TIDMTIR
RNS Number : 6786M
Tiger Royalties and Investments PLC
25 May 2022
For immediate release 25 May 2022
TIGER ROYALTIES AND INVESTMENTS PLC
(FORMERLY TIGER RESOURCE PLC)
("Tiger" or the "Company")
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2021
AND
NOTICE OF ANNUAL GENERAL MEETING
The Company is pleased to announce its audited results for the
year ended 31 December 2021 and to confirm that the 2022 Annual
Report and Financial Statements ("Annual Report"), together with a
Notice of AGM ("Notice") will be posted to shareholders on 1 June
2022. Pursuant to Rule 20 of the AIM Rules for Companies, copies of
both the Annual Report and the Notice will thereafter be available
for inspection at www.tiger-rf.com.
The AGM will be convened at the Company's registered address
being 2(nd) Floor, 7/8 Kendrick Mews, London SW7 3HG on Monday 27
June 2022 at 12:00 pm.
Notes:
Extracts from the Annual Report are set out below. The financial
information set out below does not constitute the Company's
statutory accounts for the periods ended 31 December 2020 or 31
December 2021 but it is derived from those accounts. Statutory
accounts for 31 December 2020 have been delivered to the Registrar
of Companies and those for 31 December 2021 will be delivered
following the Company's Annual General Meeting. The auditors have
reported on those accounts, their reports were unqualified and did
not contain statements under section 498(2) or (3) of the Companies
Act 2006.
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.
For further information please contact:
Tiger Royalties and
Investments Plc Raju Samtani, Director +44 (0)20 7581 4477
Beaumont Cornish Roland Cornish
(Nomad) Felicity Geidt +44 (0)20 7628 3369
Novum Securities Ltd Jon Belliss +44 (0)20 7399 9425
(Broker)
CHAIRMAN'S STATEMENT
Dear Shareholder
The year under review has seen Tiger's net asset value per share
(NPV) decrease by 26% to 0.17 from 0.23 pence per share as at 31
December 2021.
During the period under review, the natural resource market was
buoyant predominantly for the larger cap producers in the sector.
However, this trend did not fully migrate to smaller cap businesses
and junior exploration companies in the natural resource industry.
Smaller company stocks were generally volatile and share prices of
some companies in this class of investment declined over the year.
This trend stabilised towards the year-end and has shown some
improvement in the first quarter of 2022.
Tiger sold its balancing holding in WisdomTree Copper (ETFS
Copper) and 2,700 shares in Royal Dutch Shell Plc. Additionally,
the Company made an investment of GBP100,603 in Caerus Minerals
Resources Plc, a copper-gold resource development and exploration
company with mineral exploration licences located in Cyprus.
However, the major "value add" to the Company's portfolio during
the year was the re-listing of African Pioneer plc and this
transaction along with the cash funds raised by the company
delivered an opportunistic African metal exploration business to
the public markets.
It is our view that the somewhat subdued mood in the junior
resource sector in recent months resulted mainly from an excess of
IPO's and secondary placings during the first half of 2021. The
Covid pandemic was also partly to blame but did not have a negative
impact commensurate to the sector's performance. However, the
prognosis has probably never been better for commodities,
particularly for metals relevant to the renewable energy sector and
used in the production of Electric Vehicle ("EV") batteries. This
scenario would normally result in smaller companies being a "call
option" for such commodities. However, this was not the case
despite the number of record prices seen in various commodities
during the year, and junior explorers have not yet experienced the
full might of the commodities super cycle being talked about in the
investment community.
Global markets have been under pressure in recent months mainly
due to geopolitical uncertainty caused by the war in Ukraine and
excess global inflationary pressures currently slowing down
economic performance. This trend is forecast to persist for the
foreseeable future. Despite of and to some extent because of these
events, there exists a compelling case for the emerging resource
sector to enjoy share price increases seen mainly by the major
mining and oil and gas companies during 2021 and, which have
extended into 2022 (particularly in the energy sector given the
supply issues and the West's dilemma with Russian supply). This is
further supported by the fact that shortages exist in almost every
commodity as the conglomerates in the industry have largely
scrapped their exploration departments in recent years.
We firmly believe that a "perfect storm" is brewing in the
supply chain and this can only be addressed by major investment
from all sources (capital markets, central Governments and
end-users) into the explorers and developers. The EV targets for
2030 will only be realised if Governments worldwide support
entrepreneurs and promoters of innovative solutions in their quest
to discover and extract the so called "green metals". A favourable
regulatory environment will help reduce investment pressures and
support frontliners in our industry who are chasing the prized
assets, which are needed to effect the change to net zero carbon
footprint that is being heralded worldwide.
We anticipate a resolution of the Ukraine War in the medium
term, which will probably result into a divided Ukraine, and we
also believe that ongoing sanctions will continue to disrupt the
supply of materials and commodities resulting in further imbalances
in the availability of certain key commodities. Demand is also
forecast to soar following commitments made by global governments
to invest in infrastructure post the pandemic as well as the rising
popularity of low carbon emission energy sources. Tiger's
investment portfolio is made up of companies which have exposure to
such commodities and the re-listing of African Pioneer plc will
further add our exposure to investment in copper.
We remain focussed to use our expertise in the sector to add
interesting and innovative deals to Tiger's portfolio to rebuild
shareholder value. I would like to thank both my colleagues and
shareholders for their patience and support in what has been an
uncertain year with a major disconnect between actuality and
expectations.
Colin Bird
Chairman
24 May 2022
PORTFOLIO REVIEW
The table below includes investments held by the Company, and
are disclosed in note 6 to the financial statements.
