TIDMTIR
RNS Number : 8977R
Tiger Resource Finance PLC
27 September 2017
27 September 2017
Tiger Resource Finance Plc
("Tiger" or the "Company")
Unaudited interim financial statements
for the six months ended 30 June 2017
Tiger (AIM: TIR) is pleased to announce the publication of its
unaudited interim results for the six month period ended 30 June
2017 which will shortly be available on the Company's website
www.tiger-rf.com
Operations Review
-- Net Asset Value per share - 1.03p (30 June 2016 - 0.81p/ 31 Dec 2016 - 0.80)
-- Total assets of GBP1.42M (30 June 2016 - GBP1.12M/ 31 Dec 2016 - GBP1.16M)
The period under review has shown a significant improvement in
the fortunes of the natural resource sector. Large company
valuations have risen significantly with mid-cap and junior
resource companies also showing modest gains. Tiger's NAV increased
from 0.80 pence per share at 31 December 2016 to 1.03 pence per
share at 30 June 2017 being an increase of 29% in the six month
period. The Group realised gains of GBP213,450 during the period
predominantly from the sale of part of its investment in Galileo
Resources Plc.
The inauguration of President Trump has sent mixed signals
throughout the world although mature stock markets have seen
significant gains following promises of lower taxation, large
infrastructure projects and decreasing regulation in the banking
and financial services sector. These trends, alongside quantitative
easing programmes have set the scene for rising equity prices in
the US markets closely followed by Europe as well as in selected
emerging markets. In contrast to this, the US foreign policy
program is generally in disarray with global threats abundant such
as the North Korean nuclear threat, sporadic terrorist attacks in
western countries, Middle East instability to name a few
factors.
The aforementioned issues would traditionally have created a
very nervous market place with stocks tending to lock into a
downward trajectory as opposed to rising to all-time highs, but
this has not been the case. We feel that that an adverse economic
or political event in the not too distant future could trigger
negative sentiment which may seriously undermine the current stock
market euphoria.
Notwithstanding the above views, the resource sector appears to
have regained recognition from investors and the need for raw
materials marches on and will not wait for any of the
aforementioned threats to subside. Mankind is living in a far more
materialistic world today and the demand for white goods, smart
phones, hybrid cars and the latest paraphernalia will not diminish
any time soon.
The Board feels positive in relation to metal demand,
particularly for base metals with copper and zinc being the
"favourites". We are undecided about the fortunes for gold as the
Tiger team has always been cynical in relation to the driving
forces that control this precious metal, being neither predictable
or sustainable and as such we will continue to limit exposure to
gold, at least in the short and medium terms..
The smaller mining company markets in Australia, Canada and UK
have continued to be resilient whilst not showing any significant
corporate or large financing activity. We would have expected to
see an upswing in M&A activity by this stage of the cycle as
well as an increase in the volume of IPO's but both activities have
not been as prolific to date as in previous bullish markets. We are
however seeing good evidence of secondary placements and small
projects being funded which of course are welcome signs.
During the period under review we have been active mainly in
passive investments in the resource sector but have not as yet
participated in "proactive" investments during the period under
review to actively position early stage investment opportunities.
