Last checked at 25 Sep 2018 11:13
For immediate release 25 September 2018
TIGER RESOURCE PLC ("Tiger" or the "Company")
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2018
Operations Review
Net Asset Value per share - 30 Jun 2018 - 0.69p / 31 Dec 2017 - 0.62p (30 June 2017 - 1.03p)
Total assets - 30 Jun 2018 £1.27M / 31 Dec 2017 - 1.17M (30 June 2017 - £1.42M)
The period under review has been volatile compared to more recent reporting periods although global prosperity, company earnings and a general "feel good" factor continue to prevail. The underlying threats relating to the introduction of trade tariffs has resulted in caution and consequently we have seen some level of uneasiness in smaller cap stocks. The major indices have continued to surge forward although the resource sector has not fully participated in this upward trajectory in more recent months and most major mining companies are trading lower compared to prior period levels.
The threat of serious trade wars and the strong US Dollar have again disrupted global economies although the key global indices continue to "shrug off" this underlying threat. The investment community is at a stage where just about every asset class is aligned positively, a phenomenon which has not been historically sustainable and the break-out of any one significant asset class could result in further volatility in the foreseeable future. The aforementioned philosophical comments may be challenged in the corridors of Wall Street and in other major financial centres, but the Board has no doubt that these factors can affect the performance of smaller cap resource companies. Investors in the junior resource sector tend to bank profits from investments on an ongoing basis as opposed to taking a longer term view and this can also result in a volatile environment, with investors at times focusing on stocks with poor fundamentals trading for "casino type" returns as opposed to investing in quality assets which have good potential over a longer term horizon.
The aforementioned points produce a challenging backdrop for our investment strategy. However, since the inception of Tiger, it has never been the intention to join the herd but instead to back assets which have good fundamentals together with strong and experienced management able to develop and add value to projects to deliver good medium-term returns. The current environment is extremely positive for asset selection as opposed to stock selection and as such we remain convinced that our proactive participation in underlying investments is the best way forward and our focus will remain on quality assets at the right valuation as opposed to second guessing how individual shares might perform against their peers in a volatile market.
During the period under review, Tiger sold 95,000 shares in Rockrose Energy Plc ("Rockrose") realising net proceeds of £341,354 realising a net gain of £293,854 and received a special dividend of £142,500 which was paid out to qualifying RockRose shareholders on 23 February 2018. The Company made an investment of £250,000 in Bezant Resources Plc which has a major porphyry Copper project in the Philippines; this asset is well defined and positioned compared to similar sized projects held by its peer groups. Further investments were made in Block Energy Plc and Corrallian Energy Limited positioning the portfolio to benefit from the improving prospects in the energy sector.
Although the net asset valuation reflects only a marginal improvement in the six months period to 30 June 2018, mainly due to relatively volatile markets and general bearishness towards the resource sector in recent months, we are confident that the mix of investments currently held by Tiger and our proactive investment approach will pay off going forward. We would like to thank our stakeholders for their resilience and support during the period under review and we will focus our efforts on increasing the Company's asset base during the second half of 2018.
By order of the Board.
