REG - Tiger Alpha Plc - Half-year Report
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RNS Number : 3094B Tiger Alpha Plc 30 September 2025
For immediate
release
30 September 2025
Tiger Alpha Plc (the "Company")
(formerly known as Tiger Royalties and Investments Plc)
Half-yearly results for the six months
ended 30 June 2025
Chief Executive Officer's Statement
2025 has been a period of significant activity and continued strategic
progress for Tiger Alpha plc. Our focus has remained on positioning the
Company, with shares trading on AIM, a market regulated by the London Stock
Exchange with TIDM - TIR, within areas of high growth potential, particularly
in technology, artificial intelligence, and blockchain infrastructure, while
maintaining sound governance and prudent capital discipline.
During the period, we advanced a number of new investments that reinforce our
thematic priorities with a total of £837,567 being invested. These included
strategic commitments to Satsuma Technology, Standard Strategies, and AROK.VC,
alongside the completion of our transaction with Tao Strategies. We also
expanded our presence in the Bittensor ecosystem, securing a second subnet and
strengthening our operational capabilities in decentralised AI infrastructure.
Collectively, these developments reflect our determination to build a
diversified portfolio aligned with structural shifts in global markets.
Our legacy mineral assets remain and we have made no further investment in
this sector.
At the corporate level, we implemented board changes to support our evolving
mandate, executed governance measures around voting rights and share capital,
and formalised option arrangements in line with market practice. Our name
change and updated communications platform underline Tiger's evolution into a
forward-looking investment company, responsive to new opportunities while
mindful of shareholder value.
The outlook for the remainder of the year is one of cautious optimism. Market
conditions remain uncertain, yet the areas in which we are investing continue
to attract growing interest and demonstrate long-term promise. We will
continue to balance innovation with discipline, nurturing early-stage
opportunities while remaining focused on financial resilience and clear exit
strategies.
On behalf of the Board, I would like to thank our shareholders for their
continued confidence and support. We believe that the foundations laid during
2025 position Tiger for further progress and sustainable value creation in the
years ahead.
Jonathan Bixby
Chief Executive Officer
For further information, please contact:
Tiger Alphaplc
Jonathan Bixby
+44 (0) 20 7581 4477
Beaumont Cornish (Nominated Adviser) Roland
Cornish/Felicity Geidt
+44 (0) 20 7628 3369
Fortified Securities
(Broker)
Guy Wheatley
+44 (0) 7493 989014
Email:
guy.wheatley@fortifiedsecurities.com
(mailto:guy.wheatley@fortifiedsecurities.com)
Novum Securities (Broker)
Jon Bellis
+44 (0) 7399 9425
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated Adviser,
including a responsibility to advise and guide the
Company on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the
London Stock Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this
announcement or any matter referred to in it.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
Unaudited Audited
Six months ended 30 June Year ended 31 December
Note
2025 2024 2024
£ £ £
Revenue - - -
Other income - - 14,980
Fair valuation movement in digital assets and tokens 38,106 - -
Fair valuation movement in investments 295,051 14,886 (100,257)
333,157 14,886 (85,277)
Share based payment (123,265) - -
Administrative expenses (617,711) (132,356) (305,302)
Operating Loss (407,819) (117,470) (390,579)
Finance income 18,334
Loss before taxation (389,485) (117,470) (390,579)
Taxation - - -
Loss after taxation and total comprehensive loss for the year (389,485) (117,470) (390,579)
Loss per ordinary share:
Basic loss per share (pence) 4 (0.09) (0.22) (0.73)
Diluted loss per share (pence) 4 (0.09) (0.22) (0.73)
*The Basic and Diluted loss per share for the year ended 31 December 2024 and
six months ended 30 June 2024 have been restated reflect the consolidation
and exclude treasury shares. Refer to Note 3.
