TIDMTIR
RNS Number : 6831N
Tiger Resource PLC
26 September 2019
For immediate release
26 September 2019
TIGER RESOURCE PLC ("Tiger" or the "Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30
JUNE 2019
Chairman's Report
Net Asset Value per share - 30 Jun 2019 - 0.39p / 31 Dec 2018 -
0.40p (30 June 2018 - 0.69p)
Total assets - 30 Jun 2019 - GBP728k / 31 Dec 2018 - GBP753k (30
June 2018 - GBP1.27M)
The period under review has been unfavourable for "small cap"
stocks in the resource sector despite major markets remaining
buoyant. The strength in the world's key stock markets does not
appear to have any underlying substance and geo-political threats
exist in many regions of the world. The forecast for global
recession seems to be a general consensus amongst sophisticated
investors, but despite this, with the exception of bonds, most
asset classes remain resilient to correction.
The trade war between China and the USA has been very damaging
for metal and commodity prices and the effects are now being felt
in China, with growth forecasts being cut going forward. This
scenario continues to have a serious impact on the share valuations
of various mining conglomerates with a magnified knock-on effect
being experienced in the junior resource sector. The expected
increases in base metal prices have not yet materialised and the
only beneficiary from these adverse conditions is Gold, which
always benefits during times of geo-political tension.
Smaller companies in the natural resource sector have
experienced considerable challenges with raising cash to develop
their projects and only those companies, which are in or close to
production are raising the necessary funding for progressive work.
Companies with projects engaged in early stage exploration and
non-generative work are experiencing extreme difficulties with fund
raising for meaningful technical advancement.
We anticipate that ongoing political and diplomatic negotiations
will alleviate most of the current geo-political tensions. My own
view is that the USA/China trade war will also find some form of
resolution and that Brexit will be "fudged", leaving the Middle
Eastern disputes as the key political risk. Resolution of the trade
war will undoubtedly result in improved metal prices and this
phenomenon has been evidenced whenever rumours have emerged of a
possible reconciliation of trade issues between the two key trading
partners, USA and China.
We as a Board remain confident that the disposable income and
new wealth creation in emerging markets will provide the catalyst
on the demand side, whilst supply fundamentals continue to be very
tight, due to existing mine closures and delays being experienced
in the opening of new facilities to replace this lost production.
This situation cannot continue without resulting in higher
commodity prices, and we remain confident for the sector in the
mid-term.
During the period under review, Tiger sold 2,700 Royal Dutch
Shell Plc shares on 22 February 2019 realising net proceeds of
GBP64,933 and crystallising a small loss of GBP8,301 on the sale.
However, this investment has been held by Tiger for some years and
has delivered a good yield over time which more than compensates
the small loss realised. A further disposal of 625,000 shares in
Block Energy Plc on 17 April 2019 produced net proceeds of
GBP64,035 and a profit of GBP38,935 on the sale.
We firmly believe that the group holds a diverse portfolio of
good investments, most of which should perform well as the resource
sector comes back into favour, thus helping to rebuild shareholder
value in the coming months.
