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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 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | -160k | -457k | -0.0009 | -2.22 | 1.07M |
TIDMTIR
RNS Number : 6831N
Tiger Resource PLC
26 September 2019
For immediate release
26 September 2019
TIGER RESOURCE PLC ("Tiger" or the "Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2019
Chairman's Report
Net Asset Value per share - 30 Jun 2019 - 0.39p / 31 Dec 2018 - 0.40p (30 June 2018 - 0.69p)
Total assets - 30 Jun 2019 - GBP728k / 31 Dec 2018 - GBP753k (30 June 2018 - GBP1.27M)
The period under review has been unfavourable for "small cap" stocks in the resource sector despite major markets remaining buoyant. The strength in the world's key stock markets does not appear to have any underlying substance and geo-political threats exist in many regions of the world. The forecast for global recession seems to be a general consensus amongst sophisticated investors, but despite this, with the exception of bonds, most asset classes remain resilient to correction.
The trade war between China and the USA has been very damaging for metal and commodity prices and the effects are now being felt in China, with growth forecasts being cut going forward. This scenario continues to have a serious impact on the share valuations of various mining conglomerates with a magnified knock-on effect being experienced in the junior resource sector. The expected increases in base metal prices have not yet materialised and the only beneficiary from these adverse conditions is Gold, which always benefits during times of geo-political tension.
Smaller companies in the natural resource sector have experienced considerable challenges with raising cash to develop their projects and only those companies, which are in or close to production are raising the necessary funding for progressive work. Companies with projects engaged in early stage exploration and non-generative work are experiencing extreme difficulties with fund raising for meaningful technical advancement.
We anticipate that ongoing political and diplomatic negotiations will alleviate most of the current geo-political tensions. My own view is that the USA/China trade war will also find some form of resolution and that Brexit will be "fudged", leaving the Middle Eastern disputes as the key political risk. Resolution of the trade war will undoubtedly result in improved metal prices and this phenomenon has been evidenced whenever rumours have emerged of a possible reconciliation of trade issues between the two key trading partners, USA and China.
We as a Board remain confident that the disposable income and new wealth creation in emerging markets will provide the catalyst on the demand side, whilst supply fundamentals continue to be very tight, due to existing mine closures and delays being experienced in the opening of new facilities to replace this lost production. This situation cannot continue without resulting in higher commodity prices, and we remain confident for the sector in the mid-term.
During the period under review, Tiger sold 2,700 Royal Dutch Shell Plc shares on 22 February 2019 realising net proceeds of GBP64,933 and crystallising a small loss of GBP8,301 on the sale. However, this investment has been held by Tiger for some years and has delivered a good yield over time which more than compensates the small loss realised. A further disposal of 625,000 shares in Block Energy Plc on 17 April 2019 produced net proceeds of GBP64,035 and a profit of GBP38,935 on the sale.
We firmly believe that the group holds a diverse portfolio of good investments, most of which should perform well as the resource sector comes back into favour, thus helping to rebuild shareholder value in the coming months.
Colin Bird
Chairman
26 September 2019
Portfolio Holdings as at 30 June 2019
Investments Number Cost Valuation GBP GBP Anglo American Plc 11,500 250,112 258,117 ------------ ------------ ---------- Barkby Group Plc 60,606 100,000 2,879 ------------ ------------ ---------- Bezant Resources Plc 55,555,556 250,435 50,000 ------------ ------------ ---------- Block Energy Plc 625,000 25,100 62,500 ------------ ------------ ---------- BMR Group Plc 2,500,000 50,217 - ------------ ------------ ---------- Corallian Energy Ltd 20,000 30,000 30,000 ------------ ------------ ---------- ETFS Copper 1,760 29,864 34,676 ------------ ------------ ---------- Galileo Resources Plc 6,516,667 78,335 33,235 ------------ ------------ ---------- Goldquest Mining Corp 173,500 30,259 14,088 ------------ ------------ ---------- Jubilee Metals Group Plc 1,169,600 100,219 38,948 ------------ ------------ ---------- Pantheon Resources Plc 31,500 30,340 6,694 ------------ ------------ ---------- Revelo Resources Corp 216,667 62,965 2,600 ------------ ------------ ---------- Royal Dutch Shell Plc B Shares 2,700 73,234 69,687 ------------ ------------ ---------- Total 603,424 ------------ ------------ ---------- African Pioneer Plc ------------ ------------ ---------- Europa Minerals Ltd 130,499,858 65,250 13,050 ------------ ------------ ---------- Galileo Resources Plc 2,500,000 50,000 12,750 ------------ ------------ ---------- Jubilee Metals Group Plc 917,802 34,834 30,563 ------------ ------------ ---------- Revelo Resources Corp 1,515,000 53,651 15,942 ------------ ------------ ---------- South 32 Plc 13,845 28,607 24,090 ------------ ------------ ---------- Xtract Resources Plc 606,060 20,217 5,151 ------------ ------------ ---------- Total 101,546 ------------ ------------ ---------- Total Investments 704,970 ------------ ------------ ---------- Tiger Resource Plc Raju Samtani, Director +44 (0)20 7581 4477 Roland Cornish Beaumont Cornish Felicity Geidt (Nomad) Email:corpfin@b-cornish.co.uk +44 (0)20 7628 3369 Novum Securities Plc (Broker) Jon Belliss +44 (0)20 7399 9425
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2019
(Unaudited) (Unaudited) (Audited) Group Six Group Six months Group Year months ended ended ended 30 June 19 30 June 18 31 Dec 18 GBP GBP GBP Gain on investments 114,130 476,252 (104,110) Income: Investment income 9,098 93 11,784 Interest receivable 12 163 214 Administrative expenses (148,075) (190,719) (327,937) Impairment - (71,720) - ---------------------------------- --------------- ------------------- ------------- (LOSS) /PROFIT BEFORE TAXATION (24,835) 214,069 (420,049) Taxation - - - ---------------------------------- --------------- ------------------- ------------- (LOSS) /PROFIT FOR THE PERIOD (24,835) 214,069 (420,049) ---------------------------------- --------------- ------------------- ------------- Other Comprehensive Income Available-for-sale financial - (167,548) - assets unrealised profit/(loss) Reclassification to profit - 46,392 - or loss Transfer to Impairment - - - OTHER COMPREHENSIVE PROFIT/ (LOSS) FOR THE PERIOD, NET OF TAX - (121,156) - ---------------------------------- --------------- ------------------- ------------- TOTAL COMPREHENSIVE (LOSS)/ PROFIT FOR THE PERIOD (24,835) 92,913 (420,049) ---------------------------------- --------------- ------------------- ------------- (Loss)/profit for the period attributable to: Shareholders of the Company (3,827) 110,695 (380,037) Non-controlling interest (21,008) (17,782) (40,012) ---------------------------------- --------------- ------------------- ------------- (24,835) 92,913 (420,049)
---------------------------------- --------------- ------------------- ------------- Basic earnings per share (0.002)p 0.12p (0.20)p Diluted earnings per share (0.002)p 0.12p (0.20)p
All profits are derived from continuing operations.
Consolidated Statement of Financial Position
As at 30 June 2019
(Unaudited) (Unaudited) (Audited) Group Group Group 30 June 30 June 31 Dec 18 19 18 GBP GBP GBP NON CURRENT ASSETS Financial assets at fair value through profit or loss - Investments 704,970 1,082,778 719,783 704,970 1,082,778 719,783 CURRENT ASSETS Trade and other receivables 19,402 34,397 9,111 Cash and cash equivalents 42,169 205,269 66,779 61,571 239,666 75,890 TOTAL ASSETS 766,541 1,322,444 795,673 EQUITY AND LIABILITIES EQUITY ATTRIBUTABLE TO SHAREHOLDERS Share capital 1,474,334 1,474,334 1,474,334 Share premium 1,669,216 1,669,216 1,669,216 Other components of equity 1,100,000 1,302,999 1,100,000 Retained earnings (3,520,056) (3,228,496) (3,516,229) ------------------------------------- -------------- -------------- ------------ EQUITY ATTRIBUTABLE TO THE OWNERS 723,494 1,218,053 727,321 Equity interest of non-controlling interest 4,845 48,083 25,853 TOTAL EQUITY 728,339 1,266,136 753,174 CURRENT LIABILITIES Trade and other payables 38,202 56,308 42,499 Corporate tax payable - - - ------------------------------------- -------------- -------------- ------------ 38,202 56,308 42,499 TOTAL LIABILITIES 38,202 56,308 42,499 ------------------------------------- -------------- -------------- ------------ TOTAL EQUITY AND LIABILITIES 766,541 1,322,444 795,673 ------------------------------------- -------------- -------------- ------------
Consolidated Statement of Changes in Equity
As at 30 June 2019
