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Half-year Report

26 Sep 2019 07:00

RNS Number : 6831N
Tiger Resource PLC
26 September 2019
 

For immediate release 26 September 2019

 

TIGER RESOURCE PLC ("Tiger" or the "Company")

 

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

Chairman's Report

 

Net Asset Value per share - 30 Jun 2019 - 0.39p / 31 Dec 2018 - 0.40p (30 June 2018 - 0.69p)

 

Total assets - 30 Jun 2019 - £728k / 31 Dec 2018 - £753k (30 June 2018 - £1.27M)

 

The period under review has been unfavourable for "small cap" stocks in the resource sector despite major markets remaining buoyant. The strength in the world's key stock markets does not appear to have any underlying substance and geo-political threats exist in many regions of the world. The forecast for global recession seems to be a general consensus amongst sophisticated investors, but despite this, with the exception of bonds, most asset classes remain resilient to correction.

 

The trade war between China and the USA has been very damaging for metal and commodity prices and the effects are now being felt in China, with growth forecasts being cut going forward. This scenario continues to have a serious impact on the share valuations of various mining conglomerates with a magnified knock-on effect being experienced in the junior resource sector. The expected increases in base metal prices have not yet materialised and the only beneficiary from these adverse conditions is Gold, which always benefits during times of geo-political tension.

 

Smaller companies in the natural resource sector have experienced considerable challenges with raising cash to develop their projects and only those companies, which are in or close to production are raising the necessary funding for progressive work. Companies with projects engaged in early stage exploration and non-generative work are experiencing extreme difficulties with fund raising for meaningful technical advancement.

 

We anticipate that ongoing political and diplomatic negotiations will alleviate most of the current geo-political tensions. My own view is that the USA/China trade war will also find some form of resolution and that Brexit will be "fudged", leaving the Middle Eastern disputes as the key political risk. Resolution of the trade war will undoubtedly result in improved metal prices and this phenomenon has been evidenced whenever rumours have emerged of a possible reconciliation of trade issues between the two key trading partners, USA and China.

 

We as a Board remain confident that the disposable income and new wealth creation in emerging markets will provide the catalyst on the demand side, whilst supply fundamentals continue to be very tight, due to existing mine closures and delays being experienced in the opening of new facilities to replace this lost production. This situation cannot continue without resulting in higher commodity prices, and we remain confident for the sector in the mid-term.

 

 During the period under review, Tiger sold 2,700 Royal Dutch Shell Plc shares on 22 February 2019 realising net proceeds of £64,933 and crystallising a small loss of £8,301 on the sale. However, this investment has been held by Tiger for some years and has delivered a good yield over time which more than compensates the small loss realised. A further disposal of 625,000 shares in Block Energy Plc on 17 April 2019 produced net proceeds of £64,035 and a profit of £38,935 on the sale.

 

We firmly believe that the group holds a diverse portfolio of good investments, most of which should perform well as the resource sector comes back into favour, thus helping to rebuild shareholder value in the coming months.

 

Colin Bird

Chairman

26 September 2019

 

 

Portfolio Holdings as at 30 June 2019

 

Investments

Number

Cost

£

Valuation

 £

Anglo American Plc

11,500

250,112

258,117

Barkby Group Plc

60,606

100,000

2,879

Bezant Resources Plc

55,555,556

250,435

50,000

Block Energy Plc

625,000

25,100

62,500

BMR Group Plc

2,500,000

50,217

-

Corallian Energy Ltd

20,000

30,000

30,000

ETFS Copper

1,760

29,864

34,676

Galileo Resources Plc

6,516,667

78,335

33,235

Goldquest Mining Corp

173,500

30,259

14,088

Jubilee Metals Group Plc

1,169,600

100,219

38,948

Pantheon Resources Plc

31,500

30,340

6,694

Revelo Resources Corp

216,667

62,965

2,600

Royal Dutch Shell Plc B Shares

2,700

73,234

69,687

 

 

 

 

Total

 

 

603,424

 

 

 

 

 

African Pioneer Plc

 

 

 

Europa Minerals Ltd

130,499,858

65,250

13,050

Galileo Resources Plc

2,500,000

50,000

12,750

Jubilee Metals Group Plc

917,802

34,834

30,563

Revelo Resources Corp

1,515,000

53,651

15,942

South 32 Plc

13,845

28,607

24,090

Xtract Resources Plc

606,060

20,217

5,151

 

