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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 | 0.10 | 0.30 | 0.00 | 07:36:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | -160k | -457k | -0.0009 | -2.22 | 1.07M |
From Apr 2019 to Apr 2024
TIDMTIR
RNS Number : 9488K
Tiger Resource Finance PLC
27 September 2016
TIGER RESOURCE FINANCE PLC
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2016
Operations Review
-- Net Asset Value per share - 0.81p (30 June 2015 - 1.14p/ 31 Dec 2015 - 0.77p) -- Total assets of GBP1.12M (30 June 2015 - GBP1.63M/ 31 Dec 2015 - GBP1.10M)
Last year at this time, Tiger reported that it was quite optimistic despite the gloom surrounding the resource industry. The optimism expressed was justified against the events of this year and the Board is now confident that the resource sector will enter a gradual but sustained growth phase during the coming year.
We note that the major mining companies have all made significant gains in market capitalisation since the January 2016 lows and their management are making further positive statements on the future prospects for their companies. As always, it is taking time for the positive sentiment to migrate into the smaller cap sector. The Canadian market has seen much investor activity with secondary placings being common and considerable M&A activity based on opportunity rather than threat. We have little doubt that this sentiment will be evident in the UK AIM market in which the Company generally operates.
Commodity prices have been erratic with solid gains being recorded in the price of gold, silver, platinum, palladium and zinc particularly since the January 2016 lows. The price of oil has climbed from the low $30's to almost $50 per barrel and there is an expectation that it will remain close to this level in the coming months, given the decision by oil exporting countries to resist attempts to curtail their output, particularly in the short to medium term. The US shale oil and gas industry has shown resilience and seems capable of operating profitably to this longer term price deck.
We expect metal prices to generally improve but are less optimistic for the gold price than others might be. We recognise the unprecedented level of geo-political risks throughout the world but fear that the stronger dollar and better global economic conditions will eventually drive the price of gold lower. The US Presidential election will continue to weigh on sentiment but again we feel that whoever wins, the certainty will work against the gold price.
Despite their lackluster performance, year to date, we are bullish on copper and nickel and as such we will be looking at investments in these commodities. Global markets at the moment are giving very little value to companies exploring for base metals and we are confident that this phenomenon will change dramatically over the coming two years.
The Board remains convinced that passive investment alone is not the way forward and as such we will also take on investment in companies which, in our opinion, are undervalued and have significant scope for positive revaluation with improving metal prices due to the hidden value in their specific asset base. The Board is currently considering a number of strategic investments in private base metal companies on a pre IPO basis to gain exposure to these opportunities. The strategy on these investments will be to be proactive and a member of the Tiger team will be actively involved in bringing these companies to IPO and may at times join the newly listed company's board to represent Tiger's interest in the underlying investee company.
The Group had a cash balance in excess of GBP500,000 at 30 June 2016 giving the Board some scope to execute on suitable investment opportunities. However, the Board believes that further strengthening of the balance sheet would give the Company greater flexibility to act on potential opportunities and have therefore proposed a reorganisation of the Company's share capital structure which will be voted on by shareholders at the General Meeting on 30 September 2016. If passed, the capital reorganisation will allow the Company more flexibility with respect to issuing new shares in the case of any potential transaction or new equity fundraising.
We announced the resignation of Bruce Rowan on 31 August 2016 due to personal reasons. Bruce has been a good friend and colleague to the Board and to all members of the management team and as such he will be missed.
