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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 0.0% 0.325 0.25 0.40 0.325 0.325 0.325 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -0.2 -0.1 - 1

Tiger Royalties and Investments PLC Half-year Report

04/09/2020 2:00pm

UK Regulatory (RNS & others)


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RNS Number : 1127Y

Tiger Royalties and Investments PLC

04 September 2020

For immediate release 4 September 2020

TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2020

Chairman's Report

Dear Shareholders,

Net Asset Value per share - 30 Jun 2020 - 0.19p / 31 Dec 2019 - 0.32p (30 June 2019 - 0.39p)

Total assets - 30 Jun 2020 - GBP361k / 31 Dec 2019 - GBP598k (30 June 2018 - GBP728k)

The period under review has been volatile for "small cap" stocks in the resource sector and despite the recovery in markets post the "low point" in late March 2020, share valuations of junior natural resource stocks did not fully recover by the end of the current reporting period resulting in a fall in NAV as at 30 June 2020 to 0.19 pence per share. The investment table included in this report demonstrates further share price appreciation to the end of August 2020.

The last six months have been unprecedented in modern times with the outbreak of Covid-19 leading to major business disruption and individual suffering. The virus has affected all nations globally and at the time of writing considerable uncertainty exists as to the progression or reduction in the number of cases being experienced and therefore ultimate economic recovery. I am convinced that we will see "stop-start" activity on the economic front over the next 12 months, with a real danger of the banking system suffering yet another credit freeze.

It would appear that the investors are seeing a much quicker return to normality and consequent business prosperity with anomalies in many commodities including base metals, particularly with copper which is currently priced some 20% higher than when the pandemic first commenced. Longer term investors and institutional investors, whilst alarmed by the pandemic are taking the longer view, realising that a new emerging world, post Covid-19 will have not lost its appetite for modern technology and lifestyle improvements.

The growing concern relating to global pollution experienced a major reality check, when only after two months post lockdown, satellite photographs showed considerably reduced pollution levels in the planet. The build-up of electric vehicles has been moving apace with the realisation of what can be achieved over a short period of time increasing momentum. The accelerated emergence of electric vehicles can only benefit metals including copper, cobalt, nickel, lithium and vanadium. The interesting question is, which metals will gain dominance in the new generation of batteries and much controversy exists on this subject. Each metal has its own advantages and limitations and the next year will see more science and funding directed towards the optimum solution. It is our opinion, that there will be no optimum position since supply fundamentals will demand that no one metal acquires overall dominance.

The gold price has been quite spectacular during this period and the current weight of geo-political tension and uncertainty continues to support higher gold prices. The US election result may adversely affect gold prices as a result of lessening tension but conversely competing fiscal factors may well maintain a gold price in excess of US$1,800 per ounce for the foreseeable future.

I am pleased to say that at last, the world appears to have woken up to the fact that the junior resource companies are the pioneers of the industry and new discoveries will probably emanate from their continued efforts. Consequently, we have seen a flurry of activity including secondary financing and IPOs over the last few months.

We have historically communicated to shareholders that Tiger intends to move from being a passive investor to a pro-active corporate investor actively involved in project management as well as being a royalty holder in natural resource projects. The Board is currently considering a number of projects along these lines in various commodities located in diverse geographical regions which will enable Tiger to re-capitalise and meet its longer term objective. The Company will differ from most other royalty companies, in that its business model will involve some corporate structuring, retention of equity, participation in project management and an expectation of a royalty once mines are built or sold.

We look forward to advising our shareholders of progress over the coming months, with the expectation of new deals being consummated which will contribute significantly towards our overall portfolio.

