REG - Tiger Resource Fin. - Final Results <Origin Href="QuoteRef">TIRU.L</Origin> - Part 2
15/07/2015 18:13
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periods beginning on or after 1 January 2018.
Early adoption is permitted. The group is in the process of determining the
impact, if any, of the changes to the financial asset measurement categories
noted above.
2. OPERATING EXPENSES
Operating profit is stated after charging:
Group 2014£ Group 2013£ Company 2014 £ Company 2013 £
Auditor's remuneration:
- Audit of the financial statements (current auditors) 17,400 - 17,400 -
- Audit of the financial statements (previous auditors) *5,538 19,500 *5,538 19,500
- Taxation compliance services (current auditors) 2,400 - 2,400 -
· Taxation compliance services (previous auditors) - 6,250 - 6,250
25,338 25,750 25,338 25,750
Notes
Legal fees 3,022 492 3,022 (462)
Accounting fees 14,100 11,904 - 2,166
Corporate finance costs 36,000 36,000 26,400 26,400
Directors' fees 3 27,600 224,000 200,000 200,000
Occupancy, accounting and support costs 78,000 85,346 72,000 79,500
Other administrative overheads 66,419 69,583 51,229 51,989
Stock Exchange costs 16,350 21,878 10,103 8,026
Write off of purchase awaiting settlement - 40,000 - 40,000
Administrative expenses 466,829 514,953 388,092 433,369
*This amount relates to an under provision of £5,538 relating to audit costs
for the year ended 31 December 2013 and was paid in the year ended 31 December
2014 to the Company's previous auditors.
3. DIRECTORS' EMOLUMENTS
Group2014£ Group 2013£ Company2014£ Company 2013£
Directors' fees 224,000 224,000 200,000 200,000
Other than directors, there were no employees in the current or prior year.
The emoluments of each director during the year were as follows:
Group 2014 £ Group 2013£ Company 2014 £ Company 2013 £
Bruce Rowan 80,000 80,000 80,000 80,000
Colin Bird 62,000 62,000 50,000 50,000
Michael Nolan 35,000 35,000 35,000 35,000
Raju Samtani 47,000 47,000 35,000 35,000
Amounts of £28,340 and £28,865 (2013: £16,340 and £16,865) were due to C Bird
and R Samtani respectively at the balance sheet date and included in accruals
in respect of emoluments payable by African Pioneer plc. The annual amount
accrued in respect of such emoluments are included in the disclosures above
irrespective of the fact they have not been paid.
4. TAXATION
Group 2014£ Group 2013£ Company 2014 £ Company 2013 £
Corporation tax:Current year - - - -
The major components of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of 20% (2013: 20%) and the reported tax expense in the statement of comprehensive income are as follows:
Group 2014£ Group 2013£ Company 2014 £ Company 2013 £
(Loss) on ordinary activities before tax (1,498,881) (804,045) (1,420,215) (722,778)
Expected tax charge at 20% (2013 - 20 %) (299,776) (160,809) (284,043) (144,555)
Effects of:
Unrealised gains on financial assets at fair value through profit or loss 111,776 (122,170) 111,776 (122,170)
Exempt dividend income (1,173) (3,986) (1,173) (3,986)
Expenditure not deductible for tax - 9,500 - 9,500
Impairment adjustment 101,294 184,906 101,294 184,906
Difference between accounting gain and taxable loss on investment (9,819) (5,148) (9,819) (5,148)
Excess management expenses carried forward 77,435 74,641 77,435 74,641
Excess management expenses carried forward in subsidiary 15,733 16,253 - -
Non-trade loan relationship deficit carried forward 1,783 4,279 1,783 4,279
Chargeable gains 2,747 2,534 2,747 2,533
Actual tax charge - - - -
5. EARNINGS PER SHARE
Basic 2014 2013
(Loss) after tax for the purposes of earnings per share attributable to equity shareholders of the parent £(1,460,073) £ (764,027)
Weighted average number of shares 138,331,939 138,331,939
Basic earnings per ordinary share (1.06)p (0.55)p
Diluted
(Loss) for year after tax £(1,460,073) £ (764,027)
Weighted average number of shares 138,331,939 138,331,939
Dilutive effect of options - -
Diluted weighted average number of shares 138,331,939 138,331,939
Diluted earnings per ordinary share (1.06)p (0.55)p
Potentially dilutive options - -
In 2014 the potentially dilutive options were not included within the
calculation of diluted earnings per ordinary share because they are
anti-dilutive (2013 not included).