Consolidated Statement of Financial Position
As at 30 June
2025
Unaudited Audited
Year ended 31 December
Note Six months ended 30 June
2025 2024 2024
£ £ £
Non-Current Assets
Intangible assets 5 777,793 - -
Investments 6 994,911 366,364 197,704
Total non-current assets 1,772,704 366,364 197,704
Current Assets
Trade and other receivables 31,158 21,403 5,106
Cash and cash equivalents 1,302,341 50,990 23,457
Total current assets 1,333,499 72,393 28,563
Total assets 3,106,203 438,757 226,267
Shareholders' equity
Share capital 7 5,691,595 1,825,116 1,825,116
Share premium 1,730,107 2,078,107 2,078,107
Share based payments reserve 8 123,265 - -
Retained earnings (5,630,121) (5,027,674) (5,240,636)
Capital redemption reserve 1,100,000 1,100,000 1,100,000
Total shareholders' equity 3,014,846 (24,451) (237,413)
Current Liabilities
Trade and other 91,357 463,208 463,680
payables
Total current liabilities 91,357 463,208 463,680
Total liabilities 91,357 463,208 463,680
Total equity and liabilities 3,106,203 438,757 226,267
Consolidated Statement of Changes in
Equity
For the six months ended 30 June 2025
Share-based payments reserve Capital redemption reserve
Share capital Share Premium Retained earnings
Total
£ £ £ £ £ £
Unaudited
Six months ended 30 June 2025
At 1 January 2025 1,825,116 2,078,107 - (5,240,636) 1,100,000 (237,413)
Loss for the period and total comprehensive loss - - - (389,485) - (389,485)
Shares issued in the period 3,866,479 - - - - 3,866,479
Share issue costs - (348,000) - - - (348,000)
Share based payment - - 123,265 - - 123,265
At 30 June 2025 5,691,595 1,730,107 123,265 (5,630,121) 1,100,000 3,014,846
Unaudited
Six months ended 30 June 2024
At 1 January 2024 1,825,116 2,078,107 - (4,910,204) 1,100,000 93,019
Loss for the period and total comprehensive loss - - - (117,470) - (117,470)
At 30 June 2024 1,825,116 2,078,107 - (5,027,674) 1,100,000 (24,451)
Audited
Year ended 31 December 2024
At 1 January 2024 1,825,116 2,078,107 - (4,910,204) 1,100,000 93,019
Prior year adjustment - - - 60,147 - 60,147
Loss for the period and total comprehensive loss - - - (390,579) - (390,579)
At 31 December 2024 1,825,116 2,078,107 - (5,240,636) 1,100,000 (237,413)
Consolidated Statement of Cash Flows Audited
Unaudited
For the six months ended 30 June 2025 Six months ended 30 June Year ended 31 December
2025 2024 2024
£ £ £
Operating activities
Loss for the period (389,485) (117,470) (390,579)
Adjustments:
Fair value (gain)/loss on investments (295,051) (14,886) 100,257
Fair value gain on cryptocurrencies (38,106) - -
Share based payment 123,265 - -
Other income - - (14,980)
Finance income (18,334) - -
Working capital adjustments:
(Increase)/decrease in trade and other receivables (26,052) (15,813) 487
(Decrease)/increase in trade and other payables* (181,781) 111,248 171,864
Net cash used in operating activities (825,544) (36,921) (132,951)
Investing activities
Purchase of investments (502,156) - -
Disposal of investments - 34,035 87,552
Purchase of intangible assets - cryptocurrencies (400,000) - -
Other income - - 14,980
Interest received 6,584 -
Net cash used in investing activities (895,572) 34,035 102,532
Financing activities
Proceeds from issue of shares 3,000,000 - -
Net cash from financing activities 3,000,000 - -
Net decrease in cash and cash equivalents 1,278,884 (2,886) (30,419)
Cash and cash equivalents at start of financial period 23,457 53,876 53,876
Cash and cash equivalents at end of financial period 1,302,341 50,990 23,457
(*) Non-cash movements have been excluded
Notes to the Interim Financial Statements for the six months ended 30 June
2025
1. Basis of preparation
These condensed consolidated interim financial statements of Tiger Alpha Plc,
(formerly known as Tiger Royalties and Investments Plc), ("the Company"), have
been prepared in accordance with IAS 34 'Interim Financial Reporting' as
adopted in the UK, and the AIM Rules for Companies.
They do not include all the information required for full annual financial
statements and should be read in conjunction with the financial statements of
Tiger Royalties and Investments Plc for the year ended 31 December 2024 which
were prepared in accordance with UK-adopted International Financial Reporting
Standards ("IFRS").
