REG - Tiger Royalties&Invs - Final Results
25/05/2022 07:00
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RNS Number : 6786M Tiger Royalties and Investments PLC 25 May 2022
For immediate
release
25 May 2022
TIGER ROYALTIES AND INVESTMENTS PLC
(FORMERLY TIGER RESOURCE PLC)
("Tiger" or the "Company")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021
AND
NOTICE OF ANNUAL GENERAL MEETING
The Company is pleased to announce its audited results for the year ended 31
December 2021 and to confirm that the 2022 Annual Report and Financial
Statements ("Annual Report"), together with a Notice of AGM ("Notice") will be
posted to shareholders on 1 June 2022. Pursuant to Rule 20 of the AIM Rules
for Companies, copies of both the Annual Report and the Notice will thereafter
be available for inspection at www.tiger-rf.com (http://www.tiger-rf.com) .
The AGM will be convened at the Company's registered address being 2(nd)
Floor, 7/8 Kendrick Mews, London SW7 3HG on Monday 27 June 2022 at 12:00
pm.
Notes:
Extracts from the Annual Report are set out below. The financial information
set out below does not constitute the Company's statutory accounts for the
periods ended 31 December 2020 or 31 December 2021 but it is derived from
those accounts. Statutory accounts for 31 December 2020 have been delivered
to the Registrar of Companies and those for 31 December 2021 will be delivered
following the Company's Annual General Meeting. 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.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
For further information please contact:
Tiger Royalties and Investments Plc Raju Samtani, +44 (0)20 7581 4477
Director
Beaumont Cornish (Nomad) Roland Cornish +44 (0)20 7628 3369
Felicity Geidt
Novum Securities Ltd Jon
Belliss
+44
(0)20 7399 9425
(Broker)
CHAIRMAN'S STATEMENT
Dear Shareholder
The year under review has seen Tiger's net asset value per share (NPV)
decrease by 26% to 0.17 from 0.23 pence per share as at 31 December 2021.
During the period under review, the natural resource market was buoyant
predominantly for the larger cap producers in the sector. However, this
trend did not fully migrate to smaller cap businesses and junior exploration
companies in the natural resource industry. Smaller company stocks were
generally volatile and share prices of some companies in this class of
investment declined over the year. This trend stabilised towards the year-end
and has shown some improvement in the first quarter of 2022.
Tiger sold its balancing holding in WisdomTree Copper (ETFS Copper) and 2,700
shares in Royal Dutch Shell Plc. Additionally, the Company made an
investment of £100,603 in Caerus Minerals Resources Plc, a copper-gold
resource development and exploration company with mineral exploration licences
located in Cyprus. However, the major "value add" to the Company's portfolio
during the year was the re-listing of African Pioneer plc and this transaction
along with the cash funds raised by the company delivered an opportunistic
African metal exploration business to the public markets.
It is our view that the somewhat subdued mood in the junior resource sector in
recent months resulted mainly from an excess of IPO's and secondary placings
during the first half of 2021. The Covid pandemic was also partly to blame but
did not have a negative impact commensurate to the sector's performance.
However, the prognosis has probably never been better for commodities,
particularly for metals relevant to the renewable energy sector and used in
the production of Electric Vehicle ("EV") batteries. This scenario would
normally result in smaller companies being a "call option" for such
commodities. However, this was not the case despite the number of record
prices seen in various commodities during the year, and junior explorers have
not yet experienced the full might of the commodities super cycle being talked
about in the investment community.
Global markets have been under pressure in recent months mainly due to
geopolitical uncertainty caused by the war in Ukraine and excess global
inflationary pressures currently slowing down economic performance. This
trend is forecast to persist for the foreseeable future. Despite of and to
some extent because of these events, there exists a compelling case for the
emerging resource sector to enjoy share price increases seen mainly by the
major mining and oil and gas companies during 2021 and, which have extended
into 2022 (particularly in the energy sector given the supply issues and the
West's dilemma with Russian supply). This is further supported by the fact
that shortages exist in almost every commodity as the conglomerates in the
industry have largely scrapped their exploration departments in recent
years.
We firmly believe that a "perfect storm" is brewing in the supply chain and
this can only be addressed by major investment from all sources (capital
markets, central Governments and end-users) into the explorers and
developers. The EV targets for 2030 will only be realised if Governments
worldwide support entrepreneurs and promoters of innovative solutions in their
quest to discover and extract the so called "green metals". A favourable
regulatory environment will help reduce investment pressures and support
frontliners in our industry who are chasing the prized assets, which are
needed to effect the change to net zero carbon footprint that is being
heralded worldwide.
We anticipate a resolution of the Ukraine War in the medium term, which will
probably result into a divided Ukraine, and we also believe that ongoing
sanctions will continue to disrupt the supply of materials and commodities
resulting in further imbalances in the availability of certain key
commodities. Demand is also forecast to soar following commitments made by
global governments to invest in infrastructure post the pandemic as well as
the rising popularity of low carbon emission energy sources. Tiger's
investment portfolio is made up of companies which have exposure to such
commodities and the re-listing of African Pioneer plc will further add our
exposure to investment in copper.
We remain focussed to use our expertise in the sector to add interesting and
innovative deals to Tiger's portfolio to rebuild shareholder value. I would
like to thank both my colleagues and shareholders for their patience and
support in what has been an uncertain year with a major disconnect between
actuality and expectations.
Colin Bird
Chairman
24 May 2022
PORTFOLIO REVIEW
The table below includes investments held by the Company, and are disclosed in
note 6 to the financial statements.