We are considering a number of such opportunities and look forward
to making positive progress and further increasing Tiger's net
asset value during the coming months.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Tiger Resource Finance Plc
------------------------------------- ------------
+44 (0) 207
Raju Samtani, Finance Director 581 4477
------------------------------------- ------------
Beaumont Cornish Limited (Nominated
Adviser)
www.beaumontcornish.com
------------------------------------- ------------
+44 (0) 207
Roland Cornish/ Felicity Geidt 628 3396
------------------------------------- ------------
Beaufort Securities Limited
(Broker)
------------------------------------- ------------
+44 (0) 207
Jon Belliss 382 8300
------------------------------------- ------------
Portfolio Holdings as at 30 June 2017
Investments Number Cost Valuation
GBP GBP
------------------------ ---------- ------------ ----------
Anglo American PLC 11,500 250,117 117,760
------------------------ ---------- ------------ ----------
Ascent Resources PLC 482,142 400,824 7,328
------------------------ ---------- ------------ ----------
Cabot Energy Plc 294,118 250,519 10,294
------------------------ ---------- ------------ ----------
Duke Royalty Limited 20,000 200,218 8,500
------------------------ ---------- ------------ ----------
ETFS Physical Platinum 2,250 246,458 149,913
------------------------ ---------- ------------ ----------
ETFS Copper 1,760 29,864 35,244
------------------------ ---------- ------------ ----------
Galileo Resources Plc 6,516,667 78,200 391,000
------------------------ ---------- ------------ ----------
Jersey oil and Gas
Plc 3,300 101,660 8,926
------------------------ ---------- ------------ ----------
Jubilee Platinum PLC 1,169,600 100,219 43,860
------------------------ ---------- ------------ ----------
MX Oil Plc 400,000 100,218 2,600
------------------------ ---------- ------------ ----------
PanContinental Oil
and Gas PLC 885,714 97,827 1,063
------------------------ ---------- ------------ ----------
Pantheon Resources 31,500 30,340 16,065
------------------------ ---------- ------------ ----------
Papua Mining PLC 230,000 101,200 2,806
------------------------ ---------- ------------ ----------
Revelo Resources Corp 216,667 62,965 5,178
------------------------ ---------- ------------ ----------
Rockrose Energy Plc 100,000 50,200 44,620
------------------------ ---------- ------------ ----------
Sovereign Mines of
Africa PLC 2,000,000 100,000 7,600
------------------------ ---------- ------------ ----------
Sunrise Resources PLC 665,000 6,650 732
------------------------ ---------- ------------ ----------
Tertiary Minerals PLC 1,330,000 119,700 7,314
------------------------ ---------- ------------ ----------
Available for sale
investments held by
African Pioneer Plc
(subsidiary company) 210,114
------------------------ ---------- ------------ ----------
1,070,917
------------------------ ---------- ------------ ----------
Total
------------------------ ---------- ------------ ----------
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2017
(Restated)
(Unaudited) (Unaudited) (Audited)
Group Six Group Group
months Six months Year
ended ended ended
30 June 30 June 31 Dec
17 16 16
GBP GBP GBP
Gain on sale of available
for sale assets 213,450 117,298 120,315
Profit on Sale of Xtract - 2,153 2,153
Income:
Investment income 1,540 976 2,035
Interest receivable 181 551 843
Administrative expenses (172,772) (220,422) (425,942)
Impairment (47,760) 144,690 136,606
---------------------------------- -------------- ------------- ------------
(LOSS) /PROFIT BEFORE
TAXATION (5,361) 45,246 (163,990)
Taxation - - -
---------------------------------- -------------- ------------- ------------
(LOSS) /PROFIT FOR THE
PERIOD (5,361) 45,246 (163,990)
---------------------------------- -------------- ------------- ------------
Other Comprehensive Income
Available-for-sale financial
assets unrealised profit/(loss) 390,091 (117,300) 499,501
Reclassification to profit
or loss (119,850) - (289,603)
Transfer to Impairment - 144,690 5,936
OTHER COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD,
NET OF TAX 270,241 27,390 215,834
---------------------------------- -------------- ------------- ------------
TOTAL COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD 264,880 72,636 51,844
---------------------------------- -------------- ------------- ------------
(Loss)/profit for the
period attributable to:
Shareholders of the Company (25,893) 23,954 (156,540)
Non-controlling interest 20,532 21,292 (7,450)
---------------------------------- -------------- ------------- ------------
(5,361) 45,246 (163,990)
---------------------------------- -------------- ------------- ------------
Basic earnings per share (0.02)p 0.02p (0.11)p
Diluted earnings per
share (0.02)p 0.02p (0.11)p
All profits are derived from continuing operations.