6. INVESTMENT IN SUBSIDIARIES
On 20 July 2012, Tiger Resource Finance Plc made an investment in African
Pioneer Plc, an Isle of Man based business, thereby gaining control. African
Pioneer Plc is an investment vehicle quoted on the ISDX exchange and was
incorporated to facilitate pro-active investments being undertaken by Tiger
Resource Finance Plc in the resource sector. At 31 December 2013, the Group
had an interest of 50.76% of the voting equity rights in its subsidiary,
African Pioneer Plc.
The subsidiary was incorporated on 20 July 2012, and later issued shares
through a placing of shares for cash and there were, therefore, no assets or
liabilities acquired at the time acquisition. No acquisition costs were
incurred.
2014£ 2013 £
At 1 January and 31 December 210,000 210,000
African Pioneer Plc's capital and reserves were as follows:
2014 2013
£ £
Share capital 403,000 403,000
Loss for the year (78,667) (81,267)
Reserves (160,806) (79,539)
Total equity 163,527 242,194
7. INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
On 10 September 2012, Tiger Resource Finance Plc acquired 14.9 % of the voting
rights of Xtract Resources Plc, a UK based mining company quoted on AIM
(XTR).
The acquisition of the 344,827,584 shares in Xtract Resources Plc was paid for
in cash at 0.0435p per Ordinary share. The investment has been revalued to
fair value at year end to reflect the market value of 0.145p per share (2013:
0.31p per share).
2014£ 2013£
At 1 January 1,068,966 482,759
Adjustment to fair value (568,966) 586,207
At 31 December 500,000 1,068,966
Post 31 December 2014, Tiger has sold 294,827,584 shares in Xtract Resources
Plc ("Xtract") realising a profit of £387,655 before dealing costs. The
Company currently holds 125,000,000 shares in Xtract representing a holding of
less than 3% in the company.
8. AVAILABLE-FOR-SALE INVESTMENTS (GROUP AND COMPANY)
2014
Listed Investments Other Investments (Quoted) Total
£ £ £
Norway - - -
Canada 10,194 - 10,194
Australia 9,778 - 9,778
USA 168,486 - 168,486
UK:
-Listed 138,057 - 138,057
-AIM - 362,976 362,976
-ISDX-quoted
326,515 362,976 689,491
2013
Listed Investments Other Investments (Quoted) Total
£ £ £
Norway 107,950 - 107,950
Canada 120,117 - 120,117
Australia 29,080 - 29,080
USA 179,510 - 179,510
UK:
-Listed 151,800 - 151,800
-AIM - 899,895 899,895
-ISDX-quoted - 8,333 8,333
588,457 908,228 1,496,685
Listed Investments Other Investments (Quoted) Total
£ £ £
Opening book cost 859,808 2,470,913 3,330,721
Opening unrealised depreciation (271,351) (1,562,685) (1,834,036)
Valuation at 1 January 2014 588,457 908,228 1,496,685
Movements in the year:
Purchases at cost - - -
Sales proceeds (198,668) (91,688) (290,356)
Realised (losses) /gains on sales (7,099) 42,462 35,363
Adjustment to cost relating to sale of impaired asset * - (49,036) (49,036)
Increase in unrealised appreciation (56,175) (496,026) (552,201)
Adjustment to unrealised depreciation relating to sale of impaired asset * - 49,036 49,036
(261,942) (545,252) (807,194)
Book cost at year end 657,367 2,369,325 3,026,692
Closing unrealised losses on sales (330,852) (2,006,349) (2,337,201)
Valuation at 31 December 2014 326,515 362,976 689,491
*This amount of £49,036 relates to the brought forward impairment of the
Taipan Resources Inc
The AFS investments impaired during the year are listed below. The impairment
charge booked to the profit and loss of the Group in the year is £506,469
(2013: £924,533).
