Last checked at 30 Sep 2009 12:39
TIGER RESOURCE FINANCE PLC
("Tiger" or the "Company")
Interim Results for the six months ended 30 June 2009.
CHAIRMAN'S STATEMENT
For the six months ended 30 June 2009
Net Asset Value per share at 30 June 2009 3.24p (2008 - 4.26p)
Total assets of £5.7M as at 30 June 2009 (2008 - £7.3M)
During the period under review, the Company sold 50,000 Ridge Mining Plc shares. Following this sale Tiger continues to hold 18,182 shares in Aquarius Platinum Ltd which has now taken over Ridge Mining Plc. Tiger's cash reserves at 30 June 2009 stood at £3.6M (30 June 2009 £4.1M).
The period under review has been a challenging period for the global economy. The support measures implemented by governments across the world have been unprecedented and their longer term effects remain an issue of some controversy, with many contrasting views arising from the "financial experts".
Notwithstanding the aforementioned, the fundamentals that led to the three-year commodity boom are still in place on the supply side. The recession reduced demand hence lowering metal prices significantly. However, metal prices are again increasing following early signs of recovery suggesting that further increases should follow as the rate of economic recovery gathers momentum.
We are very optimistic that base metal prices will firm up significantly in the first half of 2010 but not as confident on the price of gold, as an on going economic recovery may result in gold losing its safe haven appeal and probably retreat to around US$800/oz by mid 2010. We are extremely positive for the prospects of platinum prices, which we believe will be driven by supply difficulties and are neutral on diamonds.
Based on the above assessment, Tiger intends aggressively to seek out undervalued investments in base metals and the PGM (platinum Group Metals) sector with a view to taking reasonably sized positions in companies that have good assets backed up by quality management.
BRUCE ROWAN
CHAIRMAN
Portfolio Holdings as at 30 June 2009
| Investments | Number | Cost | Valuation |
| 30/06/2009 | 30/06/2009 | 30/06/2009 | |
| £ | £ | ||
| African Eagle Resource Plc | 1,241,274 | 112,264 | 86,882 |
| Africa Oil Exploration Plc | 625,000 | 100,000 | 17,188 |
| Ascent Resources Plc | 24,642,857 | 550,824 | 924,107 |
| Franconia Minerals Corp | 475,733 | 69,939 | 64,770 |
| Gold Fields Ltd | 10,500 | 32,759 | 78,010 |
| Minmet Plc | 873,574 | 241,135 | 8,736 |
| Nautical Petroleum Plc | 450,000 | 180,000 | 253,125 |
| Pacific North West Corp | 566,500 | 107,682 | 28,181 |
| Pan African Resources Plc | 5,098,333 | 175,013 | 280,408 |
| Ridge Mining Plc (1) | 50,000 | 89,239 | 41,250 |
| Sunrise Diamonds Plc | 665,000 | 6,650 | 4,655 |
| Tertiary Minerals Plc | 1,330,000 | 119,700 | 34,913 |
| U308 Holdings Plc | 4,166,666 | 125,000 | 119,792 |
| Vatukoula Gold Mines Plc | 13,333,332 | 200,000 | 153,333 |
| 2,110,205 | 2,095,350 |
(1) Ridge Mining Plc was taken over by Aquarius Platinum Ltd after 30 June 2009 and Tiger's current holding in this investment is represented by18,182 Aquarius Platinum Ltd shares
| TIGER RESOURCE FINANCE PLC | |||||||
| INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2009 | |||||||
| (Unaudited) | (Unaudited) | (Audited) | |||||
| Six months | Six months | Year | |||||
| ended | ended | ended | |||||
| 30 June 09 | 30 June 08 | 31 Dec 08 | |||||
| £ | £ | £ | |||||
| Administrative expenses | (132,963) | (121,949) | (376,525) | ||||
| Profit (loss) on sale of non-current investments | (48,754) | 199,797 | 159,797 | ||||
