an in depth understanding who is more articulate and capable of public debate than I am.

I would gladly sign over my voting rights to a like minded but more capable person. Or, put my signature to an agreed shareholder's letter to management

If no one else will volunteer then I will gladly run with this - It would be useful to work out how many shares we can pool between us but I'd prefer not to discuss detail on a public BB.

If anyone wants to discuss this idea further here's an email address to communicate with me tigerinvestor@easy.com (If you'd like to set up a similar free email account go to easy.com)

witteklip
10/3/2009
22:48
Hi witteklip

I suspect if you want to take the fight to management then you have to be willing to do it yourself. Nominating others ain't gonna work. Skyship made his points, got his answer and then sold down by 90%. You now need to pick up the baton.

A

aporime
10/3/2009
22:14
Furgus Ferret - 10 Mar'09 - 09:14 - 1176 "How about getting together the requisite 10% of the issued equity to call an EGM and remove the Board in favour of a group who are going to make this share perform?

That might not be difficult given the low market cap. - I think B.R. has merit but it would be useful to put someone on the board who could watch our backs, veto any potential plunder, ensure shareholder value re remuneration and activity / results - and keep us properly informed.

The way I see plcs - insiders can far too easily work the system (by slackness or design) to legally fleece shareholders. Given the poor communications, apparent lack of activity and questionable remuneration - I think we need to watch our backs – especially with the company under valued.

I would like to see the directors reply to Skyship's points - if they fudged it then we should take action. Given the track record to date (and, for a shareholder to reduce a holding by 90% based on management's response)! - I'd say we have reason to concerned.

Any volunteers to organise this? Skyship – despite your absence from these shores - you seem like a good contender? (I'm thinking that might get a result without needing to storm the AGM providing we can collate a decent % shares to back our position.)

I want to back this company not bail out – but I'd prefer that we, more ordinary investors, have a stick to chivvy B.R. and employees along.

witteklip
10/3/2009
10:11
picked up a few - 192k showing as a sell
looks ridiculously undervalued - £4m cash and a portfolio worth a few million and yet trading around £2m?

buy gold sell dollar
10/3/2009
09:14
Hi everyone

I too am totally disillusioned and fed up with the management of this company and their complete disregard for shareholder interests.

I own 5 million shares in TRF and will happily vote these in support of any useful initiative. How about getting together the requisite 10% of the issued equity to call an EGM and remove the Board in favour of a group who are going to make this share perform?

furgus ferret
08/3/2009
22:19
topvest - in the interests of insuring that that the value of that cash and other assets preserved and well used rather than dwindled into 'admin' costs or 'inadvertently' 'siphoned' into insiders pockets - lets get together to demand management's reassurance.

While we're at it we could follow up on Skyship's excellent points. The more of us the better. We need a clued up and articulate front man - Skyship seems like the perfect person but alas. Any volunteers?

P.S. I would gladly give someone like Skyship proxy vote on my shares. I'd even be keen on an updated letter / petition which could be followed up in person at the next AGM.

witteklip
08/3/2009
18:28
Well I agree things have been very dull here and costs are too high. On the upside, at least they still have lots of cash which is more than can be said for most companies in this sector. There is no evidence to suggest Bird or Rowan are "excessively" greedy as directors, indeed both have very good reputations. I though too am rather frustrated at Tiger. The web-site for example hasn't been properly updated for years.
I have always felt that they have preserved the cash here to do a major deal masterminded by Bird, but we are still waiting...and now is probably not the right time.

topvest
08/3/2009
16:58
SKYSHIP - 8 Mar'09 - 12:38 - 1169

Wish you were here. Your letter to Tiger Resources makes good points.

witteklip
08/3/2009
16:58
topvest - 8 Mar'09 - 12:02 - 1168 of 1171

"I've always found Bruce very approachable I do not doubt that he is - but I don't think it is unlikely he likely to take disgruntled individual shareholders particularly seriously - I have written in the past but failed to get a reply.

If Skyship's detailed letter was brushed aside then what chance do less eloquent shareholders have?

I am not pleased with the way this company has been managed neither do I trust that they will definitely act in the interests of all their shareholders.

Telephone calls may help but are unlikely to have the impact of a group of like minded shareholders acting together.

witteklip
08/3/2009
16:46
aporime - 8 Mar'09 - 11:46 - 1167 - Great, we need a spokesperson of skyship's caliber to lead this - shame he's no longer about. Any volunteers?
witteklip
08/3/2009
13:39
435,396 shares (as I thought, not that many)
aporime
08/3/2009
12:38
WK - I traded letters with TIR back in August 2007. So as to be sure of a response I addressed my initial letter to Bruce Rowan, but mailed copies to all directors & all advisors. The reply when it came was from Colin Bird VIA (and I quote): "....which we received earlier this month via the Company's nominated advisor's Davy Corporate Finance."

