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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 | 07:43:19 |
| 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 : 8667B
Tiger Resource PLC
25 September 2018
For immediate release 25 September 2018
TIGER RESOURCE PLC ("Tiger" or the "Company")
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2018
Operations Review
Net Asset Value per share - 30 Jun 2018 - 0.69p / 31 Dec 2017 - 0.62p (30 June 2017 - 1.03p)
Total assets - 30 Jun 2018 GBP1.27M / 31 Dec 2017 - 1.17M (30 June 2017 - GBP1.42M)
The period under review has been volatile compared to more recent reporting periods although global prosperity, company earnings and a general "feel good" factor continue to prevail. The underlying threats relating to the introduction of trade tariffs has resulted in caution and consequently we have seen some level of uneasiness in smaller cap stocks. The major indices have continued to surge forward although the resource sector has not fully participated in this upward trajectory in more recent months and most major mining companies are trading lower compared to prior period levels.
The threat of serious trade wars and the strong US Dollar have again disrupted global economies although the key global indices continue to "shrug off" this underlying threat. The investment community is at a stage where just about every asset class is aligned positively, a phenomenon which has not been historically sustainable and the break-out of any one significant asset class could result in further volatility in the foreseeable future. The aforementioned philosophical comments may be challenged in the corridors of Wall Street and in other major financial centres, but the Board has no doubt that these factors can affect the performance of smaller cap resource companies. Investors in the junior resource sector tend to bank profits from investments on an ongoing basis as opposed to taking a longer term view and this can also result in a volatile environment, with investors at times focusing on stocks with poor fundamentals trading for "casino type" returns as opposed to investing in quality assets which have good potential over a longer term horizon.
The aforementioned points produce a challenging backdrop for our investment strategy. However, since the inception of Tiger, it has never been the intention to join the herd but instead to back assets which have good fundamentals together with strong and experienced management able to develop and add value to projects to deliver good medium-term returns. The current environment is extremely positive for asset selection as opposed to stock selection and as such we remain convinced that our proactive participation in underlying investments is the best way forward and our focus will remain on quality assets at the right valuation as opposed to second guessing how individual shares might perform against their peers in a volatile market.
During the period under review, Tiger sold 95,000 shares in Rockrose Energy Plc ("Rockrose") realising net proceeds of GBP341,354 realising a net gain of GBP293,854 and received a special dividend of GBP142,500 which was paid out to qualifying RockRose shareholders on 23 February 2018. The Company made an investment of GBP250,000 in Bezant Resources Plc which has a major porphyry Copper project in the Philippines; this asset is well defined and positioned compared to similar sized projects held by its peer groups. Further investments were made in Block Energy Plc and Corrallian Energy Limited positioning the portfolio to benefit from the improving prospects in the energy sector.
Although the net asset valuation reflects only a marginal improvement in the six months period to 30 June 2018, mainly due to relatively volatile markets and general bearishness towards the resource sector in recent months, we are confident that the mix of investments currently held by Tiger and our proactive investment approach will pay off going forward. We would like to thank our stakeholders for their resilience and support during the period under review and we will focus our efforts on increasing the Company's asset base during the second half of 2018.
By order of the Board.
XX September 2018
Portfolio Holdings as at 30 June 2018
Hot Features
Premium
Investments Number Cost Valuation
GBP GBP
Anglo American PLC 11,500 250,117 194,902
------------ ------------ ----------
Barkby Group PLC 60,606 100,000 4,848
------------ ------------ ----------
Bezant Resources PLC 55,555,556 250,017 233,333
------------ ------------ ----------
Block Energy PLC 1,250,000 50,200 42,500
------------ ------------ ----------
BMR Group PLC 2,500,000 50,217 47,500
------------ ------------ ----------
Corralion Energy LTD 20,000 30.000 30,000
------------ ------------ ----------
ETFS Copper 1,760 29,864 36,819
------------ ------------ ----------
Galileo Resources Plc 6,516,667 78,200 91,885
------------ ------------ ----------
Goldquest Mining Corp 173,500 30,259 19,223
------------ ------------ ----------
Jubilee Platinum PLC 1,169,600 100,219 28,304
------------ ------------ ----------
Pantheon Resources 31,500 30,340 5,903
------------ ------------ ----------