| Investment income | 13,239 | - | 1,335 | ||||
| Interest receivable | 8,554 | 103,682 | 189,662 | ||||
| Impairment | - | - | (288,435) | ||||
|
| |||||||
| PROFIT (LOSS) BEFORE TAXATION | (159,924) | 181,530 | (314,166) | ||||
| Taxation | - | (54,459) | 30,653 | ||||
| PROFIT (LOSS) ATTRIBUTABLE TO EQUITY SHAREHOLDERS | (159,924) | 127,071 | (283,513) | ||||
| Basic earnings per share | (0.09)p | 0.07p | (0.16)p | ||||
| Diluted earnings per share | (0.09)p | 0.07p | (0.16)p | ||||
| TIGER RESOURCE FINANCE PLC | ||||
| BALANCE SHEET AT 30 JUNE 2009 | ||||
| (Unaudited) | (Unaudited) | (Audited) | ||
| 30 June 09 | 30 June 08 | 31 Dec 08 | ||
| £ | £ | £ | ||
| NON CURRENT ASSETS | ||||
| Financial assets | ||||
| Investments at fair value | 2,095,350 | 4,205,180 | 1,510,718 | |
| CURRENT ASSETS | ||||
| Debtors | 17,349 | 23,234 | 8,615 | |
| Cash and cash equivalent | 3,585,926 | 4,077,954 | 3,674,055 | |
| VAT | 85 | - | 85 | |
| 3,603,360 | 4,101,188 | 3,682,755 | ||
| TOTAL ASSETS | 5,698,710 | 8,306,368 | 5,193,473 | |
| NON CURRENT LIABILITIES | ||||
| Deferred tax liabilities | - | (589,721) | - | |
| CURRENT LIABILITIES | ||||
| Creditors | (30,127) | (372,890) | (38,837) | |
| TOTAL LIABILITIES | (30,127) | (962,611) | (38,837) | |
| NET ASSETS | 5,668,583 | 7,343,757 | 5,154,636 | |
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS | ||||
| Called up share capital | 2,020,719 | 2,020,719 | 2,020,719 | |
| Share premium account | 1,557,831 | 1,557,831 | 1,557,831 | |
| Share capital redemption | 350,000 | 350,000 | 350,000 | |
| Revaluation reserve account | 273,585 | 1,376,016 | (400,286) | |
| Share based payment reserves | 130,118 | 130,118 | 130,118 | |
| Profit and loss account | 1,336,330 | 1,909,073 | 1,496,254 | |
| TOTAL EQUITY | 5,668,583 | 7,343,757 | 5,154,636 | |
| TIGER RESOURCE FINANCE PLC | |||||||
| STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2009 | |||||||
| Share capital | Share premium | Capital redemption reserves | Revaluation reserves | Share based payment reserves | Accumulated profit | Total | |
| £ | £ | £ | £ | £ | £ | £ | |
| As at 1 January 2008 | 2,020,719 | 1,557,831 | 350,000 | 3,783,008 | 130,118 | 1,858,742 | 9,700,418 |
| Issue of share capital | - | - | - | - | - | - | - |
| Premium on issue of share capital | - | - | - | - | - | - | - |
| Shares cancellation | - | - | - | - | - | - | - |
| Revaluation of investment | - | - | - | (2,681,318) | - | - | (2,681,318) |
| Deferred tax liability | - | - | - | 881,449 | - | - | 881,449 |
| Transfer to profit on sale of investments | - | - | - | (225,202) | - | - | (225,202) |
| Exercise of warrants | - | - | - | (381,921) | - | - | (381,921) |
| Costs of options payments | - | - | - | - | - | - | - |
| Share buy back | - | - | - | - | - | (76,740) | (76,740) |
| Net profit for the period | - | - | - | - | - | 127,071 | 127,071 |
| As at 30 June 2008 | 2,020,719 | 1,557,831 | 350,000 | 1,376,016 | 130,118 | 1,909,073 | 7,343,757 |
| Issue of share capital | - | - | - | - | - | - | - |
| Premium on issue of share capital | - | - | - | - | - | - | - |
| Shares cancellation | - | - | - | - | - | - | - |
| Revaluation of investment | - | - | - | (2,654,458) | - | - | (2,654,458) |
| Deferred tax liability | - | - | - | 589,721 | - | - | 589,721 |
| Transfer to impairment | - | - | - | 288,435 | - | - | 288,435 |
| Transfer to profit on sale of investments | - | - | - | - | - | - | - |
| Costs of options payments | - | - | - | - | - | - | - |