The interim financial statements comprise the Company and its wholly owned
subsidiary, Bixby Technology Inc., together referred to as "the Group". In
line with IFRS requirements, only consolidated results are presented;
company-only financial statements are not required at the interim stage.
Parent company financial statements will be presented in the Company's annual
report for the year ending 31 December 2025, as required by the Companies Act
2006.
The accounting policies applied are consistent with those applied in the 2024
annual financial statements, except for the adoption of any new standards or
interpretations effective in the current period. Management has reviewed these
new pronouncements and concluded that they have not had a material impact on
the Group's results for the period.
The financial information for the six months ended 30 June 2025 and for the
six months ended 30 June 2024 have neither been audited nor reviewed by the
Company's auditors. The comparative financial information for the year ended
31 December 2024 has been derived from the audited financial statements for
that period.
2. Critical accounting estimates and judgements
The preparation of the financial statements requires management to make
judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of
assets, liabilities, income and expense.
Actual results may differ from these estimates. Estimates and underlying
assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which
the estimates are revised and in any
periods that will materially affect the accuracy of the financial statements.
The areas involving a higher degree of
judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements, have been disclosed in the last
financial statements for the year ended 31 December 2024.
There are no additional judgements, estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.
3. Acquisition of Bixby Technology Inc.
On 9 January 2025, the Group completed the acquisition of Bixby Technology
Inc. for a total consideration of £325,000. The consideration was satisfied
through the issue of 325,000,000 ordinary shares of 0.1 pence each in Tiger
Investments plc, subscribed for by Toro Consulting Ltd under a set-off
arrangement. Accordingly, no cash consideration was paid.
Accounting treatment
Management has assessed the transaction under IFRS 3 'Business Combinations'.
Bixby did not meet the definition of a business at the acquisition date, as it
had no processes or outputs capable of generating returns. Accordingly, the
transaction has been accounted for as an asset acquisition:
• The consideration of £325,000 has been recognised as an
investment in subsidiary in the Company's parent-only accounts.
• On consolidation, the £325,000 investment has been
reclassified to an intangible asset representing platform rights and
incubation capabilities (Refer to Note 5).
• No goodwill has been recognised.
4. Loss per ordinary share
The basic and diluted loss per share is calculated by dividing the loss
attributable to the owners of the Company by the weighted average number of
ordinary shares outstanding during the period, excluding treasury shares. The
weighted average number of shares has been retrospectively adjusted to reflect
the 1-for-10 share consolidation that became effective on 28 July 2025.
The loss and number of shares used in the calculation of loss per ordinary
share are set out below:
Unaudited Audited
Six months ended 30 June Year ended 31 December
2025 2024 2024
(restated) (restated)
Basic:
Loss for the financial period £ (389,485) £ (117,470) £ (390,579)
Weighted average number of shares 423,071,361 53,512,855 53,512,855
Loss per share (0.09)p (0.22)p (0.73)p
Fully Diluted:
Loss for the financial period £ (389,485) £ (117,470) £ (390,579)
Weighted average number of shares 423,071,361 53,512,855 53,512,855
Loss per share (0.09)p (0.22)p (0.73)p
At 30 June 2025, the Company had 4,406,107,719 issued shares, of which
4,500,000 were held in treasury, resulting in 4,401,607,719 shares
outstanding. For EPS purposes, the weighted average number of shares in H1
2025 was 423,071,361 on a post-consolidation basis.
The prior period comparatives (H1 2024 and FY 2024) have been restated to
reflect the consolidation and exclude treasury shares.
Diluted EPS equals basic EPS as the effect of potential ordinary shares
(options and warrants) would be anti-dilutive, given the loss in all periods
presented.
5. Intangible Assets
In addition to the acquisition of Bixby Technology Inc., which has been
reclassified as an intangible asset on consolidation (refer to Note 3). during
the six months ended 30 June 2025, the Company acquired a number of digital
assets and token as well as Subnets.
These digital assets and token and Subnets as presented in the tables below.
These balances were nil for the year-ended 31 December 2024 and 30 June 2024.