 

 

 

Total

 

 

101,546

 

 

 

 

Total Investments

 

 

704,970

 

 

 

 

 

 

 

Tiger Resource Plc

 

 

Raju Samtani, Director

 

 

+44 (0)20 7581 4477

Beaumont Cornish

(Nomad)

Roland Cornish

Felicity Geidt

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 2019

 

 

 

 

(Unaudited)

Group Six months ended

30 June 19

 

(Unaudited)

Group Six months ended

30 June 18

 

(Audited)

Group Year

ended

31 Dec 18

 

 

£

£

£

Gain on investments

114,130

476,252

(104,110)

Income:

 

 

 

Investment income

9,098

93

11,784

Interest receivable

12

163

214

Administrative expenses

(148,075)

(190,719)

(327,937)

Impairment

-

(71,720)

-

(LOSS) /PROFIT BEFORE TAXATION

(24,835)

214,069

(420,049)

 

 

 

 

Taxation

-

-

-

 (LOSS) /PROFIT FOR THE PERIOD

(24,835)

214,069

(420,049)

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

Available-for-sale financial assets unrealised profit/(loss)

-

(167,548)

-

Reclassification to profit or loss

-

46,392

-

 

 

 

 

Transfer to Impairment

-

-

-

 

 

 

 

OTHER COMPREHENSIVE PROFIT/ (LOSS) FOR THE PERIOD, NET OF TAX

-

(121,156)

-

TOTAL COMPREHENSIVE (LOSS)/ PROFIT FOR THE PERIOD

(24,835)

92,913

 

(420,049)

 

(Loss)/profit for the period attributable to:

 

 

 

 

Shareholders of the Company

(3,827)

110,695

(380,037)

Non-controlling interest

(21,008)

(17,782)

(40,012)

 

 

 

 

 

(24,835)

92,913

(420,049)

Basic earnings per share

(0.002)p

0.12p

(0.20)p

Diluted earnings per share

(0.002)p

0.12p

(0.20)p

 

 

 

 

 

 

 

 

 

 

All profits are derived from continuing operations.Consolidated Statement of Financial Position

As at 30 June 2019

 

 

 

 

(Unaudited)

Group

30 June 19

 

(Unaudited)

Group

30 June 18

 

 

(Audited) Group

31 Dec 18

 

 

£

£

£

NON CURRENT ASSETS

 

 

 

Financial assets at fair value through profit or loss

 

 

-

Investments

704,970

1,082,778

719,783

 

704,970

1,082,778

719,783

CURRENT ASSETS

 

 

 

Trade and other receivables

19,402

34,397

9,111

Cash and cash equivalents

42,169

205,269

66,779

 

61,571

239,666

75,890

 

 

 

 

TOTAL ASSETS

766,541

1,322,444

795,673

 

 

 

 

 

 

 

 

 

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

1,302,999

1,100,000

Retained earnings

(3,520,056)

(3,228,496)

(3,516,229)

EQUITY ATTRIBUTABLE TO THE OWNERS

723,494

1,218,053

727,321

 

 

 

 

Equity interest of non-controlling interest

4,845

48,083

25,853

 

 

 

 

TOTAL EQUITY

728,339

1,266,136

753,174

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

38,202

56,308

42,499

Corporate tax payable

-

-

-

 

38,202

56,308

42,499

 

 

 

 

TOTAL LIABILITIES

38,202

56,308

42,499

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

766,541

1,322,444

795,673

 

 

 

 

 

 

 

Consolidated Statement of Changes in Equity

As at 30 June 2019

 

 

Other components of equity

 

Share capital

Share premium

Capital redemption reserve

Other

reserves

Available-for-sale financial assets

Share

based

reserves

Retained earnings

 

Non-controlling interest

Total

 

 

£

£

£

£

£

£

£

£

£

            

 

 

 

 

 

 

 

 

 

 

 

 

As at 31 December 2017

1,474,334

1,669,216

1,100,000

-

-

 -

(3,136,192)

65,865

1,173,223

Changes in equity

 

 

 

 

 

 

 

 

 

Profit/ (Loss) for the period

-

-

-

 

-

-

-

229,659

(15,590)

214,069

Other Comprehensive (loss)

Available-for-sale Financial Assets:

Current Period Losses

Transfer to impairment

Transfer on disposal

 

 

 

 

-

-

-

 

 

 

-

-

-

 

 

