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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 | 0.00% | 0.20 | 0.15 | 0.25 | 0.20 | 0.20 | 0.20 | 0.00 | 07:43:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | -160k | -457k | -0.0009 | -2.22 | 1.07M |
TIDMTIR
RNS Number : 1227N
Tiger Royalties and Investments PLC
28 September 2021
For immediate release
28 September 2021
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2021
Chairman's Report
Dear Shareholder,
Net Asset Value per share - 30 Jun 2021: 0.29p / 31 Dec 2020: 0.22p (30 June 2020: 0.20p)
Total net assets - 30 Jun 2021: GBP1,314k / 31 Dec 2020: GBP977k (30 June 2020: GBP374k)
The six-month period under review has been one of the best periods in the natural resource sector for many years with a resurgence in interest in both the junior explorers and major mining companies. The activity has been contra to the Coronavirus pandemic which has caused economies to suffer and many businesses to collapse. Despite the economic log-jam caused by Covid-19, countries across the world have experienced different recovery dynamics and the outlook for both soft and hard commodities remains upbeat.
We completed the IPO of our investee company, African Pioneer plc and this transaction with the associated fundraise delivered an interesting African metal exploration business to the public market. The Company also made an investment of GBP100,000 in Caerus Minerals Resources Plc ("Caerus") on 19 March 2021 which has since performed well. Caerus is a copper-gold resource development and exploration company with mineral exploration licences located in Cyprus.
During the period under review, the price of oil has been generally bullish and the juniors in this space have also experienced renewed interest. The increase in overall energy prices has been even more pronounced with huge price changes in gas and electricity feeding inflation and delivering a wake-up call to the cost impact of climate change policies. The period under review saw many IPOs and secondary financings, including some of a significant size which have enabled companies to pursue their missions in a more aggressive way.
As expected, competition for projects has increased and this has led to a scarcity of quality targets and overpricing of potential opportunities. Post the period under review, interest in the junior resource market has softened and almost ground to a halt in August.
Major markets continue to be firm on the basis that limited investment opportunities are available outside equities markets. Despite the huge increase in energy prices being experienced, politicians worldwide deny that inflation is imminent and are looking out towards 2023/24 for the first signs. I do not share that view and feel that the spectre of inflation is just around the corner. This will profoundly affect the balance between equities and bonds with equities likely to be the loser. Fortunately, the junior resource sector does not always perform in tandem with global equity markets and the threat of rising inflation may well work in favour of investment valuations in our industry sector.
In any event the emergence of electric vehicles, alternative energy generation and energy storage will lead to significant price increases in most of the "green" metals. We particularly favour Copper, Nickel, Vanadium, Manganese and Cobalt and will be actively pursuing investment opportunities targeting these metals on an ongoing basis.
We are of the belief that Gold will benefit from the geopolitical uncertainty, inflation and a weaker US Dollar with crypto currencies such as Bitcoin etc. not offering the safe haven that some would like to suggest.
In essence, we see the coming months seeing a renewed interest in the natural resource sector and anticipate valuations in the foreseeable future to be higher than those currently witnessed. The Company intends to strengthen its share purchases and to continue taking strategic positions with management input, in opportunities associated with the commodities identified above.
Colin Bird
Chairman
28 September 2021
Portfolio Holdings as at 30 June 2021
Investments Number of Cost Valuation Valuation shares GBP at 30 June at 31 August 2021 2021 GBP GBP African Pioneer Plc 8,810,056 100,000 268,707 242,277 ----------- -------- ------------ -------------- Bezant Resources Plc 83,870,371 326,885 184,515 150,967 ----------- -------- ------------ -------------- Block Energy Plc 625,000 25,100 17,187 15,625 ----------- -------- ------------ -------------- Kendrick Resources Plc (previously BMR Group Plc) 2,500,000 50,217 - - ----------- -------- ------------ -------------- Caerus Mineral Resources Plc 1,000,000 100,603 325,000 235,000 ----------- -------- ------------ -------------- Corallian Energy Ltd 13,618 20,427 20,427 20,427 ----------- -------- ------------ -------------- Galileo Resources Plc 6,516,667 78,335 84,717 76,897 ----------- -------- ------------ -------------- Goldquest Mining Corp 173,500 30,259 23,579 15,823 ----------- -------- ------------ -------------- Jubilee Metals Group Plc 1,169,600 100,219 216,376 204,680 ----------- -------- ------------ -------------- Pantheon Resources Plc 31,500 30,340 12,994 18,806 ----------- -------- ------------ -------------- Reabold Resources Corp 3,025,068 9,573 13,310 8,016 ----------- -------- ------------ -------------- Royal Dutch Shell Plc B Shares 2,700 73,234 37,773 39,015 ----------- -------- ------------ -------------- WisdomTree Copper EFTS 760 12,896 20,886 17,970 ----------- -------- ------------ -------------- Total Investments 958,088 1,225,471 1,045,503 ----------- -------- ------------ -------------- Tiger Royalties 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
Statement of Comprehensive Income
For the six months ended 30 June 2021
(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 June 21 30 June 20 31 Dec 20 GBP GBP GBP Changes in fair value of investments 409,224 (87,868) 194,216 Income: Investment income 654 - 1,989 Interest receivable - 35 37 Other income 30,200 Administrative expenses (148,204) (133,305) (345,755) ----------------------------------- -------------- -------------- ------------ PROFIT(LOSS) BEFORE TAXATION 291,874 (221,138) (149,513) Taxation - - - ----------------------------------- -------------- -------------- ------------ PROFIT/(LOSS) FOR THE PERIOD 291,874 (221,138) (149,513) ----------------------------------- -------------- -------------- ------------ TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD 291,874 (221,138) (149,513) Basic earnings/(loss) per share 0.07 p (0.12) p (0.06) p Diluted earnings/(loss) per share 0.07 p (0.12) p (0.06) p
All profits are derived from continuing operations.
