Tiger Royalties And Inve... Share Discussion Threads

[johndee] 18/1/2006 17:32

Huge potential.......

[ccorton] 10/1/2006 22:29

I found this post helpful re: the above from the thread for the TIR sister company Starvest (SVE):

eacn - 1 Jan'06 - 18:34 - 614 of 625


ccorton,

you may want to have a look at my previous posting on share options and post tax NAV. In summary:

(a) the options are dilutive but not excessively so (a significant proportion are out of the money);

(b) the company no longer qualifies as a business asset for taper relief purposes, so the 10 year taper relief scale applies. The business has to pay 30% on all gains since it is not an investment trust. To convert to a investment trust would require a move to the main market and would be prohibitively expensive. It would also require that the directors were qualified investment professionals, which they are not. There are, however, offshore options which would allow the company to avoid tax on capital gains and these are currently being investigated by the FD and the accountants.

[handybe] 10/1/2006 17:59

I think we need to be cautious about the TIR nav. It doesn't look as if the company is rated as an investment trust for tax purposes, so it will have to pay tax on all realised gains less losses. (1) The investments are carried in the balance sheet at market value, which is very much higher than cost, without taking account of any tax which would be payable on realisation. (2) A profit of £2.33m ( = over 1p per share)was made on CBM options and warrants back in Feb; the tax on this will not have been deducted yet as the nav is the total of investments and cash, not taking into account liabilities such as tax. (3) There is also the longer term point that I believe the directors have options on a significant number of shares at a rock bottom price - more dilution of nav! (Conclusion) I think we need to wait for the balance sheet to get the correct answer which, I would suspect, might be below 4p allowing for tax and dilution. No way this is a stock for day traders, as firkin says, with 10% spread. Either you think the directors know what they're doing or you get out and play the small stocks yourself.

[firkin] 10/1/2006 09:11

the 10% spread is a powerful deterent!

[maestro.] 09/1/2006 18:00

yes nav is disapointing..might sell out now until portfolio stocks perform better

[firkin] 09/1/2006 17:56

Bruce Rowan has a track record but having only recently become interested in some of his investments (tir, sve, adw) I wonder if he has wound up (or otherwise) any previous investment vehicles so as to give us some possibilities for tir.

[metallica] 09/1/2006 17:14

firkin the price of gold is $545 dollar. It is up 20% and so are a lot of commodities. So Tigger should have further to go. What they need are a few more big outside shareholders and a decent in-house broker banging their drum.
Failing that someone should reverse into them:)

[firkin] 09/1/2006 14:42

Thanks GF - just spotted it. Slightly disappointing. However being the optimist I'm staying in.

[glynnef] 09/1/2006 14:24

The NAV as at 31 Dec 05 has just been released at 4.9p per share.

GF.

[glynnef] 09/1/2006 13:54

Firkin,

No I haven't done that. I really should have done because with such few holdings it would not be too difficult to track.

My holding is very small as it is 10% of a holding in my investment club, where we bought as exposure to this sort of portfolio. Bought largely on the basis of the 2 last qtrly NAV statements and the fact they had such an extensive share buyback programme in Q4.

regards,
GF.

[firkin] 09/1/2006 13:49

GF - can you estimate nav? I'm afraid that I've not kept up with the portfolio.

[glynnef] 05/1/2006 05:33

Should get a NAV statement any day now and results next month.

[bennie buffett] 19/12/2005 14:33

Done very well following Strongbow in their investments as well as Colin Bird not a huge fan of Rowan's but feel with commodities being forecasted for huge rally in 2006 and this being 40% undervalued a very good way to gain low risk exposure to the sector.

[johndee] 08/12/2005 11:37

Have Tiger Resources got any Conroy Gold? Hope they have? Rising so fast now.

[maestro.] 07/12/2005 17:43

silver surfer..but at what price?..i sold out at 1.4p a few months ago

[kombimatec] 07/12/2005 16:18

Tertiary Minerals - highest mover today

[silver surfer] 07/12/2005 16:00

Fall of Minmet!! I do believe they are still trading at the moment in Ireland and are going to Re-List on the AIM.

[maestro.] 03/12/2005 08:41

has anyone been getting phone calls to sell your tiger shares...they mention the fall of Minmet has a good reason to do so

[witteklip] 03/12/2005 02:06

Some of the 35,000,000 treasury shares could maybe be used for the 16,950,000 shares that the directors can buy at 1.25p that expire 29 May 2012

[witteklip] 02/12/2005 03:48

firkin - maybe he'll award the shares to himself as an employee : )

[firkin] 23/11/2005 14:47

Wow - bght 3.58 when spread was 3.4/3.75.
Thought it had fallen too much. After hitting 4.5p to buy recently I had been looking to add at a better price.
I am still puzzled as to the ultimate destination of the treasury shares. I mentioned some possibilities in an earlier posting. Has any one any follow up on this. Bruce Rowan has to resolve the postion down to 10% at some stage. But how?
However at this price he can have the benefit of any doubts.

[mart] 23/11/2005 14:35

Bought back in. Was looking to get back in about 3.5p but missed it by a mile!

[integer] 18/11/2005 18:56

when they calculate the NAV, they do so based on the number of shares in circulation less the ones held in treasury. Therefore the "profit" is built into the NAV calculation now even though any realised profit will only appear through the P&L later.

[crazy russian] 18/11/2005 09:18

are you not confusing the shares bought for treasury ?
as I understand it treasury shares are nota profit until they are sold/released
whereas shares bought as 'buy back' are for cancelling and therefore 'may' produce a profit or at least increase the value to remaining shares

or shall I go back to bed and start over again??

[integer] 17/11/2005 18:29

Anyone care to take a stab at the current NAV? I reckon they've made £200k on share buybacks since 30/9 and a small fall of £300k on the two big investments.

Anything else I'm missing?