REG - Tiger Royalties&Invs - Interim results for the six months to 30 June 2022
27/09/2022 07:00
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RNS Number : 7099A Tiger Royalties and Investments PLC 27 September 2022
For immediate release
27 September 2022
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
Chairman's Report
Dear Shareholder,
Net Asset Value per share - 30 Jun 2022: 0.12p / 31 Dec 2021: 0.17p (30 June
2021: 0.29p)
Total net assets - 30 Jun 2022: £542k / 31 Dec 2021: £770k (30 June 2021:
£1,314k)
In my chairman's statement for the comparative six months period to 30 June
2021, I was very enthusiastic and upbeat on the outlook for junior resource
companies. This sentiment was based on the resurgence in the sector and the
positive mood in the investment community during that period. Many IPOs and
secondary financings were completed in the course of 2021 and stock markets
experienced a buoyant period, particularly in the case of alternative energy
commodities.
These fundamentals remain firmly in place and have arisen from a desire for a
cleaner planet and the impact of global warming resulting in uncharacteristic
weather changes which have become more regular, with increasing devastation in
recent years. However, despite these positive fundamentals, smaller cap
stocks, particularly in the natural resource sector have experienced one of
the worst periods during the many years that I have been active in the sector.
Many companies have made discoveries and others have advanced their projects
significantly with the market giving little or no recognition to the
achievements made by these operators.
Market capitalisations of junior resource companies are generally lower
compared to this period last year. The paradox is that most major mining
companies have, in recent months, produced "all time" high cash returns from
their operations and have also recorded excellent returns to shareholders,
with dividends and windfall distributions breaking previous records.
At the time of writing this report, commodity prices are slipping and the
major mining companies are warning that there may be hard times ahead. These
negative factors have mainly resulted from the ongoing war in Ukraine and
fears of excessive and sustained inflation. Whilst the war is very real and
also very sad, we believe that inflationary pressures have resulted more from
supply chain disruptions, triggered mainly by the Pandemic, although the
effect of energy costs on the inflation basket cannot be ignored.
Uncertainty has always been a threat to stock markets and personally, I have
rarely experienced such volatile times. We are faced with economic and
geo-political uncertainty and frequently changing governments not just in the
UK, but around the globe. We are of the view, that a material correction
in stock markets is necessary before new real trends are evidenced and it is
likely that this correction may well be underway at the time of writing this
report. However, the US market appears to be more resilient to a deeper
market correction despite the uncertainty and the economic head winds. The
fact that the US has a huge reserve of cheaper energy in the form of locally
produced natural gas has been particularly helpful for high energy dependant
industries in North America.
African Pioneer Plc ("APP"), which forms a significant portion of Tiger's
investment portfolio is extremely well placed in Southern Africa, a region
which has recently benefitted from discoveries and major company resurgence.
Both its Zambian and Botswanan joint ventures are showing good progress,
whilst APP's "in house" managed Ongombo project in Namibia has produced
significant copper and gold results in a recent drilling programme.
Despite a gloomy short-term outlook, the Board remain optimistic that the
underlying fundamentals for a broad range of commodities particularly for
those metals needed for electric vehicle manufacturing and the renewable
energy space are better than ever in history. We are determined, despite the
current negativity that currently permeates our sector, to remain focussed and
to use our expertise to add interesting and innovative deals to Tiger's
portfolio with a view to building shareholder value.
Colin Bird
Chairman
26 September 2022
Portfolio Holdings as at 30 June 2022
Investments Number of shares Cost Valuation at 30 June 2022 Valuation at 31 August 2022
£ £ £
African Pioneer Plc 8,810,056 100,000 189,416 189,416
Bezant Resources Plc 83,870,371 326,885 100,644 88,064
Block Energy Plc 625,000 25,100 9,375 -
Kendrick Resources Plc (previously BMR Group Plc) 83,000 50,217 1,544 1,204
Caerus Mineral Resources Plc 1,000,000 100,603 78,000 47,500
Corallian Energy Ltd 13,618 20,427 20,427 20,427
Galileo Resources Plc 6,516,667 78,335 60,605 101,008
Goldquest Mining Corp 173,500 30,259 19,658 25,192
Jubilee Metals Group Plc 1,169,600 100,219 166,083 138,013
Reabold Resources Corp 3,025,068 9,573 8,168 -
Total Investments 841,618 653,920 610,824
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
Novum Securities Plc Jon Belliss +44 (0)20 7399 9425
(Broker)
Statement of Comprehensive Income
For the six months ended 30 June 2022
(Unaudited) (Unaudited) (Audited)
Six months Six months ended Year
ended 30 June 21 ended
30 June 22 31 Dec 21
£ £ £
Changes in fair value of investments (82,698) 409,224 26,695
Income:
Investment income - 654 1,610
Interest receivable - -
Other income - 30,200 32,864
Administrative expenses (144,708) (148,204) (313,214)
PROFIT(LOSS) BEFORE TAXATION (227,406) 291,874 (252,045)
Taxation - -
PROFIT/(LOSS) FOR THE PERIOD (227,406) 291,874 (252,045)
TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD (227,406) 291,874 (252,045)
Basic earnings/(loss) per share (0.05)p 0.07 p (0.06)p
Diluted earnings/(loss) per share (0.05)p 0.07 p (0.06)p
All profits are derived from continuing operations.