Revelo Resources Corp 216,667 62,965 2,492
------------ ------------ ----------
Royal Dutch Shell PLC B Shares 5,400 146,468 146,470
------------ ------------ ----------
Total 884,179
------------ ------------ ----------
African Pioneer Plc
------------ ------------ ----------
Europa Minerals Plc 130,499,858 65,250 91,350
------------ ------------ ----------
Galileo Resources Plc 2,500,000 50,000 35,250
------------ ------------ ----------
Jubilee Metals Plc 917,802 34,834 22,303
------------ ------------ ----------
Revelo Resources Corp 1,515,000 53,778 15,266
------------ ------------ ----------
South 32 Plc 1,800 28,607 28,188
------------ ------------ ----------
Xtract Resources Plc 121,212,121 20,217 6,242
------------ ------------ ----------
Total 198,599
------------ ------------ ----------
Total Investments 1,082,778
------------ ------------ ----------
Tiger Resource Plc Raju Samtani, Director +44 (0)20 7581 4477
Beaumont Cornish Roland Cornish
(Nomad) Felicity Geidt +44 (0)20 7628 3369
Email:corpfin@bcornish.co.uk
First Equity Limited
(Joint Broker) Jason Robertson +44 (0)20 7374 2212
Novum Securities Plc
(Joint Broker) Jon Belliss +44 (0)20 7399 9425
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2018
(Restated)
(Unaudited) (Unaudited) (Audited)
Group Six Group Six Group Year
months ended months ended ended
30 June 18 30 June 17 31 Dec 17
GBP GBP GBP
Gain on sale of available for
sale assets 476,252 213,450 217,125
Income:
Investment income 93 1,540 7,089
Interest receivable 163 181 281
Administrative expenses (190,719) (172,772) (387,647)
Impairment (71,720) (47,760) (30,921)
---------------------------------- --------------- -------------- -------------
(LOSS) /PROFIT BEFORE TAXATION 214,069 (5,361) (194,073)
Taxation - - -
---------------------------------- --------------- -------------- -------------
(LOSS) /PROFIT FOR THE PERIOD 214,069 (5,361) (194,073)
---------------------------------- --------------- -------------- -------------
Other Comprehensive Income
Available-for-sale financial
assets unrealised profit/(loss) (167,548) 390,091 335,766
Reclassification to profit or
loss 46,392 (119,850) (237,284)
Transfer to Impairment - - (4,943)
OTHER COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD, NET OF
TAX (121,156) 270,241 93,539
---------------------------------- --------------- -------------- -------------
TOTAL COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD 92,913 264,880 (100,534)
---------------------------------- --------------- -------------- -------------
(Loss)/profit for the period
attributable to:
Shareholders of the Company 229,659 (25,893) (204,296)
Non-controlling interest (15,590) 20,532 10,223
---------------------------------- --------------- -------------- -------------
214,069 (5,361) (194,073)
---------------------------------- --------------- -------------- -------------
0.12p 0.1p (0.11)p
Basic earnings per share 0.12p 0.1p (0.11)p
Diluted earnings per share
All profits are derived from continuing operations.
Consolidated Statement of Financial Position
As at 30 June 2018
(Restated)
(Unaudited) (Unaudited) (Audited)
Group Group
Group 30 June 31 Dec 17
17
30 June
18
GBP GBP GBP
NON CURRENT ASSETS
Financial assets at fair value
through profit or loss 1,082,778 1,070,917
Available-for-sale investments 1,058,145
1,082,778 1,070,917 1,058,145
CURRENT ASSETS
Trade and other receivables 34,397 82,424 39,459
Cash and cash equivalents 205,269 414,437 255,805
239,666 496,861 295,264
TOTAL ASSETS 1,322,444 1,567,778 1,353,409
66EQUITY AND LIABILITIES
EQUITY ATTRIBUTABLE TO SHAREHOLDERS
Share capital 1,474,334 1,428,319 1,474,334
Share premium 1,669,216 1,597,231 1,669,216
Other components of equity 1,302,999 1,600,860 1,421,963
Retained earnings (3,228,496) (3,279,752) (3,458,155)
------------------------------------- ------------- ------------- ------------
EQUITY ATTRIBUTABLE TO THE
OWNERS 1,218,053 1,346,658 1,107,358
Equity interest of non-controlling
interest 48,083 73,979 65,865
TOTAL EQUITY 1,266,136 1,420,637 1,173,223
CURRENT LIABILITIES
Trade and other payables 56,308 147,141 180,186
Corporate tax payable - - -
------------------------------------- ------------- ------------- ------------
56,308 147,141 180,186
TOTAL LIABILITIES 56,308 147,141 180,186
------------------------------------- ------------- ------------- ------------
TOTAL EQUITY AND LIABILITIES 1,322,444 1,567,778 1,353,409
------------------------------------- ------------- ------------- ------------
Consolidated Statement of Changes in Equity
As at 30 June 2018
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
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
---------- ---------- ---------- ---------- --- ------------ -------- ----------
Changes in equity
Profit/ (Loss)
for the period - - - - - - (178,403) (8,114) (186,517)
Other Comprehensive
(loss)
Available-for-sale
financial assets:
Current period
(losses) - - - - 77,219 - - - 77,219
Transfer to impairment - - - - (256,116) - - - (256,116)
Total comprehensive
expense for the
period - - - - (178,897) - (178,403) (8,114) (365,414)
Transactions with
owners
Issue of shares 46,015 - - - - - - - 46,015
Share Premium
on issue of new
