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| 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% | 0.20 | 0.15 | 0.25 | 0.20 | 0.20 | 0.20 | 0.00 | 07:45:39 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | -160k | -457k | -0.0009 | -2.22 | 1.07M |
From May 2019 to May 2024
TIDMTIR
RNS Number : 8977R
Tiger Resource Finance PLC
27 September 2017
27 September 2017
Tiger Resource Finance Plc
("Tiger" or the "Company")
Unaudited interim financial statements
for the six months ended 30 June 2017
Tiger (AIM: TIR) is pleased to announce the publication of its unaudited interim results for the six month period ended 30 June 2017 which will shortly be available on the Company's website www.tiger-rf.com
Operations Review
-- Net Asset Value per share - 1.03p (30 June 2016 - 0.81p/ 31 Dec 2016 - 0.80) -- Total assets of GBP1.42M (30 June 2016 - GBP1.12M/ 31 Dec 2016 - GBP1.16M)
The period under review has shown a significant improvement in the fortunes of the natural resource sector. Large company valuations have risen significantly with mid-cap and junior resource companies also showing modest gains. Tiger's NAV increased from 0.80 pence per share at 31 December 2016 to 1.03 pence per share at 30 June 2017 being an increase of 29% in the six month period. The Group realised gains of GBP213,450 during the period predominantly from the sale of part of its investment in Galileo Resources Plc.
The inauguration of President Trump has sent mixed signals throughout the world although mature stock markets have seen significant gains following promises of lower taxation, large infrastructure projects and decreasing regulation in the banking and financial services sector. These trends, alongside quantitative easing programmes have set the scene for rising equity prices in the US markets closely followed by Europe as well as in selected emerging markets. In contrast to this, the US foreign policy program is generally in disarray with global threats abundant such as the North Korean nuclear threat, sporadic terrorist attacks in western countries, Middle East instability to name a few factors.
The aforementioned issues would traditionally have created a very nervous market place with stocks tending to lock into a downward trajectory as opposed to rising to all-time highs, but this has not been the case. We feel that that an adverse economic or political event in the not too distant future could trigger negative sentiment which may seriously undermine the current stock market euphoria.
Notwithstanding the above views, the resource sector appears to have regained recognition from investors and the need for raw materials marches on and will not wait for any of the aforementioned threats to subside. Mankind is living in a far more materialistic world today and the demand for white goods, smart phones, hybrid cars and the latest paraphernalia will not diminish any time soon.
The Board feels positive in relation to metal demand, particularly for base metals with copper and zinc being the "favourites". We are undecided about the fortunes for gold as the Tiger team has always been cynical in relation to the driving forces that control this precious metal, being neither predictable or sustainable and as such we will continue to limit exposure to gold, at least in the short and medium terms..
The smaller mining company markets in Australia, Canada and UK have continued to be resilient whilst not showing any significant corporate or large financing activity. We would have expected to see an upswing in M&A activity by this stage of the cycle as well as an increase in the volume of IPO's but both activities have not been as prolific to date as in previous bullish markets. We are however seeing good evidence of secondary placements and small projects being funded which of course are welcome signs.