Number Cost Valuation Valuation Valuation
31/12/21 31/12/21 31/12/21 31/12/20 31/03/22
GBP GBP GBP GBP
African pioneer Plc 8,810,056 100,000 190,297 - 255,492
Bezant Resources Plc 83,870,371 326,885 125,806 138,889 159,354
Block Energy Plc 625,000 25,100 5,625 20,312 7,500
Caerus Mineral Resources
Plc 1,000,000 100,603 140,000 - 132,500
Corallian Energy Limited 13,618 20,427 20,427 30,000 20,427
Galileo Resources Plc 6,516,667 78,335 63,863 107,525 65,167
Goldquest Mining Corporation 173,500 30,259 13,437 28,142 30,260
Jubilee Metals Group Plc 1,169,600 100,219 190,060 149,124 171,463
Kendrick Resources Plc 2,500,000 50,216 - - -
Pantheon Resources Plc 31,500 30,340 24,349 13,702 -
Reabold Resources Plc 3,025,068 9,573 5,445 - 10,890
Royal Dutch Shell Plc B - - - 34,004 -
Shares
WisdomTree Copper (ETFS - - - 17,497 -
Copper)
TOTAL 871,957 779,309 539,195 853,053
------------ ---------- ---------- ----------
-- African Pioneer Plc's ("APP") shares comprising 189,459,550
ordinary shares of zero par value each in the capital of the
company ("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 on 1 June 2021. Tiger's
current holding in APP is 8,810,056 Ordinary Shares representing a
4.65% interest in APP following Admission. APP ceased to be a
subsidiary of the Company effective from 1 June 2021.
-- The Company acquired 1,000,000 Caerus Minerals Resources Plc
shares in the current financial year.
-- Kendrick Resources Plc has now acquired projects in Sweden
and Finland and an option to acquire three nickel projects in
Norway and the company's shares were admitted to the Official List
(Standard Segment) on 6 May 2022.
-- The Company sold 760 WisdomTree Copper shares and 2,700 Royal
Dutch Shell shares during the current financial year.
-- Reabold Resources Plc ("Reabold") acquired Corallian Energy
limited ("Corallian") shares from existing Corallian shareholders
in exchange for Reabold shares, at a ratio of 474 Reabold shares
for 1 Corallian share on 10 May 2021. As part of this offer, the
Company disposed 6,382 Corallian shares in exchange for 3,025,068
shares in Reabold Resources Plc.
-- The investment in AustralGold Corp. was written off in the current financial year.
Details of changes in the fair value of investments are shown in
note 6 of the Financial Statements.
PORTFOLIO REVIEW
African Pioneer Plc (LSE: AFP) www.africanpioneerplc.com
African Pioneer Plc's (APP's) principal business is to explore
opportunities within the natural resources sector in Sub-Saharan
Africa with a focus on base and precious metals including but not
limited to copper, nickel, lead and zinc. APP shares comprising
189,459,550 ordinary shares of zero par value each in the capital
of the company ("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 on 1 June 2021.
Tiger's current holding in APP is 8,810,056 Ordinary Shares
representing a 4.65% interest in APP following Admission.
Bezant Resources Plc (AIM - BZT: LN) www.bezantresources.com
Bezant Resources Plc ("Bezant") is a mineral exploration and
development company quoted on AIM and focused on developing a
pipeline of copper-gold projects to provide a new generation of
economically and socially sustainable mines. The company's
portfolio of assets includes the Hope Copper-Gold project in
Namibia which covers a significant portion of the highly
prospective Matchless Copper Belt. On 11 November 2021 Bezant
entered into a joint venture agreement with Caerus Mineral
Resources focused on the Troulli Mine Development Project and
various other copper-gold JV targets in Cyprus. Bezant also has a
30% stake in the Kalengwa copper and silver project. The company
has an interest in the Mankayan Project in the Philippines which is
a porphyry system via its 27.5% shareholding in IDM, a company
incorporated in Australia with the balancing 72.5% owned by
established investors in the mining sector. The company's Kanye
Manganese Project in Botswana comprises a collection of prospecting
licenses covering a total area of approximately 4,043km2, located
in south-central Botswana south of the town of Jwaneng. Kanye has
the potential for the discovery of high-quality manganese deposits
suitable for supplying the valuable battery market.
Block Energy Plc (AIM - BLOE: LN) www.blockenergy.co.uk
Block Energy Plc ("Block Energy") is an AIM-listed exploration
and production company which has a strategy of applying innovative
technology to realise the full potential of previously discovered
fields in Georgia. In November 2020, Block Energy concluded a sale
and purchase agreement with Schlumberger to acquire its subsidiary
Schlumberger Rustaveli Company Limited (SRCL) representing a major
milestone towards its objective of becoming the leading independent
oil and gas producer in Georgia. Recent production results
demonstrate that the company is delivering operationally, which
combined with improved commodity prices, is producing robust
financial result. This gives Block Energy a strong platform to
deliver on the inherent value of its assets and monetise the wider
reserves and resources within the company's portfolio.
Caerus Mineral Resources Plc (LSE: CMRS)
www.caerusmineralresources.co m
Caerus Mineral Resources Plc ("Caerus") is a European-focused
exploration and development company targeting mineral resources to
supply the global Clean Energy Transition whose shares were
admitted to the main market of the London Stock Exchange under the
Standard Segment of the Official List on 19 March 2021. The company
was established to target Mineral Resources in Europe in response
to the transition and drive towards Clean Energy economies globally
with the current focus being on copper-gold opportunities in
Cyprus, a region with a long mining history and significant
untapped value. Caerus recently announced the results of an
independent Initial Mineral Resource Estimate in accordance with
JORC (2012) in respect of the Troulli Cu-Au project ("Troulli"").
This resource estimate has been prepared by Addison Mining Services
Limited and at a selected cut-off grade of 0.5% Cu comprises of a
hard rock resource estimate of approximately 2.7 million tonnes at
a Cu equivalent grade of 0.74% CuEq (0.51% Cu and 0.26 g/t Au). The
company plans to focus on a number of priorities including the
upgrading and expansion of this mineral resource, completion of
metallurgical test work, environmental baseline studies and the
Environmental and Social Impact Assessment, continuing development
of a mine plan and submission of a Mining Licence application
Corallian Energy Limited www.corallian.co.uk
Corallian Energy Limited ("Corallian") is a private UK oil and
gas exploration and appraisal company. The Company holds interests
in 4 basins in the UK; West of Shetland, Central Graben, Inner
Moray Firth and Viking Graben. A proportion of the Corallian
investment was been exchanged in 2021 for a direct equity interest
in Reabold Resources plc, an AIM listed investment company.