Number Cost Valuation Valuation Valuation
31/12/21 31/12/21 31/12/21 31/12/20 31/03/22
£ £ £ £
African pioneer Plc 8,810,056 100,000 190,297 - 255,492
Bezant Resources Plc 83,870,371 326,885 125,806 138,889 159,354
Block Energy Plc 625,000 25,100 5,625 20,312 7,500
Caerus Mineral Resources Plc 1,000,000 100,603 140,000 - 132,500
Corallian Energy Limited 13,618 20,427 20,427 30,000 20,427
Galileo Resources Plc 6,516,667 78,335 63,863 107,525 65,167
Goldquest Mining Corporation 173,500 30,259 13,437 28,142 30,260
Jubilee Metals Group Plc 1,169,600 100,219 190,060 149,124 171,463
Kendrick Resources Plc 2,500,000 50,216 - - -
Pantheon Resources Plc 31,500 30,340 24,349 13,702 -
Reabold Resources Plc 3,025,068 9,573 5,445 - 10,890
Royal Dutch Shell Plc B Shares - - - 34,004 -
WisdomTree Copper (ETFS Copper) - - - 17,497 -
TOTAL 871,957 779,309 539,195 853,053
· African Pioneer Plc's ("APP") shares comprising 189,459,550
ordinary shares of zero par value each in the capital of the company
("Ordinary Shares") were admitted to the Official List (Standard Segment)
and to trading on the Main Market for listed securities of the London Stock
Exchange on 1 June 2021. Tiger's current holding in APP is 8,810,056
Ordinary Shares representing a 4.65% interest in APP following
Admission. APP ceased to be a subsidiary of the Company effective from 1
June 2021.
· The Company acquired 1,000,000 Caerus Minerals Resources Plc
shares in the current financial year.
· Kendrick Resources Plc has now acquired projects in Sweden and
Finland and an option to acquire three nickel projects in Norway and the
company's shares were admitted to the Official List (Standard Segment) on 6
May 2022.
· The Company sold 760 WisdomTree Copper shares and 2,700 Royal
Dutch Shell shares during the current financial year.
· Reabold Resources Plc ("Reabold") acquired Corallian Energy
limited ("Corallian") shares from existing Corallian shareholders in exchange
for Reabold shares, at a ratio of 474 Reabold shares for 1 Corallian share on
10 May 2021. As part of this offer, the Company disposed 6,382 Corallian
shares in exchange for 3,025,068 shares in Reabold Resources Plc.
· The investment in AustralGold Corp. was written off in the
current financial year.
Details of changes in the fair value of investments are shown in note 6 of the
Financial Statements.
PORTFOLIO REVIEW
African Pioneer Plc (LSE: AFP) www.africanpioneerplc.com
(http://www.africanpioneerplc.com)
African Pioneer Plc's (APP's) principal business is to explore opportunities
within the natural resources sector in Sub-Saharan Africa with a focus on base
and precious metals including but not limited to copper, nickel, lead and
zinc. APP shares comprising 189,459,550 ordinary shares of zero par value each
in the capital of the company ("Ordinary Shares") were admitted to the
Official List (Standard Segment) and to trading on the Main Market for listed
securities of the London Stock Exchange on 1 June 2021. Tiger's current
holding in APP is 8,810,056 Ordinary Shares representing a 4.65% interest in
APP following Admission.
Bezant Resources Plc (AIM - BZT: LN) www.bezantresources.com
(http://www.bezantresources.com)
Bezant Resources Plc ("Bezant") is a mineral exploration and development
company quoted on AIM and focused on developing a pipeline of copper-gold
projects to provide a new generation of economically and socially sustainable
mines. The company's portfolio of assets includes the Hope Copper-Gold project
in Namibia which covers a significant portion of the highly prospective
Matchless Copper Belt. On 11 November 2021 Bezant entered into a joint venture
agreement with Caerus Mineral Resources focused on the Troulli Mine
Development Project and various other copper-gold JV targets in Cyprus.
Bezant also has a 30% stake in the Kalengwa copper and silver project. The
company has an interest in the Mankayan Project in the Philippines which is a
porphyry system via its 27.5% shareholding in IDM, a company incorporated
in Australia with the balancing 72.5% owned by established investors in the
mining sector. The company's Kanye Manganese Project in Botswana comprises a
collection of prospecting licenses covering a total area of approximately
4,043km2, located in south-central Botswana south of the town of Jwaneng.
Kanye has the potential for the discovery of high-quality manganese deposits
suitable for supplying the valuable battery market.
Block Energy Plc (AIM - BLOE: LN) www.blockenergy.co.uk
Block Energy Plc ("Block Energy") is an AIM-listed exploration and production
company which has a strategy of applying innovative technology to realise the
full potential of previously discovered fields in Georgia. In November 2020,
Block Energy concluded a sale and purchase agreement with Schlumberger to
acquire its subsidiary Schlumberger Rustaveli Company Limited (SRCL)
representing a major milestone towards its objective of becoming the leading
independent oil and gas producer in Georgia. Recent production results
demonstrate that the company is delivering operationally, which combined with
improved commodity prices, is producing robust financial result. This gives
Block Energy a strong platform to deliver on the inherent value of its assets
and monetise the wider reserves and resources within the company's portfolio.
