REG - Tiger Roylts and Inv - Half-year Report

Tiger Royalties and InvestmentsAnnouncement

04/09/2020 14:00

RNS Number : 1127Y
  
Tiger Royalties and Investments PLC
  
04 September 2020
  
 

       
For immediate release                                                                      4 September 2020
 
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")
 
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2020
 
Chairman's Report
 
Dear Shareholders,
 
Net Asset Value per share - 30 Jun 2020 - 0.19p / 31 Dec 2019 - 0.32p (30 June 2019 - 0.39p)
 
Total assets - 30 Jun 2020 - £361k / 31 Dec 2019 - £598k (30 June 2018 - £728k)
 
The period under review has been volatile for "small cap" stocks in the resource sector and despite the recovery in markets post the "low point" in late March 2020, share valuations of junior natural resource stocks did not fully recover by the end of the current reporting period resulting in a fall in NAV as at 30 June 2020 to 0.19 pence per share.  The investment table included in this report demonstrates further share price appreciation to the end of August 2020.
 
The last six months have been unprecedented in modern times with the outbreak of Covid-19 leading to major business disruption and individual suffering.  The virus has affected all nations globally and at the time of writing considerable uncertainty exists as to the progression or reduction in the number of cases being experienced and therefore ultimate economic recovery.  I am convinced that we will see "stop-start" activity on the economic front over the next 12 months, with a real danger of the banking system suffering yet another credit freeze.  
 
It would appear that the investors are seeing a much quicker return to normality and consequent business prosperity with anomalies in many commodities including base metals, particularly with copper which is currently priced some 20% higher than when the pandemic first commenced.  Longer term investors and institutional investors, whilst alarmed by the pandemic are taking the longer view, realising that a new emerging world, post Covid-19 will have not lost its appetite for modern technology and lifestyle improvements.
 
The growing concern relating to global pollution experienced a major reality check, when only after two months post lockdown, satellite photographs showed considerably reduced pollution levels in the planet.  The build-up of electric vehicles has been moving apace with the realisation of what can be achieved over a short period of time increasing momentum.  The accelerated emergence of electric vehicles can only benefit metals including copper, cobalt, nickel, lithium and vanadium.  The interesting question is, which metals will gain dominance in the new generation of batteries and much controversy exists on this subject.  Each metal has its own advantages and limitations and the next year will see more science and funding directed towards the optimum solution.  It is our opinion, that there will be no optimum position since supply fundamentals will demand that no one metal acquires overall dominance.  
 
The gold price has been quite spectacular during this period and the current weight of geo-political tension and uncertainty continues to support higher gold prices.  The US election result may adversely affect gold prices as a result of lessening tension but conversely competing fiscal factors may well maintain a gold price in excess of US$1,800 per ounce for the foreseeable future.
 
I am pleased to say that at last, the world appears to have woken up to the fact that the junior resource companies are the pioneers of the industry and new discoveries will probably emanate from their continued efforts.  Consequently, we have seen a flurry of activity including secondary financing and IPOs over the last few months.
 
We have historically communicated to shareholders that Tiger intends to move from being a passive investor to a pro-active corporate investor actively involved in project management as well as being a royalty holder in natural resource projects.  The Board is currently considering a number of projects along these lines in various commodities located in diverse geographical regions which will enable Tiger to re-capitalise and meet its longer term objective.  The Company will differ from most other royalty companies, in that its business model will involve some corporate structuring, retention of equity, participation in project management and an expectation of a royalty once mines are built or sold.  
 
We look forward to advising our shareholders of progress over the coming months, with the expectation of new deals being consummated which will contribute significantly towards our overall portfolio.
 