Galileo Resources Plc (AIM - GLR - LN)
www.galileoresources.com
Galileo Resources PLC ("Galileo") is an AIM quoted natural
resource exploration company specializing in the acquisition and
development of base metal projects with a focus on copper. The
company announced on 30 December 2021 that it has entered into a
Joint Venture Agreement with Statunga Investments Limited covering
the Luansobe Copper Project, Zambia comprising of a small-scale
exploration Licence. Galileo has appointed consultants Addison
Mining Services who are currently progressing with modelling the
historic drill data at Luansobe which comprises of drill data for
154 holes (drilled in the period 1921 to 2007). Two concurrent
development options are being considered by Galileo for this
project including the potential for a small open pit mine of circa
3 - 5 million tonnes to exploit the up-dip portion of the copper
deposit in the northwest of the licence area as well as the
prospect for a larger mine by developing the resource down-dip and
along strike to the southeast where drill data is more limited.
More recently, the company has entered into an assignment agreement
which assigned an option to Galileo to acquire a 51% interest in
B.C. Ventures Limited which is the owner of the highly prospective
lithium Kamativi Project in Southwest Zimbabwe and two gold
licenses close to Bulawayo owned through its wholly owned Zimbabwe
subsidiary Sinamatella Investments (Private) Limited.
Jubilee Metals Group Plc (AIM - JLP: LN)
www.jubileemetalsgroup.com
Jubilee Metals Group Plc ("Jubilee") is a diversified metal
recovery business with a world-class portfolio of projects in South
Africa and Zambia. Jubilee's shares are traded on the AIM Market of
the London Stock Exchange (JLP) and the South African Alt-X of JSE
Limited (JBL). The company's business model focuses on the
retreatment and metals recovery from mine tailings, waste, slag,
slurry and other secondary materials generated from mining
operations. Effectively, whilst extracting maximum financial
returns from its operations, Jubilee responsibly rehabilitates
environments scarred by the surface footprint of historical mining
operations and solving air and water pollution issues associated
with those installations. The company's expanding multi-project
portfolio across South Africa and Zambia provides exposure to a
broad commodity basket including Platinum Group Metals ('PGMs'),
chrome, lead, zinc, vanadium, copper and cobalt.
STATEMENT OF COMPREHENSIVE INCOME YEARED 31 DECEMBER 2021
Notes 2021 2020
GBP GBP
Change in fair value of investments 6 26,695 194,216
Revenue:
Investment income 1,610 1,989
Interest receivable - 37
Other income 32,864 -
Administrative expenses 2 (313,214) (345,755)
LOSS BEFORE TAXATION (252,045) (149,513)
Taxation 4 - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (252,045) (149,513)
---------- ----------
Basic earnings per share 5 (0.06)p (0.06)p
Diluted earnings per share 5 (0.06)p (0.06)p
All profits are derived from continuing operations.
The notes on pages 28 to 41 are an integral part of these
financial statements.
STATEMENT OF CHANGES IN EQUITY YEARED 31 DECEMBER 2021
Other components of equity
Share capital Share Capital Retained Total
premium 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
Shares issued during the
year 250,596 280,655 - 531,251
Total comprehensive income
for the year (149,513) (149,513)
As at 31 December 2020 1,724,930 1,949,871 1,100,000 (3,797,955) 976,846
---------- ---------- ------------ ------------ ----------
As at 1 January 2021 1,724,930 1,949,871 1,100,000 (3,797,955) 976,846
Shares issued during the
year 8,500 36,550 45,050
Total comprehensive income
for the year (252,045) (252,045)
As at 31 December 2021 1,733,430 1,986,421 1,100,000 4,050,000 769,851
---------- ---------- ---------- ---------- ----------
The notes on pages 28 to 41 are an integral part of these
financial statements.
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2021
Notes 2021 2020
GBP GBP
NON- CURRENT ASSETS
Investments in financial assets at
fair value through profit or loss 6 779,309 539,195
------------ ------------
Total Non-Current Assets 779,309 539,195
CURRENT ASSETS
Trade and other receivables 7 4,723 169,486
Cash and cash equivalents 34,394 420,699
------------ ------------
Total Current Assets 39,117 590,185
------------ ------------
TOTAL ASSETS 818,426 1,129,380
------------ ------------
CURRENT LIABILITIES
Trade and other payables 9 (48,575) (152,534)
Total Current Liabilities (48,575) (152,534)
------------ ------------
NET ASSETS 769,851 976,846
------------ ------------
EQUITY
Share capital 10 1,733,430 1,724,930
Share premium 1,986,421 1,949,871
Capital redemption reserve 1,100,000 1,100,000
Retained earnings (4,050,000) (3,797,955)
------------ ------------
EQUITY ATTRIBUTABLE TO THE OWNERS 769,851 976,846
TOTAL EQUITY 769,851 976,846
------------ ------------
The notes on pages 28 to 41 are an integral part of these
financial statements.
