Tiger Resource Regulatory News (TIR)

Investments

Number

Cost

Valuation

30/06/2008

30/06/2008

30/06/2008

£

£

African Eagle Resource Plc

1,241,274

112,264

93,088

Africa Oil Exploration Plc (1) 

625,000

100,000

101,563

Ascent Resources Plc

24,642,857

550,824

1,478,571

Franconia Minerals Corp

475,733

69,939

273,925

Gold Fields Ltd

10,500

32,759

66,608

Minmet Plc

873,574

241,135

33,895

Nautical Petroleum Plc

9,000,000

180,000

709,200

Pacific North West Corp

566,500

107,682

82,953

Pan African Resources Plc

5,098,333

175,013

280,408

Ridge Mining Plc

100,000

178,477

116,000

Sunrise Diamonds Plc

665,000

6,650

7,481

Tertiary Minerals Plc

1,330,000

119,700

71,488

U308 Holdings Plc (2)

4,166,666

125,000

333,333

Vatukoula Gold Mines Plc (formerly River Diamonds Plc) (3)

13,333,332

200,000

516,667

Fair value of warrants & loan notes

MIT Ventures Corp loan note

-

40,000

40,000

TIGER RESOURCE FINANCE PLC

INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008

(Unaudited)

(Unaudited)

(Audited)

Six months 

Six months 

Year

ended

ended

ended

30 June 08

30 June 07

31 Dec 07

£

£

£

Administrative expenses

(121,949)

(121,655)

(375,687)

Profit on sale of non-current investments

199,797

333,914

1,114,378

Investment income

-

654

1,387

Interest receivable

103,682

95,618

230,498

PROFIT BEFORE TAXATION

181,530

308,531

970,576

Taxation

(54,459)

(92,559)

(255,120)

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

127,071

215,972

715,456

Basic earnings per share

0.07p

0.11p

0.39p

Diluted earnings per share

0.07p

0.10p

0.37p

TIGER RESOURCE FINANCE PLC

BALANCE SHEET AT 30 JUNE 2008

(Unaudited)

(Unaudited)

(Audited)

30 June 08

30 June 07

31 Dec 07

£

£

£

NON CURRENT ASSETS

Financial assets

Investments at fair value

4,205,180

6,584,395

7,193,618

CURRENT ASSETS

Debtors

23,234

11,810

113,621

Cash and cash equivalent

4,077,954

4,477,709

4,204,464

4,101,188

4,489,519

4,318,085

TOTAL ASSETS 

8,306,368

11,073,914

11,511,703

NON CURRENT LIABILITIES 

Deferred tax liabilities

(589,721)

(1,395,484) 

(1,471,170)

CURRENT LIABILITIES 

Creditors

(372,890)

(289,593)

(340,115)

TOTAL LIABILITIES

(962,611)

(1,685,077)

(1,811,285)

NET ASSETS

7,343,757

9,388,837

9,700,418

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

1,376,016

3,256,130

3,783,008

Share based payment reserves

130,118

130,118

130,118

Profit and loss account

1,909,073

2,074,039

1,858,742

TOTAL EQUITY

7,343,757

9,388,837

9,700,418

TIGER RESOURCE FINANCE PLC

STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2008

Share capital

Share premium

Capital redemption reserves

Revaluation reserves

Share based payment reserves

Accumulated profit

Total

£

£

£

£

£

£

£

As at 1 January 2007

2,008,819

1,554,856

350,000

2,205,480

130,118

1,938,314

8,187,587

Issue of share capital

11,900

-

-

-

-

-

11,900

Premium on issue of share capital

-

2,975

-

-

-

-

2,975

Shares cancellation

-

-

-

-

-

-

-

Revaluation of investment

-

-

-

1,500,929

-

-

1,500,929

Deferred tax liability 

-

-

-

(450,279)

-

-

(450,279)

Costs of options payments 

-

-

-

-

-

-

-

Share buy back

-

-

-

-

-

(80,247)

(80,247)

Net profit for the period

-

-

-

-

-

215,972

215,972

As at 30 June 2007

2,020,719

1,557,831

350,000

3,256,130

130,118

2,074,039

9,388,837

Issue of share capital

-

-

-

-

-

-

-

Premium on issue of share capital

-

-

-

-

-

-

-

Shares cancellation

-

-

-

-

-

-

-

Revaluation of investment

-

-

-

1,135,460

-

-

1,135,460

Deferred tax liability 

-

-

-

(75,686)

-

-

(75,686)

Transfer to profit on sale of investments

-

-

-

(532,896)

-

-

(532,896)

Costs of options payments

-

-

-

-

-

-

-

Share buy back

-

-

-

-

-

(714,781)

(714,781)

Net profit for the period

-

-

-

-

-

499,484

499,484

As at 31 Dec 2007

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

TIGER RESOURCE FINANCE PLC

CASH FLOW STATEMENT AS AT 30 JUNE 2008

(Unaudited)

(Unaudited)

(Audited)

30 June 08

30 June 07

31 Dec 07

£

£

£

Cash flow from operations

Administrative expenses

(121,949)

(121,655)

(375,687)

Decrease/(Increase) in debtors

(9,613)

105,351 

103,540

Decrease in creditors

(21,687)

(106,279)

(101,401)

Share option charges

-

- 

Interest received

103,682

95,618 

230,498

Other income and investment income received

-

654 

1,387

Receipts from sale of fixed asset investments

324,797

353,914 

1,193,652

Payments to acquire fixed asset investments

(325,000)

- 

(165,934)

Corporate tax paid

-

-

(116,917)

Net cash flow from operations

(49,770)

327,603

769,138

Cash flow from financing activities

Issue of shares

-

14,875 

14,875

Purchase of own shares for treasury

(76,740)

(80,248)

(795,028)

Net cash flow from financing

(76,740)

(65,373)

(780,153)

Net increase/(decrease) in cash in the period

(126,510)

262,230 

(11,015)

Cash at the beginning of the period

4,204,464

4,215,479 

4,215,479

Cash at the end of the period

4,077,954

4,477,709 

4,204,464

Interim Report - Notes

1

The financial information for the six months ended 30 June 2008 and 30 June 2007 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 2007. 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 2008 was approved by the directors on 25 September 2008.

2

The financial information for the year ended 31 December 2007 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.