Consolidated Statement of Financial Position
As at 30 June 2017
(Restated)
(Unaudited) (Unaudited) (Audited)
Group Group
Group 30 June 31 Dec
16 16
30 June
17
GBP GBP GBP
NON CURRENT ASSETS
Financial assets at
fair value through profit
or loss 1,070,917 729,257
Available-for-sale investments - 867,499
1,070,917 729,257 867,499
CURRENT ASSETS
Trade and other receivables 82,424 13,268 72,816
Cash and cash equivalents 414,437 522,525 360,885
496,861 535,793 433,701
TOTAL ASSETS 1,567,778 1,265,050 1,301,200
EQUITY AND LIABILITIES
EQUITY ATTRIBUTABLE
TO SHAREHOLDERS
Share capital 1,428,319 1,428,319 1,428,319
Share premium 1,597,231 1,597,231 1,597,231
Other components of
equity 1,600,860 1,239,687 1,330,619
Retained earnings (3,279,752) (3,203,483) (3,253,859)
------------------------------------ ------------- ------------- ------------
EQUITY ATTRIBUTABLE
TO THE OWNERS 1,346,658 1,061,754 1,102,310
Equity interest of non-controlling
interest 73,979 60,015 53,447
TOTAL EQUITY 1,420,637 1,121,769 1,155,757
CURRENT LIABILITIES
Trade and other payables 147,141 143,281 145,443
Corporate tax payable - - -
------------------------------------ ------------- ------------- ------------
147,141 143,281 145,443
TOTAL LIABILITIES 147,141 143,281 145,443
------------------------------------ ------------- ------------- ------------
TOTAL EQUITY AND LIABILITIES 1,567,778 1,265,050 1,301,200
------------------------------------ ------------- ------------- ------------
Consolidated Statement of Changes in Equity
As at 30 June 2017
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
2015 1,428,319 1,597,231 1,100,000 - 36,959 130,118 (3,227,437) 38,723 1,103,913
---------- ---------- ----------- --------- ------------------- --------- ------------ ---------------- ----------
Changes in
equity
Profit/ (Loss)
for the period - - - - - - 23,954 21,292 45,246
Other Comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
(losses) - - - - 117,300 - - - 117,300
Transfer to
impairment - - - - (144,690) - - - (144,690)
Total comprehensive
expense for
the period - - - - (27,390) - 23,954 21,292 17,856
As at 30 June
2016 1,428,319 1,597,231 1,100,000 - 9,569 130,118 (3,203,483) 60,015 1,121,769
---------- ---------- ---------- ---------- --------- ------------ ------- ----------
Changes in
equity
Profit/ (Loss)
for the period - - - - - - (50,376) (6,568) (56,944)
Other Comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
(losses) - - - - 337,803 - - - 337,803
Transfer to
impairment - - - - 3,013 - - - 3,013
Transfer on
disposal - - - - (119,766) (119,766)
Transfer on
expiry of
options - - - - - (130,118) - - (130,118)
---------- ---------- ---------- ---------- ---------- ------------ -------- ----------
Total comprehensive
expense for
the period - - - - 221,050 (130,118) (50,376) (6,558) 33,988
As at 31 December
2016 1,428,319 1,597,231 1,100,000 - 230,619 - (3,253,859) 53,447 1,155,757
---------- ---------- ---------- ---------- ---------- ------------ -------- ----------
Changes in
equity
Profit/ (Loss)
for the period - - - - - - (25,893) 20,532 (5,361)
Other Comprehensive
(loss)
Available-for-sale
financial
assets:
Current period
gains - - - - 390,091 - - - 390,091
Transfer to
on disposal - - - - (119,850) - - - (119,850)
Total comprehensive
expense for
the period - - - - 270,241 - (25,893) 20,532 264,880
As at 30 June
2017 1,428,319 1,597,231 1,100,000 - 500,860 - (3,279,752) 73,979 1,420,637
---------- ---------- ---------- ---------- ---------- ------------ -------- ----------
Cash Flow Statement
For the six months ended 30 June 2017
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 Dec
17 16 16
GBP GBP GBP
CASH FLOW FROM OPERATIONS
(Loss)/profit before taxation (5,361) 45,246 (163,990)
Adjustment for:
Interest received (181) (551) (843)
Dividends received (1,540) (976) (2,035)
------------------------------------ ------------- ------------- ------------