By order of the Board - 27 September 2016
Portfolio Holdings as at 30 June 2016
Hot Features
Premium
Investments Number Cost Valuation
GBP GBP
------------------------ ----------- ------------ ----------
Anglo American PLC 11,500 250,117 83,594
------------------------ ----------- ------------ ----------
Ascent Resources PLC 482,142 400,824 3,279
------------------------ ----------- ------------ ----------
Aurum Mining PLC 8,333,333 250,218 75,000
------------------------ ----------- ------------ ----------
Duke Royalty Limited 20,000 200,218 9,600
------------------------ ----------- ------------ ----------
ETFS Physical Platinum 2,250 246,458 162,007
------------------------ ----------- ------------ ----------
Galileo Resources Plc 10,416,667 125,200 109,375
------------------------ ----------- ------------ ----------
Jersey oil and Gas
Plc 3,300 101,660 680
------------------------ ----------- ------------ ----------
Jubilee Platinum PLC 1,169,600 100,219 32,749
------------------------ ----------- ------------ ----------
MX Oil Plc 400,000 100,218 3,520
------------------------ ----------- ------------ ----------
New World Oil and Gas
PLC 5,000,000 250,218 3,000
------------------------ ----------- ------------ ----------
Northern Petroleum
PLC 294,118 250,219 11,176
------------------------ ----------- ------------ ----------
PanContinental Oil
and Gas PLC 885,714 97,827 1,505
------------------------ ----------- ------------ ----------
Papua Mining PLC 230,000 101,200 4,600
------------------------ ----------- ------------ ----------
Revelo Resources Corp 216,667 62,965 10,032
------------------------ ----------- ------------ ----------
Rex Bionics Plc 6,250 37,500 2,031
------------------------ ----------- ------------ ----------
Rockrose Energy Plc 100,000 50,000 45,500
------------------------ ----------- ------------ ----------
Sovereign Mines of
Africa PLC 2,000,000 100,000 5,800
------------------------ ----------- ------------ ----------
Sunrise Resources PLC 665,000 6,650 1,131
------------------------ ----------- ------------ ----------
Tertiary Minerals PLC 1,330,000 119,700 18,354
------------------------ ----------- ------------ ----------
Investments held by
African Pioneer Plc
(subsidiary company) 146,324
------------------------ ----------- ------------ ----------
Total Investments for
the Group 729,257
------------------------ ----------- ------------ ----------
Notes:
1) The Company incubated a subsidiary company, African Pioneer PLC in 2012. Tiger holds 59,529,132 shares in African Pioneer Plc as at 30 June 2016.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2016
(Audited)
(Unaudited) (Unaudited) Group
Group Six Group Year
months Six months ended
ended ended 31 Dec
30 June 30 June 15
16 15
GBP GBP GBP
Gain/(loss) on sale of
available for sale assets 117,298 97,699 10,983
Profit on Sale of Xtract 2,153 92,758
Income:
Investment income 976 6,103 10,159
Unrealised (loss)/gain
on financial assets at
fair value through profit
and loss - 65,000 12,750
Interest receivable 551 955 1,717
Administrative expenses (220,422) (185,205) (423,803)
Impairment 144,690 (174,674) (436,233)
------------------------------ -------------- -------------- ------------
PROFIT/ (LOSS) BEFORE
TAXATION 45,246 (190,122) (731,669)
Taxation - - -
------------------------------ -------------- -------------- ------------
PROFIT/ (LOSS) FOR THE
PERIOD 45,246 (190,122) (731,669)
------------------------------ -------------- -------------- ------------
Other Comprehensive Income
Available-for-sale financial
assets unrealised loss (117,300) (200,547) (399,274)
Transfer to Impairment 144,690 174,674 436,233
OTHER COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD,
NET OF TAX 27,390 (25,873) 36,959
------------------------------ -------------- -------------- ------------
TOTAL COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD 72,636 (215,995) (694,710)
------------------------------ -------------- -------------- ------------
Profit/(Loss) for the
period attributable to:
Shareholders of the Company 23,954 (173,247) (670,693)
Non-controlling interest 21,292 (16,875) (60,976)
------------------------------ -------------- -------------- ------------
45,246 (190,122) (731,669)
------------------------------ -------------- -------------- ------------
Basic earnings per share 0.1p (0.13)p (0.48)p
Diluted earnings per
share 0.1p (0.13)p (0.48)p
All profits are derived from continuing operations.