My outgoing letter:

Dear Mr Rowan

RE: TIGER RESOURCE FINANCE – "TIR"

Perhaps the only disadvantage of no longer living in the UK, is that I am in practical terms unable now to attend the AGMs of companies in which I invest both my pension & personal investment funds.

That said, I was pleased to read that you welcome shareholder comment, so I would now like to pose a few questions and suggestions:

1. TRANSPARENCY

Over the past few years, in a time when every listed company has sought to improve shareholder communication and investment companies in particular have provided more regular asset valuations and portfolio declarations, you have moved in the opposite direction with now just Quarterly NAV declarations and Half-yearly portfolio declarations.

Over the same period the dealing activity of TIR has been almost moribund, so the previous reason given of "necessary secrecy so as not to hinder stake building or liquidation" clearly has no base in fact.

Might I therefore suggest that you immediately, in the interests of good shareholder communication, change your reporting to:

# NAV declarations - weekly
# Portfolio declarations - monthly

2. MIT VENTURES CORP.

Listed in the TIR portfolio is a holding valued at £40k and described merely as MIT Ventures Corp. Loan Note. Could you please provide some information on this investment, in particular whether we earn any interest, whether there is any capital upside and when it is due for repayment?

3. ADMINISTRATIVE EXPENSES

Over the 3 years of 2004/5/6 Administrative Expenses have escalated markedly as a %age of Shareholder Funds:

2004: 3.7%
2005: 4.2%
2006: 5.4%

In view of the relative inactivity over this period, could you please advise why such an escalation has occurred, how it can be justified and whether you recognise that a cap on costs should be instigated.

4. CHAIRMAN'S STATEMENT – 26th June 2007

A very brief study of the TIGER portfolio shows a bundle of frankly rather poorly performing mining companies, saved wholly by the holding in Franconia. Fortunately the overall performance of the portfolio relies on the two major investments in the junior oil & gas exploration sector – together accounting for over two-thirds of the TIR non-cash portfolio as at end May'07. In spite of this fact your Chairman's Statement of 26th June makes absolutely no mention of OIL. Could you tell me something as to your thoughts in that area?

5. INVESTMENT STRATEGY & PERFORMANCE

Again over the 3 years of 2004/5/6, a period of massively increasing commodity prices, soaring share prices and almost historically low interest rates you have been keeping an average of 45% of TIR net assets in CASH. This policy has quite naturally severely constrained the investment performance of TIR.

To respond that over this period there was a lack of assured good investments in the Natural Resource sector is patently absurd. With hindsight of course, just buying into the leading global miners (BHP Billiton, Anglo-American, Xstrata etc.) would have proved well worthwhile, as would have been a policy of delegating responsibility by buying into any of the leading Natural Resource investment trusts. Sitting on CASH in such boom conditions shows what can only be kindly described as questionable judgement.

Of course, we can't wind the clock back, but equally an alternative to the recent relative failure surely needs to be found.

The Board's principal responsibility to shareholders is to maximise shareholder value. Other than through investment performance, the Board in my view quite correctly sought and received shareholder approval for a series of Section 163(3) share buybacks with the stated objective of reducing the share price discount to the underlying NAV.

However, the Scheme has only partially been successful. By buying-in stock at such a discount to NAV, the underlying NAV per share has been improved; but over the period of the buybacks the NAV discount has simply widened further. A couple of weeks ago, when Ascent Resources was trading above 30p, the NAV discount exceeded 50%!

Might I recommend a solution:

GENERAL TENDER OFFER

Another tactic used by many listed companies has been to return cash to shareholders via a general tender offer. This has the subsidiary benefit of reducing the NAV discount as it confirms the Board's intent to more closely align the share price to underlying value. What can be done once, can be done again should the excess discount continue.

In the case of TIR a 1 for 3 buyback @ a price in the region of 4.5p-5.0p / share would seem to be appropriate bearing in mind the current Market price of 3.65p; the current Gross NAV of c.6.3p; and the recent share price intra-day high of 4.85p-5.0p.

Allowing for costs of 200k (perhaps too high an estimate), the cost of the tender would be £2.82m-£3.11m; ie an amount easily fundable from existing cash balances.

