Interim Results

25 Jul 2006 13:47

Tiger Resource Finance PLC25 July 2006 Tiger Resource Finance plc ("Tiger" or the "Company") Interim Results for the six months ended 30 June 2006 Chairman's Statement Highlights: • Net Asset Value per share 4.85p• Total assets of £9.7M at 30 June 2006 At the end of the half year period the Net Asset Value (NAV) was 4.85p comparedto 4.32p at 30 June 2005 and 4.77p on 31 December 2005. This represents anincrease of 12% compared to the NAV at 30 June 2005. The NAV is based on anincrease in the company's total assets of £0.3M to £9.7M compared to 30 June2005. The six-month stock market activity during the period under review was extremelyvolatile with commodity prices reaching all time highs both for precious andbase metals. This commodity price increase was driven by the investmentcommunity taking direct positions in metals, possibly advancing prices wellbeyond physical demand levels. The situation spiralled to the point that asevere correction occurred during early May 2006. Share prices of the majorscorrected due to lower anticipated revenues whilst share prices of the juniorsdecreased even further which is fairly typical for a resource sector correction. June 2006 witnessed commodity prices recovering, resulting in some improvementin the share prices of both the majors and juniors. Political tension aroundthe world led to a firming of oil prices combined with internationalinflationary fears and anticipated interest rate rises. These issues furtherdampened share prices across most sectors. Consequently, despite recoveringcommodity prices over the last few weeks, the resource sector has been unable toattain prices achieved in the first quarter. Tiger feels confident about the mid-term since new metal discoveries arenecessary to meet the thirst for raw materials in developing economies. Theboard continues to believe that a major discovery in base metals is overdue andwill continue its focus to seek out junior metal explorers with above averagepotential. The Board received shareholder permission to buy-back the Company's own sharesat the last AGM although no buy-backs have been made under this new permission.This situation is subject to continuous monitoring. The 35 million sharespreviously held in treasury were cancelled on the 4 July 2006 resulting in200,881,939 ordinary shares outstanding in the Company effective from the samedate. Against this volatile background the Company will seek new buying opportunitiesto further enhance NAV growth and maximise shareholder value. Bruce RowanChairman 25 July 2006 Portfolio Holdings as at 30 June 2006 Investments Number Cost Valuation 30/06/2006 30/06/2006 30/06/2006 £ £African Eagle Resource Plc 1,241,274 112,264 142,735 Alamos Gold Inc. 106,293 27,610 471,250 Ascent Resources Plc 29,093,406 534,890 2,909,341 Formation Capital Corp 2,025,000 207,043 299,261 Franconia Minerals Corp (OFEX) 333,333 45,432 110,000 Franconia Minerals Corp (TSE) 625,000 107,562 249,384 Gold Fields Ltd 10,500 32,759 128,863 Minmet Plc 17,471,488 241,135 110,070 Nautical Petroleum Plc 9,000,000 180,000 967,500 Pacific North West Corp 566,500 107,682 108,835 Pan African Resources Plc 5,098,033 175,000 254,902 Ridge Mining Plc 100,000 178,477 37,750 River Diamonds Plc 8,144,207 125,000 81,442 Sunrise Diamonds Plc 665,000 6,650 19,950 Tertiary Minerals Plc 1,330,000 119,700 129,675 Fair value of warrants 14,195,284 - 32,328 MIT Ventures Corp loan note - 40,000 40,000 2,241,204 6,093,286 TIGER RESOURCE FINANCE PLC PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE 2006 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended Ended Ended 30 June 06 30 June 05 31 Dec 05 £ £ £ Administrative expenses (119,456) (120,403) (400,076) OPERATING LOSS (119,456) (120,403) (400,076) Profit/(loss) of fixed asset investments 0 298,958 298,958 Investment income 382 264 25,619 Interest receivable 90,026 114,801 226,692 PROFIT/(LOSS) ON ORDINARY ACTIVITIES (29,048) 293,620 151,193BEFORE TAXATION Tax on profit on ordinary activities 0 (49,000) (46,441) PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER (29,048) 244,620 104,752TAXATION Basic earnings/(loss) per share 0.00p 0.10p 0.05p Diluted earnings/(loss) per share 0.00p 0.10p 0.05P STATEMENT OF TOTAL REALISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 30 JUNE 2006 (Unaudited) (Unaudited) (Audited) 30 June 06 30 June 05 31 Dec 05 £ £ £ Profit/(loss) for the period (29,048) 244,620 104,752 Unrealised gains on fixed asset investments 586,875 1,055,478 2,523,551 Unrealised losses on fixed asset investments (400,992) (659,003) (830,841) Tax on gains on fixed asset investments 0 (286,000) (609,666) Total recognised gains/(losses) 156,835 355,095 1,187,796 TIGER RESOURCE FINANCE PLC BALANCE SHEET AT 30 JUNE 2006 (Unaudited) (Unaudited) (Audited) 30 June 06 30 June 05 31 Dec 05 £ £ £FIXED ASSETSFinancial assets Quoted investments - at market value 6,093,286 4,301,264 5,832,391 CURRENT ASSETS Debtors 22,003 25,632 10,439 Cash at bank and in hand 4,335,602 5,815,356 4,456,745 4,357,605 5,840,988 4,467,184CREDITORS Amounts falling due within one year (713,352) (756,794) (718,871) NET CURRENT ASSETS 3,644,253 5,084,194 3,748,313 TOTAL ASSETS LESS CURRENT LIABILITIES 9,737,539 9,385,458 9,580,704 CAPITAL AND RESERVES Called 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 3,852,071 2,369,953 3,666,188Profit and loss account 1,971,793 3,101,830 2,000,841 SHAREHOLDERS FUNDS 9,737,539 9,385,458 9,580,704 Interim Report - Notes 1 The information relating to the six-month periods ended 30 June 2006 and 30 June 2005 is unaudited. The information relating to the year ended 31 December 2005 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 200,881,939. The NAV calculation is based on the total number of issued shares (235,881,939) less shares held in treasury (35,000,000) i.e. 200,881,939 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. For further information please contact: Bruce Rowan, Chairman Tel: +0044 (0) 20 7486 3997Colin Bird, Director Tel: +0044 (0) 20 7581 4477 This information is provided by RNS The company news service from the London Stock Exchange