shares - 115,038 - - - - - - 115,038
Costs related
to issue of new
shares - (43,053) - - - - - - (43,053)
---------- ---------- ---------- ---------- --- ------------ -------- ----------
46,015 71,985 - - - - - - 118,000
As at 31 December
2017 1,474,334 1,669,216 1,100,000 - 321,963 - (3,458,155) 65,865 1,173,223
---------- ---------- ---------- -------- --- ------------ ------- ----------
Changes in equity
Profit/ (Loss)
for the period - - - - - - 229,659 (15,590) 214,069
Other Comprehensive
(loss)
Available-for-sale
financial assets:
Current period
(losses) - - - - (143,333) - - (24,215) (167,548)
Transfer to
impairment - - - - 24,369 - - 22,023 46,392
Transfer on disposal - - - - - -
Total comprehensive
expense for the
period - - - - (118,964) - 229,659 (17,782) 92,913
As at 30 June
2018 1,474,334 1,669,216 1,100,000 - 202,999 - (3,228,496) 48,083 1,266,136
---------- ---------- ---------- ---------- --- ------------ --------- ----------
Cash Flow Statement
For the six months ended 30 June 2018
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 Dec
18 17 17
GBP GBP GBP
CASH FLOW FROM OPERATIONS
(Loss)/profit before taxation 214,069 (5,361) (194,073)
Adjustment for:
Interest received (163) (181) (281)
Dividends received (94) (1,540) (7,089)
------------------------------------------- ------------- ------------- ------------
Operating (loss) before movement
in working capital 213,812 (7,082) (201,443)
(Increase)/decrease in receivables 27,234 (69,157) 28,330
Increase/(decrease) in payables (123,878) 3,860 34,744
Gain on disposal of financial asset
at fair value (476,021) (213,450) (217,125)
Impairment of investments 71,720 47,760 30,921
NET CASH (OUTFLOW) FROM OPERATING
ACTIVITIES (287,133) (238,069) (324,573)
------------------------------------------- ------------- ------------- ------------
TAXATION PAID -
CASH FLOW FROM INVESTING ACTIVITIES
Interest received 163 181 281
Dividends received 94 1,540 7,089 Sale of investments 739,631 330,384 409,898 Purchase of investments (503,291) (120,049) (315,775) ------------------------------------------- ------------- ------------- ------------ NET CASH INFLOW FROM INVESTING ACTIVITIES 236,597 212,056 101,493 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 (50,536) 53,552 (105,080) Cash and cash equivalents at the beginning of the period 255,805 360,885 360,885 Cash and cash equivalents at the end of the period 205,269 414,437 255,805
Selected notes to the consolidated financial statements
For the six months ended 30 June 2018
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 2018 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2017. 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 2018 30 June 2017 2017
Profit/(Loss) after tax for
the purpose of
earnings per share GBP229,659 GBP(25,893) GBP(204,296)
Weighted average number of
shares 184,347,070 138,331,939 146,992,211
Basic earnings per ordinary
share 0.12p (0.01)p (0.14)p
Diluted
Profit/(loss) after tax GBP229,659 GBP(25,893) GBP(204,296)
Weighted average number of
shares 184,847,070 138,331,939 146,992,211
Diluted effect of options - - -
Diluted weighted average
number of shares 184,847,070 138,331,939 146,992,211
Diluted earnings per ordinary
share 0.12p (0.01)p (0.14)p
3. 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 2018
4. Called Up Share Capital
The share capital of Tiger Resource Plc consists only of fully paid ordinary shares with a nominal value of 0.1p each. All Ordinary shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of the Company
.
30 June 30 June
2018 2017
GBP GBP
Authorised:
10,000,000,000 (2016: 10,000,000,000) ordinary
shares 0.1p
(30 June 2017 - 1p) each 10,000,000 10,000,000
----------- ---------------
142,831,939 deferred shares of 0.9p each (30 1,285,487 -
June 2017:Nil)
----------- ---------------
Issued: 30 June 30 June
2018 2017
GBP GBP
188,847,070 Ordinary shares 0.1p (30 June 2017:
142,831,939 Ordinary Shares of 1p each) 188,847 1,428,319
142,831,939 deferred shares of 0.9p each (30 1,285,487 -
June 2017: Nil)
----------- ---------------
1,474,334 1,428,319
----------- ---------------
On 24 November 2017, 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.
The Company issued 46,015,131 new Ordinary shares on 29 November 2017 following an open offer to all shareholders at a price of 0.35 pence per share (representing a premium of 0.25 pence per Ordinary share) increasing the number of shares in issue to 188,847,070 at 31 December 2017.
Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of GBP4,500 held by the company in treasury.
Share warrants in issue at 30 June 2018.
The Company has granted warrants to subscribe for ordinary 1p shares as follows:
Date granted Period exercisable Exercise price per Number
share (pence) of warrants
13 July 2016 2 years from issue date 1p 1,500,000
13 July 2016 2 years from issue date 1.5p 1,000,000
The Income Statement does not include a share-based payment charge as the 2.5 million warrants issued in July 2016 did not give rise to a material change.
5. 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LLFIIARIEFIT
(END) Dow Jones Newswires
September 25, 2018 06:13 ET (10:13 GMT)
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