REG - Tiger Resource Fin. - Half Yearly Report <Origin Href="QuoteRef">TIRU.L</Origin>

Tiger Royalties and InvestmentsAnnouncement

30/09/2015 07:01

RNS Number : 6224A
Tiger Resource Finance PLC
30 September 2015
TIGER RESOURCE FINANCE PLC
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2015
Operations Review 
 Net Asset Value per share - 1.14p (30 June 2014 - 1.83p)
 Total assets of 1.63M (30 June 2014 - 2.63M)
Despite all the negativity surrounding commodity prices, major mining companies and the fortunes of small cap resource companies, we write this commentary with more optimism than the previous few years. 
London has seen an emergence in financing capability targeted towards companies with competent management teams and quality assets. Retail investors are either "going it alone" with stock selection or working under the umbrella of advisory groups specializing in the industry sector. With easy access to messaging boards, investment chat sites and financial forums, the retail investor is now better informed than ever before in the history of small cap investments. This trend coupled with regulated transparency and control over company information dissemination is resulting in a level playing field where informed decisions can be made in what remains a risky environment. 
The recent and dramatic fall in the share price of Glencore plc and the debate surrounding its fund raising by means of a placing of new shares as opposed to an expected rights issue, serves to demonstrate that the current commodity crash has been widespread and is now also impacting the majors of the industry.
The Board of Tiger has, over the last couple of years, come to the view that second guessing commodity prices, interest rates and other factors which may influence company performance is futile. What matters is a combination of good assets managed by experienced engineers with good corporate backgrounds. A degree of tenacity also helps when navigating junior resource companies through the current threats. 
We therefore continue to seek out investment opportunities which, in due course will convert a low entry price into profitable exits. Our first pro-active investment, Xtract Resources Plc has performed well and we have taken the opportunity to realise some profit in this investment during the period under review. African Pioneer Plc has made a number of small investments which coincide with Tiger's view that now is an opportune time to make strategic investments in the industry sector. 
In essence, Tiger whilst not enamoured with recent developments in the resource sector, remains convinced that change is around the corner. The Directors will continue to seek out opportunities in and around special situations within the sector and participate in more passive investments which should provide above average returns in more stable markets.
By order of the Board.
30 September 2015

Portfolio Holdings as at 30 June 2015
Investments
Number
Cost
Valuation
Anglo American PLC
11,500
250,117
105,627
Ascent Resources PLC
9,642,857
400,824
20,250
Aurum Mining PLC
8,333,333
250,218
108,333
Duke Royalty Limited 
20,000
200,218
10,300
ETFS Physical Platinum
2,250
246,458
148,255
Jubilee Platinum PLC
1,169,600
100,219
25,731
MX Oil Plc
400,000
100,218
17,280
New World Oil and Gas PLC
5,000,000
250,218
13,000
Northern Petroleum PLC
294,118
250,219
23,176
PanContinental Oil and Gas PLC
885,714
97,827
4,995
Papua Mining PLC
230,000
101,200
9,775
Revelo Resources Corp 
216,667
 62,965
22,691
Rex Bionics Plc
6,250
37,500
3,594
Sovereign Mines of Africa PLC
2,000,000
100,000
4,400
Sunrise Resources PLC
665,000
6,650
1,330
Tertiary Minerals PLC
1,330,000
119,700
38,238
Trap Oil PLC
330,000
101,660
1,056
Available for sale investments held by African Pioneer Plc (subsidiary company)
112,399
Total
670,430
Notes: 
1) The Company also holds an investment in Xtract Resources Plc. This Investment has been classified as a Financial Asset at Fair Value through Profit or Loss and is valued at 137,500 on 30 June 2015.
2) The Company incubated a subsidiary company, African Pioneer PLC in 2012. Tiger currently holds 59,529,132 shares in African Pioneer Plc which trades on ISDX and valued at 1 penny per share on 30 June 2015.
3) The Company's investment in Xtract Resources Plc is not included in the investment table shown above.

Statement of Comprehensive Income
For the six months ended 30 June 2015
(Unaudited)
Group Six months ended
30 June 15
(Restated)
(Unaudited)
Group Six months ended
30 June 14
(Audited)
Group Year 
ended
31 Dec 14 
Gain/(loss) on sale of available for sale assets
97,699
42,462
35,363
Income:
Investment income
6,103
3,632
5,864
Unrealised (loss)/gain on financial assets at fair value through profit and loss
65,000
(258,621)
(568,966)
Interest receivable
955
1,084
2,156
Administrative expenses
(185,205)
(215,983)
(466,829)
Impairment
(174,674)
(294,117)
(506,469)
LOSS BEFORE TAXATION
(190,122)
(721,543)
(1,498,881)
Taxation
-
-
-
LOSS FOR THE PERIOD
(190,122)
(721,543)
(1,498,881)
Other Comprehensive Income
Available-for-sale financial assets unrealised loss
(200,547)
(260,147)
(570,067)
Reclassification to profit or loss
-
-
18,804
Transfer to Impairment
174,674
294,117
506,469
Tax relating to components of 
other comprehensive income
-
-
-
Reclassification of tax to profit and loss account
-
-
-
OTHER COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD, NET OF TAX
(25,873)
(33,970)
(44,794)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
(215,995)
(687,573)
(1,543,675)
Loss for the period attributable to:
Shareholders of the Company
(173,247)
(702,469)
(1,460.073)
Non-controlling interest
(16,875)
(19,074)
(38,808)
(190,122)
(721,543)
(1,498,881)
Basic earnings per share
(0.13)p
(0.51)p
(1.06)p
Diluted earnings per share
(0.13)p
(0.51)p
(1.06)p
All profits are derived from continuing operations.

