Tiger Royalties And Inve... Share Discussion Threads

[highcommissiondelhi] 07/3/2005 10:13

LONDON (AFX) - Trading in Bullion Resurces PLC shares on AIM was restored
this morning after the company announced its plan to acquire Nautical Holdings
Ltd, a specialist energy company focused on production of heavy crude oils from
discovered reserves in the UK continental shelf (UKCS), in a reverse takeover.
Bullion plans to issue 697.5 mln shares to the vendors, for a value in the
transaction of 20.93 mln stg, and is to change its name to Nautical Petroleum
PLC to align the company name with the business to be acquired.
Bullion is seeking shareholder approval for the move at an EGM convened for
March 30.
The directors of Bullion believe that the oil and gas exploration and
production sector of the energy industry offers promising growth potential for
shareholders, it said.
Nautical Holdings has a 75 pct stake in Nautical Petroleum AG, which has a
100 pct interest in two licences on the UKCS namely: Licence P1077 over Block
9/2b and Licence P1203 over Block 3/27a
The primary goal of Nautical is to acquire, develop and add value to further
heavy oil reserves initially in the UKCS, Bullion added.
Nautical Holdings is a subsidiary of Masefield Energy Holdings AG which
itself was created in 2004 to hold the non-trading, asset based business
interests of the Masefield Group.
Following the reverse takeover, Ian Williams of the Masefield group will
become chairman of Nautical Petroleum PLC and his colleague Stephen Jenkins is
proposed as chief executive of the enlarged group.
Also coming from Masefield, Hemant Thanawala is to become finance director
and Paul Jennings commercial director.

[wole] 07/3/2005 10:09

The BLO deal will rocket TGR to the moon... Very soon, we'll be made!

[vatattack] 07/3/2005 08:37

RNS Number:5441E
Bullion Resources PLC
27 October 2004



Bullion Resources PLC (the "Company" or "Bullion")

Holding in Company


The Company has been notified by Tiger Resource Finance PLC ("Tiger"), a company
associated with Colin Bird, a Director of Bullion, that it has acquired an
interest in 9,000,000 ordinary shares in the capital of the Company as a result
of the allotment of such shares to it on 12 October 2004 pursuant to the non
brokered private placing at 2p per share.


Tiger's shareholding interest represents approximately 11.6 per cent.of the
current issued share capital of the Company.

[topvest] 04/3/2005 18:46

Maybe, but did you invest at 30p like these guys and I did! A profit is a profit and I wouldn't seek to teach Bruce Rowan when the best point to sell is. He is a rather smart cooky!

[jsandrew] 04/3/2005 16:49

looking at CBM, who hold 30%? of AEN

it seems silly for TIR to have sold their holding......

[wolstencroft] 04/3/2005 16:07

HighTech: You are missing something. Have a look at the minesite articles.

Just because something is under or overvalued doesnt means its worth shorting. AST could easily go back to 22p like it did on IPO. In that scenario I would strongly argue the market is bonkers but I lose three times my short investment, if it goes to 2p I only gain 66%.

I may be wrong of course and AST with nothing but a bit of cash and some interests in the Gabon recently bought at market value may be worth 7p a share.

[wolstencroft] 04/3/2005 15:59

PIAOR: I'll rephrase "If I purported to be an expert in resources stocks and I looked at the fundamentals of a company with quite visible and progressing assets (AEN and WTN) and decided to sell or not to buy and in 6 months that company had doubled I would question whether I or the market had been wrong and whether in fact I had made a bad decision."

Its not the same as FTSE calls yesterday except in the case of a FTSE day trader who purpots to be some sort of expert in FTSE calls making the wrong decision. In that case the FTSE trader might well say they made a bad decision.

TIR is 29% in stocks, 17% in AST and the rest is cash. Of those stocks only Formation, Alamos and perhaps Ridge I think truly meet Rowan's criteria for being best prospects for growth in the current bull market (i.e. being close to production) but I dont follow all of his investments closely but most of the rest are true penny stocks. And the GFI holdnig is small.

The discount is between 28 and 38% depending on how you value AST (near book or market). That is wide but remember TIR is not an investment trust and you will pay tax twice on capital gains; TIR pays 30% tax on a capital gain and then this will move the share price up and then you will likewise pay CGT when you sell. That, along with liquidity is a reason for a discount.

[put it all on red] 03/3/2005 12:02

hxj: Selling a company for £1 that becomes £2 within 6 months is a bad deal. Especially as the NPV fundamentals behinf wtn and aen were so strong. Its a huge opportunity loss; as is sitting on millions of cash when there have been plenty of opportunities over the last year


That is quite ridiculous - its only an opportunity cost in hindsight. You might as well say its an opportunity cost not to have bought FTSE calls yesterday cos it went up today.
Tigers stated aim is one of cautious investment, hence they are not rushing into stocks they are not 100% sure of.
If your objective is more rapid growth (and the higher risk that that necessarily entails) then Tiger is not for you.
As far as I am concerned, Tiger is a safe-ish investment that doesn't require day-to-day monitoring, but offers terrific capital growth potential on two fronts:
1) Growth via investments, as their track record has admirably shown.
2) Growth via reduction in the discount to NAV.

[hightech] 02/3/2005 18:49

wolstencroft - You can check the price of AST here.

If you think it worth 1-2p, you can short it to gain up to five fold. It's been sold for 6.5-7p today. Am I missing something?