2014 £ 2013 £
Anglo American Plc 13,743 African Eagle Resources Plc 26,375
Ascent Resources Plc 60,268 Anglo American Plc 98,317
Aurum Mining Plc 83,333 Ascent Resources Plc (4,822)
ETFS Physical Platinum 11,024 Aurum Mining Plc 62,718
Jubilee Platinum Plc 15,497 ETFS Physical Platinum 66,948
MX Oil Plc (formerly Astar) (2,900) Jubilee Platinum Plc 64,254
New World Oil and Gas Plc 20,250 New World Oil and Gas Plc 218,968
Northern Petroleum Plc 63,971 Northern Petroleum Plc 57,353
Pan Continental Oil and Gas NL 19,302 Pan Continental Oil and Gas NL 22,291
Papua Mining Plc 24,725 Papua Mining Plc 36,225
Praetorean Resources Plc 14,000 Praetorean Resources Plc 164,218
Rex Bionics Plc (formerly Union Med) (4,531) Sovereign Mines of Africa Plc 47,500
Revelo Resources Corp. 52,771 Sunrise Resources Plc 3,657
Sovereign Mines of Africa Plc 41,500 Taipan Resources Inc 13,394
Sunrise Resources Plc 998 Trap Oil Plc 19,387
Tertiary Minerals Plc 53,200 Vatoukula Gold Mines Plc 27,750
Trap Oil Plc 21,038
U3o8 Holdings Plc 9,280 924,533
Vatukoula Gold Mines Plc 9,000
506,469
2014 2013
£ £
Realised gains based on historical cost 35,363 24,643
Net unrealised gains recognised on these investments at previous balance sheet date 18,804 3,388
Realised gains based on carrying value at previous balance sheet date 54,167 28,031
Unrealised depreciation for the year (570,068) (988,181)
Impairment charge (506,469) (924,533)
Total recognised losses on available-for-sale investments in the year (1,022,370) (1,884,683)
There are no significant holdings (over 20%) in any of the investee
companies.
Financial instruments measured at fair value
The following table presents financial assets and liabilities measured at fair
value in the statement of financial position in accordance with the fair value
hierarchy. This hierarchy groups financial assets and liabilities into three
levels based on the significance of inputs used in measuring the fair value of
the financial assets and liabilities. The fair value hierarchy has the
following levels:
· Level 1: quoted prices (unadjusted) in active markets for identical
assets or liabilities;
· Level 2: inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices); and
· Level 3: inputs for the asset or liability that are not based on
observable market data (unobserved inputs).
The level within which the financial asset or liability is classified is
determined based on the lowest level of significant input to the fair value
measurement.
The financial assets and liabilities measured at fair value in the statement
of financial position are grouped into the fair value hierarchy as follows:
(GROUP AND COMPANY)
31 December 2014 Level 1£ Level 2£ Level 3£ Total£
Assets Available-for-sale investmentsFinancial assets at fair value through profit or loss 689,491500,000 -- -- 689,491500,000
Total 1,189,491 - - 1,189,491
31 December 2013 Level 1£ Level 2£ Level 3£ Total£
Assets Available-for-sale investmentsFinancial assets at fair value through profit or loss 1,496,6851,068,966 -- -- 1,496,6851,068,966
Total 2,565,651 - - 2,565,651
There have been no significant transfers between levels in the reporting
period.
Measurement of fair value
The methods and valuation techniques used for the purpose of measuring fair
value are outlined in note 1 and remain unchanged compared to the previous
reporting period. The fair values of short-term receivables, cash and
short-term payables do not differ from their carrying values due to their
short maturity profiles.
Listed / quoted securities
Equity securities held by the Group are denominated in GBP, USD, CAD$,
Australian dollar and Norwegian Krone and are publicly traded on the main
London Stock Exchange, the Alternative Investment Market of the London Stock
Exchange, the Toronto Venture Exchange, the Australian Exchange and on ISDX.
Fair values have been determined by reference to their quoted bid prices at
the reporting date.
9. TRADE AND OTHER RECEIVABLES
Group2014£ Group2013£ Company 2014 £ Company 2013 £
Other debtors - 3,379 - 3,371
Prepayments 8,695 5,005 3,685 4,265
8,695 8,384 3,685 7,636
.10. DEFERRED TAX LIABILITIES
The group has tax losses carried forward in respect of excess management
charges, non-trade deficits and capital losses of £1,403,897 (2013: £555,406).
