Tiger Royalties And Inve... Share Discussion Threads

[old giggleswickian] 12/2/2005 14:59

I am beginning to think that TIR sits rather awkwardly in the regulatory scheme of things. When a company does something "interesting" it has to inform the market whilst TIR is able to trade to its hearts content without letting on what it is up to unless it has a declarable interest in another company. It looks like TIR excercised the warrants in CBM but they may still be holding the resulting shares and as for AST we don't even know if they have any, which by the way I hope they do not. Some posters here have done a grand job trying to keep up with the nav which the company is now showing more regularly to be on the increase so all is looking good.
In June of last year the company announced that it was starting a share buyback and did so regularly in August. This was before CBM and AEN took off a couple of months later. My first question is "Is there a limit, other than cash reserve, to the number of shares the company can buyback?" With the success of CBM it would be taken as a very positive sign if the buyback was to start again either before the results in early march or the update on NAV at the end of that month. So my second question is "why should the company not buy large numbers of its own shares now which can then be used to raise finance at a later date after the increase has been recognised more widely by the market?" This would appear to be a win-win situation and act as a massive article of faith at a time when the company has the resources to do it. Of course I could just be barking up the wrong tree!

Ian.

[opthalmist] 09/2/2005 14:58

Wide spread putting people off.

[opthalmist] 09/2/2005 13:01

Like that.

[opthalmist] 09/2/2005 12:43

Looks like KBC have a bit of stock to shift. With a few more good buys to clear them out, this should rise rapidly.

[pkw] 09/2/2005 11:55

Value to be seen - at last!! Really cannot understand how this has been
overlooked when CBM and AEN have become much more noticed(and still not
themselves anywhere near properly valued). Must surely head up to
a more realistic level - 3p soon?

[onlyonestorm] 09/2/2005 00:55

NTV - You still in the Investment Club?

STORMY

Sorry to but in on the thread folks!!!!

[mjcrockett] 08/2/2005 22:30

wolstencroft, thank you very much for the detail in your last post. I had just guessed at the tax liability and was way out. Still 45% discount to true asset value is pretty cheap. Thanks again.

MJ

[wolstencroft] 08/2/2005 13:17

No I mean 2.4M is due
Of this 846000 was stated in the previous years account as due if the investments were sold. I have taken the gains this year and assumed 30% tax - about 200,000 is dues on the sale of Ivanhoe plus another 1.4M on unrealised gains if they were realised.

Here are my workings (a little out of day on the valuation front)

Holding Price Exchange Value Value Dec 03
Africa Eagle AFE 1241274 0.235 1 291699 3% 220308
Alamos AGI.TO 106293 3.600 2.28 167831 2% 120953
Cambrian CBM 1350000 2.160 1 2916000 64% 695250
Warrants 1200000 1.960 1 2352000 360000
Warrants 150000 1.660 1 249000 0
Formation FCO 2025000 0.470 2.28 417434 5% 439749
Franconia 1666667 1 68750 1% 70833
Warrants 833000 0 Currently not in the money
Gold Fields GFI 10500 13.000 1.92 71094 1% 84052

Minmet MNT 17471488 0.030 1 524145 6% 1022000
Pacific North West PFN.TO 566500 0.430 2.28 106840 1% 107682
River Diamonds RVD 6666666 0.030 1 200000 3% 130000
Warrants 6666666 0.015 1 100000 0
Ridge RDG 100000 0.470 1 47000 1% 91500
Bullion BLO 9000000 0.035 1 315000 4% 315000
Tertiary 1330000 0.100 1 133000 2% 119700
Ascent?? 22500000 0.030 1 675000 8% 225000
Loan -534270
Cash at interims 3672000
Less Bullion Resources Purchase -180000
Less own share purchases -373520
Tax due on gains of 2.7M to Dec 03 -846000
Additional tax due based on 04 gains plus tax on Ivanhoe -1569830
Loans 40000
Less Ascent?? -225000

Total 8618173 0.364082961
Shares issued 217000000 473060000
NAV Pence 3.97
Share Price Mid 2.18
Discount 45.11%

[mjcrockett] 08/2/2005 12:33

wolstencroft, do you mean 2.4M is taxable or 2.4M of tax is due? I guess from your true NAV figure, you mean the former.