XX September 2018
Portfolio Holdings as at 30 June 2018
Investments | Number | Cost £ | Valuation £ |
Anglo American PLC | 11,500 | 250,117 | 194,902 |
Barkby Group PLC | 60,606 | 100,000 | 4,848 |
Bezant Resources PLC | 55,555,556 | 250,017 | 233,333 |
Block Energy PLC | 1,250,000 | 50,200 | 42,500 |
BMR Group PLC | 2,500,000 | 50,217 | 47,500 |
Corralion Energy LTD | 20,000 | 30.000 | 30,000 |
ETFS Copper | 1,760 | 29,864 | 36,819 |
Galileo Resources Plc | 6,516,667 | 78,200 | 91,885 |
Goldquest Mining Corp | 173,500 | 30,259 | 19,223 |
Jubilee Platinum PLC | 1,169,600 | 100,219 | 28,304 |
Pantheon Resources | 31,500 | 30,340 | 5,903 |
Revelo Resources Corp | 216,667 | 62,965 | 2,492 |
Royal Dutch Shell PLC B Shares | 5,400 | 146,468 | 146,470 |
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Total |
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| 884,179 |
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African Pioneer Plc |
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Europa Minerals Plc | 130,499,858 | 65,250 | 91,350 |
Galileo Resources Plc | 2,500,000 | 50,000 | 35,250 |
Jubilee Metals Plc | 917,802 | 34,834 | 22,303 |
Revelo Resources Corp | 1,515,000 | 53,778 | 15,266 |
South 32 Plc | 1,800 | 28,607 | 28,188 |
Xtract Resources Plc | 121,212,121 | 20,217 | 6,242 |
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Total |
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| 198,599 |
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Total Investments |
|
| 1,082,778 |
Tiger Resource Plc |
Raju Samtani, Director |
+44 (0)20 7581 4477 |
Beaumont Cornish (Nomad) | Roland Cornish Felicity Geidt | +44 (0)20 7628 3369 |
| Email:corpfin@bcornish.co.uk
|
|
First Equity Limited (Joint Broker)
| Jason Robertson
| +44 (0)20 7374 2212 |
Novum Securities Plc (Joint Broker)
| Jon Belliss | +44 (0)20 7399 9425 |
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2018
|
(Unaudited) Group Six months ended 30 June 18 | (Restated) (Unaudited) Group Six months ended 30 June 17
|
(Audited) Group Year ended 31 Dec 17
|
| £ | £ | £ |
Gain on sale of available for sale assets | 476,252 | 213,450 | 217,125 |
Income: |
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|
|
Investment income | 93 | 1,540 | 7,089 |
Interest receivable | 163 | 181 | 281 |
Administrative expenses | (190,719) | (172,772) | (387,647) |
Impairment | (71,720) | (47,760) | (30,921) |
(LOSS) /PROFIT BEFORE TAXATION | 214,069 | (5,361) | (194,073) |
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Taxation | - | - | - |
(LOSS) /PROFIT FOR THE PERIOD | 214,069 | (5,361) | (194,073) |
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Other Comprehensive Income |
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Available-for-sale financial assets unrealised profit/(loss) | (167,548) | 390,091 | 335,766 |
Reclassification to profit or loss | 46,392 | (119,850) | (237,284) |
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Transfer to Impairment | - | - | (4,943) |
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OTHER COMPREHENSIVE PROFIT/ (LOSS) FOR THE PERIOD, NET OF TAX | (121,156) | 270,241 | 93,539 |
TOTAL COMPREHENSIVE PROFIT/ (LOSS) FOR THE PERIOD | 92,913 | 264,880 |
(100,534) |
(Loss)/profit for the period attributable to:
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Shareholders of the Company | 229,659 | (25,893) | (204,296) |
Non-controlling interest | (15,590) | 20,532 | 10,223 |
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| 214,069 | (5,361) | (194,073) |
| 0.12p | 0.1p | (0.11)p |
Basic earnings per share | 0.12p | 0.1p | (0.11)p |
Diluted earnings per share |
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All profits are derived from continuing operations.Consolidated Statement of Financial Position
As at 30 June 2018
|
(Unaudited) Group 30 June 18 | (Restated) (Unaudited) Group 30 June 17 |
(Audited) Group 31 Dec 17
|
| £ | £ | £ |
NON CURRENT ASSETS |
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|
Financial assets at fair value through profit or loss | 1,082,778 | 1,070,917 |
|
Available-for-sale investments |
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| 1,058,145 |
| 1,082,778 | 1,070,917 | 1,058,145 |
CURRENT ASSETS |
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Trade and other receivables | 34,397 | 82,424 | 39,459 |
Cash and cash equivalents | 205,269 | 414,437 | 255,805 |
| 239,666 | 496,861 | 295,264 |
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TOTAL ASSETS | 1,322,444 | 1,567,778 | 1,353,409 |
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66EQUITY AND LIABILITIES |
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EQUITY ATTRIBUTABLE TO SHAREHOLDERS |
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Share capital | 1,474,334 | 1,428,319 | 1,474,334 |