| Share buy back | - | - | - | - | - | (2,235) | (2,235) |
| Net loss for the period | - | - | - | - | - | (410,584) | (410,584) |
| As at 31 Dec 2008 | 2,020,719 | 1,557,831 | 350,000 | (400,286) | 130,118 | 1,496,254 | 5,154,636 |
| Issue of share capital | - | - | - | - | - | - | - |
| Premium on issue of share capital | - | - | - | - | - | - | - |
| Shares cancellation | - | - | - | - | - | - | - |
| Revaluation of investment | - | - | - | 601,132 | - | - | 601,132 |
| Deferred tax liability | - | - | - | - | - | - | - |
| Transfer to profit on sale of investments | - | - | - | 72,739 | - | - | 72,739 |
| Exercise of warrants | - | - | - | - | - | - | - |
| Costs of options payments | - | - | - | - | - | - | - |
| Share buy back | - | - | - | - | - | - | - |
| Net profit for the period | - | - | - | - | - | (159,924) | (159,924) |
| As at 30 June 2009 | 2,020,719 | 1,557,831 | 350,000 | 273,585 | 130,118 | 1,336,330 | 5,668,583 |
| TIGER RESOURCE FINANCE PLC | ||||
| CASH FLOW STATEMENT FOR THE PERIOD TO 30 JUNE 2009 | ||||
| (Unaudited) | (Unaudited) | (Audited) | ||
| 30 June 09 | 30 June 08 | 31 Dec 08 | ||
| £ | £ | £ | ||
| Cash flow from operations | ||||
| Administrative expenses | (132,963) | (121,949) | (376,525) | |
| Decrease/(Increase) in debtors | (8,734) | (9,613) | 105,005 | |
| Decrease in creditors | 6,141 | (21,687) | (11,176) | |
| Share option charges | - | - | - | |
| Interest received | 8,554 | 103,682 | 192,279 | |
| Other income and investment income received | - | - | 1,335 | |
| Receipts from sale of fixed asset investments | 40,485 | 324,797 | 324,797 | |
| Payments to acquire fixed asset investments | - | (325,000) | (425,000) | |
| Corporate tax paid | (1,612) | - | (262,149) | |
| Net cash flow from operations | (88,129) | (49,770) | (451,434) | |
| Cash flow from financing activities | ||||
| Issue of shares | - | - | - | |
| Purchase of own shares for treasury | - | (76,740) | (78,975) | |
| Net cash flow from financing | - | (76,740) | (78,975) | |
| Net increase/(decrease) in cash in the period | (88,129) | (126,510) | (530,409) | |
| Cash at the beginning of the period | 3,674,055 | 4,204,464 | 4,204,464 | |
| Cash at the end of the period | 3,585,926 | 4,077,954 | 3,674,055 | |
| Interim Report - Notes | ||||
| 1 | The financial information for the six months ended 30 June 2009 and 30 June 2008 is unaudited. The interim accounts have been prepared using the same accounting policies that were used in the Group's statutory accounts to 31 December 2008. In the opinion of the directors the financial information for these periods represents fairly the financial position, operations and cash flows for the period in conformity with International Financial Reporting Standard (IFRS). The interim statement for the six months ended 30 June 2009 was approved by the directors on 29 September 2009. | |||
| 2 | The financial information for the year ended 31 December 2008 does not constitute full accounts, it is an extraction from the Company's accounts for the year in which they have been delivered to the Registrar of Companies and on which the auditors gave an unqualified report. | |||
| 3 | Earnings per ordinary share included in the Income Statement and the NAV calculation is based on weighted average number of shares of 172,621,254. | |||
| 4 | Copies of this interim report are available to the public, free of charge, from 4th Floor, 2 Cromwell Place, London SW7 2JE, during normal office hours. A copy will also be posted on Tiger Resource Finance plc's website www.tiger-rf.com. | |||