REG - Tiger Royalties&Invs - Unaudited results for the 6 months to 30 June 2024
27/09/2024 15:45
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RNS Number : 0831G Tiger Royalties and Investments PLC 27 September 2024
For immediate release
27 September
2024
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2024
Chairman's Report
Dear Shareholder,
Net Asset Value per share - 30 Jun 2024: (0. 005)p / 31 Dec 2023: 0.02p (30
June 2023: 0.05p )
Total net assets - 30 Jun 2024: £(24)k / 31 Dec 2023: £93k (30 June 2023:
£248k)
Dear Shareholder,
My Chairman's report for this Interim Statement demonstrates a continuation of
the same frustration and disappointment as in the Interim Statement a year
ago. There have been few positive changes since that report and geopolitical
tension has worsened worldwide with the Middle East crisis deepening. The
Russian invasion of Ukraine has continued unabated with both sides threatening
with long range missile attacks on each other's cities which can only lead to
worsening the situation. This potential geo-political instability could
potentially be compounded by some countries electing new governments which may
adopt radical economic policies resulting in detrimental consequences to their
respective economic prosperity.
The economy of the United States America seems to be prospering and at the
time of writing this report, major stock market indices are close to near term
highs. The recent lowering of interest rates has added impetus to the
markets, however small-cap stocks have seen little benefit. The pattern of
rate lowering is evident in both developed and emerging economies, and it is
my view that lowering rates now is premature. If this is the case, it may
promote a further bout of inflation which could be the stimulus for commodity
price increases. Whilst rising metal prices would be a positive move for our
industry, such a scenario could once again threaten global fiscal
stability.
Against the aforementioned comments, there are few fundamentals which are
likely to produce a better environment for smaller resource companies, which
in recent years have been predominately reliant on the retail investor
community. Whilst the situation is prolonged and serious, I remain convinced
that the inevitable demand for copper and the poor supply prospects should
overturn all the negative factors surrounding the smaller company market.
The fact is that the longer copper fundamentals are ignored, the more serious
the situation will become and copper will replace oil as a potential world
disrupter. During the twentieth century we saw numerous occasions when
financial and political disruption was led by the uncertainty around oil
supplies. It is disappointing that I cannot report better conditions for our
industry, but the reality speaks for itself, despite our optimism for change.
Your Company has the mandate to seek out positions where value is identified
but assets are not performing due to technical or project management reasons
and there are many such assets which satisfy the stated criteria, but
accessing funds continues to be difficult, with stressed balance sheets and
low liquidity.
Gold remains the main outlier, as it has soared from $1,800 to $2,600 per oz
in the last 12 months and a deep sense of global unease is helping to boost
the price of the yellow metal. Additionally, gold is priced in US Dollars, a
currency which has recently been depreciating against other major currencies
thus making gold seem cheaper and tempting investors to pile in.
We continue to seek investment opportunities that will help reshape Tiger
including, if the fundamentals match the Company's investment criteria,
precious metal projects where we may be able to participate in this
resurgence.
Tiger is an investment company with a long record and an experienced
management team. In our quest to identify the best mid to long-term
direction for the Company, we have stated on a number of occasions that a
small-cap resource focussed umbrella investment company lacks the scale and
scope to prosper in today's investment climate and that statement can never be
truer than it is now.
We are currently proactively investigating a number of possible alternative
strategies which could position the Company into an arena where value can be
added for our long supportive shareholders.
Colin Bird
Chairman
27 September 2024
Portfolio Holdings as at 30 June 2024
Investments Number of shares Cost Valuation at 30 June 2024 (Unaudited) Valuation at 30 June 2023 (Unaudited) Valuation at 31 December 2023 (Audited)
£ £ £ £
African Pioneer Plc 8,810,056 100,000 211,441 189,416 207,036
Bezant Resources Plc 83,870,371 326,885 16,774 25,161 16,774
Kendrick Resources Plc (previously BMR Group Plc) 83,333 50,217 917 750 400
Critical Mineral Resources Plc (Formerly Caerus Mineral Resources Plc 500,000 50,301 7,500 50,000 27,500
Galileo Resources Plc 6,516,667 78,335 68,425 61,908 68,425
Goldquest Mining Corp - - - 9,798 9,289
Jubilee Metals Group Plc 869,600 74,513 61,307 67,829 56,089
Total Investments 680,251 366,364 404,862 385,513
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)
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Statement of Comprehensive Income
For the six months ended 30 June 2024
(Unaudited) (Unaudited) (Audited)
Six months Six months ended Year
ended 30 June 23 ended
30 June 24 31 Dec 23
£ £ £
Changes in fair value of investments 14,886 (102,648) (121,997)
Income:
Other income - - 17,703
Administrative expenses (132,356) (145,275) (298,948)
(LOSS) BEFORE TAXATION (117,470) (247,923) (403,242)
Taxation - - -
LOSS) FOR THE PERIOD (117,470) (247,923) (403,242)
TOTAL COMPREHENSIVE (LOSS) FOR THE PERIOD (117,470) (247,923) (403,242)
Basic (loss) per share (0.02)p (0.05)p (0.07)p
Diluted (loss) per share (0.02)p (0.05)p (0.07)p
All profits are derived from continuing operations.