[wolstencroft] 08/2/2005 11:49

MJ - Tax is payable on investment gains at corporate tax rat
es. I estimate about 2.4M of tax is due if the holding were sold.

My estimate of true NAV rather than portfolio value is 3.97p per share and nmost of this (about 2/3 is represented by Cambrian mining)

[mjcrockett] 08/2/2005 10:12

TIR down again today - at present you can buy at 2.17p. At this price the 'Mining shares at a 50% discount' header of this thread needs to be updated.

The NAV per share given at 31/12/04 was 4.13p. Assuming that over £3m is still held in cash, we can say that around 1.5p per share is cash. So taking the 31/12 valuation we have 2.63p worth of mining shares, which can effectively be bought today at 0.67p i.e. a 75% discount. Or is there something wrong with my logic?

MJ

[sassi] 29/1/2005 21:00

I Bought 37500 shares in HPD at 2p 3 years ago, sold most of them at 4.5 p
now the price shot to 18p.

we have had an offer to buy share at 2p in tiger so now I hold 25000 shares for nearly over 3 years.


Hope at last to make profit.

[pparkin405] 28/1/2005 11:14

looks like we bought our 50p warrants in CBM today 150k thats £75k, worth £322k- £75 = £247k to the pot.

[hpotter] 25/1/2005 18:15

If the discount to assets gets any greater surely someone will try to buy out the company just for the CBM shares and warrants.

[hamlette] 19/1/2005 19:11

Another RNS today demonstrating CBM's commitment to WSCC.....more good news for CBM holders.....including TIR.

RNS Number:5700H Cambrian Mining PLC 19 January 2005

The following replaces the "Proposed Placing" announcement released today at 15.27 under RNS number 5649H.

Amendments are identified with an asterisk (*).

The full amended text is shown below.

Cambrian Mining plc ("Cambrian" or "the Company") Proposed #12.0* million placing

Cambrian announces a proposed placing ("the Placing") of up to 6,000,000* Cambrian Units at a price of 200p each to raise up to #12.0 million* (before expenses). Each Cambrian Unit will consist of one new ordinary share of 20p each and one-half ordinary share purchase warrant. Each whole ordinary share purchase warrant will entitle the holder to acquire one additional ordinary share for a period of twelve months from the date of issue at an exercise price of 200p. Half warrants will be rounded down to the nearest whole number.

The Units have been offered at a discount of approximately 4.8 per cent. to the closing middle market price of 210p per share on 18 January 2005, the last business day prior to the date of this announcement. The new ordinary shares to be issued under the Placing will represent 8.5 per cent.* of the Company's enlarged issued share capital immediately following the Placing (undiluted).

The funds raised from the Placing will be used to subscribe for up to 3,278,689 units in Western Canadian Coal Corp. ("WCCC") at a price of C$6.10 per unit pursuant to WCCC's proposed C$100 million financing, as announced today, which is expected to complete on or about 9 February 2005, and to provide additional working capital. Each unit in WCCC will consist of one WCCC common share and one-half common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one additional share for a period of twelve months from the date of issue at an exercise price of C$7.00.

Cambrian and its wholly owned subsidiary, Deepgreen Minerals Corporation Ltd. ("Deepgreen"), currently hold approximately 28.2 million shares representing 48.0% (undiluted) of the issued share capital of WCCC. Upon completion of the proposed fundraising for WCCC, Cambrian and Deepgreen will in total own approximately 31.5 million shares representing 41.9% of the issued shares of WCCC (undiluted). Cambrian and Deepgreen hold a further 5.5 million warrants in WCCC with approximately 3.6 million exercisable between C$0.40 and C$0.55 with the remaining 1.9 million exercisable between C$0.60 and C$1.50.

