Tiger Royalties And Inve... Share Discussion Threads

[topvest] 27/6/2007 21:42

I think I agree that they have probably been sold at the point of exercise. Lets give Bruce a break - he hasn't lost our money and one suspects he will invest very wisely at some point. This company is a bit of a mystery, but it has done well for all so far. It's just stood still for a couple of years which is a bit frustrating.

[topvest] 27/6/2007 21:39

Yes, maybe. Why didn't they say so then....?

Tiger sold 312,500 shares in Franconia Minerals Corporation ("Franconia") during
the year for a consideration of #215,759 realising a profit of #161,978 and a
return of almost 400% on original cost.

I suspect we could work it out - anyone wish to calculate the profit on disposal from all known investment sales and compare with the profit of £695k? If they only made £162k on the shares where did they make the rest?

[tiltonboy] 27/6/2007 21:15

Re: Franconia Warrants. Who said they didn't exercise them?

I would put my money on the fact that they exercised them and then sold them, along with part of their existing holding.

tiltonboy

[utwiq] 27/6/2007 21:05

Sounds like we're all in agreement.

Bruce Rowan is a great stockpicker (I'm very happy with my SVE investment) and I enjoyed reading this report, both for its take on the resource sector in general and its assessment of the particular investments (subtext: plainly they plan to sell out of FRA altogether). Yet the company is basically inactive and is sitting on a lot of cash, while its portfolio is disproportionately weighted towards AST. And the FRA warrant situation is mysterious at best, incompetent at worst.

Not sure I want to invest in this yet if at all. Happy to be persuaded otherwise. I still think a merger with SVE would be useful, in terms of balancing the portfolio, being a more marketable size (to future investors), and focusing management. However, I have no reason at all to think that it is on the cards!

[topvest] 27/6/2007 21:00

I would no like to be too critical of management, but I do agree that today's announcement is rather odd. What has happened to the Franconia warrants? I think this should be clarified as they do appear to have lapsed - was this an oversight?...surely not!

Statement on Tertiary Minerals sounds encouraging.

Overall, the Chairman's Statement (the guru!) is sensible, but bears little resemblance (as it did last year for that matter) with what Tiger has done over the last 24 months, which is virtually nothing! Gledhow Investments is also equally bemusing, as is Sunvest. It's only really Starvest that gets its PR sorted which may be down to John Watkins.

Overall though, I would back Bruce any day of the week. 1 in 10 of his investments are absolutely fabulous 30/50 baggers!

[zedder] 27/6/2007 20:40

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WHAT A FARCE!

[utwiq] 27/6/2007 19:00

I looked at investing in these a few weeks back, but decided against - the constantly falling AST (Ascent) price also put me off - not that I would mind having cheap access to AST (that is how I first viewed TIR) but the drop didn't flow through to TIR. These results are a bit puzzling and don't encourage me to buy in. The valuations are as at 31 May, which I suppose is fair enough, although it does disguise the recent fall in AST, which impacts significantly on the bottom line. Also, the disaster of not exercising the FRA warrants is just awful (could there be a reasonable explanation? perhaps, but it is not obvious). Finally, the general inactivity - other than closing Alamos and Formation and selling off more Franconia - is puzzling too. Why is the company sitting on this much cash? Is it waiting for an investment opportunity? That seems doubtful given that it hasn't made an investment (as far as I can see; correction welcome) in the past year. Why then doesn't it return cash more directly than by way of a prolonged buyback? I find this whole situation very odd, especially by comparison to SVE, which has, in the last few months at least, been quite dynamic. Perhaps I'm not comparing the right periods in time, I don't know. But it seems very strange that this is so sluggish. I had wondered if it might merge with SVE, but there is no reason to suggest that.

[zedder] 27/6/2007 17:46

Somebody at the company had better have a good reason for not exercising the FRA warrants they did have, but that have now lapsed. Still happy with the current holdings though.

[johndee] 27/6/2007 17:10

very good results..............

[zedder] 27/6/2007 08:15

"either we are going to hear something rather different OR the Board need a right kicking"

Finals were on 1st June last year. Looks like we will have to wait until right before the deadline this year.

I think you're right that the Board need a right kicking. How much are they paying themselves for such tardiness? Too much, whatever the figure is!

[skyship] 26/6/2007 10:31

PAF has got its approvals - should relist mid-July and provide another uplift to the NAV.

[skyship] 22/6/2007 14:04

Witteklip - 5 weeks later & still no response to my letter to W.H. Ireland (the co. brokers) regarding the tardy issuance of the financials!

Have emailed them a reminder today.

[ntv] 21/6/2007 07:42

fra back $4cdn

[witteklip] 20/6/2007 18:15

Johndee - 19 Jun'07 - 15:39 - 214

And two years ago it was also lower. Draw a line of linear regression or plot the long term support - TIR is still in an upward trend from the low of 2003 and from the low of 2006. I would start to be concerned if it dropped under 3.50 but for now I think it's worth holding.

[skyship] 19/6/2007 17:07

Finals surely must be tomorrow, though no longer holding my breath on that score! Problem is that the Finals are now so late that the information contained therein will now be c.6months out of date.

Good to see Ascent (AST) bouncing off the bottom slightly as the retrace from 18p to 12.5p took c.12.5% off our NAV

[johndee] 19/6/2007 15:39

anyway i seem to be still holding

[johndee] 19/6/2007 15:39

time goes so fast..almost 2 yrs ago it was higher................

[johndee] 19/6/2007 15:37

don't think so..was higher last year............

[witteklip] 19/6/2007 15:30

Johndee - 13 Jun'07 - 12:20 - 208

? It is barely 'dropping'. There's a strong upward trend (year after year) still in progress. This share is still at a discount to N.A.V. Summer is not a usually a great period for resource stocks so many come under mild pressure but with inflation absolutely rampant I think that the long term future for TIR is assured - If the market corrects then Bruce Rowan has sense and cash and most likely take advantage to our benefit.

[johndee] 19/6/2007 15:13

gold is still well over $600...no sign of falling either..something else affecting TIR..wonder what......large seller selling bit at a time it seems.

[skyship] 13/6/2007 20:59

Spoke with the Co. Sec today - he agreed that the Prelims were late, but blamed the auditors. Frankly think that rather thin. This is just about the smallest listed company and most certainly one of the easiest audits. Anyway, the RNS will be next week. Bearing in mind that they HAVE to be out by 30th June, either we are going to hear something rather different OR the Board need a right kicking....

[metallica] 13/6/2007 19:43

Most commodoties such as gold have fallen this week and TIR is down. If gold breaks 600 this may lead to further selling since it is a illiquid stock.

[curt3] 13/6/2007 13:16

johndee - the market is not interested. share price was 4p over ayear ago. the only buyer over past 12 months is Tiger itself buying back which will enhance nav. However market wants to see activity and deals and perhaps profit taking on ast and fra , at least to some extent ! pr has been non existant and company is regarded by this longterm holder as moribund and disappointing.