Statement of Financial Position
As at 30 June 2015
(Unaudited)
Group 
30 June 15
(Restated)
(Unaudited) Group
30 June 14
(Audited) Group
31 Dec 14
NON CURRENT ASSETS
Financial assets at fair value through profit or loss
137,500
810,345
500,000
Available-for-sale investments
670,430
1,187,312
689,491
Deferred tax asset
-
-
-
807,930
1,997,657
1,189,491
CURRENT ASSETS
Trade and other receivables
16,349
25,549
8,695
Corporate tax receivables
-
15
-
Cash and cash equivalents
905,001
673,477
687,012
921,350
699,041
695,707
TOTAL ASSETS
1,729,280
2,696,698
1,773,931
EQUITY AND LIABILITIES
EQUITY ATTRIBUTABLE TO SHAREHOLDERS
Share capital
1,428,319
1,428,319
1,428,319
Share premium 
1,597,231
1,597,231
1,597,231
Other components of equity
1,255,991
1,308,882
1,230,118
Retained earnings
(2,729,991)
(1,799,140)
(2,556,744)
EQUITY ATTRIBUTABLE TO THE OWNERS 
1,551,550
2,535,292
1,698,924
Equity interest of non-controlling interest
82,824
94,741
75,007
TOTAL EQUITY
1,634,374
2,630,033
1,773,931
NON CURRENT LIABILITES
Deferred tax liabilities
-
-
-
-
-
-
CURRENT LIABILITIES
Trade and other payables
94,906
66,665
111,267
Corporate tax payable
-
-
-
94,906
66,665
111,267
TOTAL LIABILITIES
94,906
66,665
111,267
TOTAL EQUITY AND LIABILITIES
1,729,280
2,696,698
1,885,198

Statement of Changes in Equity
As at 30 June 2015
 Other components of equity
Share capital
Share premium
Capital redemption reserve
Other
reserves
Available-for-sale financial assets
Share
based
reserves
Retained earnings
Non-controlling interest
Total
 
