TIDMTIR
RNS Number : 6547Z
Tiger Royalties and Investments PLC
25 May 2021
For immediate release 25 May 2021
TIGER ROYALTIES AND INVESTMENTS PLC
(FORMERLY TIGER RESOURCE PLC)
("Tiger" or the "Company")
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2020
AND
NOTICE OF ANNUAL GENERAL MEETING
The Company is pleased to announce its audited results for the
year ended 31 December 2020 and to confirm that the 2020 Annual
Report and Financial Statements ("Annual Report"), together with a
Notice of AGM ("Notice") will be posted to shareholders on 28 May
2021. Pursuant to Rule 20 of the AIM Rules for Companies, copies of
both the Annual Report and the Notice will thereafter be available
for inspection at www.tiger-rf.com.
The AGM will be convened at the Company's registered address
being 2(nd) Floor, 7/8 Kendrick Mews, London SW7 3HG on Tuesday 21
June 2021 at 14:00 pm. The AGM will be a closed meeting and
shareholders will not be allowed to attend in person due to ongoing
restrictions associated with the Covid-19 pandemic. The AGM notice
will contain details on how shareholders will be able to exercise
their voting rights along with other practical details.
Notes:
Extracts from the Annual Report are set out below. The financial
information set out below does not constitute the Company's
statutory accounts for the periods ended 31 December 2020 or 31
December 2019 but it is derived from those accounts. Statutory
accounts for 31 December 2019 have been delivered to the Registrar
of Companies and those for 31 December 2020 will be delivered
following the Company's Annual General Meeting. The auditors have
reported on those accounts, their reports were unqualified and did
not contain statements under section 498(2) or (3) of the Companies
Act 2006.
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.
For further information please contact:
Tiger Resource Plc Raju Samtani, Director +44 (0)20 7581 4477
Roland Cornish
Beaumont Cornish (Nomad) Felicity Geidt +44 (0)20 7628 3369
Novum Securities Ltd Jon Belliss +44 (0)20 7399 9425
(Broker)
CHAIRMAN'S STATEMENT
Dear Shareholder,
The year under review has seen Tiger's net asset value per share
("NAV") decrease by 26% to 0.23p from 0.31p as at 31 December 2019.
Although natural resource markets recovered during the second half
of 2020, the decrease in NAV has resulted in the main due to
additional shares being issued in September 2020 to recapitalise
the Company. We are pleased to report that the portfolio has
performed better this year with most of the investments in the
portfolio showing an appreciation in value over the period, year to
date.
The year under review, 2020, has been clouded by the tragic
Covid-19 pandemic and our routines of international travel and face
to face meetings came to a standstill. Conversely, during this
period of austerity and uncertainty, the fortunes of commodity
markets improved dramatically and at the time of writing of this
Report, the improved sentiment has continued.
There has been much talk of the shape of the recovery curve and
the bulls and bears both captured investors' attention during the
period under review with their widely differing outlooks. These
forecasts have generally been extreme and often without foundation
or firm analysis. It is surprising to note, that at the time of
writing this Report, forecasts are being made for a global recovery
with associated growth rates generally in excess of anything
previously seen. It is indeed sobering to recognise what the real
economy represents when one sees the decimation of the hotel,
travel and hospitality sectors and its lack of overall impact on
the real recovery. However, these sectors can only add stimulus to
the recovery when activity in these areas of the economy resumes
back to pre-pandemic levels.
Moving to issues specific to our own industry, most commodities
have experienced significant price increases since the start of the
pandemic. The star of the show has been copper, which at the start
of the pandemic was priced at US$5,400 per tonne and at the time of
writing this Report has reached a price of US$10,400 per tonne. The
forecast demand for copper in 2030 is double that of 2020 whilst
the supply side is looking less achievable. Chile supplies 37% of
the world's copper and the country is suffering immense social
unrest, directed taxation increases and technical threats in its
ability to support the expected surge in demand for the metal.
These threats include falling grades of copper, deep and expensive
to operate open pits mines with similar issues being experienced
with underground mining operations. Chile is no longer the location
of choice for global investment when considering the deployment of
exploration capital with the preferred countries now being
Australia, USA, Canada and other emerging copper belts, with
Botswana having outstanding prospectivity in the Kalahari Copper
Belt.
The forecast for the doubling in demand for copper was made
around 2018 and did not fully take into account the astonishing
impetus for electric vehicles (EVs). The economic emergence of
developing countries has added to the global determination to
slowdown climate change and this factor will also trigger a huge
increase in the demand for copper. These issues have been
compounded by President Joe Biden's plan to renew infrastructure in
the USA, where such investment appears to have been on hold for
some 20 years and now a pressing need to build new as well as
refurbish existing infrastructure alongside embracing the
challenges to respond to climate change. We believe that the next
surge in commodity demand will be in metals and minerals which are
used in the storage of energy and as such we also feel very
positive on future prices for nickel, vanadium, manganese, cobalt
and lithium.
Commodity industry analysts are referring to a commodity super
cycle and I personally challenge the use of the word "cycle" in
this context. This is on the basis that a cycle suggests that
underlying economics have changed and that these commodities are
now back in favour. My prognosis is that we are experiencing a
fundamental shift in the demand for many metals, specifically for
those listed above and particularly in the case of copper. The
underlying demand being driven by technological and humanistic
fundamentals which have not been seen since the age of the
Industrial Revolution - all of this at a time of great challenges
posed by the pandemic.
Tiger's investment portfolio is made up of companies which have
exposure to these commodities and the planned public listing of our
subsidiary company, African Pioneer plc, will further add our
exposure to investment in copper. We are approaching the time, when
major mining companies will need to acquire proven resources to
improve their metal inventories and it is likely that some junior
explorers will deliver excellent returns for their
shareholders.
We are also of the opinion, that the extinction of the "small
miner" and the reduction in the number of single project mining
companies will be reversed, since the process of developing a large
copper mine from commencement of exploration to first copper
production can take up to 12 years and in any case is never less
than 8 years given the time required for systematic exploration,
permitting, financing and site construction. The sheer demand for
copper and other selected base metals requires that all facets of
production are in place from small high-grade operations to huge
tonnage, low grade, ventures. We intend to add to our portfolio and
gain more exposure to these targeted EV and energy storage metals
and look forward to earning superior returns for our investors, an
outcome that they have patiently waited for.
We remain committed to proactive investment and we believe that
the day of the small miner and explorer has re-emerged and that
Tiger's investors will benefit from the changing dynamics in the
industry. I would like to thank my fellow directors for their
dedication and application towards our objectives and sincerely
thank our shareholders for their support over the years. We look
forward to success arising from the emergence of EVs and the
climate change revolution which will no doubt result in a rapidly
changing and very different commodity and investment
environment.
Colin Bird
Executive Chairman
24 May 2021
PORTFOLIO REVIEW
The table below includes investments held by the Group, and are
disclosed in notes 7 to the financial statements.