Share premium | 1,669,216 | 1,597,231 | 1,669,216 |
Other components of equity | 1,302,999 | 1,600,860 | 1,421,963 |
Retained earnings | (3,228,496) | (3,279,752) | (3,458,155) |
EQUITY ATTRIBUTABLE TO THE OWNERS | 1,218,053 | 1,346,658 | 1,107,358 |
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Equity interest of non-controlling interest | 48,083 | 73,979 | 65,865 |
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TOTAL EQUITY | 1,266,136 | 1,420,637 | 1,173,223 |
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CURRENT LIABILITIES |
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Trade and other payables | 56,308 | 147,141 | 180,186 |
Corporate tax payable | - | - | - |
| 56,308 | 147,141 | 180,186 |
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TOTAL LIABILITIES | 56,308 | 147,141 | 180,186 |
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TOTAL EQUITY AND LIABILITIES | 1,322,444 | 1,567,778 | 1,353,409 |
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Consolidated Statement of Changes in Equity
As at 30 June 2018
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
| ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||
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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 |
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Profit/ (Loss) for the period | - | - | - | - | - | - | (25,893) | 20,532 | (5,361) |
Other Comprehensive (loss) |
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Available-for-sale financial assets: |
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Current period gains | - | - | - | - | 390,091 | - | - | - | 390,091 |
Transfer to on disposal | - | - | - | - | (119,850) | - | - | - | (119,850) |
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Total comprehensive expense for the period | - | - | - | - | 270,241 | - | (25,893) | 20,532 | 264,880 |
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As at 30 June 2017 | 1,428,319 | 1,597,231 | 1,100,000 | - | 500,860 | - | (3,279,752) | 73,979 | 1,420,637 |
Changes in equity |
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Profit/ (Loss) for the period | - | - | - | - | - | - | (178,403) | (8,114) | (186,517) |
Other Comprehensive (loss) |
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Available-for-sale financial assets: |
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Current period (losses) | - | - | - | - | 77,219 | - | - | - | 77,219 |
Transfer to impairment | - | - | - | - | (256,116) | - | - | - | (256,116) |
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Total comprehensive expense for the period | - | - | - | - | (178,897) | - | (178,403) | (8,114) | (365,414) |
Transactions with owners |
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Issue of shares | 46,015 | - | - | - | - | - | - | - | 46,015 |
Share Premium on issue of new shares | - | 115,038 | - | - | - | - | - | - | 115,038 |
Costs related to issue of new shares | - | (43,053) | - | - | - | - | - | - | (43,053) |
| 46,015 | 71,985 | - | - | - | - | - | - | 118,000 |
As at 31 December 2017 | 1,474,334 | 1,669,216 | 1,100,000 | - | 321,963 | - | (3,458,155) | 65,865 | 1,173,223 |
Changes in equity |
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Profit/ (Loss) for the period | - | - | - | - | - | - | 229,659 | (15,590) | 214,069 | |
Other Comprehensive (loss) |
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Available-for-sale financial assets: |
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Current period (losses) | - | - | - | - | (143,333) | - | - | (24,215) | (167,548) | |
Transfer to impairment | - | - | - | - | 24,369 | - | - | 22,023 | 46,392 | |
Transfer on disposal | - | - | - | - |
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| - | - | |
Total comprehensive expense for the period
| - | - | - | - | (118,964) | - | 229,659 | (17,782) | 92,913 | |
As at 30 June 2018 | 1,474,334 | 1,669,216 | 1,100,000 | - | 202,999 | - | (3,228,496) | 48,083 | 1,266,136 | |
Cash Flow Statement
For the six months ended 30 June 2018
|
(Unaudited) 30 June 18 |
(Unaudited) 30 June 17 |
(Audited) 31 Dec 17 |
| £ | £ | £ |
CASH FLOW FROM OPERATIONS |
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(Loss)/profit before taxation | 214,069 | (5,361) | (194,073) |
Adjustment for: |
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Interest received | (163) | (181) | (281) |
Dividends received | (94) | (1,540) | (7,089) |
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Operating (loss) before movement in working capital | 213,812 | (7,082) | (201,443)
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(Increase)/decrease in receivables | 27,234 | (69,157) | 28,330 |