Consolidated Statement of Financial Position
As at 30 June 2016
(Unaudited) (Unaudited) (Audited)
Group Group Group
30 June 30 June 31 Dec
16 15 15
GBP GBP GBP
NON CURRENT ASSETS
Financial assets at
fair value through profit
or loss 729,257 137,500 34,500
Available-for-sale investments - 670,430 591,872
729,257 807,930 626,372
CURRENT ASSETS
Trade and other receivables 13,268 16,349 59,608
Cash and cash equivalents 522,525 905,001 548,023
535,793 921,350 607,631
TOTAL ASSETS 1,265,050 1,729,280 1,234,003
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 1,239,687 1,255,991 1,267,077
Retained earnings (3,203,483) (2,729,991) (3,227,437)
------------------------------------ -------------- -------------- ------------
EQUITY ATTRIBUTABLE
TO THE OWNERS 1,061,754 1,551,550 1,065,190
Equity interest of non-controlling
interest 60,015 82,824 38,723
TOTAL EQUITY 1,121,769 1,634,374 1,103,913
CURRENT LIABILITIES
Trade and other payables 143,281 94,906 130,090
Corporate tax payable - - -
------------------------------------ -------------- -------------- ------------
143,281 94,906 130,090
TOTAL LIABILITIES 143,281 94,906 130,090
------------------------------------ -------------- -------------- ------------
TOTAL EQUITY AND LIABILITIES 1,265,050 1,729,280 1,234,003
------------------------------------ -------------- -------------- ------------
Consolidated Statement of Changes in Equity
As at 30 June 2016
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 30 June
2014 1,428,319 1,597,231 1,100,000 - 78,764 130,118 (1,799,140) 94,741 2,630,033
---------- ---------- ----------- --------- ------------------- --------- ------------ ---------------- ----------
Changes in
equity
(Loss) for
the period - - - - - - (757,604) (19,734) (777,338)
Other Comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
(losses) - - - - (78,764) - - - (78,764)
Transfer to - - - - - - - - -
impairment
Total comprehensive
expense for
the period - - - - (78,764) - (757,604) (19,734) (856,102)
Reserve movements - - - - - - - -
As at 31 December
2014 1,428,319 1,597,231 1,100,000 - - 130,118 (2,556,744) 75,007 1,773,931
---------- ---------- ----------- --------- ------------------- --------- ------------ ---------------- ----------
Changes in
equity
(Loss) for
the period - - - - - - (173,247) (16,875) (190,122)
Other comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
(losses) - - - - 200,547 - - - 200,547
Transfer to
impairment - - - - (174,674) - - - (174,674)
Total comprehensive
expense for
the period - - - - 25,873 - (173,247) (16,875) (164,249)
Acquisition
of subsidiary - - - - - - 24,692 24,692
As at 30 June
2015 1,428,319 1,597,231 1,100,000 - 25,873 130,118 (2,729,991) 82,824 1,634,374
---------- ---------- ---------- ---------- -------- ------------ --------- ----------
Changes in
equity
(Loss) for
the period - - - - - - (497,446) (44,101) (541,547)
Other comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
(losses) - - - - 11,086 - - - 11,086
Transfer to - - - - - - - - -
impairment
Total comprehensive
expense for
the period - - - - 11,086 - (497,446) (44,101) (530,461)
Reserve movements - - - - - - - -
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
---------- ---------- ---------- ---------- --------- ------------ ------- ----------
Cash Flow Statement
For the six months ended 30 June 2016
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 Dec
16 15 15
GBP GBP GBP
CASH FLOW FROM OPERATIONS
Profit (Loss) before taxation 45,246 (190,122) (731,669)
Adjustment for:
Investment in subsidiary - - -
Interest received (551) (955) (1,717)
Dividends received (976) (6,103) (10,159)
------------------------------------ ------------- ------------- --------------
Operating profit (loss)
before movement in working
capital 43,719 (197,180) (743,545)
(Increase)/decrease in receivables 46,339 17,054 (50,912)
Increase/(decrease) in payables 13,193 (16,377) 18,822
Gain on disposal of financial
asset at fair value (117,298) (97,699) (10,983)
Gain on disposal of Xtract
investment (2,153) (92,758)