Number Cost Valuation Valuation Valuation
31/12/20 31/12/20 31/12/20 31/12/19 31/03/21
GBP GBP GBP GBP
Kendrick Resources Plc 2,500,000 50,217 - -
Bezant Resources Plc 55,555,556 250,435 138,889 111,111 176,128
Barkby Group Plc (previously
- Sovereign Mines of Africa
Plc) - - - 5,909
Block Energy Plc 625,000 25,100 20,312 28,125 15,625
Caerus Mineral Resources
Plc 1,000,000 - - - 126,000
Corallian Energy Limited 20,000 30,000 30,000 30,000 30,000
ETFS Copper 760 12,896 17,497 34,436 19,624
Galileo Resources Plc 6,516,667 78,335 107,525 32,583 86,020
Goldquest Mining Corporation 173,500 30,259 28,142 14,392 26,511
Jubilee Metals Group Plc 1,169,600 100,219 149,124 45,614 174,037
Pantheon Resources 31,500 30,340 13,702 5,197 11,246
Australgold (formerly Revelo
Resources Corp) 21,263 62,965 - 637 -
Royal Dutch Shell Plc B
Shares 2,700 73,234 34,004 60,466 36,045
TOTAL FOR THE PARENT COMPANY 744,000 539,195 368,470 701,236
------------ ------------- ------------- ----------
Europa Metals Ltd (previously - - - 26,100 -
Ferrum Crescent Limited)
Jubilee Metals Group Plc 217,802 8,266 27,770 35,794 32,409
Galileo Resources Plc 2,500,000 50,000 41,250 12,500 33,000
Australgold (formerly Revelo - - - 6,614 -
Resources Corp)
South 32 Limited 13,845 28,607 19,297 19,522 21,606
Xtract Resources Plc 606,060 20,217 10,788 5,939 38,182
------------ ------------- ------------- ----------
TOTAL FOR AFRICAN PIONEER
PLC 107,090 99,105 106,469 125,197
------------ ------------- ------------- ----------
TOTAL INVESTMENTS FOR THE
GROUP 851,090 638,300 474,939 826,433
============ ============= ============= ==========
PARENT COMPANY:
The Company sold 1,000 ETFS Copper shares and its holding in
Barkby Group during the year.
AFRICAN PIONEER Plc ("APP"):
APP sold its holding in Europa Metals Ltd and 700,000 shares in
Jubilee Metals Group Plc during the year.
Details of changes in the fair value of investments are shown in
note 7 of the Financial Statements.
African Pioneer Plc
African Pioneer Plc ("APP") is a 50.75% owned subsidiary of The
Company and was formed with a mission to identify investment
opportunities in base metals within the mining sector focussed in
Sub-Saharan Africa. APP has identified suitable exploration assets
in the mining sector based in Zambia, Namibia and Botswana and is
now working to complete the acquisition of these assets and list
APP on the London Stock Exchange by way of Standard Listing.
Further details of the proposed acquisitions are detailed in note
13 of these financial statements.
Bezant Resources Plc (AIM - BZT: LN) www.bezantresources.com
Bezant Resources Plc ("Bezant") is a mineral exploration and
development company quoted on AIM and focused on developing a
pipeline of copper-gold projects to provide a new generation of
economically and socially sustainable mines. The company acquired a
30% interest in the Kalengwa exploration project on 24 April 2020
which is based in the area surrounding the historic, high-grade
Kalengwa open pit copper mine in the Republic of Zambia. Bezant's
copper-gold project is situated in the Matchless Copper Belt in
Namibia and has a resource 10.2 million tonnes JORC category grade
of approx. 1.9% copper and 0.3 g/t of gold (approx. 30% resource
tonnage classified in the "indicated" Mineral Resource category
with the balance in the "inferred" Mineral Resource category). The
company's Eureka Property covers in excess of ten thousand hectares
and is located in the north-west corner of the Jujuy province in
northern Argentina.
Block Energy Plc (AIM - BLOE: LN) www.blockenergy.co.uk
Block Energy Plc ("Block Energy") is an AIM-listed exploration
and production which has a strategy of applying innovative
technology to realise the full potential of previously discovered
fields in Georgia. In November 2020, Block Energy concluded a sale
and purchase agreement with Schlumberger to acquire its subsidiary
Schlumberger Rustaveli Company Limited (SRCL) representing a major
milestone towards its objective of becoming the leading independent
oil and gas producer in Georgia. The acquisition comprised of the
producing Block XI(B) - Georgia's most productive block and the
exploration Block IX and this transaction significantly increased
the company's access to production, reserves and resources. The
acquisition was completed by issuing options over shares conserving
the company's cash resources.
Caerus Mineral Resources Plc (LSE: CMRS)
www.caerusmineralresources.co m
Caerus Mineral Resources Plc ("Caerus") is a European-focused
exploration and development company targeting mineral resources to
supply the global Clean Energy Transition which whose shares were
admitted to the main market of the London Stock Exchange under the
Standard Segment of the Official on 19 March 2021. The company was
established to target Mineral Resources in Europe in response to
the transition and drive towards Clean Energy economies globally
with the current focus being on copper-gold opportunities in
Cyprus, a region with a long mining history and significant
untapped value. Caerus recently announced a binding and exclusive
option agreement with Jubilee Metals Group Plc ("Jubilee") which
will enable Caerus and Jubilee to engage in an agreed work
programme to investigate and assess the remnant ore and multiple
waste stockpiles from the 16 mines that operated historically on
Caerus' concessions to identify and define projects within the
Caerus portfolio that can be targeted to production using modern
designs and waste processing technologies guided and financed by
Jubilee.
Corallian Energy Limited www.corallian.co.uk
Corallian Energy Limited ("Corallian") is a private UK oil and
gas exploration and appraisal company. The Company holds interests
in 4 basins in the UK; West of Shetland, Central Graben, Inner
Moray Firth and Viking Graben. A proportion of the Corallian
investment has been exchanged in recent weeks for a direct equity
interest in Reabold Resources plc, an AIM listed investment
company.
Galileo Resources Plc (AIM - GLR - LN)
www.galileoresources.com
Galileo Resources PLC ("Galileo") is an AIM quoted natural
resource exploration company specializing in the acquisition and
development of base metal projects with a focus on copper. The
company recently completed a High-Resolution Helicopter-Borne
Electromagnetic and Magnetic Survey over several of its prospecting
licenses in the Kalahari Copper Belt in western Botswana which
include PL40/2018 and PL39/2018. Galileo has announced that it has
recently contracted a drilling program totalling a minimum of
2,500m of drilling which is due to commence shortly. The company
also announced on 3 March 2021 that it entered into a conditional
agreement with Siege Mining Limited ("Siege") in relation to the
ceding of ownership and operations in the Star Zinc Project for a
consideration of US$750,000. Galileo will also be paid a royalty
based on future sales of zinc from the Star Zinc Project for
allowing Siege to use Galileo's information, know-how and
commercial experience in relation to the Star Zinc Project.
Jubilee Metals Group Plc (AIM - JLP: LN)
www.jubileemetalsgroup.com
Jubilee Metals Group Plc ("Jubilee") is an industry leading
metal recovery business focussed on the retreatment and metals
recovery from mine tailings, waste, slag, slurry and other
secondary materials generated from mining operations. The company's
expanding multi-project portfolio across South Africa and Zambia
provides exposure to a broad commodity basket including platinum
group metals ('PGMs'), chrome, lead, zinc, vanadium, copper and
cobalt. Jubilee's shares are traded on the AIM Market of the London
Stock Exchange (JLP) and the South African Alt-X of JSE Limited
(JBL). The company's last reported attributable earnings for the
six-month period to 31 December 2020 increased by 212 %, to a
record GBP 30.9 million (2019: GBP 9.9 million), driven mainly by
increased operational output with PGM production surging by 34 %
and increased metal prices over the period.
Royal Dutch Shell Plc (LSE - RDSB: LN) www.shell.com
Royal Dutch Shell Plc's ("Shell") mission is to thrive in the
energy transition cycle by responding to society's desire for
additional, cleaner, convenient and competitive energy and to make
a positive contribution to society through the company's
operations. Shell continuously seeks to improve its operating
performance and maximise sustainable free cash flow, with an
emphasis on health, safety, security, environment and asset
performance, as well as adhering to ethics and compliance
principles. The group made a loss of $21,534 million in the year
ended 31 December 2020, compared with earnings of $16,432 million
in 2019. After current cost of supplies adjustment, total segment
earnings made a loss of $(19,701) million in 2020, compared with
earnings of $15,827 million in 2019.