Platform rights (Bixby) Digital assets and tokens Subnets Total
£ £ £ £
Cost
Balance at 1 January 2025 - - - -
Additions 325,000 414,687 85,411 825,098
Disposals - (85,411) - (85,411)
Net fair value gain for the period - 38,106 - 38,106
As at 30 June 2025 325,000 367,382 85,411 777 793
Net book value as at 30 June 2025 325,000 367,382 85,411 777 793
The breakdown for all digital assets and tokens held at 30 June 2025 are
listed below:
Token name
Number of tokens £
TAO 170 42,923
Tiger Token 36288 14,687
BTC 3.092 244,191
AROK 100M 65,580
367,382
The fair value breakdown for all Subnets held at 30 June 2025 are listed
below:
Subnet name
£
TAO Subnet/Subnet 107 68,721
Tiger Beta subnet/Subnet 126 16,690
85,411
6. Investments
Six months ended 30 June Year ended 31 December
2025 2024 2024
£ £ £
At start of the period 197,704 385,513 385,513
Additions 502,156 - -
Disposals - (34,035) (87,552)
Net fair value gain/(loss) 290,051 14,886 (100,257)
At end of the period 994,911 366,364 197,704
The country of incorporation and investment class for investments held by the
Group at 30 June 2025 are listed below:
Country of Incorporation Investment class
£
TAO Strategies 250,000 Singapore Unlisted
Standard Strategies Inc 599,625 Canada Listed
African Pioneer PLC 59,468 United Kingdom Listed
Kendrick Resources plc 233 United Kingdom Listed
Bezant Resource PLC 30,193 United Kingdom Listed
Galileo Resources plc 55,392 United Kingdom Listed
994,911
The Company has the following investment directly in subsidiaries at 30 June
2025:
Name and registered address of company Share- Value of share-holding Country of incorporation Nature of business
holding £
Bixby Technology Inc. 100% 325,000 Canada Technology consultancy and incubator company
2592 Bowker Avenue,
Victoria, B.C., Canada
7. Issued share capital
Six months ended Year ended 31 December
30 June
2025 2024 2024
£ £ £
Opening Ordinary shares - 539,628,554 shares of 0.1p each 539,629 539,629 539,629
(30 June 2024 & 31 December 2024: 539,628,554
Ordinary Shares of 0.1p each)
Shares issued in the period 3,866,479 - -
Total ordinary shares in issue at period end 4,406,107,719 4,406,108 539,629 539,629
Ordinary shares 0.1p (30 June 2024 & 31 December 2024:
539,628,554 Ordinary shares of 0.1p each)
142,831,939 deferred shares of 0.9p each 1,285,487 1,285,487 1,285,487
(30 June 2024 & 31 December 2024: 142,831,939
deferred shares of 0.9p each)
5,691,595 1,825,116 1,825,116
Included in allotted called and fully paid share capital are 4,500,000 shares
with a nominal value of £4,500 held by the company in treasury. Treasury
shares carry no voting rights and are excluded from the EPS calculation.
The 3,866,479,165 shares issued in the period were all issued on 9 January at
0.1 pence per share.
8. Share based payments
Share options
During the six months ended 30 June 2025, the Company granted 880,252,544
options over its ordinary shares to directors, employees and advisors.
All options were outstanding and unexercised at 30 June 2025.
.
Date of grant 24 January 2024
Number outstanding (post 1-for-10 consolidation, effective 28 July 2025) 88,252,544
Expected life (years) 1.04
Exercise price (£) 0.01
Volatility 81.05%
Risk free rate 4.15%
The fair value of share options is determined using the Black-Scholes
valuation model. The charge to the profit and loss was £123,265 (Year ended
31 December 2024: £nil and six months ended 30 June 2024: £nil).
9. Events after the reporting period
On 28 July 2025, the Company completed a 1-for-10 share consolidation, whereby
every 10 existing ordinary shares of 0.1 pence each were consolidated into 1
new ordinary share of 1.0 pence. Following the consolidation, the Company's
issued share capital comprised 440,610,772 ordinary shares, of which 450,000
were held in treasury, resulting in 440,160,772 ordinary shares outstanding.
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