 
Colin Bird
Chairman
4 September 2020
 
Portfolio Holdings as at 30 June 2020
 




Investments


Number of shares


Cost
£


Valuation at 30 June 2020
 £


Valuation at 28 August 2020
 £




Barkby Group Plc


23,237


100,000


4,880


5,286




Bezant Resources Plc


55,555,556


250,435


66,667


50,000




Block Energy Plc


625,000


25,100


13,438


15,625




BMR Group Plc


2,500,000


50,217


-


 




Corallian Energy Ltd


20,000


30,000


15,000


15,000




Galileo Resources Plc


6,516,667


78,335


48,223


58,650




Goldquest Mining Corp


173,500


30,259


17,003


41,962




Jubilee Metals Group Plc


1,169,600


100,219


43,041


65,498




Pantheon Resources Plc


31,500


30,340


4,341


7,040




Revelo Resources Corp 


21,667


      62,965


1,283


2,046




Royal Dutch Shell Plc B Shares


2,700


73,234


33,048


28,701




WisdomTree Copper EFTS


760


12,896


15,177


15,490




 


 


 


 


 




Total


 


 


262,101


305,298




 


 


 


 
 


 




African Pioneer Plc


 


 


 


 




Galileo Resources Plc


2,500,000


50,000


18,500


22,500




Jubilee Metals Group Plc


217,802


8,266


8,015


12,197




Revelo Resources Corp


151,500


53,651


9,452


14,304




South 32 Plc


13,845


28,607


15,638


15,797




Xtract Resources Plc


606,060


20,217


7,152


10,182




 


 


 


 


 




Total


 


 


58,757


74,980




 


 


 


 


 




Total Investments


 


 


320,858


380,278




 
 
 
 
 




 
 
Tiger Royalty and investments Plc
 


 
 
Raju Samtani, Director                                               


 
 
+44 (0)20 7581 4477




Beaumont Cornish
(Nomad)


Roland Cornish
Felicity Geidt
Email:corpfin@b-cornish.co.uk


+44 (0)20 7628 3369




 
Novum Securities Plc
(Broker)
 


 
Jon Belliss


 
+44 (0)20 7399 9425




 
 
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2020
 
 




 


 
(Unaudited)
Group Six months 
ended
30 June 20


 
(Unaudited)
Group Six months ended
30 June 19


 
(Audited)
Group Year 
ended
31 Dec 19 
 




 


£


£


£




(Loss)/profit on investments


(92,389)


114,130


142,768




Income:


 


 


 




Investment income


236


9,098


12,230




Interest receivable


36


12


109




Administrative expenses


(145,128)


(148,075)


(309,727)




(LOSS) BEFORE TAXATION


(237,245)


(24,835)


(154,620)




 


 


 


 




Taxation


-


-


-




 (LOSS) FOR THE PERIOD 


(237,245)


(24,835)


(154,620)




 


 


 


 




TOTAL COMPREHENSIVE (LOSS)/ PROFIT FOR THE PERIOD


(237,245)


(24,835)


 
 
(154,620)




 
(Loss)/profit for the period attributable to:
 


 


 


 




Shareholders of the Company


(229,314)


(3,827)


(130,464)




Non-controlling interest


(7,931)


(21,008)


(24,156)




 


 


 


 




 


(237,245)


(24,835)


(154,620)




Basic earnings per share


(0.12)p


(0.002)p


(0.07)p




Diluted earnings per share


(0.12)p


(0.002)p


(0.07)p




 


 


 


 




 
 
All profits are derived from continuing operations.



 
 
Consolidated Statement of Financial Position
As at 30 June 2020
 
 




 


 
(Unaudited)
Group 
30 June 20


 
(Unaudited)
Group 
30 June 19
 


 
(Audited) Group
31 Dec 19
 




 


£


£


£




NON CURRENT ASSETS


 


 


 




Financial assets at fair value through profit or loss


-


-


-




Investments


320,858


704,970


474,939




 


320,858


704,970


474,939




CURRENT ASSETS


 


 


 




Trade and other receivables


10,543


19,402


11,756




Cash and cash equivalents


74,110


42,169


142,622




 


84,653


61,571


154,378




 


 


 


 




TOTAL ASSETS


405,511


766,541


629,317




 
 


 


 


 




 


 


 


 




EQUITY AND LIABILITIES


 


 


 




 


 


 


 




EQUITY ATTRIBUTABLE TO SHAREHOLDERS


 


 


 




Share capital


1,474,334


1,474,334


1,474,334




Share premium 


1,669,216


1,669,216


1,669,216




Other components of equity


1,100,000


1,100,000


1,100,000




Retained earnings


(3,876,007)


(3,520,056)


(3,646,693)




EQUITY ATTRIBUTABLE TO THE OWNERS 


367,543


723,494


596,857




 