Caerus Mineral Resources Plc (LSE: CMRS) www.caerusmineralresources.co
(http://www.caerusmineralresources.co) m
Caerus Mineral Resources Plc ("Caerus") is a European-focused exploration and
development company targeting mineral resources to supply the global Clean
Energy Transition whose shares were admitted to the main market of the London
Stock Exchange under the Standard Segment of the Official List on 19 March
2021. The company was established to target Mineral Resources in Europe in
response to the transition and drive towards Clean Energy economies globally
with the current focus being on copper-gold opportunities in Cyprus, a region
with a long mining history and significant untapped value. Caerus
recently announced the results of an independent Initial Mineral Resource
Estimate in accordance with JORC (2012) in respect of the Troulli Cu-Au
project ("Troulli""). This resource estimate has been prepared by Addison
Mining Services Limited and at a selected cut-off grade of 0.5% Cu comprises
of a hard rock resource estimate of approximately 2.7 million tonnes at a Cu
equivalent grade of 0.74% CuEq (0.51% Cu and 0.26 g/t Au). The company plans
to focus on a number of priorities including the upgrading and expansion of
this mineral resource, completion of metallurgical test work, environmental
baseline studies and the Environmental and Social Impact Assessment,
continuing development of a mine plan and submission of a Mining
Licence application
Corallian Energy Limited www.corallian.co.uk (http://www.corallian.co.uk)
Corallian Energy Limited ("Corallian") is a private UK oil and gas exploration
and appraisal company. The Company holds interests in 4 basins in the UK; West
of Shetland, Central Graben, Inner Moray Firth and Viking Graben. A
proportion of the Corallian investment was been exchanged in 2021 for a direct
equity interest in Reabold Resources plc, an AIM listed investment company.
Galileo Resources Plc (AIM - GLR - LN) www.galileoresources.com
(http://www.galileoresources.com)
Galileo Resources PLC ("Galileo") is an AIM quoted natural resource
exploration company specializing in the acquisition and development of base
metal projects with a focus on copper. The company announced on 30 December
2021 that it has entered into a Joint Venture Agreement with Statunga
Investments Limited covering the Luansobe Copper Project, Zambia comprising of
a small-scale exploration Licence. Galileo has appointed consultants Addison
Mining Services who are currently progressing with modelling the historic
drill data at Luansobe which comprises of drill data for 154 holes (drilled in
the period 1921 to 2007). Two concurrent development options are being
considered by Galileo for this project including the potential for a small
open pit mine of circa 3 - 5 million tonnes to exploit the up-dip portion of
the copper deposit in the northwest of the licence area as well as the
prospect for a larger mine by developing the resource down-dip and along
strike to the southeast where drill data is more limited. More recently, the
company has entered into an assignment agreement which assigned an option to
Galileo to acquire a 51% interest in B.C. Ventures Limited which is the owner
of the highly prospective lithium Kamativi Project in Southwest Zimbabwe and
two gold licenses close to Bulawayo owned through its wholly owned Zimbabwe
subsidiary Sinamatella Investments (Private) Limited.
Jubilee Metals Group Plc (AIM - JLP: LN) www.jubileemetalsgroup.com
Jubilee Metals Group Plc ("Jubilee") is a diversified metal recovery business
with a world-class portfolio of projects in South Africa and Zambia. Jubilee's
shares are traded on the AIM Market of the London Stock Exchange (JLP) and the
South African Alt-X of JSE Limited (JBL). The company's business model focuses
on the retreatment and metals recovery from mine tailings, waste, slag, slurry
and other secondary materials generated from mining operations. Effectively,
whilst extracting maximum financial returns from its operations, Jubilee
responsibly rehabilitates environments scarred by the surface footprint of
historical mining operations and solving air and water pollution issues
associated with those installations. The company's expanding multi-project
portfolio across South Africa and Zambia provides exposure to a broad
commodity basket including Platinum Group Metals ('PGMs'), chrome, lead, zinc,
vanadium, copper and cobalt.
STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 2021
2021 2020
Notes
£ £
Change in fair value of investments 6 26,695 194,216
Revenue:
Investment income 1,610 1,989
Interest receivable - 37
Other income 32,864 -
Administrative expenses 2 (313,214) (345,755)
LOSS BEFORE TAXATION (252,045) (149,513)
Taxation 4 - -
(252,045) (149,513)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
Basic earnings per share 5 (0.06)p (0.06)p
Diluted earnings per share 5 (0.06)p (0.06)p
All profits are derived from continuing operations.
The notes on pages 28 to 41 are an integral part of these financial
statements.
STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31 DECEMBER 2021
Other components of equity
Share capital Share premium Capital redemption reserve Retained earnings Total
Equity
£ £ £ £ £
As at 1 January 2020 1,474,334 1,669,216 1,100,000 (3,648,442) 595,108
Shares issued during the year 250,596 280,655 - 531,251
Total comprehensive income for the year (149,513) (149,513)
As at 31 December 2020 1,724,930 1,949,871 1,100,000 (3,797,955) 976,846
1,724,930 1,949,871 1,100,000 (3,797,955) 976,846
As at 1 January 2021
Shares issued during the year 8,500 36,550 45,050
Total comprehensive income for the year (252,045) (252,045)
As at 31 December 2021 1,733,430 1,986,421 1,100,000 4,050,000 769,851
The notes on pages 28 to 41 are an integral part of these financial
statements.