The financial statements of Tiger Royalties and Investments Plc
(registered number 02882601) were approved by the Board on 24 May
2022 and signed on its behalf by:
Colin Bird - Executive Chairman R Samtani - Finance Director
CASH FLOW STATEMENTS YEARED 31 DECEMBER 2021
Notes 2021 2020
GBP GBP
CASH FLOW FROM OPERATIONS
Loss before taxation (252,045) (149,513)
Adjustments for:
Interest receivable - (37)
Dividends receivable (1,610) (1,989)
Other income (32,864) -
Change in fair value of investments (26,695) (194,216)
Negative goodwill -
----------- -----------
Operating loss before movements in
working capital (313,214) (345,755)
(Increase)/Decrease in receivables 18,513 (28,246)
Increase/(Decrease) in payables (58,909) 126,789
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (353,610) (247,212)
----------- -----------
CASH FLOW FROM INVESTING ACTIVITIES
Interest received - 37
Other income 2,664 -
Dividends received 1,610 1,989
Sale of investments 63,634 23,491
Purchase of investments (100,603) -
----------- -----------
NET CASH INFLOW FROM INVESTING ACTIVITIES (32,695) 25,517
----------- -----------
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares - 500,000
NET CASH INFLOW FROM FINANCING ACTIVITIES - 500,000
----------- -----------
Net decrease in cash and cash equivalents
in the year (386,305) 278,305
Cash and cash equivalents at the beginning
of the year 420,699 142,394
----------- -----------
Cash and cash equivalents at the end
of the year 34,394 420,699
----------- -----------
The notes on pages 28 to 41 are an integral part of these
financial statements.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER
2021
1. ACCOUNTING POLICIES
Basis of preparation
Tiger Royalties and Investments Plc ("Tiger" or the "Company")
is a public investment company limited by shares incorporated and
domiciled in England and Wales. Tiger's principal activities are
discussed in the Strategic Report and the address of the registered
office is included on page 1 of the annual report. T he functional
currency for the Company is Sterling as that is the currency of the
primary economic market in which the Company operates. 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 bases and principal
accounting policies of the Company are set out below. The financial
statements have been prepared using International Financial
Reporting Standards (IFRS) issued by the International Accounting
Standards Board (IASB) and endorsed by the European Union.
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 31 December 2021. Hence, only company financial
statements have been prepared for the year ended 31 December 2021.
Tiger's current holding in APP is 8,810,056 Ordinary Shares, which
have been included in the Company's balance sheet at market
valuation under investment in financial assets at fair value
through profit or loss.
New and amended IFRS Standards that are effective for the
current year
A number of new standards and interpretations have been adopted
by the Company for the first time in line with their mandatory
adoption dates, but none are applicable to the Company and hence
there would be no impact on the financial statements.
New and revised IFRS Standards in issue but not yet
effective
At the date of approval of these financial statements, the
Company has not applied the following new and revised IFRS
Standards that have been issued but are not yet effective:
IFRS 17 (including Insurance Contracts
the June 2020 amendments
to IFRS 17)
--------------------------------------------------------
IFRS 10 and IAS Sale or Contribution of Assets between an Investor
28 (amendments) and its Associate or Joint
Venture
--------------------------------------------------------
Amendments to IFRS Interest rate benchmark
9, IAS 39, IFRS
7, IFRS 4 and IFRS
16
--------------------------------------------------------
Amendment to IFRS Covid rent concessions
16
--------------------------------------------------------
IFRS 3 Conceptual framework
--------------------------------------------------------
Amendments to IAS Classification of Liabilities as Current or Non-current
1
--------------------------------------------------------
Amendments to IFRS Reference to the Conceptual Framework
3
--------------------------------------------------------
Amendments to IAS Property, Plant and Equipment-Proceeds before Intended
16 Use
--------------------------------------------------------
Amendments to IAS Onerous Contracts - Cost of Fulfilling a Contract
37
--------------------------------------------------------
Amendments to IAS Disclosure of Accounting Policies
1 and IFRS
Practice Statement
2
--------------------------------------------------------
Amendments to IAS Definition of Accounting Estimates
8
--------------------------------------------------------
Amendments to IAS Deferred Tax related to Assets and Liabilities arising
12 from a Single Transaction
--------------------------------------------------------
Amendments to IAS Agriculture
41
--------------------------------------------------------
The directors do not expect that the adoption of the Standards
listed above will have a material impact on the financial
statements of the Company in future periods.
Going concern
The operations of the Company have been financed mainly through
operating cash flows. As at 31 December 2021, the Company held cash
balances of GBP34,394 (2020: GBP420,699) and an operating loss has
been reported. Historically, the Company has generated cash flow
from the appreciation and subsequent sale of investments in quoted
natural resource companies. The Directors anticipate net operating
cash flows to be neutral for the Company in the next twelve months
from the date of signing these financial statements.
The Directors have assessed the working capital requirements for
the forthcoming twelve months and have undertaken assessments which
to consider cash forecasts until June 2023. Upon reviewing those
cash flow projections for the forthcoming twelve months, the
Directors consider that the Company should not require additional
financial resources in the twelve-month period from the date of
approval of these financial statements to enable the Company to
fund its current operations and to meet its commitments.
Notwithstanding the above and given the ongoing geopolitical
uncertainties, the Directors may require to raise some funds
through equity fund raising depending on economic circumstances and
on opportunities available to the Company for acquiring additional
investments. To this end, the Board has substantial experience with
capital markets within the smaller cap space and would be in a
position to access markets in such a scenario. Nevertheless, after
making enquiries and considering the uncertainties described above,
the Directors have a reasonable expectation that the Company has
adequate ability to manage its portfolio and raise resources, if
necessary, to continue in operational existence for the foreseeable
future. The Directors therefore continue to adopt the going concern
basis of accounting in preparing the annual financial statement
s.
Valuation of available-for-sale Investments and adoption of
IFRS9
Available-for-sale investments under both IFRS9 and IAS39 are
initially measured at fair value plus incidental acquisition costs.
Subsequently, they are measured at fair value in accordance with
IFRS 13. This is either the bid price or the last traded price,
depending on the convention of the exchange on which the investment
is quoted.
All gains and losses are taken to profit and loss. In proceeding
periods gains and losses on available-for-sale investments were
recognised in other comprehensive income and accumulated in the
available-for-sale assets reserve except for impairment losses,
until the assets are derecognised, at which time the cumulative
gains and losses previously recognised in other comprehensive
income are recognised in profit or loss.