Colin Bird
Chairman
26 September 2019
Portfolio Holdings as at 30 June 2019
Investments Number Cost Valuation
GBP GBP
Anglo American
Plc 11,500 250,112 258,117
------------ ------------ ----------
Barkby Group Plc 60,606 100,000 2,879
------------ ------------ ----------
Bezant Resources
Plc 55,555,556 250,435 50,000
------------ ------------ ----------
Block Energy Plc 625,000 25,100 62,500
------------ ------------ ----------
BMR Group Plc 2,500,000 50,217 -
------------ ------------ ----------
Corallian Energy
Ltd 20,000 30,000 30,000
------------ ------------ ----------
ETFS Copper 1,760 29,864 34,676
------------ ------------ ----------
Galileo Resources
Plc 6,516,667 78,335 33,235
------------ ------------ ----------
Goldquest Mining
Corp 173,500 30,259 14,088
------------ ------------ ----------
Jubilee Metals
Group Plc 1,169,600 100,219 38,948
------------ ------------ ----------
Pantheon Resources
Plc 31,500 30,340 6,694
------------ ------------ ----------
Revelo Resources
Corp 216,667 62,965 2,600
------------ ------------ ----------
Royal Dutch Shell
Plc B Shares 2,700 73,234 69,687
------------ ------------ ----------
Total 603,424
------------ ------------ ----------
African Pioneer
Plc
------------ ------------ ----------
Europa Minerals
Ltd 130,499,858 65,250 13,050
------------ ------------ ----------
Galileo Resources
Plc 2,500,000 50,000 12,750
------------ ------------ ----------
Jubilee Metals
Group Plc 917,802 34,834 30,563
------------ ------------ ----------
Revelo Resources
Corp 1,515,000 53,651 15,942
------------ ------------ ----------
South 32 Plc 13,845 28,607 24,090
------------ ------------ ----------
Xtract Resources
Plc 606,060 20,217 5,151
------------ ------------ ----------
Total 101,546
------------ ------------ ----------
Total Investments 704,970
------------ ------------ ----------
Tiger Resource Plc Raju Samtani, Director +44 (0)20 7581 4477
Roland Cornish
Beaumont Cornish Felicity Geidt
(Nomad) Email:corpfin@b-cornish.co.uk +44 (0)20 7628 3369
Novum Securities Plc
(Broker) Jon Belliss +44 (0)20 7399 9425
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2019
(Unaudited) (Unaudited) (Audited)
Group Six Group Six months Group Year
months ended ended ended
30 June 19 30 June 18 31 Dec 18
GBP GBP GBP
Gain on investments 114,130 476,252 (104,110)
Income:
Investment income 9,098 93 11,784
Interest receivable 12 163 214
Administrative expenses (148,075) (190,719) (327,937)
Impairment - (71,720) -
---------------------------------- --------------- ------------------- -------------
(LOSS) /PROFIT BEFORE TAXATION (24,835) 214,069 (420,049)
Taxation - - -
---------------------------------- --------------- ------------------- -------------
(LOSS) /PROFIT FOR THE
PERIOD (24,835) 214,069 (420,049)
---------------------------------- --------------- ------------------- -------------
Other Comprehensive Income
Available-for-sale financial - (167,548) -
assets unrealised profit/(loss)
Reclassification to profit - 46,392 -
or loss
Transfer to Impairment - - -
OTHER COMPREHENSIVE PROFIT/
(LOSS) FOR THE PERIOD,
NET OF TAX - (121,156) -
---------------------------------- --------------- ------------------- -------------
TOTAL COMPREHENSIVE (LOSS)/
PROFIT FOR THE PERIOD (24,835) 92,913 (420,049)
---------------------------------- --------------- ------------------- -------------
(Loss)/profit for the period
attributable to:
Shareholders of the Company (3,827) 110,695 (380,037)
Non-controlling interest (21,008) (17,782) (40,012)
---------------------------------- --------------- ------------------- -------------
(24,835) 92,913 (420,049)
---------------------------------- --------------- ------------------- -------------
Basic earnings per share (0.002)p 0.12p (0.20)p
Diluted earnings per share (0.002)p 0.12p (0.20)p
All profits are derived from continuing operations.
