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Pin to quick picksTiger Resource Regulatory News (TIR)

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Interim Results

17 Aug 2011 07:00

RNS Number : 4908M
Tiger Resource Finance PLC
17 August 2011
 

17 August 2011

 

TIGER RESOURCE FINANCE PLC

 

Interim Results for the six months ended 30 June 2011

 

CHAIRMAN'S STATEMENT

 

For the six months ended 30 June 2011

 

KEY POINTS

 

 

·; Net Asset Value per share at 30 June 2011 - 4.00p (2010 - 3.41p)

 

·; Total assets of £6.9M as at 30 June 2011 (2010 - £5.9M)

 

·; Tiger Board decision to proceed with Share Buyback through a Tender Offer at 3.75p per qualifying share

 

·; Tender Offer will be available in respect of a maximum of 50m shares equating to a capital return of £1,875,000

 

A difficult market in the first half of the year saw the Company reporting a pre tax profit of £106,639 (2010: £622,729), however some unrealised gains from earlier periods reversed following share price falls across the portfolio.

 

The market for all equities has been erratic in recent times with turmoil in world financial markets due to concerns, initially in some peripheral Euro currency countries, followed by concerns relating to the major Euro economies of Spain and Italy and downgrades in credit rating of the US. There has been a flight from risk and this has introduced the prospect of a double-dip recession, following the difficulties in 2008 post the collapse of Lehman Brothers.

 

There is a common perception that the share prices of a number of well managed companies, across the natural resource sector, with very strong asset backing and prospects have reached levels that appear to offer unprecedented value but caution needs to be exercised as downward pressure remains due to the unwinding of derivative positions and a reluctance of main stream funds to invest.

 

The natural resource sector in both oil and gas and minerals has seen significant re-ratings and in particular companies who have little or no production or are pre-development have suffered very substantial share price falls. In this environment management teams who have succeeded in the past and have the experience of dealing with these market setbacks will be a target for Tiger and we will work with these management teams to assist them to rebuild their valuations and share prices.

 

In the short term, as a result of discussions with shareholders and in an effort to align the net asset value of the Company to the share price, the Directors are proposing to launch a tender offer of up to 50m shares in the Company, representing approximately 28.97 per cent. of the Company's issued share capital (excluding Shares held in Treasury), at a price of 3.75p per share ("Tender Offer"). The Tender Offer will represent a capital return of up to £1,875,000. The formalities of this process are in train and the Directors hope to issue the Circular detailing the Tender Offer and containing a notice of general meeting to consider the necessary shareholder resolutions shortly, on the receipt of regulatory approval.

 

The Board is conscious that the market price of the Company's shares has long remained at a discount to the gross net asset value ("NAV") per share, despite the success of many of the Company's investments. Consequently, the Board has decided to give qualifying shareholders the opportunity to have some of their investment returned in cash by way of the Tender Offer process. This will result in shareholders receiving an enhanced value for a proportion of their shareholding, should they be prepared to tender their shares.

 

Once the Tender Offer is completed, the Board of Tiger will look to make strategic and directed investments into companies that have been oversold in the recent sell off and the Board believes that this correction will create opportunities to acquire quality investments at attractive price levels. Tiger is aware of the opportunities and is monitoring these closely, but will adopt a cautious approach and will focus on delivering and executing the Tender Offer, in the short term.

 

In the period under review the Company has invested in Aurum Mining and New World Oil and Gas, two investments that are seen as having good credentials to offer superior investment returns in the medium to long term.

 

The Board is conscious of utilising its resources to achieve high level returns and we will continue to explore all avenues to succeed in this regard.