Revenue
Dividends receivable from equity shares are taken to profit or
loss on an ex-dividend basis. Income from bank interest received is
recognised on a time-apportionment basis. Dividends are stated net
of related tax credits.
Expenses
All expenses are accounted for on accruals basis.
Cash and cash equivalents
This consists of cash held in the Company's bank accounts.
Foreign currency
Assets and liabilities denominated in foreign currency are
translated into sterling at the rates of exchange ruling at balance
sheet date. Exchange gains or losses on monetary items are recorded
in profit or loss. Exchange gains or losses on investments in
financial assets are recorded in other comprehensive income.
Treasury shares
The cost of purchasing treasury shares and the proceeds from the
sale of treasury shares up to the original price is taken to the
retained earnings reserve; any surplus on the disposal of treasury
shares (measured against the weighted average purchase price) is
taken to the share premium account.
Reserves
Share premium account
The share premium account is used to record the aggregate amount
or value of premiums paid in excess of the nominal value of share
capital issued, less deductions for issuance costs.
Capital Redemption Reserve
The Capital redemption reserve is used to redeem or purchase of
Company's own shares.
Geographical segments
The internal management reporting used by the chief operating
decision maker consists of one segment. Hence in the opinion of the
Directors, no separate disclosures are required under IFRS 8. The
Company's revenue in the year is not material and consequently no
geographical segment information has been disclosed.
Deferred tax
Deferred tax liabilities are generally recognised for taxable
temporary differences and deferred tax assets are generally
recognised for all deductible temporary differences to the extent
that it is probable that taxable profits will be available against
which those deductible temporary differences can be utilised except
for differences arising on investments in subsidiaries where the
Company is able to control the timing of the reversal of the
difference and it is probable that the difference will not reverse
in the foreseeable future.
Deferred tax is also based on rates enacted or substantively
enacted at the reporting date and expected to apply when the
related deferred tax asset is realised or liability settled.
Deferred tax is charged or credited in the statement of
comprehensive income, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also
dealt within equity.
Current tax
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from profit as reported in the income
statement because it excludes items or expenses that are taxable or
deductible in other years and it further excludes items that are
never taxable or deductible. The Company's liability for current
tax is calculated using tax rates that have been enacted or
substantively enacted by the end of the reporting period.
Significant management judgement in applying accounting policies
and estimation uncertainty
When preparing the financial statements, management makes a
number of judgements, estimates and assumptions about the
recognition and measurement of assets, liabilities, income and
expenses.
Fair value of financial assets
Establishing the fair value of financial assets may involve
inputs other than quoted prices. As is further disclosed in note 6,
all of the Company's financial assets which are measured at fair
value are based on level 1 inputs, which reduces the level of
estimation involved in their valuation.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is
based on an assessment of the probability of the Company's future
taxable income against which the deductible temporary differences
can be utilised. In addition, significant judgement is required in
assessing the impact of any legal or economic limits or
uncertainties in various tax jurisdictions. In the opinion of the
directors a deferred tax asset has not been recognised as future
profits cannot be forecasted with reasonable certainty.
2. OPERATING EXPENSES
Operating profit is stated after charging:
2021 2020
GBP GBP
Auditor's remuneration:
* Audit of the financial statements 12,750 15,000
* Taxation compliance services 1,500 1,500
-------------------- ---------
14,250 16,500
-------------------- ---------
Notes
Legal fees 1,200 13,536
Corporate finance costs 33,402 27,600
Directors' fees 3 109,000 99,000
Director of subsidiary company - -
Occupancy and support costs 72,000 72,000
Other administrative overheads 68,267 101,677
Stock Exchange costs 15,095 15,442
Administrative expenses 313,214 345,755
-------------------- -----------
3. DIRECTORS' EMOLUMENTS
2021 2020
GBP GBP
Directors' fees 109,000 99,000
-------------------------- ----------
Other than directors, there were no employees in the current or
prior year. No pensions or other benefits were paid to the
Directors in the current or prior period.
The emoluments of each director during the year were as follows:
2021 2020
GBP GBP
Colin Bird 36,000 39,500
Michael Nolan 25,000 27,500
Raju Samtani 30,000 31,250
Alex Borrelli 18,000 750
4. TAXATION
2021 GBP 2020
GBP
Corporation tax:
Current year - -
------------ ------------
The major components of tax expense and the reconciliation of the expected
tax expense based on the domestic effective tax rate of 19% (2020 - 19%)
and the reported tax expense in the statement of comprehensive income are
as follows:
2021 2020
GBP GBP
Loss on ordinary activities before
tax (252,045) (149,513)
------------ ------------
Expected tax charge at 19% (2020 -
19%) (47,889) (28,407)
Effects of:
Exempt dividend income (306) 378
Difference between accounting gain
and taxable gain on investment (5,072) 7,803
Excess management expenses carried
forward 53,267 17,749
Non-trade loan relationship deficit
carried forward - 2,478
Actual tax charge - -
------------ ------------
5. EARNINGS PER SHARE
Basic 2021 2020
Loss after tax for the purposes of earnings
per share attributable to equity shareholders (252,045) (149,513)
Weighted average number of shares 445,817,308 241,054,411
Basic earnings per ordinary share (0.06)p (0.06) p
Diluted
Loss for year after tax (252,045) (149,513)
