Tiger Resource Regulatory News (TIR)

9 Aug 2005 07:00

Tiger Resource Finance PLC09 August 2005 Tiger Resource Finance plc ("Tiger" or the "Company") Interim Results for the six months ended 30 June 2005. Chairman's Statement Highlights: • Net Asset Value per share 4.32p • Total assets of £9.4M at 30 June 2005 NAV @ 30/06/05 NAV @ 30/06/04 NAV @ 31/12/04 4.32p 2.65p 4.15p The six months ended 30 June 2005 produced a net profit of £244,620 compared toa loss of £335,235 for the six months to 30 June 2004. At the end of the halfyear period the Net Asset Value (NAV) was 4.32p compared to 2.65p at 30 June2004 and 4.15p on 31 December 2004. This represents an increase of 63% comparedto the NAV at 30 June 2004. The NAV is based on an increase in the Company'stotal assets of £3.1M to £9.4M since 30 June 2004. The resource sector has enjoyed a very buoyant first half with record newlistings and secondary placings. There are indications of slow down andconsolidation which we feel will prevail until late autumn. We anticipate afurther strong market thereafter based on China and Far East metal demand. TheBoard of Tiger is taking a cautious view to new investment in the light of theenormous volume of product currently available for investment. We ventured into the oil and gas sector making two investments of 9M shares inNautical Petroleum plc and 26.9M shares in Ascent Resources plc spread over thelatter half of 2004 and in the current six month period. These investments areshowing gains of £0.9M (an increase of 525%) and £1.1M (an increase of 248%)respectively at 30 June 2005. The Board have shareholder permission to buy-back the Company's own sharesalthough no buy-backs were made during the current period. This situation isbeing continually monitored. We are confident that increased shareholder value will be maintained in thecoming months and that the Company's NAV growth will we be sustained. Bruce Rowan Chairman 9 August 2005 Portfolio Holdings as at 30 June 2005 Investments Number Cost Valuation Number Valuation 30/06/2005 30/06/2005 30/06/2005 30/06/2004 30/06/2004 £ £ £ African Eagle Resource Plc 1,241,274 112,264 226,514 1,241,274 232,100 Alamos Gold Inc. 106,293 27,610 201,095 106,293 85,784 Ascent Resources Plc 26,895,604 425,000 1,479,258 - - Cambrian Mining Plc - - - 1,350,000 664,625 Formation Capital Corp 2,025,000 207,043 246,284 2,025,000 441,921 Franconia Minerals Corp 333,333 45,432 46,667 1,666,667 68,750(OFEX) Franconia Minerals Corp 625,000 107,562 97,128 - -(TSE) Gold Fields Ltd 10,500 32,759 66,564 10,500 61,715 Minmet Plc 17,471,488 241,135 246,348 17,471,488 541,616 Nautical Petroleum Plc 9,000,000 180,000 1,125,000 - - Pacific North West Corp 566,500 107,682 102,072 566,500 139,957 Ridge Mining Plc 100,000 178,477 37,000 100,000 52,000 River Diamonds Plc 8,144,207 100,000 183,245 6,666,666 191,667 Sunrise Diamonds Plc 665,000 6,650 16,625 - - Tertiary Minerals Plc 1,330,000 119,700 76,475 1,330,000 136,325 Fair value of warrants 16,010,302 - 110,989 15,516,667 458,792 MIT Ventures Corp loan - 40,000 40,000 - 40,000note 1,931,314 4,301,264 3,095,252 PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE 2005 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 June 05 30 June 04 31 Dec 04 £ £ £Administrative expenses (120,403) (123,778) (332,892) ------------ ------------ ----------OPERATING LOSS (120,403) (123,778) (332,892)Profit/(loss) of fixed asset investments 298,958 (270,961) 340,014Other operating income 264 4,091 8,190Interest receivable 114,801 55,413 134,048 ----------- ---------- ---------PROFIT/(LOSS) ON ORDINARY ACTIVITIES 293,620 (335,235) 149,360BEFORE TAXATIONTax on profit on ordinary activities (49,000) - 65,374 ----------- ---------- ----------PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 244,620 (335,235) 214,734Basic earnings/(loss) per share 0.10p (0.14p) 0.09pDiluted earnings/(loss) per share 0.10p (0.13p) 0.09p STATEMENT OF TOTAL REALISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 30 JUNE 2005 (Unaudited) (Unaudited) (Audited) 30 June 05 30 June 04 31 Dec 04 £ £ £Profit/(loss) for the period 244,620 (335,235) 214,734Unrealised gains on fixed asset investments 1,055,478 191,754 3,100,122Unrealised losses on fixed asset investments (659,003) (567,505) (655,545)Tax on gains on fixed asset investments (286,000) (154,000) (369,209) ------------- ------------ ------------Total recognised gains/(losses) 355,095 (864,986) 2,290,102 -------------- ------------ ------------ BALANCE SHEET AT 30 JUNE 2005 (Unaudited) (Unaudited) (Audited) 30 June 05 30 June 04 31 Dec 04 £ £ £FIXED ASSETSFinancial assets Quoted investments - at market value 4,301,264 3,095,251 5,732,891 ------------ ------------ ------------CURRENT ASSETS Debtors 25,632 16,140 11,755 Cash at bank and in hand 5,815,356 3,672,937 3,732,178 ------------- ------------ ------------ 5,840,988 3,689,077 3,743,933CREDITORS Amounts falling due within one year (756,794) (534,270) (446,461) ------------ ----------- -----------NET CURRENT ASSETS 5,084,194 3,154,807 3,297,472 ------------ ----------- ------------TOTAL ASSETS LESS CURRENT LIABILITIES 9,385,458 6,250,058 9,030,363 ============ =========== ============CAPITAL AND RESERVESCalled up share capital 2,358,819 2,358,819 2,358,819Share premium account 1,554,856 1,554,856 1,554,856Revaluation reserve account 2,369,953 1,583,150 4,008,228Profit and loss account 3,101,830 753,233 1,108,460 ------------ ----------- ------------SHAREHOLDERS FUNDS 9,385,458 6,250,058 9,030,363 ============ =========== ============ Interim Report - Notes 1 The information relating to the six-month periods ended 30 June 2005 and 30 June 2004 is unaudited. The information relating to the year ended 31 December 2004 is extracted from the audited accounts of the company which have been filed at companies House and on which the auditors issued an unqualified report. 2 The above financial information does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. 3 Earnings/Losses per ordinary share included in the Profit and Loss statement is based on the weighted average number of shares of 235,881,939. The NAV calculation is based on the total number of issued shares (235,881,939) less shares held in treasury (18,400,000) i.e. 217,481,939 shares. 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. 5 Profit and Loss reserves include a credit of £2,034,750, being a transfer from revaluation reserves of prior period unrealised gains realised in the current period. For further information please contact: Bruce Rowan, Chairman Tel: +0044 (0) 20 7486 3997 Colin Bird, Director Tel: +0044 (0) 20 7581 4477 This information is provided by RNS The company news service from the London Stock Exchange