Statement of Financial Position
As at 30 June 2022
(Unaudited) (Unaudited) (Audited)
30 June 22 30 June 21 31 Dec 21
£ £ £
NON-CURRENT ASSETS
Investments in financial assets at fair value through profit or loss 653,920 1,225,471 779,309
Total Non-Current Assets 1,225,471 779,309
CURRENT ASSETS
Trade and other receivables 18,859 15,364 4,723
Cash and cash equivalents 10,424 100,931 34,394
29,283 116,295 39,117
TOTAL ASSETS 683,203 1,341,766 818,426
CURRENT LIABILITIES
Trade and other payables (140,758) (27,996) (48,575)
Total Current Liabilities (140,758) (27,996) (48,575)
NET ASSETS 542,445 1,313,770 769,851
EQUITY
Share capital 1,733,430 1,733,430 1,733,430
Share premium 1,986,421 1,986,421 1,986,421
Other components of equity 1,100,000 1,100,000 1,100,000
Retained earnings (4,277,406) (3,506,081) (4,050,000)
EQUITY ATTRIBUTABLE TO THE OWNERS 542.445 1,313,770 769,851
TOTAL EQUITY 542,445 1,313,770 769,851
Statement of Changes in Equity
As at 30 June 2022
Share capital Share premium Capital redemption reserve Retained earnings Total
Equity
£ £ £ £ £
As at 1 January 2021 1,724,930 1,949,871 1,100,000 (3,797,955) 976,846
Shares issued during the period 8,500 36,550 - - 45,050
Total comprehensive income for the period - - - 291,874 291,874
As at 30 June 2021 1,733,430 1,986,421 1,100,000 (3,506,081) 1,313,770
Total comprehensive income for the period (543,919) (543,919)
As at 31 December 2021 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
Cash Flow Statement
For the six months ended 30 June 2022
(Unaudited) (Unaudited) (Audited)
30 June 22 30 June 21 31 Dec 21
£ £ £
CASH FLOW FROM OPERATIONS
(Loss)/profit before taxation (227,406) 291,874 (252,045)
Adjustment for:
Interest received - - -
Dividends received - (654) (1,610)
Other income - (30,200) (32,864)
Change in fair value of investments 82,698 (409,224) (26,695)
Operating (loss) before movement in working capital (144,708) (148,204) (313,214)
(Increase)/decrease in receivables (14,136) 7,873 18,513
Increase/(decrease) in payables 92,183 (79,488) (58,909)
NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES (66,661) (219,819) (353,610)
TAXATION PAID
CASH FLOW FROM INVESTING ACTIVITIES
Interest received - - 2,664
Dividends received - 654 1,610
Sale of investments 42,691 - 63,634
Purchase of investments - (100,603) (100,603)
NET CASH INFLOW/ (OUTFLOW)FROM INVESTING ACTIVITIES 42,691 (99,949) (32,695)
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares - - -
NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES - - -
Net increase/(decrease) in cash and cash equivalents in the period (23,970) (319,768) (386,305)
Cash and cash equivalents at the beginning of the period 34,394 420,699 420,699
Cash and cash equivalents at the end of the period 10,424 100,931 34,394
Selected notes to the financial statements
For the six months ended 30 June 2022
1. Basis of preparation
These interim financial statements for the period ended 30 June 2022 have been
prepared by applying the accounting policies adopted in the audited accounts
for the year ended 31 December 2021 and should be read in conjunction with the
2021 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 2021, 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. Earnings Per Share
Basic Unaudited Unaudited Audited
6 months to 6 months to Year ended 31 December 2021
30 June 2022 30 June 2021
Profit/(Loss) after tax for the purpose of earnings per share £ (227,406) £ 291,874 £ (252,045)
Weighted average number of shares 447,942,308 443,692,308 445,817,308
Basic earnings/ (loss) per ordinary share (0.05) 0.07 p (0.06)p
Diluted
Profit/(loss) after tax £ (227,406) £ 291,874 £ (252,045)
Weighted average number of shares 447,942,308 443,692,308 445,817,308
Diluted effect of options - - -
Diluted weighted average 447,942,308 443,692,308 445,817,308
number of shares
Diluted earnings / (loss) per ordinary share (0.05)p 0.07 p (0.06)p
3. Current liabilities
The current liability figure of £140,758 includes an accrual of £68,934
relating to Director's salaries/ fees relating to the period ended 30 June
2022.
4. 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.
5. 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 2022 30 June 2021 31 December 2021
£ £ £
Authorised:
10,000,000,000 (30 June 2021 & 31 December 2021: 10,000,000,000) Ordinary 10,000,000 10,000,000 10,000,000
shares 0.1p (30 June 2021 & 31 December 2021 - 0.1p each)
142,831,939 deferred shares of 0.9p each (30 June 2021 & 31 December 2021: 1,285,487 1,285,487 1,285,487
142,831,939 Deferred shares of 0.9p each)
Issued:
Opening Ordinary shares - 447,942,308 shares of 0.1p each (31 December 2020: 447,943 439,443 439,443
439,442,308 Ordinary Shares of 0.1p each)
New shares issued:
8,500,000 shares at issue price of £0.53p each - 8,500 8,500
(Nominal value 0.1p each)
Total ordinary shares in issue at period end 447,942,308 Ordinary shares 0.1p 447,943 447,943 447,943
(30 June 2021 & 31 December 2021: 447,942,308 Ordinary shares of 0.1 p)
142,831,939 deferred shares of 0.9p each (30 June 2021 & 31 December 2021: 1,285,487 1,285,487 1,285,487
142,831,939 deferred shares of 0.9p each)
1,733,430 1,733,430 1,733,430
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.
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.
7. 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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