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2021
Notes 2021 2020
£ £
NON- CURRENT ASSETS
Investments in financial assets at fair value through profit or loss 6 779,309 539,195
Total Non-Current Assets 779,309 539,195
CURRENT ASSETS
Trade and other receivables 7 4,723 169,486
Cash and cash equivalents 34,394 420,699
Total Current Assets 39,117 590,185
TOTAL ASSETS 818,426 1,129,380
CURRENT LIABILITIES
Trade and other payables 9 (48,575) (152,534)
Total Current Liabilities (48,575) (152,534)
NET ASSETS 769,851 976,846
EQUITY
Share capital 10 1,733,430 1,724,930
Share premium 1,986,421 1,949,871
Capital redemption reserve 1,100,000 1,100,000
Retained earnings (4,050,000) (3,797,955)
EQUITY ATTRIBUTABLE TO THE OWNERS 769,851 976,846
TOTAL EQUITY 769,851 976,846
The notes on pages 28 to 41 are an integral part of these financial
statements.
The financial statements of Tiger Royalties and Investments Plc (registered
number 02882601) were approved by the Board on 24 May 2022 and signed on its
behalf by:
Colin Bird - Executive Chairman
R Samtani - Finance Director
CASH FLOW STATEMENTS YEAR ENDED 31 DECEMBER 2021
Notes 2021 2020
£ £
CASH FLOW FROM OPERATIONS
Loss before taxation (252,045) (149,513)
Adjustments for:
Interest receivable - (37)
Dividends receivable (1,610) (1,989)
Other income (32,864) -
Change in fair value of investments (26,695) (194,216)
Negative goodwill -
Operating loss before movements in working capital (313,214) (345,755)
(Increase)/Decrease in receivables 18,513 (28,246)
Increase/(Decrease) in payables (58,909) 126,789
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (353,610) (247,212)
CASH FLOW FROM INVESTING ACTIVITIES
Interest received - 37
Other income 2,664 -
Dividends received 1,610 1,989
Sale of investments 63,634 23,491
Purchase of investments (100,603) -
NET CASH INFLOW FROM INVESTING ACTIVITIES (32,695) 25,517
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares - 500,000
NET CASH INFLOW FROM FINANCING ACTIVITIES - 500,000
Net decrease in cash and cash equivalents in the year (386,305) 278,305
Cash and cash equivalents at the beginning of the year 420,699 142,394
34,394 420,699
Cash and cash equivalents at the end of the year
The notes on pages 28 to 41 are an integral part of these financial
statements.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparation
Tiger Royalties and Investments Plc ("Tiger" or the "Company") is a public
investment company limited by shares incorporated and domiciled in England and
Wales. Tiger's principal activities are discussed in the Strategic Report and
the address of the registered office is included on page 1 of the annual
report. The functional currency for the Company is Sterling as that is the
currency of the primary economic market in which the Company operates. 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 Company
are set out below. The financial statements have been prepared using
International Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB) and endorsed by the European Union.
The Company held a 50.75% equity stake in African Pioneer Plc ("APP" or "the
subsidiary") on 31 December 2020, and prepared consolidated financial
statements incorporating the subsidiary's financial statements for the year
ended 31 December 2020. On 1 June 2021, the subsidiary's shares comprising
189,459,550 Ordinary shares of zero par value each ("Ordinary Shares") were
admitted to the Official List (Standard Segment), and to trading on the Main
Market for listed securities of the London Stock Exchange. Consequently, the
Company's shareholding in the subsidiary company was reduced to 4.65% and APP
is no longer a subsidiary of the Company as at 31 December 2021. Hence, only
company financial statements have been prepared for the year ended 31 December
2021. Tiger's current holding in APP is 8,810,056 Ordinary Shares, which have
been included in the Company's balance sheet at market valuation under
investment in financial assets at fair value through profit or loss.
New and amended IFRS Standards that are effective for the current year
A number of new standards and interpretations have been adopted by the Company
for the first time in line with their mandatory adoption dates, but none are
applicable to the Company and hence there would be no impact on the financial
statements.
New and revised IFRS Standards in issue but not yet effective
At the date of approval of these financial statements, the Company has not
applied the following new and revised IFRS Standards that have been issued but
are not yet effective:
IFRS 17 (including the June 2020 amendments to IFRS 17) Insurance Contracts
IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest rate benchmark
Amendment to IFRS 16 Covid rent concessions
IFRS 3 Conceptual framework
Amendments to IAS 1 Classification of Liabilities as Current or Non-current
Amendments to IFRS 3 Reference to the Conceptual Framework
Amendments to IAS 16 Property, Plant and Equipment-Proceeds before Intended Use
Amendments to IAS 37 Onerous Contracts - Cost of Fulfilling a Contract
Amendments to IAS 1 and IFRS Disclosure of Accounting Policies
Practice Statement 2
Amendments to IAS 8 Definition of Accounting Estimates
Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
Amendments to IAS 41 Agriculture
The directors do not expect that the adoption of the Standards listed above
will have a material impact on the financial statements of the Company in
future periods.
Going concern
The operations of the Company have been financed mainly through operating cash
flows. As at 31 December 2021, the Company held cash balances of £34,394
(2020: £420,699) and an operating loss has been reported. Historically, the
Company has generated cash flow from the appreciation and subsequent sale of
investments in quoted natural resource companies. The Directors anticipate
net operating cash flows to be neutral for the Company in the next twelve
months from the date of signing these financial statements.
The Directors have assessed the working capital requirements for the
forthcoming twelve months and have undertaken assessments which to consider
cash forecasts until June 2023. Upon reviewing those cash flow projections for
the forthcoming twelve months, the Directors consider that the Company should
not require additional financial resources in the twelve-month period from the
date of approval of these financial statements to enable the Company to fund
its current operations and to meet its commitments.