Operating (loss) before
movement in working capital (7,082) 43,719 (166,868)
(Increase)/decrease in receivables (69,157) 46,339 (13,208)
Increase/(decrease) in payables 3,860 13,193 15,353
Gain on disposal of financial
asset at fair value (213,450) (117,298) (120,315)
Gain on disposal of Xtract
investment - (2,153) (2,153)
Transfer to impairment 47,760 (144,690) (136,606)
NET CASH (OUTFLOW) FROM
OPERATING ACTIVITIES (238,069) (160,890) (423,797)
------------------------------------ ------------- ------------- ------------
TAXATION PAID -
CASH FLOW FROM INVESTING
ACTIVITIES
Interest received 181 551 843
Dividends received 1,540 976 2,035
Sale of investments 330,384 194,071 432,969
Purchase of investments (120,049) (60,206) (199,188)
------------------------------------ ------------- ------------- ------------
NET CASH INFLOW FROM INVESTING
ACTIVITIES 212,056 135,392 236,659
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 53,552 (25,498) (187,138}
Cash and cash equivalents
at the beginning of the
period 360,885 548,023 548,023
Cash and cash equivalents
at the end of the period 414,437 522,525 360,885
Selected notes to the consolidated financial statements
For the six months ended 30 June 2017
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 2017 have been prepared by applying the accounting
policies adopted in the audited accounts for the year ended 31
December 2016. As permitted, the Group has chosen not to adopt IAS
34 "Interim Financial Reporting".
2. Earnings Per Share
Basic Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 December
30 June 30 June 2016
2017 2016
(Loss)/profit after
tax for the purpose
of
earnings per share GBP(25,983) GBP23,954 GBP(156,540)
Weighted average number
of shares 138,331,939 138,331,939 138,331,939
Basic earnings per
ordinary share (0.02)p 0.02p (0.11)p
Diluted
Profit/(loss) after
tax GBP(25,983) GBP23,954 GBP(156,540)
Weighted average number
of shares 138,331,939 138,331,939 138,331,939
Diluted effect of options - - -
Diluted weighted average
number of shares 138,331,939 138,331,939 138,331,939
Diluted earnings per
ordinary share (0.02)p 0.02p (0.11)p
3. Investments in Financial Assets at Fair Value through Profit or Loss
Unaudited Audited
30 June 31 December
2017 2016
GBP GBP
At 1 January - 34,500
Sale of shares during
the period - (34,500)
Adjustment to fair value -
At 30 June 2017/ 31 December -
2016 -
----------- ------------------
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
30 June 30 June
17 16
GBP GBP
Authorised:
10,000,000,000 (30 June 2016: 10,000,000,000)
ordinary each 10,000,000 10,000,000
=========== ===========
shares of 0.1p (30 June 2016 - 1p)
each
30 June 30 June
17 16
GBP GBP
142,831,939 (30 June 2016: 142,831,939)
ordinary shares
of 0.1p (30 June 2016 - 1p each) 142,832 1,428,319
142,831,939 (30 June 2016: nil) deferred 1,285,487 -
shares of 0.9p each
----------- -----------
1,428,319 1,428,319
----------- -----------
On 30 October 2016, the Company divided each issued Existing
Ordinary Share of 1p each (Existing Ordinary Share) into one new
Ordinary share of 0.1p and one deferred share of 0.9p and each
unissued Existing Ordinary Share into 10 new Ordinary Shares as
part of a share capital reorganisation. The Deferred shares have no
income or voting rights.
Included in allotted called and fully paid Existing Ordinary
Share Capital are 4,500,000 shares with a nominal value of
GBP45,000 held by the Company in treasury.
No share options were in issue at 30 June 2017.
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 information is provided by RNS
The company news service from the London Stock Exchange
END
IR DQLFLDKFXBBV
(END) Dow Jones Newswires
September 27, 2017 02:00 ET (06:00 GMT)
Tiger Royalties And Inve... (LSE:TIR)
Historical Stock Chart
From Apr 2024 to May 2024
Tiger Royalties And Inve... (LSE:TIR)
Historical Stock Chart
From May 2023 to May 2024