TIDMTIR
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 MONTHSED 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: GBP542k / 31 Dec 2021: GBP770k
(30 June 2021: GBP1,314k)
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 Cost Valuation Valuation
of shares GBP at 30 June at 31 August
2022 2022
GBP GBP
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, Director +44 (0)20 7581 4477
Roland Cornish
Beaumont Cornish Felicity Geidt
(Nomad) Email: corpfin@b-cornish.co.uk +44 (0)20 7628 3369
Novum Securities
Plc
(Broker) Jon Belliss +44 (0)20 7399 9425
Statement of Comprehensive Income
For the six months ended 30 June 2022
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 June 22 30 June 21 31 Dec 21
GBP GBP GBP
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
GBP GBP GBP
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 Retained Total
redemption earnings Equity
reserve
GBP GBP GBP GBP GBP
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 30 June 31 Dec
22 21 21
GBP GBP GBP
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 6 months Year ended
to to 31 December
30 June 30 June 2021 2021
2022
Profit/(Loss) after tax for
the purpose of earnings per
share GBP (227,406) GBP 291,874 GBP (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 GBP (227,406) GBP 291,874 GBP (252,045)
Weighted average number of
shares 447,942,308 443,692,308 445,817,308
Diluted effect of options - - -
Diluted weighted average
number of shares 447,942,308 443,692,308 445,817,308
Diluted earnings / (loss)
per ordinary share (0.05)p 0.07 p (0.06)p
3. Current liabilities
The current liability figure of GBP140,758 includes an accrual
of GBP68,934 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 30 June 31 December
2022 2021 2021
GBP GBP GBP
Authorised:
10,000,000,000 (30 June 2021 & 31 December
2021: 10,000,000,000) Ordinary shares
0.1p (30 June 2021 & 31 December 2021
- 0.1p each) 10,000,000 10,000,000 10,000,000
142,831,939 deferred shares of 0.9p each
(30 June 2021 & 31 December 2021: 142,831,939
Deferred shares of 0.9p each) 1,285,487 1,285,487 1,285,487
----------- ----------- ------------
Issued:
Opening Ordinary shares - 447,942,308
shares of 0.1p each (31 December 2020:
439,442,308 Ordinary Shares of 0.1p each) 447,943 439,443 439,443
New shares issued:
8,500,000 shares at issue price of GBP0.53p
each
(Nominal value 0.1p each) - 8,500 8,500
Total ordinary shares in issue at period
end 447,942,308 Ordinary shares 0.1p
(30 June 2021 & 31 December 2021: 447,942,308
Ordinary shares of 0.1 p) 447,943 447,943 447,943
----------- ----------- ------------
142,831,939 deferred shares of 0.9p each
(30 June 2021 & 31 December 2021: 142,831,939
deferred shares of 0.9p each) 1,285,487 1,285,487 1,285,487
----------- ----------- ------------
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 GBP4,500 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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