John Byrne, CEO of Cambrian and Chairman of WCCC, commented: "These fundraisings represent considerable milestones for both WCCC and Cambrian. For WCCC, which has in a relatively short period grown from a small exploration company into a coal producer with significant growth potential, it demonstrates to major steel mills that Western not only has the reserves but also the financing in place to deliver on its sales contracts. For Cambrian, which has supported and arranged financings for Western for over four years, we are demonstrating our continued confidence in Western by maintaining our significant interest."

Details of the Placing

Williams de Broe Plc ("Williams de Broe") has been appointed to act as the Company's agent in connection with the Placing to UK institutional investors. The Placing is not being underwritten by Williams de Broe but is being conducted on a reasonable endeavours basis. A placing agreement ("the Placing Agreement") between the Company and Williams de Broe for the purpose of placing the Units is conditional, inter alia, on admission ("Admission") of the new ordinary shares to trading on the AIM market of the London Stock Exchange plc ("AIM"). Application will be made for the new ordinary shares to be admitted to trading on AIM. The warrants will not be listed on AIM.

It is expected that, conditional upon Admission and the satisfaction of the other conditions in the Placing Agreement, dealings in the new ordinary shares will commence on or around 28 January 2005. The new ordinary shares will rank pari passu with the existing ordinary shares in the Company.

For further information contact:

Cambrian Mining plc
John Byrne / Jo Malins 020 7409 0890

[goin4gold] 19/1/2005 17:29

Made a healthy 50% on AFD, sold and then got into TIR. Also a holder of minmet, i kicked myself because i looked at Tir along time ago and nearly jumped in. Anyway prospects look good short term good luck everyone!

[shedjock] 19/1/2005 15:52

CBM moving nicely again........ Full price buys going through. Tick up soon ?

[vatattack] 19/1/2005 12:10

RNS Number:5442H
Cambrian Mining PLC
19 January 2005


CAMBRIAN MINING PLC ("CAMBRIAN" OR "THE COMPANY")

EXERCISE OF WARRANTS IN WESTERN CANADIAN COAL CORP.


The Company announces that Cambrian Mining Plc and its wholly owned subsidiary
Deepgreen Minerals Corporation Ltd have exercised a total of 2,117,500 warrants
in Western Canadian Coal Corp. The relevant details of these exercises are set
out below:

Date of No. of warrants Exercise Resultant % of issued
exercise exercised price holding class

Cambrian
Mining Plc 22.12.04 1,710,000 C$0.55 14,247,785 24.23

Deepgreen
Minerals
Corporation
Ltd. 18.01.05 407,500 C$0.60 13,987,000 23.79

As a result of these exercises, Cambrian has an interest, directly and
indirectly, in 48.02 per cent. of the current issued common share capital of
Western Canadian Coal Corp.

[maestro.] 17/1/2005 19:49

pity about minmet though..if that one started to move there would be fireworks here

[kirkthrust] 17/1/2005 19:38

...yep already a big cambrian fan..and bought half a bar of these today for the extra gearing...trusting they have not decided to cash in the cambrian post the last nav announcement

[shedjock] 17/1/2005 14:28

Great isn't it ?

[lizzie ii] 17/1/2005 14:27

Quite a few big buys in TIR today .... discount to NAV is sure to diminish in the next week or so.

And all the time the NAV continues to increase.

[shedjock] 17/1/2005 14:06

CBM on the march again and some nice buys gone through this morning, it's purring gently waiting to mature !!

[hxj] 16/1/2005 15:30

I wish that the company would buy back the 17 million or so shares that they still have authority to do so, and cancel them. Even at 3p each it would only cost £510,000 which is well below net asset value after tax etc per share.

Whilst it may have no short term impact,in the longer term it has to be good.

[very quick] 16/1/2005 15:07

Thats great news for RAB as i hold 6k at 40p. Massive potential for RAB long term.