Weighted average number of shares 445,817,308 241,054,411
Dilutive effect of options - -
Diluted weighted average number of shares 445,817,308 241,054,411
Diluted earnings per ordinary share (0.06)p (0.06) p
potentially dilutive options - -
There were no share options outstanding at 31 December 2021 or
31 December 2020.
6. INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2021
Listed Investments Other Investments Total
(Quoted/Others)
Canada 13,437 - 13,437
UK 330,297 435,575 765,872
343,734 435,575 779,309
--------------------- ------------------ ---------------
2020
Listed Investments Other Investments Total
(Quoted)
GBP GBP GBP
Canada 28,142 - 28,142
UK 51,501 459,552 511,053
79,643 459,552 539,195
--------------------- -------------------- -------------
Listed Investments Other Investments Total
(Quoted/Others)
GBP GBP GBP
Opening book cost 179,354 564,646 744,000
Opening unrealised depreciation (99,711) (105,094) (204,805)
------------------- ------------------ ----------
Valuation at 1 January 2021 79,643 459,552 539,195
Movements in the year :
Purchase at cost 200,603 86,023 286,626
Sales proceeds (63,634) (9,573) (73,207)
Realised gains/(losses) on sales
based on historic cost (85,461)* - (85,461)
Increase/(Decrease) in unrealised
depreciation 212,584 (100,428) 112,156
343,735 435,574 779,309
------------------- ------------------ ----------
Book cost at year end 230,861 641,096 871,957
Closing unrealised depreciation 112,873 (205,521) (92,648)
Valuation at 31 December 2021 343,734 435,575 779,309
------------------- ------------------ ----------
2021 2020
GBP GBP
Realised (loss)/gain based on historical cost (85,461) (93,477)
Realised (loss)/gain based on carrying value
at previous balance sheet date (85,461) (93,477)
Unrealised fair value movement for the year 112,156 287,693
Total recognised (losses)/gains on investments
in the year 26,695 194,216
--------- ------------
*Includes write off of AustralGold
Analysis of gains/(losses) relating to the Company's Investments
The gains/(losses) on the Company's investments are analysed below. Accounting standards
prohibit the recognition of uplifts in the value of impaired assets in profit and loss.
Security 31 December 31 December
2021 2020
Profit and Profit
loss and loss
African Pioneer Plc 90,297 -
------------ ------------
Bezant Resources Plc (89,534) 27,778
------------ ------------
Block Energy Plc (14,687) (7,813)
------------ ------------
Caerus Minerals Plc 39,398 -
------------ ------------
Corallian Energy Ltd - -
------------ ------------
WisdomTree Copper (ETFS Copper) 3,301 1,633
------------ ------------
Galileo Resources Plc (43,662) 74,942
------------ ------------
Goldquest Mining Corporation (14,705) 13,750
------------ ------------
Jubilee Metals Group Plc 40,936 103,510
------------ ------------
Pantheon Resources Plc 10,647 8,505
------------ ------------
Australgold (Formerly Revelo Resources Corp) - (637)
------------ ------------
Reabold resources (4,128) -
------------ ------------
Royal Dutch Shell Plc 8,832 (26,462)
------------ ------------
Barkby Group Plc - (990)
------------ ------------
Total movements 26,695 194,216
------------ ------------
Financial instruments measured at fair value
The following table presents financial assets and liabilities
measured at fair value in the statement of financial position in
accordance with the fair value hierarchy. This hierarchy groups
financial assets and liabilities into three levels based on the
significance of inputs used in measuring the fair value of the
financial assets and liabilities. The fair value hierarchy has the
following levels:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
- Level 2: inputs other than quoted prices included within Level
1 that are observable for the asset or liability, either directly
(i.e., as prices) or indirectly (i.e., derived from prices);
and
- Level 3: inputs for the asset or liability that are not based
on observable market data (unobserved inputs).
The level within which the financial asset or liability is
classified is determined based on the lowest level of significant
input to the fair value measurement.
The financial assets and liabilities measured at fair value in
the statement of financial position are grouped into the fair value
hierarchy as follows:
Level 1 Level Level Total
31 December 2021 GBP 2 3 GBP
GBP GBP
758,882 20,427 779,309
Assets
Investments held at fair
value
-------- -------- ------- --------------------------
Total 758,882 20,427 779,309
Level 1 Level 2 Level Total
GBP GBP 3 GBP
31 December 2020 GBP
Assets
Investments held at fair value 509,195 - 30,000 539,195
-------- -------- ------- --------------------------
Total 509,195 - 30,000 539,195
There have been no significant transfers between levels in the
reporting period.
Reconciliation of Level 3 fair value measurements of financial
instruments
Level 3 investments
GBP
Balance at 1 January 2020 30,000
--------------------
Total gains or (losses) in other comprehensive income -
--------------------
Purchases/(Sales) -
--------------------
Transfers in/(out) -
--------------------
Balance at 1 January 2021 30,000
--------------------
Total gains or (losses) in other comprehensive income -
--------------------
Purchases/(Sales) (9,573)
--------------------
Transfers in/(out) -
--------------------
Balance at 31 December 2021 20,427
--------------------
Measurement of fair value
The methods and valuation techniques used for the purpose of
measuring fair value are outlined in note 1 and remain unchanged
compared to the previous reporting period. The fair values of
short-term receivables, cash and short-term payables do not differ
from their carrying values due to their short maturity
profiles.
Listed / quoted securities
Equity securities held by the Company are denominated in GBP and
CAD$, and are publicly traded on the main London Stock Exchange,
the Alternative Investment Market of the London Stock Exchange and
the Toronto Venture Exchange. Fair values have been determined by
reference to their quoted bid prices at the reporting date.
7. TRADE AND OTHER RECEIVABLES
2021 2020
GBP GBP
Other debtors 1,913 47,159
Amounts due from related parties - 118,385
Prepayments 2,810 3,942
------ --------
4,723 169,486
---------------------------------- ------ --------
An expected credit loss impact assessment under IFRS 9 is not
required, as the Company does not hold any trade or intercompany
debtors as at the balance sheet date.
8. DEFERRED TAX LIABILITIES
The Company has tax losses carried forward in respect of excess
management charges, non-trade deficits and capital losses of
GBP3,272,059 (2019: GBP2,965,014). Tax capital losses on the
Company's financial assets are at GBP92,648 (2020: GBP204,805). The
resulting potential deferred tax asset is GBP17,603 (2020:
GBP38,913). 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. Tax losses may be
carried forward indefinitely and will only be recoverable if
suitable profits arise in the future. Deferred tax positions
arising from unrealised gains and losses on the company's financial
assets will vary depending on changes in the fair values of those
assets up until the date of disposal.