 

 

 

BRUCE ROWAN

CHAIRMAN

 

17 August 2011

 

 

 

Portfolio Holdings as at 30 June 2011

 

 

Investments

Number

Cost

Valuation

30/06/2011

30/06/2011

30/06/2011

£

£

African Eagle Resources plc

1,241,174

112,264

124,117

Aurum Mining plc

8,333,333

250,218

291,667

Ascent Resources plc

9,642,857

400,824

318,214

Dominion Petroleum Ltd

2,400,000

158,880

87,120

ETFS Physical Platinum

2,250

245,704

237,037

In-Solve plc

625,000

37,500

31,250

Nautical Petroleum plc

136,502

54,601

427,251

New World Oil and Gas plc

5,000,000

250,218

312,500

Northern Petroleum plc

294,118

250,000

232,353

Sovereign Mines of Africa plc

2,000,000

100,000

210,000

Sunrise Resources plc

665,000

6,650

18,753

Tertiary Minerals plc

1,330,000

119,700

103,075

U308 Holdings plc

4,166,666

125,000

38,750

Vatukoula Gold Mines plc

150,000

112,500

141,375

 

2,224,059

2,573,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2011

 

(Unaudited)

Six months ended

30 June 11

(Unaudited)

Six months ended

30 June 10

 

(Audited)

Year

ended

31 Dec 10

 

£

£

£

Profit/(loss) on sale of available for sale assets

304,696

790,974

1,528,858

Income:

Investment income

447

2,697

3,168

Interest receivable

8,639

7,457

15,818

Administrative expenses

(207,143)

(178,409)

(364,484)

Impairment

-

-

(8,736)

PROFIT/(LOSS) BEFORE TAXATION

106,639

622,719

1,174,624

Taxation

(30,000)

(186,816)

(158,489)

PROFIT/(LOSS) FOR THE PERIOD

76,639

435,903

1,016,135

Other Comprehensive Income

 

Available-for-sale financial assets

 

Unrealised (losses)/gains

(882,829)

386,191

1,662,826

 

Reclassification to profit or loss

(298,189)

(866,160)

(880,696)

 

Tax relating to components of

other comprehensive income

330,685

134,392

(218,995)

OTHER COMPREHENSIVE INCOME AND EXPENSE FOR THE PERIOD, NET OF TAX

 

(850,333)

 

(345,577)

 

563,135

TOTAL COMPREHENSIVE INCOME AND EXPENSE FOR THE PERIOD

 

(773,694)

 

90,326

 

1,579,270

 

 

Basic earnings per share

0.04p

0.25p

(0.59)p

Diluted earrings per share

0.04p

0.24p

(0.57)p

 

 

 

 

 

 

 

 

 

All profits are derived from continuing operations.STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2011

 

(Unaudited)

30 June 11

(Unaudited)

30 June 10

 (Audited)

31 Dec 10

 

£

£

£

NON CURRENT ASSETS

Financial assets

Available-for-sale investments

2,573,661

2,325,462

3,453,633

CURRENT ASSETS

Trade and other receivables

12,879

17,403

16,639

Other debtors

-

938

-

Cash and cash equivalents

4,336,972

3,835,432

4,535,506

4,349,851

3,853,773

4,552,145

TOTAL ASSETS

6,923,512

6,179,235

8,005,778

EQUITY AND LIABILITIES

EQUITY ATTRIBUTABLE TO SHAREHOLDERS

Share capital

1,770,719

2,020,719

2,020,719

Share premium

1,557,831

1,557,831

1,557,831

Other components of equity

979,848

541,350

1,580,181

Retained earnings

2,292,428

1,765,674

2,215,789

TOTAL EQUITY

6,600,826

5,885,574

7,374,520

NON CURRENT LIABILITES

Deferred tax liabilities

97,115

74,413

427,800

CURRENT LIABILITIES

Trade and other payables

38,694

32,432

46,581

Corporate tax payable

186,877

186,816

156,877

225,571

219,248

203,458

TOTAL LIABILITIES

322,686

293,661

631,258

TOTAL EQUITY AND LIABILITIES

6,923,512

6,179,235

8,005,778

 

 

 

STATEMENT OF CHANGES IN EQUITY

AS AT 30 JUNE 2011

 