Statement of Financial Position
As at 30 June 2021
(Unaudited) (Unaudited) (Audited) 30 June 21 30 June 20 31 Dec 20 GBP GBP GBP NON-CURRENT ASSETS Investments in financial assets at fair value through profit or loss 1,225,471 262,101 539,195 Total Non-Current Assets 1,225,471 262,101 539,195 CURRENT ASSETS Trade and other receivables 15,364 110,003 169,486 Cash and cash equivalents 100,931 40,586 420,699 116.295 150,589 590,185 TOTAL ASSETS 1,341,766 412,690 1,129,380 --------------------------- ------------- ------------- ------------ CURRENT LIABILITIES Trade and other payables (27,996) (38,720) (152,534) Total Current Liabilities (27,996) (38,720) (152,534)
--------------------------- ------------- ------------- ------------ NET ASSETS 1,313,770 373,970 976,846 EQUITY Share capital 1,733,430 1,474,334 1,724,930 Share premium 1,986,421 1,669,216 1,949,871 Other components of equity 1,100,000 1,100,000 1,100,000 Retained earnings (3,506,081) (3,869,580) (3,797,955) --------------------------- ------------- ------------- ------------ EQUITY ATTRIBUTABLE TO THE OWNERS 1,313,770 373,970 976,846 TOTAL EQUITY 1,313,770 373,970 976,846 --------------------------- ------------- ------------- ------------
Statement of Changes in Equity
As at 30 June 2021
Share capital Share premium Capital Retained Total redemption earnings Equity reserve GBP GBP GBP GBP GBP As at 1 January 2020 1,474,334 1,669,216 1,100,000 (3,648,442) 595,108 ---------- -------------- ------------ ------------ ---------- Total comprehensive income / (loss) for the period - - - (221,138) (221,138) As at 30 June 2020 1,474,334 1,669,216 1,100,000 (3,869,580) 373,970 ---------- -------------- ------------ ------------ ---------- Shares issued during the period 250,596 280,655 - - 531,251 Total comprehensive income for the period - - - 71,625 71,625 As at 31 December 2020 1,724,930 1,949,871 1,100,000 (3,797,955) 976,846 Shares issued during the period 8,500 36,550 - - 45,050 Total comprehensive income for the period - - - 291,874 291,874 As at 30 June 2021 1,733,430 1,986,421 1,100,000 (3,506,081) 1,313,770 ---------- ---------- ---------- ------------ ----------
Cash Flow Statement
For the six months ended 30 June 2021
(Unaudited) (Unaudited) (Audited) 30 June 30 June 31 Dec 21 20 20 GBP GBP GBP CASH FLOW FROM OPERATIONS (Loss)/profit before taxation 291,874 (221,138) (149,513) Adjustment for: Interest received - (35) (37) Dividends received (654) - (1,989) Other income (30,200) - - Change in fair value of investments (409,224) 87,868 (194,216) ------------------------------------------ ------------- ------------- ----------- Operating (loss) before movement in working capital (148,204) (133,305) (345,755) (Increase)/decrease in receivables 7,873 (14) (28,246) Increase/(decrease) in payables (79,488) 12,977 126,789 NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES (219,819) (120,342) (247,212) ------------------------------------------ ------------- ------------- ----------- TAXATION PAID - - CASH FLOW FROM INVESTING ACTIVITIES Interest received - 35 37 Dividends received 654 - 1,989 Sale of investments - 18,499 23,491 Purchase of investments (100,603) - - ------------------------------------------ ------------- ------------- ----------- NET CASH INFLOW/ (OUTFLOW)FROM INVESTING ACTIVITIES (99,949) 18,534 25,517 CASH FLOW FROM FINANCING ACTIVITIES Issue of shares - - 500,000 ------------------------------------------ ------------- ------------- ----------- NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES - - 500,000 Net increase/(decrease) in cash and cash equivalents in the period (319,768) (101,808) 278,305 Cash and cash equivalents at the beginning of the period 420,699 142,394 142,394 Cash and cash equivalents at the end of the period 100,931 40,586 420,699
Selected notes to the financial statements
For the six months ended 30 June 2021
1. Basis of preparation
These interim financial statements for the period ended 30 June 2021 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2020 and should be read in conjunction with the 2020 annual report. As permitted, the Company 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 statutory financial statements for the period ended 31 December 2020, were prepared under International Financial Reporting Standards (IFRS), and 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.