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 2017 1,474,334 1,669,216 1,100,000 - - - (3,136,192) 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 Transfer to impairment - - - - - - (143,333) (24,215) (167,548) Transfer on disposal - - - - - - 24,369 22,023 46,392 - - - - - - - - - Total comprehensive expense for the period - - - - - - 110,695 (17,782) 92,913 As at 30 June 2018 1,474,334 1,669,216 1,100,000 - - - (3,025,497) 48,083 1,266,136 ---------- ---------- ---------- ---- ---- ---- ------------ ---------- ------------ Changes in equity Profit/ (Loss) for the period - - - - - - (490,732) (22,230) (512,962) Total comprehensive expense for the period - - - - - - (490,732) (22,230) (512,962) As at 31 December 2018 1,474,334 1,669,216 1,100,000 - - - (3,516,229) 25,853 753,174 ---------- ---------- ---------- --- ------------ ------- -------- Changes in equity Profit/(Loss) for the period - - - - - - (3,827) (21,008) (24,835) Total comprehensive expense for the period - - - - - - (3,827) (21,008) (24,835) As at 30 June 2019 1,474,334 1,669,216 1,100,000 - - - (3,520,056) 4,845 728,339 ---------- ---------- ---------- --- -------------- --------- ---------
Cash Flow Statement
For the six months ended 30 June 2019
(Unaudited) (Unaudited) (Audited) 30 June 30 June 31 Dec 19 18 18 GBP GBP GBP CASH FLOW FROM OPERATIONS (Loss)/profit before taxation (24,835) 214,069 (420,049) Adjustment for: Interest received (12) (163) (214) Dividends received (9,098) (94) (11,784) Change in fair value of investments 104,110 ------------------------------------------- ------------- ------------- ------------ Operating (loss) before movement in working capital (33,945) 213,812 (327,937) (Increase)/decrease in receivables (10,290) 27,234 30,348 Increase/(decrease) in payables (4,323) (123,878) (137,700) Gain on disposal of financial asset at fair value (114,130) (476,021) - Impairment of investments - 71,720 - NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES (162,688) (287,133) (435,289) ------------------------------------------- ------------- ------------- ------------ TAXATION PAID - CASH FLOW FROM INVESTING ACTIVITIES Interest received 12 163 214 Dividends received 9,098 94 11,784 Sale of investments 128,968 739,631 787,396 Purchase of investments - (503,291) (553,131) ------------------------------------------- ------------- ------------- ------------ NET CASH INFLOW FROM INVESTING ACTIVITIES 138,078 236,597 246,263 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 (24,610) (50,536) (189,026) Cash and cash equivalents at the beginning of the period 66,779 255,805 255,805 Cash and cash equivalents at the end of the period 42,169 205,269 66,779
Selected notes to the consolidated financial statements
For the six months ended 30 June 2019
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 2019 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2018. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Reporting".
The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2018, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
2. Earnings Per Share Basic Unaudited Unaudited Audited 6 months 6 months Year ended to to 31 December 30 June 2019 30 June 2018 2018 Profit/(Loss) after tax for the purpose of earnings per share GBP(3,827) GBP229,659 GBP(380,037) Weighted average number of shares 188,847,070 184,347,070 188,847,070 Basic earnings per ordinary share (0.002)p 0.12p (0.20)p Diluted Profit/(loss) after tax GBP(3,827) GBP229,659 GBP(380,037) Weighted average number of shares 188,847,070 184,847,070 188,847,070 Diluted effect of options - - - Diluted weighted average number of shares 188,847,070 184,847,070 188,847,070 Diluted earnings per ordinary share (0.002)p 0.12p (0.20)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.
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 2019 2018 GBP GBP Authorised: 10,000,000,000 (2018: 10,000,000,000) ordinary shares 0.1p (30 June 2018 - 1p each) 10,000,000 10,000,000 142,831,939 deferred shares of 0.9p each (30 June 2018: 142,831,939 deferred shares of 0.9p each ) 1,285,487 1,285,487 ----------- --------------- 4. Called Up Share Capital (continued) Issued: 30 June 30 June 2019 2018 GBP GBP 188,847,070 Ordinary shares 0.1p (30 June 2018: 142,831,939 Ordinary Shares of 1p each) 188,847 188,847 142,831,939 deferred shares of 0.9p each (30 June 2018: 142,831,939 deferred shares of 0.9p each) 1,285,487 1,285,487 ----------- --------------- 1,474,334 1,474,334 ----------- ---------------
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.
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 announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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 LLFESAEIEFIA
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September 26, 2019 02:00 ET (06:00 GMT)
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