Other components of equity

Share capital

Share premium

Capital redemption reserve

Other

 reserves

Available-for-sale financial assets

 Share

based

reserves

Retained earnings

Total

 

£

£

£

£

£

£

£

 £ 

As at 1 January 2010

2,020,719

1,557,831

350,000

(208,805)

745,733

130,118

1,199,654

5,795,250

Changes in equity

Available-for-sale financial assets

Current period gains (losses)

-

-

-

-

386,191

-

-

386,191

Reclassification to profit or loss

-

-

-

-

(866,160)

-

-

(866,160)

Tax relating to components of other comprehensive income

-

-

-

134,392

-

-

-

134,392

Profit (loss) for the period

-

-

-

-

-

-

435,901

435,901

Total comprehensive income and expense for the period

-

-

-

134,392

(479,969)

-

435,901

90,324

As at 30 June 2010

2,020,719

1,557,831

350,000

(74,413)

265,764

130,118

1,635,555

5,885,574

Changes in equity

Available-for-sale financial assets

Current period gains (losses)

-

-

-

1,276,635

-

-

1,276,635

Reclassification to profit or loss

-

-

-

(14,536)

-

-

(14,536)

Tax relating to components of other comprehensive income

-

-

-

(353,387)

-

-

-

(353,387)

Profit (loss) for the period

-

-

-

-

-

-

580,234

580,234

Total comprehensive income and expense for the period

(353,387)

1,262,099

-

580,234

1,488,946

As at 31 Dec 2010

2,020,719

1,557,831

350,000

(427,800)

1,527,863

130,118

2,215,789

7,374,520

Changes in equity

Available-for-sale financial assets

Current period gains (losses)

-

-

-

-

(882,829)

-

-

(882,829)

Reclassification to profit or loss

-

-

-

-

(298,189)

-

-

(298,189)

Tax relating to components of other comprehensive income

-

-

-

330,685

-

-

-

330,685

Profit (loss) for the period

-

-

-

-

-

-

76,639

76,639

Cancellation of shares held in treasury

(250,000)

-

250,000

-

-

-

-

-

Total comprehensive income and expense for the period

(250,000)

-

250,000

330,685

(1,181,018)

-

76,639

(773,694)

As at 30 June 2011

1,770,719

1,557,831

600,000

(97,115)

346,845

130,118

2,292,428

6,600,826

 

 

CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2011

 

 

 

(Unaudited)

30 June 11

(Unaudited)

30 June 10

(Audited)

31 Dec 10

£

£

CASH FLOW FROM OPERATIONS

Profit/(loss) before taxation

106,639

622,719

1,174,624

(Increase)/Decrease in receivables

3,560

(4,479)

(1,735)

Increase/(Decrease) in payables

(7,887)

(15,470)

(2,846)

Adjustment for (profit)/loss on sale of available for sale assets

(304,696)

(790,754)

(1,520,122)

NET CASH OUTFLOW FROM OPERATING ACTIVITIES

 

 

(202,384)

(187,984)

(350,079)

TAXATION PAID

 

-

-

-

CASH FLOW FROM INVESTING ACTIVITIES

Sale of assets available for sale

664,455

1,445,781

2,310,129

Purchase of assets available for sale

(660,605)

(891,833)

(894,012)

Adjustment for additional investment income

-

-

-

NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES

 

3,850

553,948

1,416,117

CASH FLOW FROM FINANCING ACTIVITIES

NET CASH OUTFLOW FROM INVESTING ACTIVITIES

-

Net increase/(decrease) in cash and cash equivalents in the period

 (198,534)

 

 365,964

1,066,038

Cash and cash equivalents at the beginning of the period

4,535,506

3,469,468

3,469,468

Cash and cash equivalents at the end of the period

4,336,972

3,835,432

4,535,506

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interim Report - Notes

1

The financial information for the six months ended 30 June 2011 and 30 June 2010 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 2010. 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 2011 was approved by the directors on 12 August 2011.

2

The financial information for the year ended 31 December 2010 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 172,571,939.

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.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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