Statement of Financial Position
As at 30 June 2024
(Unaudited) (Unaudited) (Audited)
30 June 24 30 June 23 31 Dec 23
£ £ £
NON-CURRENT ASSETS
Investments in financial assets at fair value through profit or loss 366,364 404,862 385,513
Total Non-Current Assets 366,364 404,862 385,513
CURRENT ASSETS
Trade and other receivables 21,403 20,118 5,590
Cash and cash equivalents 50,990 69,874 53,876
72,393 89,992 59,466
TOTAL ASSETS 438,757 494,854 444,979
CURRENT LIABILITIES
Trade and other payables (463,208) (246,516) (351,960)
Total Current Liabilities (463,208) (246,516) (351,960)
NET ASSETS (24,451) 248,338 93,019
EQUITY
Share capital 1,825,116 1,825,116 1,825,116
Share premium 2,078,107 2,054,189 2,078,107
Warrants reserve - 23,918 -
Capital redemption reserve 1,100,000 1,100,000 1,100,000
Retained earnings (5,027,674) (4,754,885) (4,910,204)
TOTAL EQUITY (24,451) 248,338 93,019
Statement of Changes in Equity
As at 30 June 2024
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
Warrants revaluation - 23,918 (23,918) - - -
Total comprehensive income for the period - - - - (155,319) (155,319)
As at 31 December 2023 1,825,116 2,078,107 - 1,100,000 (4,910,204) 93,019
Warrants revaluation - - - - - -
Total comprehensive income for the period - - - - (117,470) (117,470)
As at 30 June 2024 1,825,116 2,078,107 - 1,100,000 (5,027,674) (24,451)
Cash Flow Statement
For the six months ended 30 June 2024
(Unaudited) (Unaudited) (Audited)
30 June 24 30 June 23 31 Dec 23
£ £ £
CASH FLOW FROM OPERATIONS
(Loss)/profit before taxation (117,470) (247,923) (403,242)
Adjustment for:
Other income - - (17,703)
Change in fair value of investments (14,886) 102,648 121,997
Operating (loss) before movement in working capital (132,356) (145,275) (298,948)
(Increase)/decrease in receivables (15,813) 25,700 40,229
Increase/(decrease) in payables 111,248 38,818 144,261
NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES (36,921) (80,757) (114,458)
TAXATION PAID - - -
CASH FLOW FROM INVESTING ACTIVITIES
Other income - - 17,703
Sale of investments 34,035 -
NET CASH INFLOW/ (OUTFLOW)FROM INVESTING ACTIVITIES 34,035 - 17,703
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 (2,886) (80,757) (96,755)
Cash and cash equivalents at the beginning of the period 53,876 150,631 150,631
Cash and cash equivalents at the end of the period 50,990 69,874 53,876
Selected notes to the financial statements
For the six months ended 30 June 2024
1. Basis of preparation
These interim financial statements for the period ended 30 June 2024 have been
prepared by applying the accounting policies adopted in the audited accounts
for the year ended 31 December 2023 and should be read in conjunction with the
2023 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 2023, 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 2023
30 June 2024 30 June 2023
Profit/(Loss) after tax for the purpose of earnings per share (117,470) £ (247,923) £ (403,242)
Weighted average number of shares 539,628,554 539,628,554 539,628,554
Basic (loss) per ordinary share (0.02)p (0.05)p (0.07)p
Diluted
Profit/(loss) after tax (117,470) £(247,923) £ (403,242)
Weighted average number of shares 539,628,554 539,628,554 539,628,554
Diluted weighted average 539,628,554 539,628,554 539,628,554
number of shares
Diluted (loss) per ordinary share (0.02)p (0.05)p (0.07)p
3. Dividends
No dividends were declared during the period under review (30 June 2023: nil).
4. Current liabilities
The current liability figure of £463,208 (2023: £246,516) includes an
accrual of £ 219,917 (2023: £108,628) - relating to Director's
salaries/fees, the oldest one being for 24 months ended 30 June 2024. The
current liability figure also includes a creditor of £165,000 (2023:£96,000)
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 2024 30 June 2023 31 December 2023
£ £ £
Authorised:
10,000,000,000 (30 June 2023 & 31 December 2023: 10,000,000,000) Ordinary 10,000,000 10,000,000 10,000,000
shares 0.1p (30 June 2023 & 31 December 2023 - 0.1p each)
142,831,939 deferred shares of 0.9p each (30 June 2023 & 31 December 2023: 1,285,487 1,285,487 1,285,487
142,831,939 Deferred shares of 0.9p each)
Issued:
Opening Ordinary shares - 539,628,554 shares of 0.1p each (30 June 2023 & 539,629 539,629 539,629
31 December 2023: 539,628,554 Ordinary Shares of 0.1p each)
New shares issued:
None - - -
Total ordinary shares in issue at period end 539,628,554 Ordinary shares 0.1p 539,629 539,629 539,629
(30 June 2023 & 31 December 2023: 539,628,554 Ordinary shares of 0.1 p)
142,831,939 deferred shares of 0.9p each (30 June 2023 & 31 December 2023: 1,285,487 1,285,487 1,285,487
142,831,939 deferred shares of 0.9p each)
1,825,116 1,825,116 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, as at 30 June 2023 and as at 31 December 2023, 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
The above warrants were issued on 20 December 2022 and are exercisable at 0.3
pence per unit with a validity of 2 two years from the date of issue.
8. Going concern
The operations of the Company have been financed mainly through operating cash
flows. As at 30
June 2024, the Company held cash balances of £ 50,990 (30 June 2023:
£69,874) and an operating loss
has been reported. 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 2024 were £366,364. Subsequent to the date of these accounts, 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, however 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, as and when required to meet its working capital
requirements, the Board have
concluded that they have 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 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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