CONSOLIDATED AND PARENT COMPANY STATEMENTS OF COMPREHENSIVE
INCOME YEARED 31 DECEMBER 2020
Notes Group 2020 Group 2019 Company 2020 Company 2019
(Restated)
GBP GBP GBP GBP
Change in fair
value of investments 7 250,740 142,768 194,216 169,009
Revenue:
Investment income 2,330 12,230 1,989 11,210
Interest receivable 38 109 37 106
Administrative
expenses 2 (488,017) (316,227) (345,755) (285,887)
Impairment charge 6(a) - - - (67,686)
Negative goodwill 6(b) 63,437 - - -
LOSS BEFORE TAXATION (171,472) (161,120) (149,513) (173,248)
Taxation 4 - - - -
TOTAL COMPREHENSIVE
LOSS FOR THE YEAR (171,472) (161,120) (149,513) (173,248)
----------- ----------------------- ------------- ---------------
LOSS FOR THE YEAR ATTRIBUTABLE
TO:
Shareholders of
the company (127,070) (133,892) (149,513) (173,248)
Non-controlling
interest (44,402) (27,228) - -
----------- ----------------------- ------------- ---------------
(171,472) (161,120) (149,513) (173,248)
----------- ----------------------- ------------- ---------------
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO:
Shareholders of
the company (127,070) (133,892) (149,513) (173,248)
Non-controlling
interest (44,402) (27,228) - -
----------- ----------------------- ------------- ---------------
(171,472) (161,120) (149,513) (173,248)
----------- ----------------------- ------------- ---------------
Basic earnings
per share 5 (0.05) p (0.07) p
Diluted earnings
per share 5 (0.05) p (0.07) p
All profits are derived from continuing operations.
The comparative information has been restated as a result of
prior period adjustment as detailed in note 1.
The notes on pages 30 to 49 are an integral part of these
financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY YEARED 31 DECEMBER
2020
Other components of equity
Share capital Share Capital Retained Equity Non-controlling Total
premium redemption earnings attributable interest Equity
reserve to owners
GBP GBP GBP GBP GBP GBP GBP
As at 1 January 2019 1,474,334 1,669,216 1,100,000 (3,516,229) 727,321 25,853 753,174
-
Minority interest prior period
adjustment (27,118) (27,118) 27,118 -
Total comprehensive income for
the year - As restated - - - (133,892) (133,892) (27,228) (161,120)
As at 31 December 2019 - As
restated 1,474,334 1,669,216 1,100,000 (3,677,239) 566,311 25,743 592,054
---------- ---------- ----------- ------------ ------------- ---------------- ----------
As at 1 January 2020 - As restated 1,474,334 1,669,216 1,100,000 (3,677,239) 566,311 25,743 592,054
Shares issued during the year 250,596 280,655 - - 531,251 - 531,251
Total comprehensive income for
the year (127,070) (127,070) (44,402) (171,472)
Minority's share of equity
injection
in APP (note 6b) - 61,563 61,563
As at 31 December 2020 1,724,930 1,949,871 1,100,000 (3,804,309) 970,492 42,904 1,013,396
---------- ---------- ----------- ------------ ------------- ---------------- ----------
The comparative information has been restated as a result of
prior period adjustment as detailed in note 1.
The notes on pages 30 to 49 are an integral part of these
financial statements.
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY YEARED 31 DECEMBER
2020
Other components of equity
Share capital Share Capital Retained Total
premium redemption earnings Equity
reserve
GBP GBP GBP GBP GBP
As at 1 January 2019 1,474,334 1,669,216 1,100,000 (3,475,194) 768,356
Total comprehensive income
for the year - - - (173,248) (173,248)
As at 31 December 2019 1,474,334 1,669,216 1,100,000 (3,648,442) 595,108
---------- ---------- ------------ ------------ ----------
As at 1 January 2020 1,474,334 1,669,216 1,100,000 (3,648,442) 595,108
Shares issued during the
year 250,596 280,655 - 531,251
Total comprehensive income
for the year (149,513) (149,513)
As at 31 December 2020 1,724,930 1,949,871 1,100,000 (3,797,955) 976,846
---------- ---------- ------------ ------------ ----------
The comparative information has been restated as a result of
prior period adjustment as detailed in note 1.
The notes on pages 30 to 49 are an integral part of these
financial statements.
CONSOLIDATED AND PARENT COMPANY STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2020
Notes Group Group Company Company
2020 2019 2020 2019
(Restated)
GBP GBP GBP GBP
NON- CURRENT ASSETS
Investment in subsidiaries 6 - - - -
Investments in financial assets at
fair value through profit or loss 7 638,300 474,939 539,195 368,470
----------------- ------------ ------------ -------------
Total Non-Current Assets 638,300 474,939 539,195 368,470
CURRENT ASSETS
Trade and other receivables 8 51,521 11,756 169,486 109,988
Cash and cash equivalents 508,161 142,622 420,699 142,394
----------------- ------------ ------------ -------------
Total Current Assets 559,682 154,378 590,185 252,382
----------------- ------------ ------------ -------------
TOTAL ASSETS 1,197,982 629,317 1,129,380 620,852
----------------- ------------ ------------ -------------
CURRENT LIABILITIES
Trade and other payables 10 (184,586) (37,263) (152,534) (25,744)
Total Current Liabilities (184,586) (37,263) (152,534) (25,744)
----------------- ------------ ------------ -------------
NET ASSETS 1,013,396 592,054 976,846 595,108
----------------- ------------ ------------ -------------
EQUITY
Share capital 11 1,724,930 1,474,334 1,724,930 1,474,334
Share premium 1,949,871 1,669,216 1,949,871 1,669,216
Other components of equity 1,100,000 1,100,000 1,100,000 1,100,000
Retained earnings (3,804,309) (3,677,239) (3,797,955) (3,648,442)
----------------- ------------ ------------ -------------
EQUITY ATTRIBUTABLE TO THE OWNERS 970,492 566,311 976,846 595,108
Equity interest of non-controlling
interests 42,904 25,743 - -
----------------- ------------ ------------ -------------
TOTAL EQUITY 1,013,396 592,054 976,846 595,108
----------------- ------------ ------------ -------------
The comparative information has been restated as a result of
prior period adjustment as detailed in note 1.
The notes on pages 30 to 49 are an integral part of these
financial statements.
