LONDON (Alliance News) - Metal Tiger PLC on Thursday said its net asset value rose by 48% in 2015 whilst the value of the mineral investment company increased by 45%, but NAV per share fell 11% after shares were issued during the year.
Metal Tiger, which has invested in a string of London-listed mining companies, said its net asset value stood at GBP1.5 million at the end of 2015, compared to GBP1.0 million at the end of 2014, but the NAV per share fell to 0.41 pence from 0.46p.
The market capitalisation of the business stood at GBP3.3 million on December 31, compared to GBP2.3 million a year earlier. However six month on, the company's valuation has leapt to GBP20.3 million, as of Thursday.
Metal Tiger shares were up 5.5% to 3.64 pence per share on Thursday, trading four times higher than their closing price at the end of 2015.
The company turned to a pretax loss of GBP599,084 in 2015 from a GBP105,876 profit in 2014.
Gains from disposals rose to GBP1.1 million from GBP94,750, but the net gain on investments in the year fell to GBP287,467 from GBP706,840, while the movement in fair value of its investments produced a GBP729,058 loss compared to a GBP611,750 gain the year before. Administrative costs rose and its share of losses from joint ventures and associates was wider year-on-year.
"I am pleased to present the report and accounts for the year ended December 31, 2015, during which the Metal Tiger business grew materially in terms of the depth and breadth of investing activities and interests," said Chief Executive Paul Johnson.
"Moreover the extensive business progress in the first half of 2016 combined with the considerable increase in the company's working capital post year end means that we sit mid-2016 with an extremely strong position and one where we can take advantage of a recovery in the natural resource sector which the board believe is now underway," he added.
During early 2016, Metal Tiger conducted a full strategic and operational review which led to a restructuring of the board and the company's organisational structure, which is now broken down into Metal Projects, via which it invests in assets, and Asset Trading, via which it invests in equities.
Both divisions have made a significant number of investments since the start of 2016.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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