Notwithstanding the above and given the ongoing geopolitical uncertainties,
the Directors may require to raise some funds through equity fund raising
depending on economic circumstances and on opportunities available to the
Company for acquiring additional investments. To this end, the Board has
substantial experience with capital markets within the smaller cap space and
would be in a position to access markets in such a scenario. Nevertheless,
after making enquiries and considering the uncertainties described above, the
Directors have a reasonable expectation that the Company has adequate ability
to manage its portfolio and raise resources, if necessary, to continue in
operational existence for the foreseeable future. The Directors therefore
continue to adopt the going concern basis of accounting in preparing the
annual financial statements.
Valuation of available-for-sale Investments and adoption of IFRS9
Available-for-sale investments under both IFRS9 and IAS39 are initially
measured at fair value plus incidental acquisition costs. Subsequently, they
are measured at fair value in accordance with IFRS 13. This is either the bid
price or the last traded price, depending on the convention of the exchange on
which the investment is quoted.
All gains and losses are taken to profit and loss. In proceeding periods gains
and losses on available-for-sale investments were recognised in other
comprehensive income and accumulated in the available-for-sale assets reserve
except for impairment losses, until the assets are derecognised, at which time
the cumulative gains and losses previously recognised in other comprehensive
income are recognised in profit or loss.
Revenue
Dividends receivable from equity shares are taken to profit or loss on an
ex-dividend basis. Income from bank interest received is recognised on a
time-apportionment basis. Dividends are stated net of related tax credits.
Expenses
All expenses are accounted for on accruals basis.
Cash and cash equivalents
This consists of cash held in the Company's bank accounts.
Foreign currency
Assets and liabilities denominated in foreign currency are translated into
sterling at the rates of exchange ruling at balance sheet date. Exchange
gains or losses on monetary items are recorded in profit or loss. Exchange
gains or losses on investments in financial assets are recorded in other
comprehensive income.
Treasury shares
The cost of purchasing treasury shares and the proceeds from the sale of
treasury shares up to the original price is taken to the retained earnings
reserve; any surplus on the disposal of treasury shares (measured against the
weighted average purchase price) is taken to the share premium account.
Reserves
Share premium account
The share premium account is used to record the aggregate amount or value of
premiums paid in excess of the nominal value of share capital issued, less
deductions for issuance costs.
Capital Redemption Reserve
The Capital redemption reserve is used to redeem or purchase of Company's own
shares.
Geographical segments
The internal management reporting used by the chief operating decision maker
consists of one segment. Hence in the opinion of the Directors, no separate
disclosures are required under IFRS 8. The Company's revenue in the year is
not material and consequently no geographical segment information has been
disclosed.
Deferred tax
Deferred tax liabilities are generally recognised for taxable temporary
differences and deferred tax assets are generally recognised for all
deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible temporary
differences can be utilised except for differences arising on investments in
subsidiaries where the Company is able to control the timing of the reversal
of the difference and it is probable that the difference will not reverse in
the foreseeable future.
Deferred tax is also based on rates enacted or substantively enacted at the
reporting date and expected to apply when the related deferred tax asset is
realised or liability settled.
Deferred tax is charged or credited in the statement of comprehensive income,
except when it relates to items charged or credited directly to equity, in
which case the deferred tax is also dealt within equity.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from profit as reported in the income statement because it
excludes items or expenses that are taxable or deductible in other years and
it further excludes items that are never taxable or deductible. The Company's
liability for current tax is calculated using tax rates that have been enacted
or substantively enacted by the end of the reporting period.
Significant management judgement in applying accounting policies and
estimation uncertainty
When preparing the financial statements, management makes a number of
judgements, estimates and assumptions about the recognition and measurement of
assets, liabilities, income and expenses.
Fair value of financial assets
Establishing the fair value of financial assets may involve inputs other than
quoted prices. As is further disclosed in note 6, all of the Company's
financial assets which are measured at fair value are based on level 1 inputs,
which reduces the level of estimation involved in their valuation.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an
assessment of the probability of the Company's future taxable income against
which the deductible temporary differences can be utilised. In addition,
significant judgement is required in assessing the impact of any legal or
economic limits or uncertainties in various tax jurisdictions. In the opinion
of the directors a deferred tax asset has not been recognised as future
profits cannot be forecasted with reasonable certainty.
2. OPERATING EXPENSES
Operating profit is stated after charging:
2021 2020
£ £
Auditor's remuneration:
- Audit of the financial statements 12,750 15,000
- Taxation compliance services 1,500 1,500
14,250 16,500
Notes
Legal fees 1,200 13,536
Corporate finance costs 33,402 27,600
Directors' 109,000 99,000
fees
3
Director of subsidiary company - -
Occupancy and support costs 72,000 72,000
Other administrative overheads 68,267 101,677
Stock Exchange costs 15,095 15,442
Administrative expenses 313,214 345,755
3. DIRECTORS' EMOLUMENTS
2021 2020
£ £
Directors' fees 109,000 99,000
Other than directors, there were no employees in the current or prior year. No
pensions or other benefits were paid to the Directors in the current or prior
period.