As at 30 June 2013
1,428,319
1,597,231
1,100,000
-
13,929
130,118
(948,853)
136,182
3,456,926
Changes in equity
(Loss) for the period
-
-
-
-
-
-
(147,818)
(22,367)
(170,185)
Other Comprehensive (loss)
Available-for-sale financial assets:
Current period (losses)
-
-
-
-
(118,943)
-
-
(118,943)
Transfer to impairment
-
-
-
-
146,420
-
-
146,420
Reclassification to profit or loss
-
-
-
-
3,388
-
-
3,388
Total comprehensive expense for the period
-
-
-
-
30,865
-
(147,818)
(22,367)
(139,320)
Reserve movements
-
-
-
-
-
-
-
-
-
As at 31 Dec 2013
1,428,319
1,597,231
1,100,000
-
44,794
130,118
(1,096,671)
113,815
3,317,606
Changes in equity
(Loss) for the period
-
-
-
-
-
-
(702,469)
(19,074)
(721,543)
Other Comprehensive (loss)
Available-for-sale financial assets:
Current period (losses)
-
-
-
-
(260,147)
-
-
-
(260,147)
Transfer to impairment
-
-
-
-
294,117
-
-
-
294,117
Total comprehensive expense for the period
-
-
-
-
33,970
-
(702,469)
(19,074)
(687,573)
Reserve movements
-
-
-
-
-
-
-
-
As at 30 June 2014
1,428,319
1,597,231
1,100,000
-
78,764
130,118
(1,799,140)
94,741
2,630,033
Changes in equity
(Loss) for the period
-
-
-
-
-
-
(757,604)
(19,734)
(777,338)
Other Comprehensive (loss)
Available-for-sale financial assets:
Current period (losses)
-
-
-
-
(78,764)
-
-
-
(78,764)
Transfer to impairment
-
-
-
-
-
-
-
-
-
Total comprehensive expense for the period
-
-
-
-
(78,764)
-
(757,604)
(19,734)
(856,102)
Reserve movements
-
-
-
-
-
-
-
-
As at 31 December 2014
1,428,319
1,597,231
1,100,000
-
-
130,118
(2,556,744)
75,007
1,773,931
Changes in equity
(Loss) for the period
-
-
-
-
-
-
(173,247)
(16,875)
(190,122)
Other Comprehensive (loss)
Available-for-sale financial assets:
Current period (losses)
-
-
-
-
200,547
-
-
-
200,547
Transfer to impairment
-
-
-
-
(174,674)
-
-
-
(174,674)
Total comprehensive expense for the period
-
-
-
-
25,873
-
(173,247)
(16,875)
(164,249)
Acquisition of subsidiary
-
-
-
-
-
-
24,692
24,692
As at 30 June 2015
1,428,319
1,597,231
1,100,000
-
25,873
130,118
(2,729,991)
82,824
1,634,374
Cash Flow Statement
For the six months ended 30 June 2015
(Unaudited)
30 June 15
(Unaudited)
30 June 14 
(Audited)
31 Dec 14 
CASH FLOW FROM OPERATIONS
(Loss) before taxation
(190,122)
(633,860)
(1,498,882)
Adjustment for:
Investment in subsidiary
-
-
-
Interest received
(955)
(3,191)
(2,156)
Dividends received
(6,103)
(10,846)
(5,864)
Operating (loss) before movement in working capital
(197,180)
(647,897)
(1,506,902)
(Increase)/decrease in receivables
17,054
(20,544)
(309)
Increase/(decrease) in payables
(16,377)
(52,347)
29,860
Gain on disposal
(97,699)
-
(34,426)
Transfer to impairment
174,674
778,113
506,469
(Increase)/decrease in value of financial assets at fair value through profit or loss
(65,000)
(327,584)
568,966
Sale of assets available for sale
570,859
-
290,356
Purchase of assets available for sale
(175,400)
-
 -
NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES
210,931
(270,259)
(145,986)
TAXATION PAID 
-
-
CASH FLOW FROM INVESTING ACTIVITIES
Interest received
955
3,191
2,156
Dividends received
6,103
10,846
5,864
NET CASH INFLOW FROM INVESTING ACTIVITIES
7,058
14,037
8,020
CASH FLOW FROM FINANCING ACTIVITIES
Purchase of shares (through exercise of share options)
-
-
-
NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES
-
-
-
Net decrease in cash and cash equivalents in the period
217,989
(256,222)
(137,966)
Cash and cash equivalents at the beginning of the period
687,012
1,066,888
824,978
Cash and cash equivalents at the end of the period
905,001
810,666
687,012

Selected notes to the consolidated financial statements
For the six months ended 30 June 2015
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 bases 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 2015 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2014. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Reporting". 
2. Earnings Per Share 
Basic
Unaudited
Unaudited
Audited
6 months to 
30 June 2015
6 months to 
30 June 2014
Year ended 31 December 2014
Profit/(loss) after tax for the purpose of
earnings per share 
(173,247)
(702,469)
(1,460,073)
Weighted average number of shares
138,331,939
138,331,939
138,331,939
Basic earnings per ordinary share 
(0.13)p
(0.51)p
(1,06)p
Diluted 
Profit/(loss) after tax
(173,247)
(702,469)
(1,460,073)
Weighted average number of shares
138,331,939
138,331,939
138,331,939
Diluted effect of options 
-
-
-
Diluted weighted average
number of shares
138,331,939
138,331,939
138,331,939
Diluted earnings per ordinary share
(0.13)p
(0.51)p
(1.06)p
3. 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 ("Xtract"), 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 0.0435 pence per Ordinary share. During the current period, 294,827,584 Xtract shares were sold for a total consideration of 570,879. The remaining 50,000,000 Xtract shares have been revalued to fair value reflecting the market value of 0.275 pence per share at 30 June 2015.
Unaudited
30 June 2015 
Audited
31 December
2014
 
At 1 January
500,000
1,068,966
Sale of shares during the period
(427,500)
-
Adjustment to fair value 
65,000
(568,966)
At 30 June 2015/ 31 December 2014
137,500
500,000
4. 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.
5. 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.
Unaudited
30 June
2015
Unaudited30 June 2015
Unaudited
30 June 
2014
Unaudited30 June 2014
Audited 
31 December 2014
Audited
31 December 2014
Number
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
1,000,000,000
10,000,000
Issued:
At 30 June 2015
142,831,939
1,428,319
142,831,939
1,428,319
142,831,939
1,428,319
Shares in issue at 31 December 2014 /30 June 2014
142,831,939
1,428,319
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. 
Share options in issue at 30 June 2015:
The Company has granted options to subscribe for ordinary 1p shares as follows:
Date granted 21 March 2006
Period exercisable 21 March 2006 to 20 March 2016
Exercise price per share (pence) 3.50p
Number of options 6,000,000
6. 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 information is provided by RNS
The company news service from the London Stock Exchange
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