Unrealised losses on the group's financial assets are estimated at £1,995,301
(2013: £552,098). The resulting deferred tax asset is £607,840 (2013:
£121,501). 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. Tax losses may be carried forward indefinitely
and will only be recoverable if suitable profits arise in the future. Deferred
tax positions arising from unrealised gains and losses on the group's
financial assets will vary depending on changes in the fair values of those
assets up until the date of disposal.
11. TRADE AND OTHER PAYABLES
Group2014 Group2013 Company2014 Company2013
£ £ £ £
Trade payables 8,727 6,967 - 1,748
Accruals 102,540 74,455 39,336 36,750
111,267 81,422 39,336 38,498
12. CALLED UP SHARE CAPITAL
The share capital of Tiger Resource Finance Plc consists only of fully paid
ordinary shares with a nominal value of 1p each. All shares are equally
eligible to receive dividends and the repayment of capital and represent one
vote at the shareholders' meeting of Tiger Resource Finance Plc.
2014 2014 2013 2013
Number £ Number £
Authorised:
1,000,000,000 ordinary shares 1p each 1,000,000,000 10,000,000 1,000,000,000 10,000,000
Allotted, called-up and fully paid:Ordinary shares of 1p each
At 1 January and 31 December 142,831,939 1,428,319 142,831,939 1,428,319
Included in allotted called and fully paid share capital are 4,500,000 shares
with a nominal value of £45,000 held by the company in treasury.
Shares options in issue at year end
The Company has granted options to subscribe for ordinary 1p shares as
follows:
Date granted Period exercisable Exercise price per share (pence) Number of options
21 March 2006 21 March 2006 to 20 March 2016 3.50p 6,000,000
The Income Statement does not include a share-based payment charge as the six
million share options currently outstanding are fully vested options and have
been expensed in previous accounting periods.
13. RELATED PARTY TRANSACTIONS
(1) Lion Mining Finance Limited, a company in which Colin Bird is director
and shareholder, has provided administrative and technical services to the
Company amounting to £60,000 plus VAT in the year (2013 - £60,000). There
were no amounts outstanding at 31 December 2014 (2013- nil). The Board
considers this transaction to be on an arm's length basis.
(2) The chairman was paid an amount of £18,000 (2013 - £18,000) to cover the
cost of maintaining his office. There was no amount due to the chairman at 31
December 2013 (2013 - nil). The Board considers this transaction to be on an
arm's length basis.
(3) The emoluments of the directors are disclosed in note 3.
(4) The directors' shareholding and options are disclosed in the Report of
the Directors.
(5) Tiger Resource Finance Plc made an investment of £210,000 on 20 July
2012, to acquire a 50.76% equity interest in a newly formed subsidiary,
African Pioneer Plc ("APP"). R B Rowan, C Bird, M H Nolan and R Samtani each
also invested £10,000 to acquire 10 Million ordinary shares each (representing
an 8.9% interest in APP). There have been no transactions between Tiger
Resource Finance Plc and African Pioneer Plc since the acquisition date. See
note 6 to the financial statements for further details relating to this
investment
(6) On 10 September 2012, Tiger Resource Finance Plc acquired 344,827,584
shares in Xtract Resources Plc representing 14.9 % of the voting rights of
Xtract Resources Plc. This investment has been designated at fair value
through profit or loss. There were no further transactions between Tiger
Resource Plc and Xtract Resources Plc since the acquisition date. See note 7
to the financial statements for further details relating to this investment.
(7) During 2013, Raju Samtani received a one off management fee of £7,500 for
the successful admission of African Pioneer Plc to ISDX markets.
14. POST-REPORTING DATE EVENTS
No adjusting or significant non-adjusting events have occurred between the
reporting date and the date of authorisation the financial statements.
15. CONTINGENT LIABILITIES
There were no contingent liabilities at 31 December 2013 (2012 - None).
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2014 or 31 December 2013
but it is derived from those accounts. Statutory accounts for 31 December 2013
have been delivered to the Registrar of Companies and those for 31 December
2014 will be delivered prior to 30 June 2015. The auditors have reported on
those accounts; their reports were unqualified and did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
For further information please contact:
Tiger Resource Finance plc
Bruce Rowan, Chairman Tel: +00 44 20 7486 3997
Raju Samtani, Director Tel: +00 44 20 7581 4477
finnCap Tel: +00 44 20 7220 0500
Corporate Finance - Christopher Raggett / Scott Mathieson
This information is provided by RNS
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