The emoluments of each director during the year were as follows:
2021 2020
£ £
Colin Bird 36,000 39,500
Michael Nolan 25,000 27,500
Raju Samtani 30,000 31,250
Alex Borrelli 18,000 750
4. TAXATION
2021 £ 2020
£
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 19% (2020 - 19%) and the
reported tax expense in the statement of comprehensive income are as follows:
2021 2020
£ £
Loss on ordinary activities before tax (252,045) (149,513)
Expected tax charge at 19% (2020 - 19%) (47,889) (28,407)
Effects of:
Exempt dividend income (306) 378
Difference between accounting gain and taxable gain on investment (5,072) 7,803
Excess management expenses carried forward 53,267 17,749
Non-trade loan relationship deficit carried forward - 2,478
- -
Actual tax charge
5. EARNINGS PER SHARE
Basic 2021 2020
Loss after tax for the purposes of earnings per share attributable to equity (252,045) (149,513)
shareholders
Weighted average number of shares 445,817,308 241,054,411
Basic earnings per ordinary share (0.06)p (0.06) p
Diluted
Loss for year after tax (252,045) (149,513)
Weighted average number of shares 445,817,308 241,054,411
Dilutive effect of options - -
Diluted weighted average number of shares 445,817,308 241,054,411
Diluted earnings per ordinary share (0.06)p (0.06) p
potentially dilutive options - -
There were no share options outstanding at 31 December 2021 or 31 December
2020.
6. INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2021
Listed Investments Other Investments (Quoted/Others) Total
Canada 13,437 - 13,437
UK 330,297 435,575 765,872
343,734 435,575 779,309
2020
Listed Investments Other Investments (Quoted) Total
£ £ £
Canada 28,142 - 28,142
UK 51,501 459,552 511,053
79,643 459,552 539,195
Listed Investments Other Investments (Quoted/Others) Total
£ £ £
Opening book cost 179,354 564,646 744,000
Opening unrealised depreciation (99,711) (105,094) (204,805)
Valuation at 1 January 2021 79,643 459,552 539,195
Movements in the year:
Purchase at cost 200,603 86,023 286,626
Sales proceeds (63,634) (9,573) (73,207)
Realised gains/(losses) on sales based on historic cost (85,461)* - (85,461)
Increase/(Decrease) in unrealised depreciation 212,584 (100,428) 112,156
343,735 435,574 779,309
Book cost at year end 230,861 641,096 871,957
Closing unrealised depreciation 112,873 (205,521) (92,648)
Valuation at 31 December 2021 343,734 435,575 779,309
2021 2020
£ £
Realised (loss)/gain based on historical cost (85,461) (93,477)
Realised (loss)/gain based on carrying value at previous balance sheet date (85,461) (93,477)
Unrealised fair value movement for the year 112,156 287,693
Total recognised (losses)/gains on investments in the year 26,695 194,216
*Includes write off of AustralGold
Analysis of gains/(losses) relating to the Company's Investments
The gains/(losses) on the Company's investments are analysed below.
Accounting standards prohibit the recognition of uplifts in the value of
impaired assets in profit and loss.
Security 31 December 2021 31 December 2020
Profit and loss Profit and loss
African Pioneer Plc 90,297 -
Bezant Resources Plc (89,534) 27,778
Block Energy Plc (14,687) (7,813)
Caerus Minerals Plc 39,398 -
Corallian Energy Ltd - -
WisdomTree Copper (ETFS Copper) 3,301 1,633
Galileo Resources Plc (43,662) 74,942
Goldquest Mining Corporation (14,705) 13,750
Jubilee Metals Group Plc 40,936 103,510
Pantheon Resources Plc 10,647 8,505
Australgold (Formerly Revelo Resources Corp) - (637)
Reabold resources (4,128) -
Royal Dutch Shell Plc 8,832 (26,462)
Barkby Group Plc - (990)
Total movements 26,695 194,216
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:
Level 1 Level 2 Level 3 Total
31 December 2021 £ £ £ £
758,882 20,427 779,309
Assets
Investments held at fair value
Total 758,882 20,427 779,309
Level 1 Level 2 Level 3 Total
£ £ £ £
31 December 2020
Assets 509,195 - 30,000 539,195
Investments held at fair value
Total 509,195 - 30,000 539,195
There have been no significant transfers between levels in the reporting
period.
Reconciliation of Level 3 fair value measurements of financial instruments
Level 3 investments £
Balance at 1 January 2020 30,000
Total gains or (losses) in other comprehensive income -
Purchases/(Sales) -
Transfers in/(out) -
Balance at 1 January 2021 30,000
Total gains or (losses) in other comprehensive income -
Purchases/(Sales) (9,573)
Transfers in/(out) -
Balance at 31 December 2021 20,427
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 Company are denominated in GBP and CAD$, and are
publicly traded on the main London Stock Exchange, the Alternative Investment
Market of the London Stock Exchange and the Toronto Venture Exchange. Fair
values have been determined by reference to their quoted bid prices at the
reporting date.
7. TRADE AND OTHER RECEIVABLES
2021 2020
£ £
Other debtors 1,913 47,159
Amounts due from related parties - 118,385
Prepayments 2,810 3,942
4,723 169,486
An expected credit loss impact assessment under IFRS 9 is not required, as the
Company does not hold any trade or intercompany debtors as at the balance
sheet date.
8. DEFERRED TAX LIABILITIES
The Company has tax losses carried forward in respect of excess management
charges, non-trade deficits and capital losses of £3,272,059 (2019:
£2,965,014). Tax capital losses on the Company's financial assets are at
£92,648 (2020: £204,805). The resulting potential deferred tax asset is
£17,603 (2020: £38,913). However, deferred tax assets are not recognised due
to the unpredictability of future profit streams arising from the disposal of
investments held by the Company. 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
company's financial assets will vary depending on changes in the fair values
of those assets up until the date of disposal.