Consolidated Statement of Financial Position
As at 30 June 2019
(Unaudited) (Unaudited) (Audited)
Group Group Group
30 June 30 June 31 Dec 18
19 18
GBP GBP GBP
NON CURRENT ASSETS
Financial assets at fair value
through profit or loss -
Investments 704,970 1,082,778 719,783
704,970 1,082,778 719,783
CURRENT ASSETS
Trade and other receivables 19,402 34,397 9,111
Cash and cash equivalents 42,169 205,269 66,779
61,571 239,666 75,890
TOTAL ASSETS 766,541 1,322,444 795,673
EQUITY AND LIABILITIES
EQUITY ATTRIBUTABLE TO SHAREHOLDERS
Share capital 1,474,334 1,474,334 1,474,334
Share premium 1,669,216 1,669,216 1,669,216
Other components of equity 1,100,000 1,302,999 1,100,000
Retained earnings (3,520,056) (3,228,496) (3,516,229)
------------------------------------- -------------- -------------- ------------
EQUITY ATTRIBUTABLE TO THE
OWNERS 723,494 1,218,053 727,321
Equity interest of non-controlling
interest 4,845 48,083 25,853
TOTAL EQUITY 728,339 1,266,136 753,174
CURRENT LIABILITIES
Trade and other payables 38,202 56,308 42,499
Corporate tax payable - - -
------------------------------------- -------------- -------------- ------------
38,202 56,308 42,499
TOTAL LIABILITIES 38,202 56,308 42,499
------------------------------------- -------------- -------------- ------------
TOTAL EQUITY AND LIABILITIES 766,541 1,322,444 795,673
------------------------------------- -------------- -------------- ------------
Consolidated Statement of Changes in Equity
As at 30 June 2019
Other components of equity
Share Share Capital Other Available-for-sale Share Retained Non-controlling Total
capital premium redemption reserves financial based earnings interest
reserve assets reserves
GBP GBP GBP GBP GBP GBP GBP GBP GBP
As at 31 December
2017 1,474,334 1,669,216 1,100,000 - - - (3,136,192) 65,865 1,173,223
---------- ---------- ---------- ---- ---- ---- ------------ ---------- ------------
Changes in equity
Profit/ (Loss)
for the period - - - - - - 229,659 (15,590) 214,069
Other Comprehensive
(loss)
Available-for-sale
Financial Assets:
Current Period
Losses
Transfer to impairment - - - - - - (143,333) (24,215) (167,548)
Transfer on disposal - - - - - - 24,369 22,023 46,392
- - - - - - - - -
Total comprehensive
expense for the
period - - - - - - 110,695 (17,782) 92,913
As at 30 June
2018 1,474,334 1,669,216 1,100,000 - - - (3,025,497) 48,083 1,266,136
---------- ---------- ---------- ---- ---- ---- ------------ ---------- ------------
Changes in equity
Profit/ (Loss)
for the period - - - - - - (490,732) (22,230) (512,962)
Total comprehensive
expense for the
period - - - - - - (490,732) (22,230) (512,962)
As at 31 December
2018 1,474,334 1,669,216 1,100,000 - - - (3,516,229) 25,853 753,174
---------- ---------- ---------- --- ------------ ------- --------
Changes in equity
Profit/(Loss)
for the period - - - - - - (3,827) (21,008) (24,835)
Total comprehensive
expense for the
period - - - - - - (3,827) (21,008) (24,835)
As at 30 June
2019 1,474,334 1,669,216 1,100,000 - - - (3,520,056) 4,845 728,339
---------- ---------- ---------- --- -------------- --------- ---------
Cash Flow Statement
For the six months ended 30 June 2019
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 Dec
19 18 18
GBP GBP GBP
CASH FLOW FROM OPERATIONS
(Loss)/profit before taxation (24,835) 214,069 (420,049)
Adjustment for:
Interest received (12) (163) (214)
Dividends received (9,098) (94) (11,784)
Change in fair value of investments 104,110
------------------------------------------- ------------- ------------- ------------
Operating (loss) before movement
in working capital (33,945) 213,812 (327,937)
(Increase)/decrease in receivables (10,290) 27,234 30,348
Increase/(decrease) in payables (4,323) (123,878) (137,700)
Gain on disposal of financial asset
at fair value (114,130) (476,021) -
Impairment of investments - 71,720 -
NET CASH (OUTFLOW) FROM OPERATING
ACTIVITIES (162,688) (287,133) (435,289)
------------------------------------------- ------------- ------------- ------------
TAXATION PAID -
CASH FLOW FROM INVESTING ACTIVITIES
Interest received 12 163 214
Dividends received 9,098 94 11,784
Sale of investments 128,968 739,631 787,396
Purchase of investments - (503,291) (553,131)