During the period under review we have been active mainly in passive investments in the resource sector but have not as yet participated in "proactive" investments during the period under review to actively position early stage investment opportunities. We are considering a number of such opportunities and look forward to making positive progress and further increasing Tiger's net asset value during the coming months.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact:
Hot Features
Premium
Tiger Resource Finance Plc
------------------------------------- ------------
+44 (0) 207
Raju Samtani, Finance Director 581 4477
------------------------------------- ------------
Beaumont Cornish Limited (Nominated
Adviser)
www.beaumontcornish.com
------------------------------------- ------------
+44 (0) 207
Roland Cornish/ Felicity Geidt 628 3396
------------------------------------- ------------
Beaufort Securities Limited
(Broker)
------------------------------------- ------------
+44 (0) 207
Jon Belliss 382 8300
------------------------------------- ------------
Portfolio Holdings as at 30 June 2017
Investments Number Cost Valuation
GBP GBP
------------------------ ---------- ------------ ----------
Anglo American PLC 11,500 250,117 117,760
------------------------ ---------- ------------ ----------
Ascent Resources PLC 482,142 400,824 7,328
------------------------ ---------- ------------ ----------
Cabot Energy Plc 294,118 250,519 10,294
------------------------ ---------- ------------ ----------
Duke Royalty Limited 20,000 200,218 8,500
------------------------ ---------- ------------ ----------
ETFS Physical Platinum 2,250 246,458 149,913
------------------------ ---------- ------------ ----------
ETFS Copper 1,760 29,864 35,244
------------------------ ---------- ------------ ----------
Galileo Resources Plc 6,516,667 78,200 391,000
------------------------ ---------- ------------ ----------
Jersey oil and Gas
Plc 3,300 101,660 8,926
------------------------ ---------- ------------ ----------
Jubilee Platinum PLC 1,169,600 100,219 43,860
------------------------ ---------- ------------ ----------
MX Oil Plc 400,000 100,218 2,600
------------------------ ---------- ------------ ----------
PanContinental Oil
and Gas PLC 885,714 97,827 1,063
------------------------ ---------- ------------ ----------
Pantheon Resources 31,500 30,340 16,065
------------------------ ---------- ------------ ----------
Papua Mining PLC 230,000 101,200 2,806
------------------------ ---------- ------------ ----------
Revelo Resources Corp 216,667 62,965 5,178
------------------------ ---------- ------------ ----------
Rockrose Energy Plc 100,000 50,200 44,620
------------------------ ---------- ------------ ----------
Sovereign Mines of
Africa PLC 2,000,000 100,000 7,600
------------------------ ---------- ------------ ----------
Sunrise Resources PLC 665,000 6,650 732
------------------------ ---------- ------------ ----------
Tertiary Minerals PLC 1,330,000 119,700 7,314
------------------------ ---------- ------------ ----------
Available for sale
investments held by
African Pioneer Plc
(subsidiary company) 210,114
------------------------ ---------- ------------ ----------
1,070,917
------------------------ ---------- ------------ ----------
Total
------------------------ ---------- ------------ ----------
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2017
(Restated)
(Unaudited) (Unaudited) (Audited)
Group Six Group Group
months Six months Year
ended ended ended
30 June 30 June 31 Dec
17 16 16
GBP GBP GBP
Gain on sale of available
for sale assets 213,450 117,298 120,315
Profit on Sale of Xtract - 2,153 2,153
Income:
Investment income 1,540 976 2,035
Interest receivable 181 551 843
Administrative expenses (172,772) (220,422) (425,942)
Impairment (47,760) 144,690 136,606
---------------------------------- -------------- ------------- ------------
(LOSS) /PROFIT BEFORE
TAXATION (5,361) 45,246 (163,990)
Taxation - - -
---------------------------------- -------------- ------------- ------------
(LOSS) /PROFIT FOR THE
PERIOD (5,361) 45,246 (163,990)
---------------------------------- -------------- ------------- ------------
Other Comprehensive Income
Available-for-sale financial
assets unrealised profit/(loss) 390,091 (117,300) 499,501
Reclassification to profit
or loss (119,850) - (289,603)
Transfer to Impairment - 144,690 5,936
OTHER COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD,
NET OF TAX 270,241 27,390 215,834
---------------------------------- -------------- ------------- ------------
TOTAL COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD 264,880 72,636 51,844
---------------------------------- -------------- ------------- ------------
(Loss)/profit for the
period attributable to:
Shareholders of the Company (25,893) 23,954 (156,540)
Non-controlling interest 20,532 21,292 (7,450)
---------------------------------- -------------- ------------- ------------
(5,361) 45,246 (163,990)
---------------------------------- -------------- ------------- ------------
Basic earnings per share (0.02)p 0.02p (0.11)p
Diluted earnings per
share (0.02)p 0.02p (0.11)p
All profits are derived from continuing operations.