 


 


 




Equity interest of non-controlling interest


(6,234)


4,845


1,697




 


 


 


 




TOTAL EQUITY


361,309


728,339


598,554




 


 


 


 




CURRENT LIABILITIES


 


 


 
 




Trade and other payables


44,202


38,202


30,763




Corporate tax payable


-


-


-




 


44,202


38,202


30,763




 


 


 


 




TOTAL LIABILITIES


44,202


38,202


30,763




 


 


 


 
 




TOTAL EQUITY AND LIABILITIES


405,511


766,541


629,317




 


 


 


 




 
 
 
Consolidated Statement of Changes in Equity
As at 30 June 2020
 
 
                                              Other components of equity




 


Share capital


Share premium


Capital redemption reserve


Other
reserves


Available-for-sale financial assets


Share
based
reserves


Retained             earnings
 


Non-controlling interest


Total
 




 


£


£


£


£


£


£


£


£


£             



 
 
 
 
 
 
 
 
 
 
 
 



 
 




 


 


 


 


 


 


 


 


 


 




As at 31 December 2018


1,474,334


1,669,216


1,100,000


-


-


 -


(3,516,229)


25,853


753,174




Changes in equity


 


 


 


 


 


 


 


 


 




Profit/ (Loss) for  the period


-


-


-
 


-


-


-


(3,827)


(21,008)


  (24,835)




Other Comprehensive (loss)
Available-for-sale Financial Assets:
Current Period Losses
Transfer to impairment
Transfer on disposal
 


 
 
 
-
-
-


 
 
 
-
-
-
 


 
 
 
-
-
-
 


 
 
 
-
-
-
 


 
 
 
-
-
-
 


 
 
 
-
-
-
 
 


 
 
 
-
-
-


 
 
 
-
-
-
 


 
 
 
 -
 -
-




Total comprehensive expense for the period


-


-


-


-


-                  


-


(3,827)


(21,008)


(24,835)




 


 


 


 


 


 


 


 


 


 




As at 30 June 2019


1,474,334


1,669,216


1,100,000


-


-


 -


(3,520,056)


4,845


728,339




Changes in equity


 


 


 


 


 


 


 


 


 




Profit/ (Loss) for  the period


-


-


-


-


-


-


   (126,637)


(3,148)


(129,785)




 


 


 


 


 


 


 


 


 


 




Total comprehensive expense for the period


-


-


-


-


-


-


   (126,637)


(3,148)


  (129,785)




 




As at 31 December 2019


1,474,334


1,669,216


1,100,000


-


-


 -


(3,646,693)


1,697


598,554




 
 




Changes in equity


 


 


 


 


 


 


 


 


 




Profit/(Loss) for the period


-


-


-


-


-


-


   (229,314)


(7,931)


(237,245)




 


 


 


 


 


 


 


 


 


 




Total comprehensive expense for the period
 


-


-


-


-


-                  


-


(229,314)


(7,931)


(237,245)




As at 30 June 2020


1,474,334


1,669,216


1,100,000


-


-


 -


(3,876,007)


(6,234)


361,309




 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 



 
 
 
 
 
 
 
 
 
 
 



 
                                                                                                                                                                        
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Flow Statement
For the six months ended 30 June 2020
 
 




 


 
(Unaudited)
30 June 20


 
(Unaudited)
30 June 19 


 
(Audited)
31 Dec 19




 


£


£


£




CASH FLOW FROM OPERATIONS


 


 


 




(Loss)/profit before taxation


(237,245)


(24,835)


(154,620)




Adjustment for:


 


 


 




Interest received


(36)


(12)


(109)




Dividends received


(236)


(9,098)


(12,230)




Change in fair value of investments


87,868


-


(142,768)




 


 


 


 




Operating (loss) before movement in working capital


(149,649)


(33,945)


(309,727)
 




(Increase)/decrease in receivables


1,214


(10,290)


(2,596)




Increase/(decrease) in payables


13,454


(4,323)


(11,788)




Gain on disposal of financial asset at fair value 


48,625


(114,130)


-




Impairment of investments


(44,104)


-


-




 


 


 


 




NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES
 


(130,460)


(162,688)


(324,111)




 


 