------------------------------------------- ------------- ------------- ------------
NET CASH INFLOW FROM INVESTING ACTIVITIES 138,078 236,597 246,263
CASH FLOW FROM FINANCING ACTIVITIES
Purchase of shares by minorities - - -
------------------------------------------- ------------- ------------- ------------
NET CASH INFLOW / (OUTFLOW) FROM - - -
FINANCING ACTIVITIES
Net increase/(decrease) in cash
and cash equivalents in the period (24,610) (50,536) (189,026)
Cash and cash equivalents at the
beginning of the period 66,779 255,805 255,805
Cash and cash equivalents at the
end of the period 42,169 205,269 66,779
Selected notes to the consolidated financial statements
For the six months ended 30 June 2019
1. Basis of preparation
The financial statements have been prepared under the historical
cost convention except for the measurement of certain non-current
asset investments at fair value. The measurement basis and
principal accounting policies of the Group are set out below. The
financial statements have been prepared using policies based on
International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB) and endorsed by the
European Union. These interim financial statements for the period
ended 30 June 2019 have been prepared by applying the accounting
policies adopted in the audited accounts for the year ended 31
December 2018. As permitted, the Group has chosen not to adopt IAS
34 "Interim Financial Reporting".
The financial information set out in this interim report does
not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The group's statutory financial statements for
the period ended 31 December 2018, prepared under International
Financial Reporting Standards (IFRS), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
2. Earnings Per Share
Basic Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 December
30 June 2019 30 June 2018 2018
Profit/(Loss) after tax for
the purpose of
earnings per share GBP(3,827) GBP229,659 GBP(380,037)
Weighted average number of
shares 188,847,070 184,347,070 188,847,070
Basic earnings per ordinary
share (0.002)p 0.12p (0.20)p
Diluted
Profit/(loss) after tax GBP(3,827) GBP229,659 GBP(380,037)
Weighted average number of
shares 188,847,070 184,847,070 188,847,070
Diluted effect of options - - -
Diluted weighted average
number of shares 188,847,070 184,847,070 188,847,070
Diluted earnings per ordinary
share (0.002)p 0.12p (0.20)p
3. Deferred Tax
A deferred tax asset on revaluation of AFS investments arose
during the period. However, deferred tax assets are not recognised
due to the unpredictability of future profit streams arising from
the disposal of investments held by the Group. Losses may be
carried forward indefinitely and will only be recoverable if
suitable profits arise in the future.
4. Called Up Share Capital
The share capital of Tiger Resource Plc consists only of fully
paid ordinary shares with a nominal value of 0.1p each. All
Ordinary shares are equally eligible to receive dividends and the
repayment of capital and represent one vote at the shareholders'
meeting of the Company.
30 June 30 June
2019 2018
GBP GBP
Authorised:
10,000,000,000 (2018: 10,000,000,000) ordinary
shares 0.1p
(30 June 2018 - 1p each) 10,000,000 10,000,000
142,831,939 deferred shares of 0.9p each (30
June 2018: 142,831,939 deferred shares of 0.9p
each ) 1,285,487 1,285,487
----------- ---------------
4. Called Up Share Capital (continued)
Issued: 30 June 30 June
2019 2018
GBP GBP
188,847,070 Ordinary shares 0.1p (30 June 2018:
142,831,939 Ordinary Shares of 1p each) 188,847 188,847
142,831,939 deferred shares of 0.9p each (30
June 2018: 142,831,939 deferred shares of 0.9p
each) 1,285,487 1,285,487
----------- ---------------
1,474,334 1,474,334
----------- ---------------
Included in allotted called and fully paid share capital are
4,500,000 shares with a nominal value of GBP4,500 held by the
company in treasury.
5. Post-reporting date
No adjusting or significant non-adjusting events have occurred
between the reporting date and the date of release of the Company
interim financials.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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END
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