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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