Transfer to impairment (144,690) 174,674 436,233 (Increase)/decrease in value of financial assets at fair value through profit or loss - (65,000) (12,750) NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES (160,890) (184,528) (455,893) ------------------------------------ ------------- ------------- -------------- TAXATION PAID - CASH FLOW FROM INVESTING ACTIVITIES Interest received 551 955 1,717 Dividends received 976 6,103 10,159 Sale of investments 194,071 570,859 627,651 Purchase of investments (60,206) (175,400) (347,315) ------------------------------------ ------------- ------------- -------------- NET CASH INFLOW FROM INVESTING ACTIVITIES 135,392 402,517 292,212 CASH FLOW FROM FINANCING ACTIVITIES Purchase of shares by minorities - - 24,692 ------------------------------------ ------------- ------------- -------------- NET CASH INFLOW / (OUTFLOW) - - - FROM FINANCING ACTIVITIES Net decrease in cash and cash equivalents in the period (25,498) 217,989 (138,989) Cash and cash equivalents at the beginning of the period 548,023 687,012 687,012 Cash and cash equivalents at the end of the period 522,525 905,001 548,023
Selected notes to the consolidated financial statements
For the six months ended 30 June 2016
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 bases 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 2016 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2015. 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 2015
2016 2015
Profit/(loss) after
tax for the purpose
of
earnings per share GBP23,954 GBP(173,247) GBP(670,693)
Weighted average number
of shares 138,331,939 138,331,939 138,331,939
Basic earnings per
ordinary share 0.1p (0.13)p (0.48)p
Diluted
Profit/(loss) after
tax GBP23,954 GBP(173,247) GBP(670,693)
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 0.1p (0.13)p (0.48)p
Selected notes to the consolidated financial statements
For the six months ended 30 June 2016
3. Investments in Financial Assets at Fair Value through Profit or Loss
On 10 September 2012, Tiger Resource Finance PLC acquired 14.9 % of the voting rights of Xtract Resources PLC ("Xtract"), a UK based mining exploration company quoted on AIM (XTR). The acquisition of the 344,827,584 shares in Xtract Resources PLC was paid for in cash at 0.0435 pence per Ordinary share.
During the current period, the 15 Million Xtract shares (held by the Company on 1 January 2016) were sold for a total consideration of GBP36,653 realising a net gain of GBP2,153 during the period. Tiger does not hold any shares in Xtract as at 30 June 2016.
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2016 2015 2015
GBP GBP GBP
At 1 January 2016 34,500 500,000 500,000
Sale of shares during
the period (34,500) (427,500) (478,250)
Adjustment to fair
value - 65,000 12,750
At 30 June 2016 - 137,500 34,500
---------- ---------- ----------
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.
Selected notes to the consolidated financial statements
For the six months ended 30 June 2016
5. Called Up Share Capital
The share capital of Tiger Resource Finance PLC consists only of fully paid ordinary shares with a nominal value of 1p each. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of Tiger Resource Finance PLC.
Unaudited Unaudited Unaudited Unaudited Audited Audited
30 June 30 June 30 June 30 June 31 December 31 December
2016 2016 2015 2015 2015 2015
Number GBP Number GBP Number GBP
Authorised:
1,000,000,000
ordinary
shares 1p
each 1,000,000,000 10,000,000 1,000,000,000 10,000,000 1,000,000,000 10,000,000
============== =========== ============== =========== ============== =============
Issued:
At 30 June
2016 142,831,939 1,428,319 142,831,939 1,428,319 142,831,939 1,428,319
Shares in
issue at
31 December
2015 /30
June 2015 142,831,939 1,428,319 142,831,939 1,428,319 142,831,939 1,428,319
============== =========== ============== =========== ============== =============
Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of GBP45,000 held by the company in treasury.
Share options in issue at 30 June 2016:
The Company has no outstanding share options in issue at 30 June 2016. Six million options issued on 21 March 2006 lapsed on 21 March 2016.
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 LLFLIAIIDFIR
(END) Dow Jones Newswires
September 27, 2016 07:00 ET (11:00 GMT)
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