REG - Tiger Royalties&Invs - Half-year Report
28/09/2023 11:30
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RNS Number : 0225O Tiger Royalties and Investments PLC 28 September 2023
For immediate release
28 September 2023
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
Chairman's Report
Dear Shareholder,
Net Asset Value per share - 30 Jun 2023: 0. 05p / 31 Dec 2022: 0.09p (30 June
2022: 0.12p )
Total net assets - 30 Jun 2023: £248k / 31 Dec 2022: £496k (30 June 2022:
£542k)
In my last Chairman's report, I made modestly upbeat comments about the
changing mood of smaller company investors moving into 2023 and beyond.
However, I am disappointed to note that this assessment did not materialise in
the way I had envisaged at the time and that in fact the micro-cap company
investor arena has deteriorated significantly since that time and the outlook
remains somewhat uncertain.
The period under review has suffered from what is probably one of the worst
market scenarios I have witnessed during my years in the natural resource
sector. This is of course compounded by the fact that there is a preference
of investors to invest directly into individual companies as opposed to
deploying funds in umbrella investment companies and hence interest in smaller
cap funds has waned.
Consequently, we are pleased that we elected some years ago to be more
proactive and develop positions where we had some influence in the underlying
investee company's strategy alongside holding a relatively larger equity
position in these types of investments. Whilst this has provided a more
focused portfolio of assets, value is yet to be recognised given the gloomy
state of the market for junior mining and commodity stocks. We remain
optimistic on some of the investments held in the portfolio and I feel that in
some cases fundamentals significantly outweigh current stock market values
and, when sentiment returns, we will see the fundamental strength of these
underlying assets.
We live in a very uncertain world with unprecedented financial and
geopolitical headwinds, exacerbated by new media and extreme political
manoeuvring predominantly resulting from the Russian invasion of Ukraine.
During violent times, alliances and allegiances can be transient, thus not
helping the confidence and certainty that is sought by the investing
community, a trait that is needed to promote stronger junior resource markets.
The major markets however seem to be holding their own, despite the negative
global pressures, although there a reasonable amount of volatility. Share
prices of the major mining and energy producers have certainly come off their
highs, as seen post the initial Covid market rally.
We remain confident on the fundamentals for base metals, particularly for
copper and battery metals. We also remain confident of an emergence of third
world and developing economies where disposable income is increasing and the
thirst to have white goods, cars, and mobile gadgets continues at a rapid
pace, pointing to increasing demand for these goods and hence for materials in
the foreseeable future. The supply side for copper is becoming dismal and I
firmly believe that any junior mining companies fortunate enough to have near
production assets in their portfolios will become very valuable investments in
the next two to three years. If the major mining companies are slow in
acquiring these types of companies, then family offices and perhaps the motor
industry will look at building positions in junior commodity companies with
quality assets, the latter grouping in order to secure their supply lines for
the rapidly developing EV market.
To summarise, in contrast to the aforementioned concerns, we firmly believe,
more than ever, that there is a light at the end of the tunnel and that a
commodity boom cycle revolution is in the making. The Company's management
team will continue to seek out positions and investments where the underlying
assets are well positioned and there is scope for value add and we strongly
believe that such opportunities will emerge as a result of the changing
economic conditions.
This has been our strategy for some years, and it is our hope and belief that
we will see significant upside in the portfolio value over the next 12 months.
Colin Bird
Chairman
28 September 2023
Portfolio Holdings as at 30 June 2023
Investments Number of shares Cost Valuation at 30 June 2023 (Unaudited) Valuation at 30 June 2022 (Unaudited) Valuation at 31 December 2022 (Audited)
£ £ £ £
African Pioneer Plc 8,810,056 100,000 189,416 189,416 202,631
Bezant Resources Plc 83,870,371 326,885 25,161 100,644 71,290
Kendrick Resources Plc 83,333 50,217 750 1,544 812
Critical Mineral Resources Plc (Formerly Caerus Mineral Resources Plc 1,000,000 100,603 50,000 78,000 45,000
Galileo Resources Plc 6,516,667 78,335 61,908 60,605 84,717
Goldquest Mining Corp 173,500 30,259 9,798 19,658 14,796
Jubilee Metals Group Plc 869,600 74,513 67,829 166,083 88,264
Block Energy Plc - - - 9,375 -
Corallian Energy Ltd - - - 20,427 -
Reabold Resources Corp - - - 8,168 -
Total Investments 760,812 404,862 653,920 507,510
Tiger Royalties and investments Plc Raju Samtani, +44 (0)20 7581 4477
Director
Beaumont Cornish Roland Cornish +44 (0)20 7628 3369
(Nomad) Felicity Geidt
Email: corpfin@b-cornish.co.uk (mailto:corpfin@b-cornish.co.uk)
Novum Securities Plc Jon Belliss +44 (0)20 7399 9425
(Broker)
Statement of Comprehensive Income
For the six months ended 30 June 2023
(Unaudited) (Unaudited) (Audited)
Six months Six months ended Year
ended 30 June 22 ended
30 June 23 31 Dec 22
£ £ £
Changes in fair value of investments (102,648) (82,698) (159,847)
Income:
Investment income - - -
Interest receivable - - -
Other income - - -
Administrative expenses (145,275) (144,708) (297,115)
PROFIT(LOSS) BEFORE TAXATION (247,923) (227,406) (456,962)
Taxation - - -
PROFIT/(LOSS) FOR THE PERIOD (247,923) (227,406) (456,962)
TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD (247,923) (227,406) (456,962)
Basic earnings/(loss) per share (0.05)p (0.05)p (0.10)p
Diluted earnings/(loss) per share (0.05)p (0.05)p (0.10)p
All profits/ (losses) are derived from continuing operations.