Consolidated Statement of Financial Position
As at 30 June 2017
(Restated)
(Unaudited) (Unaudited) (Audited)
Group Group
Group 30 June 31 Dec
16 16
30 June
17
GBP GBP GBP
NON CURRENT ASSETS
Financial assets at
fair value through profit
or loss 1,070,917 729,257
Available-for-sale investments - 867,499
1,070,917 729,257 867,499
CURRENT ASSETS
Trade and other receivables 82,424 13,268 72,816
Cash and cash equivalents 414,437 522,525 360,885
496,861 535,793 433,701
TOTAL ASSETS 1,567,778 1,265,050 1,301,200
EQUITY AND LIABILITIES
EQUITY ATTRIBUTABLE
TO SHAREHOLDERS
Share capital 1,428,319 1,428,319 1,428,319
Share premium 1,597,231 1,597,231 1,597,231
Other components of
equity 1,600,860 1,239,687 1,330,619
Retained earnings (3,279,752) (3,203,483) (3,253,859)
------------------------------------ ------------- ------------- ------------
EQUITY ATTRIBUTABLE
TO THE OWNERS 1,346,658 1,061,754 1,102,310
Equity interest of non-controlling
interest 73,979 60,015 53,447
TOTAL EQUITY 1,420,637 1,121,769 1,155,757
CURRENT LIABILITIES
Trade and other payables 147,141 143,281 145,443
Corporate tax payable - - -
------------------------------------ ------------- ------------- ------------
147,141 143,281 145,443
TOTAL LIABILITIES 147,141 143,281 145,443
------------------------------------ ------------- ------------- ------------
TOTAL EQUITY AND LIABILITIES 1,567,778 1,265,050 1,301,200
------------------------------------ ------------- ------------- ------------
Consolidated Statement of Changes in Equity
As at 30 June 2017
Other components of equity
Share Share Capital Other Available-for-sale Share Retained Non-controlling Total
capital premium redemption reserves financial based earnings interest
reserve assets reserves
GBP GBP GBP GBP GBP GBP GBP GBP GBP
As at 31
December
2015 1,428,319 1,597,231 1,100,000 - 36,959 130,118 (3,227,437) 38,723 1,103,913
---------- ---------- ----------- --------- ------------------- --------- ------------ ---------------- ----------
Changes in
equity
Profit/ (Loss)
for the period - - - - - - 23,954 21,292 45,246
Other Comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
(losses) - - - - 117,300 - - - 117,300
Transfer to
impairment - - - - (144,690) - - - (144,690)
Total comprehensive
expense for
the period - - - - (27,390) - 23,954 21,292 17,856
As at 30 June
2016 1,428,319 1,597,231 1,100,000 - 9,569 130,118 (3,203,483) 60,015 1,121,769
---------- ---------- ---------- ---------- --------- ------------ ------- ----------
Changes in
equity
Profit/ (Loss)
for the period - - - - - - (50,376) (6,568) (56,944)
Other Comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
(losses) - - - - 337,803 - - - 337,803
Transfer to
impairment - - - - 3,013 - - - 3,013
Transfer on
disposal - - - - (119,766) (119,766)
Transfer on
expiry of
options - - - - - (130,118) - - (130,118)
---------- ---------- ---------- ---------- ---------- ------------ -------- ----------
Total comprehensive
expense for
the period - - - - 221,050 (130,118) (50,376) (6,558) 33,988
As at 31 December
2016 1,428,319 1,597,231 1,100,000 - 230,619 - (3,253,859) 53,447 1,155,757
---------- ---------- ---------- ---------- ---------- ------------ -------- ----------
Changes in
equity
Profit/ (Loss)
for the period - - - - - - (25,893) 20,532 (5,361)
Other Comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
gains - - - - 390,091 - - - 390,091
Transfer to
on disposal - - - - (119,850) - - - (119,850)
Total comprehensive
expense for
the period - - - - 270,241 - (25,893) 20,532 264,880
As at 30 June
2017 1,428,319 1,597,231 1,100,000 - 500,860 - (3,279,752) 73,979 1,420,637
---------- ---------- ---------- ---------- ---------- ------------ -------- ----------
Cash Flow Statement
For the six months ended 30 June 2017
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 Dec
17 16 16
GBP GBP GBP
CASH FLOW FROM OPERATIONS
(Loss)/profit before taxation (5,361) 45,246 (163,990)
Adjustment for:
Interest received (181) (551) (843)
Dividends received (1,540) (976) (2,035)
------------------------------------ ------------- ------------- ------------
Operating (loss) before
movement in working capital (7,082) 43,719 (166,868)
(Increase)/decrease in receivables (69,157) 46,339 (13,208)
Increase/(decrease) in payables 3,860 13,193 15,353
Gain on disposal of financial