The financial statements of Tiger Royalties and Investments Plc
(registered number 02882601) were approved by the Board on 24 May
2021 and signed on its behalf by:
Colin Bird - Executive Chairman R Samtani - Finance Director
CONSOLIDATED AND PARENT COMPANY CASH FLOW STATEMENTS YEARED 31 DECEMBER 2020
Notes Group Group Company 2020 Company 2019
2020 2019
GBP (Restated)GBP GBP GBP
CASH FLOW FROM OPERATIONS
Loss before taxation (171,472) (161,120) (149,513) (173,248)
Adjustments for:
Interest receivable (38) (109) (37) (106)
Dividends receivable (2,330) (12,230) (1,989) (11,210)
Change in fair value
of investments (250,740) (142,768) (194,216) (101,323)
Negative goodwill (63,437) - - -
----------- -------------- ------------- -------------
Operating loss before
movements in working
capital (488,017) (316,227) (345,755) (285,887)
(Increase)/Decrease
in receivables (8,515) (2,645) (28,246) (1,248)
Increase/(Decrease)
in payables 147,324 (5,239) 126,789 (12,687)
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES (349,208) (324,111) (247,212) (299,822)
----------- -------------- ------------- -------------
1
CASH FLOW FROM INVESTING
ACTIVITIES
Interest received 38 109 37 106
Dividends received 2,330 12,230 1,989 11,210
Sale of investments 87,379 387,615 23,491 387,615
Purchase of investments - - - -
----------- -------------- ------------- -------------
NET CASH INFLOW FROM
INVESTING ACTIVITIES 89,747 399,954 25,517 398,931
----------- -------------- ------------- -------------
CASH FLOW FROM FINANCING
ACTIVITIES
Issue of shares 500,000 - 500,000 -
Issue of convertible 125,000 - - -
loan notes - APP
NET CASH INFLOW FROM
FINANCING ACTIVITIES 625,000 - 500,000 -
----------- -------------- ------------- -------------
Net decrease in cash
and cash equivalents
in the year 365,539 75,843 278,305 99,109
Cash and cash equivalents
at the beginning of
the year 142,622 66,779 142,394 43,285
----------- -------------- ------------- -------------
Cash and cash equivalents
at the end of the year 508,161 142,622 420,699 142,394
=========== ============== ============= =============
The comparative information has been restated as a result of
prior period adjustment as detailed in note 1.
The notes on pages 30 to 49 are an integral part of these
financial statements.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER
2020
1. ACCOUNTING POLICIES
Basis of preparation
Tiger Royalties and Investments Plc ("Tiger" or the "Company")
is a public investment company limited by shares incorporated and
domiciled in England and Wales. Tiger and African Pioneer Plc's
(subsidiary company) principal activities are discussed in the
Strategic Report and the address of the registered office is
included on page 1 of the annual report. The functional currency
for the Group is Sterling as that is the currency of the primary
economic market in which the Company and Group operates. 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 bases and principal
accounting policies of the Group are set out below. The financial
statements have been prepared using International Financial
Reporting Standards (IFRS) issued by the International Accounting
Standards Board (IASB) and endorsed by the European Union.
New and amended IFRS Standards that are effective for the
current year
A number of new standards and interpretations have been adopted
by the Group for the first time in line with their mandatory
adoption dates, but none are applicable to the Group and hence
there would be no impact on the financial statements.
New and revised IFRS Standards in issue but not yet
effective
At the date of approval of these financial statements, the Group
has not applied the following new and revised IFRS Standards that
have been issued but are not yet effective:
IFRS 17 Insurance Contracts
----------------------------------------------------------
IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor
(amendments) and its Associate or Joint
Venture
----------------------------------------------------------
Amendments to IAS Classification of Liabilities as Current or Non-current
1
----------------------------------------------------------
Amendments to IFRS Reference to the Conceptual Framework
3
----------------------------------------------------------
Amendments to IAS Property, Plant and Equipment-Proceeds before Intended
16 Use
----------------------------------------------------------
Amendments to IAS Onerous Contracts - Cost of Fulfilling a Contract
37
----------------------------------------------------------
Annual Improvements Amendments to IFRS 1 First-time Adoption of International
to IFRS Standards Financial Reporting Standards, IFRS 9 Financial
2018-2020 Cycle Instruments, IFRS 16 Leases, and IAS 41 Agriculture
----------------------------------------------------------
The directors do not expect that the adoption of the Standards
listed above will have a material impact on the financial
statements of the Group in future periods.
Prior period adjustments
At the date of signing the 2019 audited consolidated financial
statements for the Company, the audit of financial statements of
its subsidiary company African Pioneer Plc ("APP") had not been
completed. On the basis that the APP figures were considered to be
immaterial, the unaudited APP numbers were used to prepare Tiger's
consolidated financial statements to 31 December 2019. Upon
completion of APP's audit, some differences were identified between
APP's audited financial statements and the figures used for the
2019 Tiger consolidation. These differences related primarily to an
additional accrual and the classification of an intercompany loan
from Tiger to APP as equity contribution in APP's audited financial
statements. Due to these differences, the prior year consolidated
profit, and minority interest have been restated.
Additionally, there were some differences in the classification
of investments between listed and unlisted securities and between
currencies, in note 7 of the prior year financial statements. These
differences relating to the year ending 31 December 2019 have been
corrected and restated in the current year. This restatement has
not affected the loss, net assets and taxation in the current or
prior year.
The following table summarizes the impact of the prior period
adjustment on the financial statements of the Group. There is no
impact on balances at 1 January 2019. The impact of the prior
period adjustment is immaterial for both basic and diluted earnings
per share.
Period ended 31
December 2019
Consolidated Statement of Comprehensive
Income
----------------
Other admin expenses 6,500
----------------
Increase/(decrease) in profit for the
financial year (6,500)
----------------
Consolidated statement of financial position
----------------
Accruals 6,500
----------------
Increase/(decrease) in net assets (6,500)
----------------
Increase/(Decrease) in minority interest 27,118
----------------
Increase/(Decrease) in consolidated reserves (27,118)
----------------
Basis of consolidation
The Group financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company has the
power to govern the financial and operating policies of an entity
so as to obtain benefits from its activities. The subsidiary has a
reporting date of 31 December.
The results of subsidiaries acquired or disposed of during the
year are included in the consolidated statement of comprehensive
income from the effective date of acquisition or up to the
effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting policies in
line with those used by other members of the Group.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation.
Non-controlling interests in the net assets of consolidated
subsidiaries are identified separately from the Group's equity
therein. Non-controlling interests consist of the amount of those
interests at the date of the original business combination and the
minority's share of changes in equity since the date of the
combination. Losses applicable to the non-controlling interests in
excess of the minority's interest in the subsidiary's equity are
recorded as a debit to non-controlling interest regardless of
whether there is an obligation in the part of the holders of
non-controlling interests for losses.
Negative goodwill can arise if the interest in the net amount of
identifiable assets, liabilities and contingent liabilities exceeds
the cost of the business combination. The credit balance is
released to profit or loss.
Going concern
The operations of the Group have been financed mainly through
operating cash flows. As at 31 December 2020, the Group held cash
balances of GBP508,161 (2019: GBP142,622) and an operating loss has
been reported. Historically, the Group has been generating cash
flow from the appreciation and subsequent sale of investments in
quoted natural resource companies. The Directors anticipate net
operating cash flows to be neutral for the Group in the next twelve
months from the date of signing these financial statements.
The Directors have assessed the working capital requirements for
the forthcoming twelve months and have undertaken assessments which
to consider cash forecasts until June 2022. Upon reviewing those
cash flow projections for the forthcoming twelve months, the
Directors consider that the Group should not require additional
financial resources in the twelve-month period from the date of
approval of these financial statements to enable the Group to fund
its current operations and to meet its commitments.
Notwithstanding the above and given the ongoing uncertainties
with the ongoing Covid19 pandemic, the Directors may require to
raise some funds through equity fund raising in extremely worsening
economic circumstances. To this end, the Board has substantial
experience with capital markets within the smaller cap space and
would be in a position to access markets in such a scenario.
Nevertheless, after making enquiries and considering the
uncertainties described above, the Directors have a reasonable
expectation that the Company has adequate ability to manage its
portfolio and raise resources if necessary, to continue in
operational existence for the foreseeable future. The Directors
therefore continue to adopt the going concern basis of accounting
in preparing the annual financial statements.
Valuation of available-for-sale Investments and adoption of
IFRS9
Available-for-sale investments under both IFRS9 and IAS39 are
initially measured at fair value plus incidental acquisition costs.
Subsequently, they are measured at fair value in accordance with
IFRS 13. This is either the bid price or the last traded price,
depending on the convention of the exchange on which the investment
is quoted.