 

 

-

-

-

 

 

 

 

-

-

-

 

 

 

 

-

-

-

 

 

 

 

-

-

-

 

 

 

 

 

(143,333)

24,369

-

 

 

 

 

(24,215)

22,023

-

 

 

 

 

 (167,548)

 46,392

-

Total comprehensive expense for the period

-

-

-

-

-

-

110,695

(17,782)

92,913

 

 

 

 

 

 

 

 

 

 

As at 30 June 2018

1,474,334

1,669,216

1,100,000

-

-

 -

(3,025,497)

48,083

1,266,136

Changes in equity

 

 

 

 

 

 

 

 

 

Profit/ (Loss) for the period

-

-

-

-

-

-

(490,732)

(22,230)

(512,962)

 

 

 

 

 

 

 

 

 

 

Total comprehensive expense for the period

-

-

-

-

-

-

(490,732)

(22,230)

(512,962)

 

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)

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

 

 

Cash Flow Statement

For the six months ended 30 June 2019

 

 

 

 

(Unaudited)

30 June 19

 

(Unaudited)

30 June 18

 

(Audited)

31 Dec 18

 

£

£

£

CASH FLOW FROM OPERATIONS

 

 

 

(Loss)/profit before taxation

(24,835)

214,069

(420,049)

Adjustment for:

 

 

 

Interest received

(12)

(163)

(214)

Dividends received

(9,098)

(94)

(11,784)

Change in fair value of investments

 

 

104,110

 

 

 

 

Operating (loss) before movement in working capital

(33,945)

213,812

(327,937)

 

(Increase)/decrease in receivables

(10,290)

27,234

30,348

Increase/(decrease) in payables

(4,323)

(123,878)

(137,700)

Gain on disposal of financial asset at fair value

(114,130)

(476,021)

-

Impairment of investments

-

71,720

-

 

 

 

 

NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES

 

(162,688)

(287,133)

(435,289)

 

 

 

 

TAXATION PAID

 

 

-

CASH FLOW FROM INVESTING ACTIVITIES

 

 

 

Interest received

12

163

214

Dividends received

9,098

94

11,784

Sale of investments

128,968

739,631

787,396

Purchase of investments

-

(503,291)

(553,131)

 

 

 

 

NET CASH INFLOW FROM INVESTING ACTIVITIES

 

138,078

236,597

246,263

 

 

 

 

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

(24,610)

(50,536)

(189,026)

Cash and cash equivalents at the beginning of the period

66,779

255,805

255,805

Cash and cash equivalents at the end of the period

42,169

205,269

66,779

 

 

 

 

 

 

 

 

 

 

 

 

Selected notes to the consolidated financial statements

For the six months ended 30 June 2019

 

 

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 2019 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2018. 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 2018, 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 to

30 June 2019

6 months to

30 June 2018

Year ended 31 December 2018

 

 

 

 

Profit/(Loss) after tax for the purpose of

earnings per share

£(3,827)

£229,659

£(380,037)

Weighted average number of shares

188,847,070

184,347,070

188,847,070

Basic earnings per ordinary share

(0.002)p

0.12p

(0.20)p

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

Profit/(loss) after tax

£(3,827)

£229,659

£(380,037)

Weighted average number of shares

188,847,070

184,847,070

188,847,070

Diluted effect of options

-

-

-

Diluted weighted average

number of shares

188,847,070

184,847,070

188,847,070

Diluted earnings per ordinary share

(0.002)p

0.12p

(0.20)p

     

 

 

3. 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.

 

 

4. 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

2019

30 June

2018

 

£

£

Authorised:

 

 

 

 

10,000,000,000 (2018: 10,000,000,000) ordinary shares 0.1p

(30 June 2018 - 1p each)

10,000,000

10,000,000

 

 

 

 

 

 

142,831,939 deferred shares of 0.9p each (30 June 2018: 142,831,939 deferred shares of 0.9p each )

1,285,487

1,285,487

 

 

 

 

4. Called Up Share Capital (continued)

 

 

 

 

Issued:

30 June

2019

30 June

2018

 

 

£

£

 

 

 

 

 

188,847,070 Ordinary shares 0.1p (30 June 2018: 142,831,939 Ordinary Shares of 1p each)

188,847

188,847

 

142,831,939 deferred shares of 0.9p each (30 June 2018: 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 £4,500 held by the company in treasury.

 

 

5. 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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