asset at fair value (213,450) (117,298) (120,315)
Gain on disposal of Xtract
investment - (2,153) (2,153)
Transfer to impairment 47,760 (144,690) (136,606)
NET CASH (OUTFLOW) FROM
OPERATING ACTIVITIES (238,069) (160,890) (423,797)
------------------------------------ ------------- ------------- ------------
TAXATION PAID -
CASH FLOW FROM INVESTING
ACTIVITIES
Interest received 181 551 843
Dividends received 1,540 976 2,035
Sale of investments 330,384 194,071 432,969
Purchase of investments (120,049) (60,206) (199,188)
------------------------------------ ------------- ------------- ------------
NET CASH INFLOW FROM INVESTING
ACTIVITIES 212,056 135,392 236,659 CASH FLOW FROM FINANCING ACTIVITIES Purchase of shares by minorities - - - ------------------------------------ ------------- ------------- ------------ NET CASH INFLOW / (OUTFLOW) - - - FROM FINANCING ACTIVITIES Net increase/(decrease) in cash and cash equivalents in the period 53,552 (25,498) (187,138} Cash and cash equivalents at the beginning of the period 360,885 548,023 548,023 Cash and cash equivalents at the end of the period 414,437 522,525 360,885
Selected notes to the consolidated financial statements
For the six months ended 30 June 2017
1. Basis of preparation
The financial statements have been prepared under the historical cost convention except for the measurement of certain non-current asset investments at fair value. The measurement basis and principal accounting policies of the Group are set out below. The financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. These interim financial statements for the period ended 30 June 2017 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2016. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Reporting".
2. Earnings Per Share
Basic Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 December
30 June 30 June 2016
2017 2016
(Loss)/profit after
tax for the purpose
of
earnings per share GBP(25,983) GBP23,954 GBP(156,540)
Weighted average number
of shares 138,331,939 138,331,939 138,331,939
Basic earnings per
ordinary share (0.02)p 0.02p (0.11)p
Diluted
Profit/(loss) after
tax GBP(25,983) GBP23,954 GBP(156,540)
Weighted average number
of shares 138,331,939 138,331,939 138,331,939
Diluted effect of options - - -
Diluted weighted average
number of shares 138,331,939 138,331,939 138,331,939
Diluted earnings per
ordinary share (0.02)p 0.02p (0.11)p
3. Investments in Financial Assets at Fair Value through Profit or Loss
Unaudited Audited
30 June 31 December
2017 2016
GBP GBP
At 1 January - 34,500
Sale of shares during
the period - (34,500)
Adjustment to fair value -
At 30 June 2017/ 31 December -
2016 -
----------- ------------------
4. Deferred Tax
A deferred tax asset on revaluation of AFS investments arose during the period. However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Group. Losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future.
5. Called Up Share Capital
30 June 30 June
17 16
GBP GBP
Authorised:
10,000,000,000 (30 June 2016: 10,000,000,000)
ordinary each 10,000,000 10,000,000
=========== ===========
shares of 0.1p (30 June 2016 - 1p)
each
30 June 30 June
17 16
GBP GBP
142,831,939 (30 June 2016: 142,831,939)
ordinary shares
of 0.1p (30 June 2016 - 1p each) 142,832 1,428,319
142,831,939 (30 June 2016: nil) deferred 1,285,487 -
shares of 0.9p each
----------- -----------
1,428,319 1,428,319
----------- -----------
On 30 October 2016, the Company divided each issued Existing Ordinary Share of 1p each (Existing Ordinary Share) into one new Ordinary share of 0.1p and one deferred share of 0.9p and each unissued Existing Ordinary Share into 10 new Ordinary Shares as part of a share capital reorganisation. The Deferred shares have no income or voting rights.
Included in allotted called and fully paid Existing Ordinary Share Capital are 4,500,000 shares with a nominal value of GBP45,000 held by the Company in treasury.
No share options were in issue at 30 June 2017.
6. Post-reporting date
No adjusting or significant non-adjusting events have occurred between the reporting date and the date of release of the Company interim financials.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DQLFLDKFXBBV
(END) Dow Jones Newswires
September 27, 2017 02:00 ET (06:00 GMT)
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