[wolstencroft] 01/3/2005 21:20

hxj: Selling a company for £1 that becomes £2 within 6 months is a bad deal. Especially as the NPV fundamentals behinf wtn and aen were so strong. Its a huge opportunity loss; as is sitting on millions of cash when there have been plenty of opportunities over the last year

[wolstencroft] 01/3/2005 21:18

HighTech: Minmet: I am just out of date on the share price.
AST: Its not worth 5p or 7p; its worth 1 or 2p. Remember the dotcom days when dixons was "undervalued" because its holding in its listed internet arm was worth more than the market cap of dixons? Its the same here.

[hxj] 01/3/2005 20:38

So selling CBM was a bad move? Turning a £300,000 investment around for a £3.3 million profit. I wish my record was that bad ....

[topvest] 01/3/2005 14:51

Good news on AST - it's done its first deal at 5p. Share price now 7p. Over, a £1m profit to TIR at this level.

[put it all on red] 01/3/2005 12:53

hamlette,

Personally I think you're mad to sell out of a resource play trading at nearly 50% discount to net assets, but I respect your decision and wish you good luck.

Tiger has already made some cracking "people, projects and places" investments. Yes, it currently lacks a 'flagship' investment, but it has the people, and is very well connected in the industry. Therefore it will have the opportunity and skill to select the "projects and places". And it has the cash in the bank which is a very strong position to be in.

Tiger has a history of selecting the right projects and meeting its objectives of increasing shareholder value. As far as I can tell the only reason some people have a downer on Tiger is because they sold some of the CBM at £1. This is quite ridiculous:
1) They still made a big profit, and they sold the rest at £2 which is higher than current share-price.
2) nobody has 20-20 hindsight, even those in the thick of things.

Tiger is just about the best value resource stock on the market at the moment, and very, very undervalued compared to its strong NAV and any kind of peer comparison.

I don't understand the low share price, but sometimes markets work out like that. A bit of patience will be rewarded with TIR, mark my words!

[hamlette] 28/2/2005 21:04

Following the Annual Report, I have been rethinking my position on TIR. I got into TIR via selling out REI because I did not agree with REI's position regarding their premature sale of Cambrian. What an unpleasant surprise then, to find that TIR also sold out Cambrian for less than £1. Anyway, that's now water under the bridge.

Some of the posters here also post on the CBM thread and I read with interest the following post from dogdays..."The message I suggest is clear, reputable investment houses in the natural resources field who have worked hard to build a reputation should stay way from shell companies, especially with companies like White Nile so much in the news." I have much in common with this view so have decided to take take Buffins advice and invest elsewhere.

I have reluctantly sold out of TIR today and found an interesting home for the proceeds, which meets the "people, projects and places" principle. For anybody who may be interested, you can now find me on the thread for the following resource company:

Good luck to remaining TIR holders

[lizzie ii] 27/2/2005 21:22

With so much cash and the share price at so much discount to NAV, why doesn't the company buy back lots more shares, thereby enhancing the NAV of the remaining shares?

[hightech] 27/2/2005 21:21

Investment in a shell might have a very good return. Just check baltimore, it was 8.5p six month ago. It's around 18p now

[hamlette] 27/2/2005 21:20

Buffin...the NAV is only announced quarterly, so no one will actually know how the fund is performing until then. What is more, it seems to me that we will have to wait until the next interim results in August to find out how the war chest has been deployed. At the very minimum I think TIR should publish the portfolio with the quarterly NAV.

[buffin] 27/2/2005 19:43

I don't care. But a good rise in the NAV would probably reflect greater employment of the war chest.

Perhaps investors who don't like the way the fund is run should sell and invest elsewhere.

[old giggleswickian] 27/2/2005 18:18

Buffin,
What makes you think that he is going to bother telling us unless any individual investment forms more than 20% of the potfolio.

Ian.

[buffin] 27/2/2005 09:13

Now that he's announced a shift of investment policy, let's see if he channels our war chest into it over the next few months.

[hamlette] 26/2/2005 20:56

topvest...I am sure that Bruce Rowan is a very shrewd investor and will increase the NAV of TIR during 2005. My rationale for investing in Tiger was to gain exposure to the AIM mining resources sector and I have no issue with Tiger's stated objectives for 2005 "As well as investing in more junior exploration companies, we will also seek out resource investments which are close to production, since we are of the opinion that the investment cycle will result in fund managers favouring maturing companies against emerging explorers". The points being made by myself and other posters are:
1. AST does not fit into this category.
2. Why does Tiger have such a large cash holding, when this adds nothing to the NAV?

[topvest] 26/2/2005 17:02

They paid £225k I think for a stake in this shell which is now valued at over a £1m. Ascent Resources may currently be expensive, but an investment at 1p will probably reap good returns. The management team of AST have recapitalised approx. 15 Australian companies and have moved to AIM recently to do a similar thing using cash shells. TIR have been fairly conservative in their investment strategy over the last couple of years and this was the first sign of a slighly more speculative deal. It's the first time BR has used Tiger or Starvest for a shell company investment of any size. You will have noticed that he has put a lot of his own money behind these shells in recent weeks. Any way you look at it, Bruce has doubled shareholders money in a couple of years, so I can't understand why everyone is complaining.

[old giggleswickian] 26/2/2005 11:47

topvest,
Could you please explain to me the rationale behind TIR investing in AST. Viz your post 163 I am beggining to wonder whether a number of us have been filtered!

Ian.

[old giggleswickian] 26/2/2005 11:31

Thanks hamlette.

Ian.