I suggest that the above course of action will:

a). Reduce the future NAV discount

b). Provide shareholders with a cash bonus more than compensating for past lack of dividends

c). Utilise a fair %age of the cash reserves for which TIR has had no apparent use over recent years

I assume that you will wish to discuss the contents of this letter with both other Board members and retained professional advisers, so I have forwarded copies to:

# Colin Bird
# Michael Nolan
# Davy Corporate Finance
# WH Ireland

I look forward to hearing from you regarding the various questions above; and most especially regarding the Tender Offer proposal. Please do feel free to respond by Email.

Yours sincerely
==================================================================

I'll try to grab some time to type out the response, but frankly it was just all rather disingenuous! I became disillusioned as to the likelihood of any change, so sold down 90% of my holding.

The only way to have any chance of getting change, is to confront the directors at the AGM. I've done that successfully in the past by creating a stink & being downright rude at the AGM when the directors of Lionheart were deplorably seeking to buy out the company for their own advantage. I started by mailshotting some of the larger shareholders on the share register; and found two shareholders who were useful and active; and were also actively participating by buying a meaningful stake. The outcome was liquidation and a fair distribution.

Sorry, I can't help as I now live abroad, but obviously wish you every success.

skyship
08/3/2009
12:02
I've always found Bruce very approachable - give him a call. I don't think Bruce uses e-mail, hence the mention of fax.
topvest
08/3/2009
11:46
I would be interested in supporting such a group. I emailed the company the following on 9 Feb and have yet to receive a reply to the questions. Although I'm not sure whether they expect me to pick up the phone now?

Dear Mr Samtani

As discussed I am sending you my questions and hope that you will be able to properly answer them. These are difficult times for shareholders of resource based companies as I am sure you are aware and I think it important that companies keep a dialogue going with all shareholders.

1. You have not published a net asset value statement recently. I quite understand that the picture is not likely to be pretty. Given the list of investments on the website it is not difficult to work out the likely figure (although I am unsure whether this is up-to-date), but it would be good if you would publish something soon as a reference point. Are you intending to do so?

2. Are you intending to change your investment strategy given the changed picture of economic activity the world faces in the foreseeable future?

3. There has been some disquiet amongst private investors recently over favourable LTIP arrangements for directors of, most especially, AIM listed companies. Are you able to give any assurances that no such arrangements are being considered for TIR directors at the expense of the long suffering shareholders?

4. Would you assure me that everything possible to conserve precious cash resources is being undertaken by the Board of Directors given this period of apparent inactivity? It would be most unsettling if in subsequent announcements the cash cushion upon which shareholders place much reliance were diminished by inexplicable cash expenses.

I look forward to your reply

I got the following reply:

I have faxed your queries to our chairman Mr Bruce Rowan can be contacted on 44 207 486 3997 and is better placed to address your queries.

All best

Raju Samtani

I'm in the process of checking how many shares I have as I think I only have a relative few (my interest was really in AST which I thought I could get aat a discount).

A

aporime
08/3/2009
11:16
topinvest - if we could get a gathering a similarly minded shareholders we could set up a meeting with B.R./ management and confront these issues head to head. I'm in London and would welcome support - picking up the phone or writing is all very well but it's easily dismissed whereas shareholders demonstrating resolve might well be taken more seriously - particularly if they're informed and prepared to follow up with united representation at the AGM.

We need to hold management accountable - until then, regardless of their abilities - they're only human and will tend to do what suits them best within the law.

I'm not looking to rock the boat - just keep the management focused on fairly representing the interests of all their shareholders. The danger with undervalued companies is that insider share deals, remuneration and fund raising can unexpectedly, quickly and disproportionately erode existing shareholder's value.

I want to stick with TIR but I'd like to be certain that the company is not hollowed out from the inside by management or others. I would like to see better communication, reasonable remuneration in line with input and results, and full accountability.

There are bound to be other issues people want to discuss as well - I think we'll get the best results through solidarity.

witteklip
08/3/2009
08:24
Yes, I agree. Rowan has made some astute investments elsewhere, but Tiger hasn't done anything of any consequence for years. Management remuneration is way too high for a company that doesn't really do anything.
topvest
07/3/2009
20:39
I am interested in getting together with other investors of this company to pool forces / ideas and make a united front to deal with them. i.m.o. relatively small shareholder's opinions are too easily brushed aside or not taken seriously - I think Rowan's got ability but I'd like to see fairer management (and shareholder) remuneration in line with input / value. Also, I would like to see better communication.

Are there any other investors in this company who would like talk to Tiger's management on these and other issues?

witteklip
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