9. TRADE AND OTHER PAYABLES
2021 2020
£ £
Trade payables 8,708 9,101
Other creditors 7,764 73,883
Accruals 32,103 69,550
48,575 152,534
10. CALLED UP SHARE CAPITAL
The share capital of Tiger consists of fully paid ordinary shares with a
nominal value of 0.1p each and deferred shares with a nominal value of 0.9p
each. Ordinary shares of 0.1p are eligible to receive dividends and the
repayment of capital and represent one vote at the shareholders' meeting of
The Company. The deferred shares carry no dividend or voting rights.
2021 2020
£ £
Authorised:
Ordinary Share Capital 10,000,000 10,000,000
142,831,939 (2020: 142,831,939) deferred shares of 0.9 p each 1,285,487 1,285,487
2021 2020
£ £
Opening Ordinary shares - 439,442,308 at 0.1p each (2020: 188,847,070 Ordinary 439,443 188,847
shares of 0.1p each)
Issued during the year
8,500,000 shares at issue price of £0.0053 (nominal value 0.1p each) - (i) 8,500 -
238,095,238 at issue price of £0.21p each (nominal value 0.1p each) - 238,096
12,500,000 shares at issue price of £0.25p each (nominal value 0.1p each) 12,500
Ordinary shares in issue as at 31 December 2021 - 447,942,308 at 0.1 p each 447,943 439,443
(2020 : 439,442,308 shares of 0.1p each) nominal value
142,831,939 (2020: 142,831,939) deferred shares of 0.9p each 1,285,487 1,285,487
1,733,430 1,724,930
The Deferred shares have no income or voting rights.
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.
(i) On 15 March 2021, The Company issued 8.5 million shares of 0.1 p each at
an issue price of 0.53p each share each to settle a corporate creditor,
totalling £45,050.
11. 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 (2020 - £60,000). There
was an amount of £6,000 outstanding at 31 December 2021 (2020- nil). The
Board considers this transaction to be on an arms' length basis.
(2) The emoluments of the Directors are disclosed in note 3.
(3) Directors' shareholdings are disclosed in the Report of the Directors.
(4) On 18 February 2021, the Company received 28,314,815 shares in Bezant
Resources Plc (Mr Colin Bird and Mr Raju Samtani are executive directors of
the Company and also executive directors and shareholders of Bezant. In
addition, Mr Colin Bird held 2.7% interest in Metrock), as settlement of
outstanding loans of £46,250 which the Company had advanced to Metrock
Resources Ltd during Q4 2020 and fee due of £30,200 from Metrock. Initially,
on 12 October 2020, the Company negotiated an exclusive mandate to facilitate
an IPO for Metrock. However, subsequently on 22 December 2020, under a revised
mandate, both parties mutually agreed not to proceed with an IPO. Metrock was
then acquired by Bezant. As part of Bezant's Shareholders Purchase Agreement
(SPA) with the shareholders of Metrock, it was agreed that outstanding loans
in Metrock's books will be acquired by Bezant and settled in newly issued
Bezant ordinary shares of 0.002p each at a price of 0.27 pence per share on
completion of the SPA ("Bezant Shares"). Accordingly, Tiger was issued
28,314,815 Bezant Shares on completion of the SPA to settle loans of £46,250
which it has made to Metrock and the £30,200 fee referred to above. Upon
issue of the 28,314,815 Bezant Shares, Tiger's total shareholding in Bezant
increased to 83,870,371 shares representing 2.37% of the Bezant's enlarged
issued share capital on completion.
(5) The Company held a 50.75% equity stake in African Pioneer Plc ("APP").
On 1 June 2021, APP's shares comprising 189,459,550 Ordinary shares of zero
par value each ("Ordinary Shares") were admitted to the Official List
(Standard Segment), and to trading on the Main Market for listed securities of
the London Stock Exchange. Consequently, the Company's shareholding in APP was
reduced to 4.65% and APP is no longer a subsidiary of the Company. Tiger's
current holding in APP is 8,810,056 Ordinary Shares, which have been included
in the Company's balance sheet at market valuation under investment in
financial assets at fair value through profit or loss. Mr Colin Bird and Mr
Raju Samtani, who are both Directors of Tiger and African Pioneer Plc and
co-vendors of African Pioneer Zambia to APP, each received 15,000,000 APP
Shares on Standard Listing. Campden Park Trading, a company owned and
controlled by Mr Colin Bird, received 5,000,000 APP Shares on Standard Listing
carrying a total value of £700,000 attributable to Colin Bird and related
companies and £525,000 to Raju Samtani upon Standard Listing.
(6) On 31 March 2021, African Pioneer Plc (Mr Colin Bird and Mr Raju
Samtani, are both Executive Directors & shareholders of the Company and
African Pioneer Plc) repaid £18,385 due to the Company as at 31 December 2020
plus an interest amount of £760.71. Under a loan agreement dated 28 January
2021, Tiger advanced an unsecured loan of £112,981 to African Pioneer plc at
a coupon rate of 10%. African Pioneer Plc repaid this balance plus an interest
amount of £1,903.78 on 31 March 2021.
(7) On 1 June 2021, an amount of £100,000 due from African Pioneer Plc to
the Company (Mr Colin Bird and Mr Raju Samtani, are both Executive Directors
& shareholders of the Company and African Pioneer Plc), was converted to
2,857,143 (zero nominal value) shares of African Pioneer Plc.
12. POST-REPORTING DATE EVENTS
There are no events after the balance sheet date that may warrant disclosure
or may require adjustments to these financial statements.