 


 




TAXATION PAID 


-


-


-




CASH FLOW FROM INVESTING ACTIVITIES


 


 


 




Interest received


36


12


109




Dividends received


236


9,098


12,230




Sale of investments


61,676


128,968


387,615




Purchase of investments


-


-


   - 




 


 


 


 




NET CASH INFLOW FROM INVESTING ACTIVITIES
 


61,948


138,078


399,954




 


 


 


 




CASH FLOW FROM FINANCING ACTIVITIES
 


 


 


 




Purchase of shares by minorities


-


-


-




 


 


 


 




NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES


-


-


-




 


 


 


 




 


 


 


 




Net increase/(decrease) in cash and cash equivalents in the period


(68,512)


(24,610)


75,843




Cash and cash equivalents at the beginning of the period


142,622


66,779


66,779




Cash and cash equivalents at the end of the period


74,110


42,169


142,622




 


 


 


 




 


 


 


 




 
 
 
Selected notes to the consolidated financial statements
For the six months ended 30 June 2020
 
 
1.         Basis of preparation
 
The financial statements have been prepared under the historical cost convention except for the measurement of certain non-current asset investments at fair value. The measurement basis and principal accounting policies of the Group are set out below. The financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. These interim financial statements for the period ended 30 June 2020 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2019. As permitted, the Group 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 group's statutory financial statements for the period ended 31 December 2019, prepared under International Financial Reporting Standards (IFRS), 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 
30 June 2020


6 months to 
30 June 2019


Year ended 31 December 2019




 


 


 


 




Profit/(Loss) after tax for the purpose of earnings per share 


£(229,314)


£(3,827)


£(130,464)




Weighted average number of shares


188,847,070


188,847,070


 
188,847,070




Basic earnings per ordinary share 


(0.12)p


(0.002)p


 
(0.07)p




 




Diluted 


 


 


 




 


 


 


 




 


 


 


 




Profit/(loss) after tax


£(229,314)


£(3,827)


£(130,464)




Weighted average number of shares


188,847,070


188,847,070


 
188,847,070




Diluted effect of options 


-


-


-




Diluted weighted average
number of shares


188,847,070


188,847,070


188,847,070




Diluted earnings per ordinary share


(0.12)p


(0.002)p


(0.07)p



 
 
 
 
 



 
 
 
 
3.         Current liabilities
 
The current liability figure of £44,202 includes an accrual of £30,000 relating to unpaid Director's salaries/ fees relating to the 3 months ended 30 June 2020.  These outstanding fees will be settled either in cash or Ordinary shares of 0.1 pence in the Company at the discretion of the Board. The conversion price, if settled in shares will be equal to the volume weighted average share price applicable for each month during which the relevant Director salary/ fees were accrued.  If settled in shares, the issue of new Ordinary shares will be subject to regulatory and statutory regulations.
 
 
 
 
 
4.         Deferred Tax
 
A deferred tax asset on revaluation of AFS investments arose during the period. However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Group. Losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future.
 
 
5.         Called Up Share Capital
                                                                                                                                                                  
The share capital of Tiger Resource 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.
 




 


30 June
2020


30 June
2019




 


£


£




Authorised:
 


 


 


 




10,000,000,000 (30 June 2019: 10,000,000,000) ordinary shares 0.1p 
(30 June 2019 - 1p each) 


10,000,000


10,000,000


 




 
 


 


 


 




142,831,939 deferred shares of 0.9p each (30 June 2019: 142,831,939 deferred shares of 0.9p each )


1,285,487


1,285,487


 




 
 
 
5.         Called Up Share Capital (continued)
 


 


 


 




Issued:


30 June
2020


30 June
2019


 




 


£


£


 




 


 


 


 




188,847,070 Ordinary shares 0.1p (30 June 2019: 142,831,939 Ordinary Shares of 0.1p each)                                                                                   


188,847


188,847


 




142,831,939 deferred shares of 0.9p each (30 June 2019: 142,831,939 deferred shares of 0.9p each)


1,285,487


1,285,487


 




 


1,474,334


1,474,334


 



 
 
 
 
 
 



                                                                                                                                                                                                                                                                                                                                                                           
Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of £450 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.
 
 
 
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 
 

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