Colin Bird

Chairman

4 September 2020

Portfolio Holdings as at 30 June 2020

 
 Investments            Number of          Cost     Valuation       Valuation 
                           shares           GBP    at 30 June    at 28 August 
                                                         2020            2020 
                                                          GBP             GBP 
 Barkby Group Plc          23,237       100,000         4,880           5,286 
                      -----------  ------------  ------------  -------------- 
 Bezant Resources 
  Plc                  55,555,556       250,435        66,667          50,000 
                      -----------  ------------  ------------  -------------- 
 Block Energy Plc         625,000        25,100        13,438          15,625 
                      -----------  ------------  ------------  -------------- 
 BMR Group Plc          2,500,000        50,217             - 
                      -----------  ------------  ------------  -------------- 
 Corallian Energy 
  Ltd                      20,000        30,000        15,000          15,000 
                      -----------  ------------  ------------  -------------- 
 Galileo Resources 
  Plc                   6,516,667        78,335        48,223          58,650 
                      -----------  ------------  ------------  -------------- 
 Goldquest Mining 
  Corp                    173,500        30,259        17,003          41,962 
                      -----------  ------------  ------------  -------------- 
 Jubilee Metals 
  Group Plc             1,169,600       100,219        43,041          65,498 
                      -----------  ------------  ------------  -------------- 
 Pantheon Resources 
  Plc                      31,500        30,340         4,341           7,040 
                      -----------  ------------  ------------  -------------- 
 Revelo Resources 
  Corp                     21,667        62,965         1,283           2,046 
                      -----------  ------------  ------------  -------------- 
 Royal Dutch Shell 
  Plc B Shares              2,700        73,234        33,048          28,701 
                      -----------  ------------  ------------  -------------- 
 WisdomTree Copper 
  EFTS                        760        12,896        15,177          15,490 
                      -----------  ------------  ------------  -------------- 
 
 Total                                                262,101         305,298 
                      -----------  ------------  ------------  -------------- 
 
 African Pioneer 
  Plc 
                      -----------  ------------  ------------  -------------- 
 Galileo Resources 
  Plc                   2,500,000        50,000        18,500          22,500 
                      -----------  ------------  ------------  -------------- 
 Jubilee Metals 
  Group Plc               217,802         8,266         8,015          12,197 
                      -----------  ------------  ------------  -------------- 
 Revelo Resources 
  Corp                    151,500        53,651         9,452          14,304 
                      -----------  ------------  ------------  -------------- 
 South 32 Plc              13,845        28,607        15,638          15,797 
                      -----------  ------------  ------------  -------------- 
 Xtract Resources 
  Plc                     606,060        20,217         7,152          10,182 
                      -----------  ------------  ------------  -------------- 
 
 Total                                                 58,757          74,980 
                      -----------  ------------  ------------  -------------- 
 
 Total Investments                                    320,858         380,278 
                      -----------  ------------  ------------  -------------- 
 
 
 
 
   Tiger Royalty and 
   investments 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 2020

 
 
                                     (Unaudited)          (Unaudited)      (Audited) 
                                       Group Six     Group Six months     Group Year 
                                          months                ended          ended 
                                           ended           30 June 19      31 Dec 19 
                                      30 June 20 
                                             GBP                  GBP            GBP 
 (Loss)/profit on investments           (92,389)              114,130        142,768 
 Income: 
 Investment income                           236                9,098         12,230 
 Interest receivable                          36                   12            109 
 Administrative expenses               (145,128)            (148,075)      (309,727) 
--------------------------------  --------------  -------------------  ------------- 
 (LOSS) BEFORE TAXATION                (237,245)             (24,835)      (154,620) 
 
 Taxation                                      -                    -              - 
--------------------------------  --------------  -------------------  ------------- 
  (LOSS) FOR THE PERIOD                (237,245)             (24,835)      (154,620) 
--------------------------------  --------------  -------------------  ------------- 
 
 
 TOTAL COMPREHENSIVE (LOSS)/ 
  PROFIT FOR THE PERIOD                (237,245)             (24,835)      (154,620) 
--------------------------------  --------------  -------------------  ------------- 
 
   (Loss)/profit for the period 
   attributable to: 
 Shareholders of the Company           (229,314)              (3,827)      (130,464) 
 Non-controlling interest                (7,931)             (21,008)       (24,156) 
--------------------------------  --------------  -------------------  ------------- 
 
                                       (237,245)             (24,835)      (154,620) 
--------------------------------  --------------  -------------------  ------------- 
 Basic earnings per share                (0.12)p             (0.002)p        (0.07)p 
 Diluted earnings per share              (0.12)p             (0.002)p        (0.07)p 
 
 

All profits are derived from continuing operations.