All gains and losses are taken to profit and loss. In proceeding
periods gains and losses on available-for-sale investments were
recognised in other comprehensive income and accumulated in the
available-for-sale assets reserve except for impairment losses,
until the assets are derecognised, at which time the cumulative
gains and losses previously recognised in other comprehensive
income are recognised in profit or loss.
Investments in subsidiaries
In its separate financial statements, the Company recognises its
investments in subsidiaries at cost, less any provision for
impairment. The cost of acquisition includes directly attributable
professional fees and other expenses incurred in connection with
the acquisition.
Revenue
Dividends receivable from equity shares are taken to profit or
loss on an ex-dividend basis. Income from bank interest received is
recognised on a time-apportionment basis. Dividends are stated net
of related tax credits.
Expenses
All expenses are accounted for on accruals basis.
Cash and cash equivalents
This consists of cash held in the Group's bank accounts.
Foreign currency
Assets and liabilities denominated in foreign currency are
translated into sterling at the rates of exchange ruling at balance
sheet date. Exchange gains or losses on monetary items are recorded
in profit or loss. Exchange gains or losses on investments in
financial assets are recorded in other comprehensive income.
Treasury shares
The cost of purchasing treasury shares and the proceeds from the
sale of treasury shares up to the original price is taken to the
retained earnings reserve; any surplus on the disposal of treasury
shares (measured against the weighted average purchase price) is
taken to the share premium account.
Reserves
Share premium account
The share premium account is used to record the aggregate amount
or value of premiums paid in excess of the nominal value of share
capital issued, less deductions for issuance costs.
Capital Redemption Reserve
The Capital redemption reserve is used to redeem or purchase of
Group's own shares.
Geographical segments
The internal management reporting used by the chief operating
decision maker consists of one segment. Hence in the opinion of the
Directors, no separate disclosures are required under IFRS 8. The
Group's revenue in the year is not material and consequently no
geographical segment information has been disclosed.
Deferred tax
Deferred tax liabilities are generally recognised for taxable
temporary differences and deferred tax assets are generally
recognised for all deductible temporary differences to the extent
that it is probable that taxable profits will be available against
which those deductible temporary differences can be utilised except
for differences arising on investments in subsidiaries where the
Group is able to control the timing of the reversal of the
difference and it is probable that the difference will not reverse
in the foreseeable future.
Deferred tax is also based on rates enacted or substantively
enacted at the reporting date and expected to apply when the
related deferred tax asset is realised or liability settled.
Deferred tax is charged or credited in the statement of
comprehensive income, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also
dealt within equity.
Current tax
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from profit as reported in the
consolidated income statement because it excludes items or expenses
that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the end of the reporting
period.
Significant management judgement in applying accounting policies
and estimation uncertainty
When preparing the financial statements, management makes a
number of judgements, estimates and assumptions about the
recognition and measurement of assets, liabilities, income and
expenses.
Fair value of financial assets
Establishing the fair value of financial assets may involve
inputs other than quoted prices. As is further disclosed in note 7,
all of the Group's financial assets which are measured at fair
value are based on level 1 inputs, which reduces the level of
estimation involved in their valuation.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is
based on an assessment of the probability of the Group's future
taxable income against which the deductible temporary differences
can be utilised. In addition, significant judgement is required in
assessing the impact of any legal or economic limits or
uncertainties in various tax jurisdictions. In the opinion of the
directors a deferred tax asset has not been recognised as future
profits cannot be forecasted with reasonable certainty.
2. OPERATING EXPENSES
Operating profit is stated after charging:
Group Company Company
Group 2020 2019 2020 2019
GBP (Restated)GBP GBP GBP
Auditor's remuneration:
* Audit of the financial statements 17,167 17,167 15,000 15,000
* Taxation compliance services 1,500 1,500 1,500 1,500
---------- ------------------------ -------- -------
18,667 18,667 16,500 16,500
Notes
Legal fees 13,536 7,218 13,536 7,218
Corporate finance costs 27,600 25,200 27,600 25,200
Directors' fees 3 99,000 120,000 99,000 120,000
Director of subsidiary company 3,600 3,600 - -
Occupancy and support costs 82,800 82,800 72,000 72,000
Other administrative overheads 123,004 49,538 101,677 35,755
Stock Exchange costs 15,442 9,204 15,442 9,204
APP listing related expenses 104,368 - - -
- - -
Administrative expenses 488,017 316,227 345,755 285,877
---------- ------------------------ -------- -----------
3. DIRECTORS' EMOLUMENTS
Group 2020 Group 2019 Company 2020 Company 2019
GBP GBP GBP GBP
Directors' fees 102,600 123,600 99,000 120,000
---------- ---------- ------------ ------------
Other than directors, there were no employees in the current or
prior year. No pensions or other benefits were paid to the
Directors in the current or prior period.
The emoluments of each director during the year were as follows:
Group 2020 Group 2019 Company 2020 Company 2019
GBP GBP GBP GBP
James Cunningham-Davis 3,600 3,600 - -
Colin Bird 39,500 50,000 39,500 50,000
Michael Nolan 27,500 35,000 27,500 35,000
Raju Samtani 31,250 35,000 31,250 35,000
Alex Borrelli 750 - 750 -
4. TAXATION
Group 2020 Group Company 2020 Company
GBP 2019 GBP 2019
GBP GBP
Corporation tax:
Current year - - - -
---------- -------------- ------------ ------------
The major components of tax expense and the reconciliation of the expected
tax expense based on the domestic effective tax rate of 19% (2019 - 19%)
and the reported tax expense in the statement of comprehensive income are
as follows:
Company 2020 Company 2019
Group 2020 Group 2019 GBP
GBP (Restated)GBP GBP
Loss on ordinary activities before
tax (171,472) (161,120) (149,513) (173,248)
---------- -------------- ------------ ------------
Expected tax charge at 19% (2019 -
19%) (32,580) (30,612) (28,407) (32,917)
Effects of:
Exempt dividend income 443 2,324 378 2,130
Impairment adjustment - - - 12,860
Difference between accounting gain
and taxable gain on investment 2,817 12,244 7,803 34,618
Excess management expenses carried
forward 26,839 41,459 17,749 54,319
Non-trade loan relationship deficit
carried forward 2,478 2,487 2,478 2,486
Actual tax charge - - - -
---------- -------------- ------------ ------------
5. EARNINGS PER SHARE
Basic 2020 2019
(Restated)
Loss after tax for the purposes of earnings
per share attributable to equity shareholders
of the parent (127,070) GBP (133,892)
Weighted average number of shares 241,054,411 188,847,070
Basic earnings per ordinary share (0.05) p (0.07) p
Diluted
Loss for year after tax (127,070) GBP (133,892)
Weighted average number of shares 241,054,411 188,847,070
Dilutive effect of options - -
Diluted weighted average number of shares 241,054,411 188,847,070
Diluted earnings per ordinary share (0.05) p (0.07) p
Potentially dilutive options
There were no share options outstanding at 31 December 2020 or
31 December 2019.
6. INVESTMENT IN SUBSIDIARIES
a) On 20 July 2012, Tiger made an investment in African Pioneer
Plc ("APP"), an Isle of Man company registered at 31-37 North Quay,
Douglas, Isle of Man, IM1 4LB. African Pioneer Plc is an investment
vehicle which was incorporated to facilitate pro-active investments
being undertaken by The Company in the resource sector. At 31
December 2019, the Group had an interest of 50.75% of the voting
equity rights in its subsidiary, African Pioneer Plc.