Statement of Financial Position
As at 30 June 2023
(Unaudited) (Unaudited) (Audited)
30 June 23 30 June 22 31 Dec 22
£ £ £
NON-CURRENT ASSETS
Investments in financial assets at fair value through profit or loss 404,862 653,920 507,510
Total Non-Current Assets 404,862 653,920 507,510
CURRENT ASSETS
Trade and other receivables 20,118 18,859 45,819
Cash and cash equivalents 69,874 10,424 150,631
89,992 29,283 196,450
TOTAL ASSETS 494,854 683,203 703,960
CURRENT LIABILITIES
Trade and other payables (246,516) (140,758) (207,699)
Total Current Liabilities (246,516) (140,758) (207,699)
NET ASSETS 248,338 542,445 496,261
EQUITY
Share capital 1,825,116 1,733,430 1,825,116
Share premium 2,054,189 1,986,421 2,013,040
Warrants reserve 23,918 - 65,067
Capital redemption reserve 1,100,000 1,100,000 1,100,000
Retained earnings (4,754,885) (4,277,406) (4,506,962)
TOTAL EQUITY 248,338 542,445 496,261
Statement of Changes in Equity
As at 30 June 2023
Share capital Share premium Warrants reserve Capital redemption reserve Retained earnings Total
Equity
As at 1 January 2022 1,733,430 1,986,421 - 1,100,000 (4,050,000) 769,851
Total comprehensive income for the period - - - - (227,406) (227,406)
As at 30 June 2022 1,733,430 1,986,421 - 1,100,000 (4,277,406) 542,445
Shares issued during the year 91,686 26,619 65,067 - - 183,372
Total comprehensive income for the period - - - - (229,556) (229,556)
As at 31 December 2022 1,825,116 2,013,040 65,067 1,100,000 (4,506,962) 496,261
Warrants revaluation - 41,149 (41,149) - - -
Total comprehensive income for the period - - - - (247,923) (247,923)
As at 30 June 2023 1,825,116 2,054,189 23,918 1,100,000 (4,754,885) 248,338
Cash Flow Statement
For the six months ended 30 June 2023
(Unaudited) (Unaudited) (Audited)
30 June 23 30 June 22 31 Dec 22
£ £ £
CASH FLOW FROM OPERATIONS
(Loss)/profit before taxation (247,923) (227,406) (456,962)
Adjustment for:
Interest received - - -
Dividends received - - -
Other income - - -
Change in fair value of investments 102,648 82,698 159,847
Operating (loss) before movement in working capital (145,275) (144,708) (297,115)
(Increase)/decrease in receivables 25,700 (14,136) (1,092)
Increase/(decrease) in payables 38,818 92,183 159,120
NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES (80,757) (66,661) (139,087)
TAXATION PAID - - -
CASH FLOW FROM INVESTING ACTIVITIES
Interest received - - -
Dividends received - - -
Sale of investments - 42,691 111,952
Purchase of investments - - -
NET CASH INFLOW/ (OUTFLOW)FROM INVESTING ACTIVITIES - 42,691 111,952
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares - - 143,372
NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES - - 143,372
Net increase/(decrease) in cash and cash equivalents in the period (80,757) (23,970) 116,237
Cash and cash equivalents at the beginning of the period 150,631 34,394 34,394
Cash and cash equivalents at the end of the period 69,874 10,424 150,631
Selected notes to the financial statements
For the six months ended 30 June 2023
1. Basis of preparation
These interim financial statements for the period ended 30 June 2023 have been
prepared by applying the accounting policies adopted in the audited accounts
for the year ended 31 December 2022 and should be read in conjunction with the
2022 annual report. As permitted, the Company has chosen not to adopt IAS 34
"Interim Financial Reporting".