Consolidated Statement of Financial Position

As at 30 June 2020

 
 
                                (Unaudited)     (Unaudited)     (Audited) Group 
                                      Group           Group           31 Dec 19 
                                 30 June 20      30 June 19 
                                        GBP             GBP                 GBP 
 NON CURRENT ASSETS 
 Financial assets 
  at fair value through 
  profit or loss                          -               -                   - 
 Investments                        320,858         704,970             474,939 
                                    320,858         704,970             474,939 
 CURRENT ASSETS 
 Trade and other 
  receivables                        10,543          19,402              11,756 
 Cash and cash equivalents           74,110          42,169             142,622 
                                     84,653          61,571             154,378 
 
 TOTAL ASSETS                       405,511         766,541             629,317 
 
 
 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       1,100,000           1,100,000 
 Retained earnings              (3,876,007)     (3,520,056)         (3,646,693) 
---------------------------  --------------  --------------  ------------------ 
 EQUITY ATTRIBUTABLE 
  TO THE OWNERS                     367,543         723,494             596,857 
 
 Equity interest 
  of non-controlling 
  interest                          (6,234)           4,845               1,697 
 
 TOTAL EQUITY                       361,309         728,339             598,554 
 
 CURRENT LIABILITIES 
 Trade and other 
  payables                           44,202          38,202              30,763 
 Corporate tax payable                    -               -                   - 
---------------------------  --------------  --------------  ------------------ 
                                     44,202          38,202              30,763 
 
 TOTAL LIABILITIES                   44,202          38,202              30,763 
---------------------------  --------------  --------------  ------------------ 
 
 TOTAL EQUITY AND 
  LIABILITIES                       405,511         766,541             629,317 
---------------------------  --------------  --------------  ------------------ 
 
 

Consolidated Statement of Changes in Equity

As at 30 June 2020

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 
  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) 
 Other Comprehensive 
  (loss) 
  Available-for-sale 
  Financial Assets:                 -           -           -     -     -     -             -          -            - 
  Current Period                    -           -           -     -     -     -             -          -            - 
  Losses                            -           -           -     -     -     -             -          -            - 
  Transfer to impairment 
  Transfer on disposal 
 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 
                           ----------  ----------  ----------  ----  ----  ----  ------------  ---------  ----------- 
 Changes in equity 
 Profit/ (Loss) 
  for the period                    -           -           -     -     -     -     (126,637)    (3,148)    (129,785) 
 
 Total comprehensive 
  expense for the 
  period                            -           -           -     -     -     -     (126,637)    (3,148)    (129,785) 
 
 
 As at 31 December 
  2019                1,474,334   1,669,216   1,100,000   -   -    -   (3,646,693)   1,697   598,554 
                     ----------  ----------  ----------          ---  ------------  ------  -------- 
 
 
 Changes in equity 
 Profit/(Loss) 
  for the period                -           -           -   -   -    -     (229,314)   (7,931)   (237,245) 
 
 Total comprehensive 
  expense for the 
  period                        -           -           -   -   -    -     (229,314)   (7,931)   (237,245) 
 As at 30 June 
  2020                  1,474,334   1,669,216   1,100,000   -   -    -   (3,876,007)   (6,234)     361,309 
                       ----------  ----------  ----------          ---  ------------  --------  ---------- 
 
 
 
 
 
 
 

Cash Flow Statement

For the six months ended 30 June 2020

 
 
                                               (Unaudited)    (Unaudited)    (Audited) 
                                                 30 June          30 June       31 Dec 
                                                    20                 19           19 
                                                       GBP            GBP          GBP 
 CASH FLOW FROM OPERATIONS 
 (Loss)/profit before taxation                   (237,245)       (24,835)    (154,620) 
 Adjustment for: 
 Interest received                                    (36)           (12)        (109) 
 Dividends received                                  (236)        (9,098)     (12,230) 
 Change in fair value of investments                87,868              -    (142,768) 
-------------------------------------------  -------------  -------------  ----------- 
 