The subsidiary company was incorporated on 20 July 2012, and
later issued shares through a placing of shares for cash and there
were, therefore, no assets or liabilities acquired at the time
acquisition. No acquisition costs were incurred. African Pioneer
Plc issued 4,998,258 Ordinary shares of nil par on 2 June 2015 at 1
pence per share. The Company subscribed for a further 2,529,130
shares in this placing and held 5,952,913 shares representing a
holding of 50.75% in African Pioneer Plc. On 7 December 2020, APP
consolidated its share capital 10:1 for existing shares. This
resulted in 1,172,982 total issued number of shares, with the
Company holding 595,291 shares at 31 December 2020.
2020 2019
GBP GBP
At 1 January 2020 - 67,686
Impairment - (67,686)
--------- -----------------
Total at 31 December 2020 - -
--------- -----------------
African Pioneer Plc's capital and reserves were as follows:
2020 2019
GBP (Restated)GBP
Share capital 452,983 452,983
Loss for the year (90,156) (55,286)
Reserves (275,713) (345,427)
---------------- --------------------
Total equity 87,114 52,270
---------------- --------------------
b) On 21 October 2020, APP entered into a convertible loan note
agreement with Sanderson Capital Partners ("Sanderson") for a total
investment of GBP150,000. Sanderson advanced the sum of GBP125,000
under this agreement prior to 31 December 2020 and the balancing
GBP25,000 was received by the Company on 4 February 2021. In
accordance with IAS 32, the funds received from Sanderson were
classified as equity in APP's financial statements for the year
ended 31 December 2020. Tiger's share being GBP63,437
(GBP125,000*50.75%) has been recognised as negative goodwill in the
consolidated statement of comprehensive income. Additionally, an
amount of GBP61,563 (GBP125,000*49.25%) has been credited to
minority interest.
The loan notes do not have a fixed repayment term and carry a
zero-coupon rate and may be converted by Sanderson into Ordinary
shares of zero par value in APP at any time at a conversion price
1.75p per share but in any case, no later than when APP has listed
its shares on a recognised exchange. Upon listing, Sanderson will
receive one warrant per each share received on conversion of the
loan notes into Ordinary shares in African Pioneer Plc to subscribe
for shares at a strike price being the lower of 3.5 pence or the
listing price of the shares at the time of admission for trading on
a recognised market. These warrants will be valid for a period of 3
years from the date of issue of the convertible loan note.
7. INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
GROUP
2020
Listed Investments Other Investments Total
(Quoted/Others)
GBP GBP GBP
Canada 28,142 - 28,142
UK 70,799 539,359 610,158
98,941 539,359 638,300
--------------------- -------------------- -------------
2019 (Restated)
Listed Investments Other Investments Total
(Quoted/Others)
GBP GBP GBP
Canada 21,643 - 21,643
UK 114,423 338,873 453,296
136,066 338,873 474,939
-------------------------------- -------------------- -------------
Listed Investments Other Investments Total
(Quoted)
GBP GBP GBP
Opening book cost - As restated 278,490 834,947 1,113,437
Opening unrealised gains(losses)
- As restated (142,424) (496,074) (638,498)
Valuation at 1 January 2020
- As restated 136,066 338,873 474,939
Movements in the year:
Purchase at cost - - -
Sales proceeds (39,267) (48,112) (87,379)
Realised gains/(losses) on sales
based on historic cost (31,262) (143,705) (174,967)
Increase/(Decrease) in unrealised
gains 33,404 392,303 425,707
98,941 539,359 638,300
------------------- ------------------ -----------
Book cost at year end 207,961 643,129 851,090
Closing unrealised depreciation (109,020) (103,770) (212,790)
------------------- ------------------ -----------
Valuation at 31 December 2020 98,941 539,359 638,300
------------------- ------------------ -----------
2020 2019
GBP GBP
Realised (losses)/gains based on historical
cost (174,967) 39,164
Reversal of impairment loss on disposed asset - -
(1)
Realised gains based on carrying value at
previous balance sheet date (174,967) 39,164
Unrealised fair value movement for the year
- profit and loss (1) 425,707 103,604
Unrealised fair value movement for the year -
- other comprehensive income
Total recognised gains/(losses) on in the
year 250,740 142,768
------------ ------------
(1) Net impairment credit/(charge) recognised - -
in profit and loss
------------ ------------
There are no significant holdings (over 20%) in any of the
investee companies.
COMPANY
2020
Listed Investments Other Investments Total
(Quoted/Others)
GBP GBP GBP
Canada 28,142 - 28,142
UK 51,501 459,552 511,053
79,643 459,552 539,195
--------------------- ------------------ -------------
2019 (Restated)
Listed Investments Other Investments Total
(Quoted)
GBP GBP GBP
Canada 15,029 - 15,029
UK 94,902 258,539 353,441
109,931 258,539 368,470
--------------------- -------------------- -------------
Listed Investments Other Investments Total
(Quoted/Others)
GBP GBP GBP
Opening book cost - As restated 196,322 664,646 860,968
Opening unrealised depreciation
- As restated (86,391) (406,107) (492,498)
------------------- ------------------ ----------
Valuation at 1 January 2020
- As restated 109,931 258,539 368,470
Movements in the year:
Purchase at cost - - -
Investments written off - - -
Sales proceeds (18,572) (4,919) (23,491)
Realised gains/(losses) on sales
based on historic cost 1,604 (95,081) (93,477)
Decrease in unrealised depreciation (13,320) 301,013 287,693
79,643 459,552 539,195
------------------- ------------------ ----------
Book cost at year end 179,354 564,646 744,000
Closing unrealised depreciation (99,711) (105,094) (204,805)
Valuation at 31 December 2020 79,643 459,552 539,195
------------------- ------------------ ----------
2020 2019
GBP GBP
Realised gains based on historical cost (93,477) 39,164
Realised gains based on carrying value at previous
balance sheet date (93,477) 39,164
Unrealised fair value movement for the year
- profit and loss (1) 287,693 129,845
Unrealised fair value movement for the year - -
- other comprehensive income
Total recognised losses on investments in the
year 194,216 169,009
--------- ------------
(1) Net impairment credit/(charge) recognised - -
in profit and loss
--------- ------------
Analysis of gains/(losses) relating to the Group's Investments
The gains/(losses) on the Group's investments are analysed below. Accounting standards prohibit
the recognition of uplifts in the value of impaired assets in profit and loss.
31 December 2020 31 December 2019
Security Profit Profit and
and loss Total loss Total
GBP GBP GBP GBP
Anglo American Plc 57,650 57,650
Bezant Resources Plc 27,778 27,778 44,444 44,444
Block Energy Plc (7,813) (7,813) 57,785 57,785
Kendrick Resources PLC - - - -
Corallian Energy Ltd - - -
EFTS Copper 1,633 1,633 289 289
Galileo Resources Plc 74,942 74,942 (14,337) (14,337)
Goldquest Mining Corporation 13,750 13,750 3,670 3,670
Jubilee Metals Group Plc 103,510 103,510 17,544 17,544
Pantheon Resources Plc 8,505 8,505 157 157
Australgold (Formerly Revelo
Resources Corp) (637) (637) (641) (641)
Royal Dutch Shell Plc (26,462) (26,462) (961) (961)
Barkby Group Plc (990) (990) 3,409 3,409
Movements in parent company 194,216 194,216 169,009 169,009
---------- --------- ------------- ---------
Europa Metals Ltd (9,176) (9,176) (26,100) (26,100)
Galileo Resources Plc 28,750 28,750 (5,500) (5,500)
Jubilee Metals Group Plc 18,244 18,244 13,767 13,767
Australgold (formerly Revelo
Resources Corp) 14,081 14,081 (4,273) (4,273)
South 32 Limited (224) (224) (5,953) (5,953)
Xtract Resources Plc 4,849 4,849 1,818 1,818
---------- --------- ------------- ---------
Movements in subsidiary company 56,524 56,524 (26,241) (26,241)
---------- --------- ------------- ---------
Total movements in the Group 250,740 250,740 142,768 142,768
---------- --------- ------------- ---------
Financial instruments measured at fair value
The following table presents financial assets and liabilities
measured at fair value in the statement of financial position in
accordance with the fair value hierarchy. This hierarchy groups
financial assets and liabilities into three levels based on the
significance of inputs used in measuring the fair value of the
financial assets and liabilities. The fair value hierarchy has the
following levels:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
- Level 2: inputs other than quoted prices included within Level
1 that are observable for the asset or liability, either directly
(i.e., as prices) or indirectly (i.e., derived from prices);
and
- Level 3: inputs for the asset or liability that are not based
on observable market data (unobserved inputs).