9. TRADE AND OTHER PAYABLES
2021 2020
GBP GBP
Trade payables 8,708 9,101
Other creditors 7,764 73,883
Accruals 32,103 69,550
------- --------
48,575 152,534
----------------- ------- --------
10. CALLED UP SHARE CAPITAL
The share capital of Tiger consists of fully paid ordinary
shares with a nominal value of 0.1p each and deferred shares with a
nominal value of 0.9p each. Ordinary shares of 0.1p are eligible to
receive dividends and the repayment of capital and represent one
vote at the shareholders' meeting of The Company. The deferred
shares carry no dividend or voting rights.
2021 2020
GBP GBP
Authorised:
Ordinary Share Capital 10,000,000 10,000,000
----------- -----------
142,831,939 (2020: 142,831,939) deferred shares of
0.9 p each 1,285,487 1,285,487
----------- -----------
2021 2020
GBP GBP
Opening Ordinary shares - 439,442,308 at 0.1p each
(2020: 188,847,070 Ordinary shares of 0.1p each) 439,443 188,847
Issued during the year
8,500,000 shares at issue price of GBP0.0053 (nominal 8,500 -
value 0.1p each) - (i)
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
Ordinary shares in issue as at 31 December 2021 -
447,942,308 at 0.1 p each (2020 : 439,442,308 shares
of 0.1p each) nominal value 447,943 439,443
----------- -----------
142,831,939 (2020: 142,831,939) deferred shares of
0.9p each 1,285,487 1,285,487
----------- -----------
1,733,430 1,724,930
----------- -----------
The Deferred shares have no income or voting rights.
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.
(i) On 15 March 2021, The Company issued 8.5 million shares of
0.1 p each at an issue price of 0.53p each share each to settle a
corporate creditor, totalling GBP45,050.
11. RELATED PARTY TRANSACTIONS
(1) Lion Mining Finance Limited, a company in which Colin Bird
is director and shareholder, has provided administrative and
technical services to the Company amounting to GBP60,000 plus VAT
in the year (2020 - GBP60,000). There was an amount of GBP6,000
outstanding at 31 December 2021 (2020- nil). The Board considers
this transaction to be on an arms' length basis.
(2) The emoluments of the Directors are disclosed in note 3.
(3) Directors' shareholdings are disclosed in the Report of the Directors.
(4) On 18 February 2021, the Company received 28,314,815 shares
in Bezant Resources Plc (Mr Colin Bird and Mr Raju Samtani are
executive directors of the Company and also executive directors and
shareholders of Bezant. In addition, Mr Colin Bird held 2.7%
interest in Metrock), as settlement of outstanding loans of
GBP46,250 which the Company had advanced to Metrock Resources Ltd
during Q4 2020 and fee due of GBP30,200 from Metrock. Initially, on
12 October 2020, the Company negotiated an exclusive mandate to
facilitate an IPO for Metrock. However, subsequently on 22 December
2020, under a revised mandate, both parties mutually agreed not to
proceed with an IPO. Metrock was then acquired by Bezant. As part
of Bezant's Shareholders Purchase Agreement (SPA) with the
shareholders of Metrock, it was agreed that outstanding loans in
Metrock's books will be acquired by Bezant and settled in newly
issued Bezant ordinary shares of 0.002p each at a price of 0.27
pence per share on completion of the SPA ("Bezant Shares").
Accordingly, Tiger was issued 28,314,815 Bezant Shares on
completion of the SPA to settle loans of GBP46,250 which it has
made to Metrock and the GBP30,200 fee referred to above. Upon issue
of the 28,314,815 Bezant Shares, Tiger's total shareholding in
Bezant increased to 83,870,371 shares representing 2.37% of the
Bezant's enlarged issued share capital on completion.
(5) The Company held a 50.75% equity stake in African Pioneer
Plc ("APP"). On 1 June 2021, APP'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 APP was reduced to
4.65% and APP is no longer a subsidiary of the Company. Tiger's
current holding in APP is 8,810,056 Ordinary Shares, which have
been included in the Company's balance sheet at market valuation
under investment in financial assets at fair value through profit
or loss. Mr Colin Bird and Mr Raju Samtani, who are both Directors
of Tiger and African Pioneer Plc and co-vendors of African Pioneer
Zambia to APP, each received 15,000,000 APP Shares on Standard
Listing. Campden Park Trading, a company owned and controlled by Mr
Colin Bird, received 5,000,000 APP Shares on Standard Listing
carrying a total value of GBP700,000 attributable to Colin Bird and
related companies and GBP525,000 to Raju Samtani upon Standard
Listing.
(6) On 31 March 2021, African Pioneer Plc (Mr Colin Bird and Mr
Raju Samtani, are both Executive Directors & shareholders of
the Company and African Pioneer Plc) repaid GBP18,385 due to the
Company as at 31 December 2020 plus an interest amount of
GBP760.71. Under a loan agreement dated 28 January 2021, Tiger
advanced an unsecured loan of GBP112,981 to African Pioneer plc at
a coupon rate of 10%. African Pioneer Plc repaid this balance plus
an interest amount of GBP1,903.78 on 31 March 2021.
(7) On 1 June 2021, an amount of GBP100,000 due from African
Pioneer Plc to the Company (Mr Colin Bird and Mr Raju Samtani, are
both Executive Directors & shareholders of the Company and
African Pioneer Plc), was converted to 2,857,143 (zero nominal
value) shares of African Pioneer Plc.
12. POST-REPORTING DATE EVENTS
There are no events after the balance sheet date that may
warrant disclosure or may require adjustments to these financial
statements.
13. CONTINGENT LIABILITIES
There were no contingent liabilities at 31 December 2021 (2020 -
None).
