TIDMTIR
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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