The level within which the financial asset or liability is
classified is determined based on the lowest level of significant
input to the fair value measurement.
The financial assets and liabilities measured at fair value in
the statement of financial position are grouped into the fair value
hierarchy as follows:
(GROUP)
31 December 2020 Level 1 Level 2 Level Total
GBP GBP 3 GBP
GBP
Assets
Investments held at fair value 608,300 - 30,000 638,300
--------- -------- -------- ---------
Total 608,300 - 30,000 638,300
31 December 2019 (Restated) Level 1 Level 2 Level Total
GBP GBP 3 GBP
GBP
Assets
Investments held at fair value 444,939 - 30,000 474,939
--------- -------- -------- ---------
444,939 - 30,000 474,939
--------- -------- -------- ---------
(COMPANY)
31 December 2020 Level 1 Level 2 Level Total
GBP GBP 3 GBP
GBP
Assets
Investments held at fair value 509,195 - 30,000 539,195
--------- -------- -------- --------------------------
Total 509,195 - 30,000 539,195
31 December 2019 (Restated) Level 1 Level 2 Level Total
GBP GBP 3 GBP
GBP
Assets
Investments held at fair value 338,470 - 30,000 368,470
--------- -------- -------- --------------------------
Total 338,470 - 30,000 368,470
There have been no significant transfers between levels in the
reporting period.
Reconciliation of Level 3 fair value measurements of financial
instruments (Group and Company)
Level 3 investments
GBP
Balance at 1 January 2019 30,000
--------------------
Total gains or (losses) in other comprehensive income -
--------------------
Purchases/(Sales) -
--------------------
Transfers in/(out) -
--------------------
Balance at 1 January 2020 30,000
--------------------
Total gains or (losses) in other comprehensive income -
--------------------
Purchases/(Sales) -
--------------------
Transfers in/(out) -
--------------------
Balance at 31 December 2020 30,000
--------------------
Measurement of fair value
The methods and valuation techniques used for the purpose of
measuring fair value are outlined in note 1 and remain unchanged
compared to the previous reporting period. The fair values of
short-term receivables, cash and short-term payables do not differ
from their carrying values due to their short maturity
profiles.
Listed / quoted securities
Equity securities held by the Group are denominated in GBP, USD,
CAD$, and AUS$ and are publicly traded on the main London Stock
Exchange, the Alternative Investment Market of the London Stock
Exchange, the Toronto Venture Exchange, the Australian Exchange and
on NEX. Fair values have been determined by reference to their
quoted bid prices at the reporting date, with the exception of
Rockrose plc, which are currently suspended and have been valued at
their last available market price prior to suspension.
8. TRADE AND OTHER RECEIVABLES
Group Group Company Company
2020 2019 2020 2019
GBP GBP GBP GBP
Other debtors 47,159 2,624 47,159 1,276
Amounts due from group undertakings - - 118,385 100,000
Prepayments 4,362 9,132 3,942 8,712
------- ------- -------- --------
51,521 11,756 169,486 109,988
------- ------- -------- --------
The amounts owed by group undertakings are interest free,
unsecured and repayable on demand.
An expected credit loss impact assessment under IFRS 9 is not
required, as the group does not hold any trade or intercompany
debtors as at the balance sheet date.
9. DEFERRED TAX LIABILITIES
The Group has tax losses carried forward in respect of excess
management charges, non-trade deficits and capital losses of
GBP2,965,014 (2019: GBP2,525,819). Unrealised losses on the Group's
financial assets are estimated at GBP779,602 (2019: GBP675,998).
The resulting deferred tax asset is GBP563,353 (2019: GBP479,906).
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. Tax losses may be carried forward
indefinitely and will only be recoverable if suitable profits arise
in the future. Deferred tax positions arising from unrealised gains
and losses on the group's financial assets will vary depending on
changes in the fair values of those assets up until the date of
disposal
10. TRADE AND OTHER PAYABLES
Group Group Company Company
2020 2019 2020 2019
GBP (Restated)GBP GBP GBP
Trade payables 41,152 5,513 9,101 494
Other creditors 73,884 2,450 73,883 2,450
Accruals 69,550 29,300 69,550 22,800
-------- -------------- -------- --------
184,586 37,263 152,534 25,744
-------- -------------- -------- --------
11. CALLED UP SHARE CAPITAL
The share capital of Tiger consists of fully paid ordinary
shares with a nominal value of 0.1p each and deferred shares with a
nominal value of 0.9p each. Ordinary shares of 0.1p are eligible to
receive dividends and the repayment of capital and represent one
vote at the shareholders' meeting of The Company. The deferred
shares carry no dividend or voting rights.
2020 2019
GBP GBP
Authorised:
Ordinary Share Capital 10,000,000 10,000,000
----------- -----------
142,831,939 (2019: 142,831,939) deferred shares of
0.9 p each 1,285,487 1,285,487
----------- -----------
2020 2019
GBP GBP
Opening Ordinary shares - 188,847,070 at 0.1p each
(2019: 188,847,070 Ordinary shares of 0.1p each) 188,847 188,847
Issued during the year
238,095,238 at issue price of GBP0.21p each (nominal 238,096 -
value 0.1p each)
12,500,000 shares at issue price of GBP0.25p each 12,500 -
(nominal value 0.1p each) - (i)
Ordinary shares in issue at 31 December 2020 439,442,308
shares of 0.1p each nominal value 439,443 188,847
----------- -----------
142,831,939 (2019: 142,831,939) deferred shares of
0.9p each 1,285,487 1,285,487
----------- -----------
1,724,930 1,474,334
----------- -----------
The Deferred shares have no income or voting rights.
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.
(i) On 12 October 2020, The Company issued 12.5 million shares
of 0.1 p each at an issue price of 0.25p each share each to acquire
outstanding loans in Metrock totalling GBP31,250 - for further
details refer to note 13(B).
12. RELATED PARTY TRANSACTIONS
(1) Lion Mining Finance Limited, a company in which Colin Bird
is director and shareholder, has provided administrative and
technical services to the Company amounting to GBP60,000 plus VAT
in the year (2019 - GBP60,000). There were no amounts outstanding
at 31 December 2019 (2019- nil). The Board considers this
transaction to be on an arms' length basis.
(2) The emoluments of the Directors are disclosed in note 3.
(3) Directors' shareholdings are disclosed in the Report of the Directors.
(4) The Company currently holds 50.75% equity stake in African
Pioneer Plc ("APP"). C Bird, M H Nolan and R Samtani each also hold
shares in APP. On 7 December 2020, APP consolidated its share
capital 10:1 for existing shares. This resulted in 1,172,982 total
issued number of shares, with The Company holding 595,291 shares at
31 December 2020. See note 6 to the financial statements for
further details relating to this investment.