Increase/(decrease) in payables | (123,878) | 3,860 | 34,744 |
Gain on disposal of financial asset at fair value | (476,021) | (213,450) | (217,125) |
Impairment of investments | 71,720 | 47,760 | 30,921 |
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NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES
| (287,133) | (238,069) | (324,573) |
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TAXATION PAID |
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| - |
CASH FLOW FROM INVESTING ACTIVITIES |
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Interest received | 163 | 181 | 281 |
Dividends received | 94 | 1,540 | 7,089 |
Sale of investments | 739,631 | 330,384 | 409,898 |
Purchase of investments | (503,291) | (120,049) | (315,775) |
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NET CASH INFLOW FROM INVESTING ACTIVITIES
| 236,597 | 212,056 | 101,493 |
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CASH FLOW FROM FINANCING ACTIVITIES
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Purchase of shares by minorities | - | - | - |
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NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES | - | - | - |
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Net increase/(decrease) in cash and cash equivalents in the period | (50,536) | 53,552 | (105,080) |
Cash and cash equivalents at the beginning of the period | 255,805 | 360,885 | 360,885 |
Cash and cash equivalents at the end of the period | 205,269 | 414,437 | 255,805 |
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Selected notes to the consolidated financial statements
For the six months ended 30 June 2018
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 2018 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2017. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Reporting".
2. Earnings Per Share
Basic | Unaudited | Unaudited | Audited |
| 6 months to 30 June 2018 | 6 months to 30 June 2017 | Year ended 31 December 2017 |
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Profit/(Loss) after tax for the purpose of earnings per share | £229,659 | £(25,893) | £(204,296) |
Weighted average number of shares | 184,347,070 | 138,331,939 | 146,992,211 |
Basic earnings per ordinary share | 0.12p | (0.01)p | (0.14)p |
Diluted |
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Profit/(loss) after tax | £229,659 | £(25,893) | £(204,296) | |
Weighted average number of shares | 184,847,070 | 138,331,939 | 146,992,211 | |
Diluted effect of options | - | - | - | |
Diluted weighted average number of shares | 184,847,070 | 138,331,939 | 146,992,211 | |
Diluted earnings per ordinary share | 0.12p | (0.01)p | (0.14)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.
Selected notes to the consolidated financial statements
For the six months ended 30 June 2018
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 2018 | 30 June 2017 | |||
| £ | £ | |||
Authorised:
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10,000,000,000 (2016: 10,000,000,000) ordinary shares 0.1p (30 June 2017 - 1p) each | 10,000,000 | 10,000,000 |
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142,831,939 deferred shares of 0.9p each (30 June 2017:Nil) | 1,285,487 | - |
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Issued: | 30 June 2018 | 30 June 2017 |
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| £ | £ |
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188,847,070 Ordinary shares 0.1p (30 June 2017: 142,831,939 Ordinary Shares of 1p each) | 188,847 | 1,428,319 |
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142,831,939 deferred shares of 0.9p each (30 June 2017: Nil) | 1,285,487 | - |
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| 1,474,334 | 1,428,319 |
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On 24 November 2017, 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.
The Company issued 46,015,131 new Ordinary shares on 29 November 2017 following an open offer to all shareholders at a price of 0.35 pence per share (representing a premium of 0.25 pence per Ordinary share) increasing the number of shares in issue to 188,847,070 at 31 December 2017.
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.
Share warrants in issue at 30 June 2018.
The Company has granted warrants to subscribe for ordinary 1p shares as follows:
Date granted | Period exercisable | Exercise price per share (pence) | Number of warrants |
13 July 2016 | 2 years from issue date | 1p | 1,500,000 |
13 July 2016 | 2 years from issue date | 1.5p | 1,000,000 |
The Income Statement does not include a share-based payment charge as the 2.5 million warrants issued in July 2016 did not give rise to a material change.
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.