The financial information set out in this interim report does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. The
statutory financial statements for the period ended 31 December 2022, were
prepared under International Financial Reporting Standards (IFRS), and have
been filed with the Registrar of Companies. The auditor's report on those
financial statements was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
2. Loss Per Share
Basic Unaudited Unaudited Audited
6 months to 6 months to Year ended 31 December 2022
30 June 2023 30 June 2022
Profit/(Loss) after tax for the purpose of earnings per share £ (247,923) £ (227,406) £ (456,962)
Weighted average number of shares 539,628,553 447,942,308 450,705,455
Basic earnings/ (loss) per ordinary share (0.05)p (0.05)p (0.10)p
Diluted
Profit/(loss) after tax £(247,923) £ (227,406) (456,962)
Weighted average number of shares 539,628,553 447,942,308 450,705,455
Diluted weighted average 539,628,553 447,942,308 450,705,455
number of shares
Diluted earnings/ (loss) per ordinary share (0.05)p (0.05)p (0.10)p
3. Dividends
No dividends were declared during the period under review (30 June 2022: nil).
4. Current liabilities
The current liability figure of £246,516 (2022: £140,758) includes an
accrual of £108,628 (2022: £68,934 ) - relating to Directors' salaries/fees
for 12 months ended 30 June 2023. The current liability figure also includes a
creditor of £96,000 (2022:£33,000) payable to Lion Mining Finance, which is
a related party.
5. Deferred Tax
A deferred tax asset on revaluation of 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
Company. Losses may be carried forward indefinitely and will only be
recoverable if suitable profits arise in the future.
6. Called Up Share Capital
The share capital of Tiger Royalties and Investments Plc consists only of
fully paid ordinary shares with a nominal value of 0.1p each. All Ordinary
shares are equally eligible to receive dividends and the repayment of capital
and represent one vote at the shareholders' meeting of the Company.
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December 2022
£ £ £
Authorised:
10,000,000,000 (30 June 2022 & 31 December 2022: 10,000,000,000) Ordinary 10,000,000 10,000,000 10,000,000
shares 0.1p (30 June 2022 & 31 December 2022 - 0.1p each)
142,831,939 deferred shares of 0.9p each (30 June 2022 & 31 December 2022: 1,285,487 1,285,487 1,285,487
142,831,939 Deferred shares of 0.9p each)
Issued:
Opening Ordinary shares - 539,628,553 shares of 0.1p each (30 June 2022 & 539,629 447,943 447,943
31 December 2022: 447,942,308 Ordinary Shares of 0.1p each)
New shares issued:
91,686,246 shares at issue price of £0.002 (nominal value of 0.1p each) - - 91,686
Total ordinary shares in issue at period end 539,628,553 Ordinary shares 0.1p 539,629 447,943 539,629
(30 June 2022 : 447,942,308 Ordinary shares of 0.1 p & 31 December 2022:
539,628,553 Ordinary shares of 0.1 p)
142,831,939 deferred shares of 0.9p each (30 June 2022 & 31 December 2022: 1,285,487 1,285,487 1,285,487
142,831,939 deferred shares of 0.9p each)
1,825,116 1,733,430 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.
7. Share Warrants
At the period end, and as at 31 December 2022, the Company had the following
warrants outstanding:
Issue date Number of warrants Exercise price Share price at issue date Subscription price at issue date
20 December 2022 91,686,246 0.3p 0.225p 0.2p
There were no warrants outstanding on 30 June 2022
8. Going concern
The operations of the Company have been financed mainly through operating cash
flows. As at 30 June 2023, the Company held cash balances of £69,874 (30 June
2022: £10,424) and an operating loss has been reported for the 6 months ended
30 June 2023. Historically, the Company has generated cash flow from the sale
of investments in quoted natural resource companies. The Company's financial
investments at 30 June 2023 were £404,862. It is possible, as a result of
volatile markets, that the Company may need to raise funding to provide
additional working capital to finance its ongoing activities. The management
team has successfully raised funding for similar projects and companies in the
past although there is no guarantee that adequate funds will be available when
needed in the future.
Based on its current reserves and the Board's assessment that the Company
should be able to raise additional funds when required to meet its working
capital requirements, the Board has concluded that it has a reasonable
expectation that the Company can continue in operational existence for the
foreseeable future. In addition, the Board confirms that Directors' fees will
continue to accrue or be paid in shares (subject to AIM rules and other
regulatory issues) until the Company undertakes either a fundraise and has
sufficient excess working capital to settle such fees, or is involved in a
significant transaction which would significantly uplift the prospects for the
Company. For these reasons, the financial statements have been prepared on the
going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and discharge of liabilities in the
normal course of business.
9. Post-reporting date
No adjusting or significant non-adjusting events have occurred between the
reporting date and the date of release of the Company's interim financials.
10. Availability of Interim Report
A copy of these interim results will be available from the Company's
registered office during normal business hours on any weekday at 2nd Floor,
7/8 Kendrick Mews, London SW7 3HG, and can also be downloaded from the
Company's website at http://www.tiger-rf.com/. Tiger Royalties and Investments
Plc is registered in England and Wales with company number 02882601.
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.
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