The Company held a 50.75% equity stake in African Pioneer Plc ("APP" or "the subsidiary") on 31 December 2020, and prepared consolidated financial statements incorporating the subsidiary's financial statements for the year ended 31 December 2020. On 1 June 2021, the subsidiary's shares comprising 189,459,550 Ordinary shares of zero par value each ("Ordinary Shares") were admitted to the Official List (Standard Segment), and to trading on the Main Market for listed securities of the London Stock Exchange . Consequently, the Company's shareholding in the subsidiary company was reduced to 4.65% and APP is no longer a subsidiary of the Company as at 30 June 2021 and consequently only Company financial statements have been prepared for the six months period to 30 June 2021. Tiger's currently holds 8,810,056 Ordinary Shares in APP and this investment has been included in the Company's balance sheet at market valuation under investment in financial assets at fair value through profit or loss .
2. Earnings Per Share Basic Unaudited Unaudited Audited 6 months 6 months Year ended to to 31 December 30 June 2021 30 June 2020 2020 Profit/(Loss) after tax for the purpose of earnings per share 291,874 GBP (221,138) (149,513) Weighted average number of shares 443,692,308 188,847,070 241,054,411 Basic earnings/ (loss) per ordinary share 0.07 p (0.12) p (0.06) Diluted Profit/(loss) after tax 291,874 GBP (221,138) (149,513) Weighted average number of shares 443,692,308 188,847,070 241,054,411 Diluted effect of options - - - Diluted weighted average number of shares 443,692,308 188,847,070 241,054,411 Diluted earnings / (loss) per ordinary share 0.07 p (0.12) p (0.06) 3. Current liabilities
The current liability figure of GBP27,996 includes an accrual of GBP6,268 relating to Director's salaries/ fees relating to month ended 30 June 2021.
4. Deferred Tax
A deferred tax asset on revaluation of 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 Company. 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 Royalties and Investments 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.
Unaudited Unaudited Audited 30 June 30 June 31 December 2021 2020 2020 GBP GBP GBP Authorised: 10,000,000,000 (30 June 2020 & 31 December 2020: 10,000,000,000) Ordinary shares 0.1p (30 June 2020 & 31 December 2020 - 0.1p each) 10,000,000 10,000,000 10,000,000 142,831,939 deferred shares of 0.9p each (30 June 2020 & 31 December 2020: 142,831,939
Deferred shares of 0.9p each) 1,285,487 1,285,487 1,285,487 ----------- ----------- ------------ Issued: Opening Ordinary shares - 439,442,308 shares of 0.1p each (30 June 2020 & 31 December 2020: 188,847,070 Ordinary Shares of 0.1p each) 439,443 188,847 188,847 New shares issued: 238,095,238 at issue price of GBP0.21p each (Nominal value 0.1p each) - - 238,096 12,500,000 shares at issue price of GBP0.25p each (Nominal value 0.1p each) - - 12,500 8,500,000 shares at issue price of GBP0.53p 8,500 - - each (Nominal value 0.1p each) Total ordinary shares in issue at period end 447,942,308 Ordinary shares 0.1p (30 June 2020: 188,847,070 Ordinary Shares of 0.1p each and 31 December 2020: 439,442,308 Ordinary shares of 0.1 p) 447,943 188,847 439,443 ----------- ----------- ------------ 142,831,939 deferred shares of 0.9p each (30 June 2020 & 31 December 2020: 142,831,939 deferred shares of 0.9p each) 1,285,487 1,285,487 1,285,487 ----------- ----------- ------------ 1,733,430 1,474,334 1,724,930 ----------- ----------- ------------
Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of GBP4,500 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.
7. Availability of Interim Report
A copy of these interim results will be available from the Company's registered office during normal business hours on any weekday at 2nd Floor, 7/8 Kendrick Mews, London SW7 3HG, and can also be downloaded from the Company's website at http://www.tiger-rf.com/. Tiger Royalties and Investments Plc is registered in England and Wales with company number 02882601.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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(END) Dow Jones Newswires
September 28, 2021 01:59 ET (05:59 GMT)
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