There were no operating or financial commitments or contracts
for capital expenditure in place for the Company as at the
reporting date (2020: GBPnil).
14. FINANCIAL INSTRUMENTS
Management of Risk
The Company's financial instruments comprise:
-- Investments held at fair value through profit or loss
-- Cash, short-term receivables and payables
Throughout the period under review, it was the Company's policy
that no trading in derivatives shall be undertaken.
The main financial risks arising from the Company's financial
instruments are market price risk and liquidity risk.
Liquidity risk arises principally from cash and cash
equivalents, which comprise cash at bank (repayable on demand). The
Company has no overdraft facilities. The carrying amount of these
assets are approximately equal to their fair value.
Credit risk is not significant, but is monitored. The Board
regularly reviews and agrees policies for managing each of these
risks and they are summarised below. These policies have remained
constant throughout the period.
Market risk
Market risk consists of interest rate risk, foreign currency
risk and other price risk. It is the Board's policy to maintain an
appropriate spread of investments in the portfolio whilst
maintaining the investment policy and aims of the Company. The
Investment Committee actively monitors market prices and other
relevant information throughout the year and reports to the Board,
who is ultimately responsible for the Company's investment
policy.
Interest rate risk
Changes in interest rates would affect the Company returns from
its cash balances. A floating rate of interest, which is linked to
bank base rates, is earned on cash deposits. The exposure to cash
flow interest rate risk at 31 December 2021 for the Company was
GBP34,394 (2020: GBP420,699).
A sensitivity analysis based on a movement of 1% on interest
rates would have a GBP344 effect on the Company's' profit (2020:
GBP4,207).
As the Company does not have any borrowings and finances its
operations through its share capital and retained revenues, it does
not have any interest rate risk except in relation to cash
balances.
Foreign currency risk
The Company's total return and net assets can be affected by
currency translation movements as part of the investments held by
the Company are denominated in currencies other than GBP Sterling.
The Directors mitigate the individual currency risks through the
international spread of investments. Hedging transactions may be
used but none have been employed during the period under review
(2020: none).
The fair values of the Company's investments that have foreign
currency exposure at 31 December 2021 are shown below.
2021 2020
CAD CAD
GBP GBP
Investments in financial assets at fair value
through profit or loss 13,437 28,142
The Company accounts for movements in fair value of its
financial assets in other comprehensive income. The following table
illustrates the sensitivity of the equity in regard to the
Company's financial assets and the exchange rates for GBP/ Canadian
Dollar.
It assumes the following changes in exchanges rates:
- GBP/CAD +/- 20% - (2020: +/- 20%)
These percentages used reflect the high level of market
volatility experienced in exchange rates in recent years.
The sensitivity analysis is based on the Company's foreign
currency financial instruments held at each balance sheet date.
If GBP Sterling had weakened against the currencies shows, this
would have had the following effect:
2021 2020
CAD CAD
GBP GBP
Equity 2,687 5,628
If GBP Sterling had strengthened against the currencies shows,
this would have had the following effect:
CAD CAD
GBP GBP
Equity (2,240) (4,690)
Other price risk
Other price risk which comprises changes in market prices other
than those arising from interest rate risk or currency risk may
affect the value of quoted and unquoted equity investments. The
Board of directors manages the market price risks inherent in the
investment portfolio by regularly monitoring price movements and
other relevant market information.
The Company accounts for movements in the fair value of
investments in financial assets in other comprehensive income and
assets designated at fair value through profit or loss in
comprehensive income. The following table illustrates the
sensitivity to equity of an increase / decrease of 50% in market
prices. This level of change is considered to be reasonable based
on observation of current market conditions, in particular resource
stocks and junior mining companies. The sensitivity is based on the
Company's equities at each balance sheet date, with all other
variables held constant.
2021 2020
50% increase 50% decrease 50% increase 50% decrease
in fair in fair in fair in fair
value value value value
GBP GBP GBP GBP
Equity 389,655 (389,655) 269,597 (269,597)
Liquidity risk
The Company maintains appropriate cash reserves and the majority
of the Company's assets comprise realisable securities, most of
which can be sold to meet funding requirements if necessary. Given
the Company's cash reserves, it has been able to settle all
liabilities on average within 1 month.
Credit risk
The risk of counterparty's failure to discharge its obligations
under a transaction that could result in the Company suffering a
loss is minimal. The Company holds its cash balances with a
reputable bank and only transacts with regulated institutions on
normal market terms.
Included in total amounts receivable at 31 December 2021 is the
sum of GBP1,844 (2020 - GBP859) which was lodged with the Company's
brokers in relation to future investments.
Financial liabilities
There are no currency or interest rate risk exposures on
financial liabilities as they are denominated in GBP Sterling and
settled on average within one month.
Capital management
The Company actively reviews its issued share capital and
reserves and manages its capital requirements in order to maintain
an efficient overall financing structure whilst avoiding any
leverage. The capital structure of the Company consists of only
equity (comprising issued capital, reserves, and retained earnings
as disclosed below and the Statements of Changes in Equity) and no
debt.
The Board monitors the discount level of its issued shares,
which is the difference between its Net Asset Value (NAV) and its
actual share price. To improve NAV, the Company may purchase its
own shares in the market. During the current year, the Company has
not purchased any of its own shares (2020: Nil).
Company At 1 January Cash flows Other non-cash At 31 December
2021 changes 2021
Cash and cash equivalents GBP GBP GBP GBP
------------- ----------- --------------- ---------------
Cash 420,699 (386,305) - 34,394
------------- ----------- --------------- ---------------
Borrowings - - - -
------------- ----------- --------------- ---------------
Debt due within one - - - -
year
------------- ----------- --------------- ---------------
Debt due after one - - - -
year
------------- ----------- --------------- ---------------
Total 420,699 (386,305) 34,394
------------- ----------- --------------- ---------------
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END
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