13. CONTINGENT LIABILITIES
There were no contingent liabilities at 31 December 2021 (2020 - None).
There were no operating or financial commitments or contracts for capital
expenditure in place for the Company as at the reporting date (2020: £nil).
14. FINANCIAL INSTRUMENTS
Management of Risk
The Company's financial instruments comprise:
§ Investments held at fair value through profit or loss
§ Cash, short-term receivables and payables
Throughout the period under review, it was the Company's policy that no
trading in derivatives shall be undertaken.
The main financial risks arising from the Company's financial instruments are
market price risk and liquidity risk.
Liquidity risk arises principally from cash and cash equivalents, which
comprise cash at bank (repayable on demand). The Company has no overdraft
facilities. The carrying amount of these assets are approximately equal to
their fair value.
Credit risk is not significant, but is monitored. The Board regularly
reviews and agrees policies for managing each of these risks and they are
summarised below. These policies have remained constant throughout the period.
Market risk
Market risk consists of interest rate risk, foreign currency risk and other
price risk. It is the Board's policy to maintain an appropriate spread of
investments in the portfolio whilst maintaining the investment policy and aims
of the Company. The Investment Committee actively monitors market prices and
other relevant information throughout the year and reports to the Board, who
is ultimately responsible for the Company's investment policy.
Interest rate risk
Changes in interest rates would affect the Company returns from its cash
balances. A floating rate of interest, which is linked to bank base rates, is
earned on cash deposits. The exposure to cash flow interest rate risk at 31
December 2021 for the Company was £34,394 (2020: £420,699).
A sensitivity analysis based on a movement of 1% on interest rates would have
a £344 effect on the Company's' profit (2020: £4,207).
As the Company does not have any borrowings and finances its operations
through its share capital and retained revenues, it does not have any interest
rate risk except in relation to cash balances.
Foreign currency risk
The Company's total return and net assets can be affected by currency
translation movements as part of the investments held by the Company are
denominated in currencies other than £ Sterling. The Directors mitigate the
individual currency risks through the international spread of investments.
Hedging transactions may be used but none have been employed during the period
under review (2020: none).
The fair values of the Company's investments that have foreign currency
exposure at 31 December 2021 are shown below.
2021 2020
CAD CAD
£ £
Investments in financial assets at fair value through profit or loss 13,437 28,142
The Company accounts for movements in fair value of its financial assets in
other comprehensive income. The following table illustrates the sensitivity of
the equity in regard to the Company's financial assets and the exchange rates
for £/ Canadian Dollar.
It assumes the following changes in exchanges rates:
- £/CAD +/- 20% - (2020: +/- 20%)
These percentages used reflect the high level of market volatility experienced
in exchange rates in recent years.
The sensitivity analysis is based on the Company's foreign currency financial
instruments held at each balance sheet date.
If £ Sterling had weakened against the currencies shows, this would have had
the following effect:
2021 2020
CAD CAD
£ £
Equity 2,687 5,628
If £ Sterling had strengthened against the currencies shows, this would have
had the following effect:
CAD CAD
£ £
Equity (2,240) (4,690)
Other price risk
Other price risk which comprises changes in market prices other than those
arising from interest rate risk or currency risk may affect the value of
quoted and unquoted equity investments. The Board of directors manages the
market price risks inherent in the investment portfolio by regularly
monitoring price movements and other relevant market information.
The Company accounts for movements in the fair value of investments in
financial assets in other comprehensive income and assets designated at fair
value through profit or loss in comprehensive income. The following table
illustrates the sensitivity to equity of an increase / decrease of 50% in
market prices. This level of change is considered to be reasonable based on
observation of current market conditions, in particular resource stocks and
junior mining companies. The sensitivity is based on the Company's equities at
each balance sheet date, with all other variables held constant.
2021 2020
50% increase in fair value 50% decrease in fair value 50% increase in fair value 50% decrease in fair value
£ £ £ £
Equity 389,655 (389,655) 269,597 (269,597)
Liquidity risk
The Company maintains appropriate cash reserves and the majority of the
Company's assets comprise realisable securities, most of which can be sold to
meet funding requirements if necessary. Given the Company's cash reserves, it
has been able to settle all liabilities on average within 1 month.
Credit risk
The risk of counterparty's failure to discharge its obligations under a
transaction that could result in the Company suffering a loss is minimal. The
Company holds its cash balances with a reputable bank and only transacts with
regulated institutions on normal market terms.
Included in total amounts receivable at 31 December 2021 is the sum of £1,844
(2020 - £859) which was lodged with the Company's brokers in relation to
future investments.
Financial liabilities
There are no currency or interest rate risk exposures on financial liabilities
as they are denominated in £ Sterling and settled on average within one
month.
Capital management
The Company actively reviews its issued share capital and reserves and manages
its capital requirements in order to maintain an efficient overall financing
structure whilst avoiding any leverage. The capital structure of the Company
consists of only equity (comprising issued capital, reserves, and retained
earnings as disclosed below and the Statements of Changes in Equity) and no
debt.
The Board monitors the discount level of its issued shares, which is the
difference between its Net Asset Value (NAV) and its actual share price. To
improve NAV, the Company may purchase its own shares in the market. During the
current year, the Company has not purchased any of its own shares (2020: Nil).
Company At 1 January 2021 Cash flows Other non-cash changes At 31 December 2021
Cash and cash equivalents £ £ £ £
Cash 420,699 (386,305) - 34,394
Borrowings - - - -
Debt due within one year - - - -
Debt due after one year - - - -
Total 420,699 (386,305) 34,394
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