 Operating (loss) before movement 
  in working capital                             (149,649)       (33,945)    (309,727) 
 (Increase)/decrease in receivables                  1,214       (10,290)      (2,596) 
 Increase/(decrease) in payables                    13,454        (4,323)     (11,788) 
 Gain on disposal of financial asset 
  at fair value                                     48,625      (114,130)            - 
 Impairment of investments                        (44,104)              -            - 
 
 NET CASH (OUTFLOW) FROM OPERATING 
  ACTIVITIES                                     (130,460)      (162,688)    (324,111) 
-------------------------------------------  -------------  -------------  ----------- 
 
 TAXATION PAID                                           -              -            - 
 CASH FLOW FROM INVESTING ACTIVITIES 
 Interest received                                      36             12          109 
 Dividends received                                    236          9,098       12,230 
 Sale of investments                                61,676        128,968      387,615 
 Purchase of investments                                 -              -            - 
-------------------------------------------  -------------  -------------  ----------- 
 
 NET CASH INFLOW FROM INVESTING ACTIVITIES          61,948        138,078      399,954 
 
 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              (68,512)       (24,610)       75,843 
 Cash and cash equivalents at the 
  beginning of the period                          142,622         66,779       66,779 
 Cash and cash equivalents at the 
  end of the period                                 74,110         42,169      142,622 
 
 
 

Selected notes to the consolidated financial statements

For the six months ended 30 June 2020

   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 2020 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2019. 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 2019, 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 2020    30 June 2019            2019 
 
 Profit/(Loss) after tax for 
  the purpose of earnings per 
  share                           GBP(229,314)      GBP(3,827)    GBP(130,464) 
 Weighted average number of 
  shares                           188,847,070     188,847,070     188,847,070 
 Basic earnings per ordinary 
  share                                (0.12)p        (0.002)p         (0.07)p 
 
 
 Diluted 
 
 
 Profit/(loss) after tax          GBP(229,314)    GBP(3,827)    GBP(130,464) 
 Weighted average number of 
  shares                           188,847,070   188,847,070     188,847,070 
 Diluted effect of options                   -             -               - 
 Diluted weighted average 
  number of shares                 188,847,070   188,847,070     188,847,070 
 Diluted earnings per ordinary 
  share                                (0.12)p      (0.002)p         (0.07)p 
 
 
   3.         Current liabilities 

The current liability figure of GBP44,202 includes an accrual of GBP30,000 relating to unpaid Director's salaries/ fees relating to the 3 months ended 30 June 2020. These outstanding fees will be settled either in cash or Ordinary shares of 0.1 pence in the Company at the discretion of the Board. The conversion price, if settled in shares will be equal to the volume weighted average share price applicable for each month during which the relevant Director salary/ fees were accrued. If settled in shares, the issue of new Ordinary shares will be subject to regulatory and statutory regulations.

   4.         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.

   5.         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 
                                                       2020            2019 
                                                       GBP             GBP 
 Authorised: 
 10,000,000,000 (30 June 2019: 10,000,000,000) 
  ordinary shares 0.1p 
  (30 June 2019 - 1p each)                          10,000,000       10,000,000 
 
 142,831,939 deferred shares of 0.9p each (30 
  June 2019: 142,831,939 deferred shares of 0.9p 
  each )                                             1,285,487        1,285,487 
                                                   -----------  --------------- 
 
 
 
   5. Called Up Share Capital (continued) 
 Issued:                                               30 June          30 June 
                                                          2020             2019 
                                                           GBP              GBP 
 
 188,847,070 Ordinary shares 0.1p (30 June 2019: 
  142,831,939 Ordinary Shares of 0.1p each)            188,847          188,847 
 142,831,939 deferred shares of 0.9p each (30 
  June 2019: 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 GBP450 held by the company in treasury.

   6.         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.

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