(5) On 19 August 2015, the Company made an investment of
GBP125,000 in Galileo Resources Plc ("Galileo"), acquiring
10,416,667 Ordinary shares of 0.1 pence each (being a 6.69% stake
in Galileo at the date of subscription). The Company sold 3,900,000
Galileo shares on 3 February 2017 for a total consideration of
GBP161,346 and held 6,516,667 shares in Galileo Resources Plc at 31
December 2020 and 31 December 2019.
(6) On 4 February 2017, African Pioneer Plc ("APP") sold its
brought forward holding of 1,500,000 Ordinary shares in Galileo
Resources Plc realising a profit of GBP94,285. APP bought a further
2,500,000 Galileo shares for GBP50,000 in September 2017. Colin
Bird is a Director and the Executive Chairman of Galileo and did
not participate in the decision-making process for the Galileo
investment decisions.
13. POST-REPORTING DATE EVENTS
AGREEMENTS ENTERED INTO DURING THE PERIOD WHICH HAVE NOT YET
CLOSED
A. Proposed Listing of African Pioneer Plc:
(I) Purchase of Namibian exploration assets
On 29 October 2020, African Pioneer Plc entered into a sale and
purchase agreement to acquire a 100 per cent. interest in Zamcu
Exploration Pty Ltd ("Zamcu"), which via its subsidiaries Manmar
Investments One Hundred & Twenty Nine (Pty) Limited ("Manmar
129") and Manmar Investments One Hundred & Thirty Six (Pty)
Limited ("Manmar 136") holds a 70 per cent. interest in two
Namibian Prospecting Licenses comprising of EPL 5772 (Ongombo) and
EPL 6011 (Ongeama). Both licences are located within the Matchless
amphibolite Belt of central Namibia.
These acquisitions are conditional inter alia on the Company's
shares being admitted on the Official List by way of a Standard
Listing.
The consideration for these acquisitions is to be satisfied by
the issue on listing of:
(i) 10,000,000 APP Shares to Zamcu shareholders.
(ii) A total of approximately 4,742,857 APP Shares to Manmar 129
and Manmar 136 shareholders.
(iii) Approximately 4,900,000 APP Shares to Avanti Resources Pty
Ltd as trustee for the Marlow Family Fund pursuant to an
introduction mandate agreement.
The total consideration for the acquisition of the above
Namibian Prospecting Licences including the sum of AUS$ 200,000
which was paid by the company to Manmar 129 and Manmar 136
shareholders on 29 January 2021 and a further amount of AU$64,000
on 9 April 2021 will amount to GBP835,148, at specified exchange
rates, assuming a valuation of 3.5 pence per APP ordinary share on
listing.
(II) Purchase of Zambian exploration assets
On 25 November 2020, African Pioneer Plc entered into a sale and
purchase agreement to acquire an 80 per cent. interest in African
Pioneer Zambia Limited which holds a 100 per cent. interest in four
Zambian Prospecting Licenses (27771 HQ-LEL,
Proposed Listing of African Pioneer Plc (continued):
27770 HQ-LEL, 27768 HQ-LEL and 27767 HQ-LEL) located in the
Central African Copperbelt and one Prospecting Licence (27769
HQ-LEL) located in the Zambezi Belt.
The above acquisitions are conditional inter alia on the
Company's shares being admitted on the Official List by way of
Standard Listing.
The total consideration for the acquisition of the Zambian
Prospecting Licences will be satisfied by the issue of 55,000,000
new APP ordinary shares and will amount to GBP1,925,000 assuming a
price of 3.5 pence per APP ordinary share on listing.
(III) Purchase of Botswana Prospecting Licences
On 29 October 2020 African Pioneer Plc entered into a sale and
purchase agreement to acquire a 100 per cent. interest of Resource
Capital Partners Pty Ltd which holds a 100 per cent. interest in
six Prospecting Licences (PLs 96, 98 and 100, 101, 102 and
103/2020) located in the Kalahari Copperbelt and a further two
Prospecting Licences (PLs 97 and 99/2020) located in the Limpopo
Mobile Belt in Botswana.
This acquisition is conditional inter alia on the Company's
shares being admitted on the Official List by way of Standard
Listing.
The total consideration for the acquisition of the Botswanan
Prospecting Licences will be satisfied by the issue of 10,000,000
new APP ordinary shares and will amount to GBP350,000 assuming a
price of 3.5 pence per APP ordinary share on listing.
Exclusive Mandate with Metrock Resources Ltd
On 12 October 2020, The Company entered into an exclusive
advisory and investment agreement ("Mandate") with Metrock
Resources Ltd. ("Metrock") to oversee the listing of a number of
mineral exploration licences in Southern Botswana, comprising the
Kanye Manganese project ("Kanye").
Under this agreement, the Company agreed to issue 25 million new
Ordinary Shares in two tranches of 12.5 million shares to acquire
loans outstanding in Metrock totalling GBP62,500. The Company
issued the first tranche of 12.5 million Ordinary shares of 0.1 p
each at an issue price of 0.25p per share to acquire outstanding
loans in Metrock totalling GBP31,250 shortly after executing the
Mandate with Metrock. It was agreed that the 2(nd) tranche of 12.5M
shares would be issued on completion of the IPO of the Manganese
assets to acquire a further loan outstanding in Metrock amounting
to GBP31,250.
The Company and Metrock subsequently agreed not to proceed with
an IPO of the Manganese assets and to amend the terms of the
Mandate to facilitate the vending of the Kanye Manganese project to
AIM quoted Bezant Resource Plc ("Bezant"). As part of the revised
terms for the Mandate, the Company received the following on
completion of the sale of the Kanye project to Bezant on 12
February 2021.
(i) 28,314,815 Bezant Shares ("New Shares") as settlement of
outstanding loans of GBP46,250 (including the GBP31,250 of loans
acquired through the issue of 12.5M Ordinary Shares referred to
above) which The Company had made to Metrock plus a fee of
GBP30,200 fee due from Metrock for facilitating the sale of the
sale of the Kanye Manganese project.
(ii)The Company was granted a Net Smelter Return ("NSR") of 2%
on the Kanye project which may be purchased from the Company by
Metrock for a payment of GBP1 million or on a partial basis at a
buy-out rate of GBP250k per 0.5% of the NSR.
As part of the revised terms agreed in the amended Mandate, it
was agreed that The Company would no longer participate in a 2(nd)
tranche investment of GBP31,250 in outstanding Metrock loans.
AGREEMENTS ENTERED INTO POST PERIOD WHICH HAVE NOT YET
CLOSED
B. Conditional sale of Botswana Prospecting Licences
On 12 March 2021 African Pioneer Plc entered into a conditional
licence sale agreement with Australian Stock exchange listed
Sandfire (the "Conditional Botswana Licence Sale Agreement") which
provides for the following:
a) The Sale of licences: the sale to Sandfire of the 8 Botswana
licences (the "Botswana Licences") being acquired at Standard
Listing by the acquisition of Resources Capital Partners (Pty)
Limited for an aggregate consideration of US$1M (being a Guarantee
Fee of US$250,000 and a Licence Purchase Price of US$750,000) of
which US$0.5M will be paid in cash (the "Cash Consideration") and
US$0.5M by the issue by Sandfire of its ordinary shares to APP (the
"Consideration Shares") at an issue price per share based on the 10
day volume weighted average price (VWAP) of the Sandfire share
price as at the date before the signing of the Sandfire Conditional
Botswana Licence Sale Agreement;
b) An Exploration Commitment: Sandfire to spend US$1M on the
Licences (the "Exploration Commitment") within two years of
settlement (the "Exploration Period") and if the US$1M is not spent
any shortfall will be paid to African Pioneer;
c) A Success Payment: a success payment to be paid to APP for
the first ore reserve reported under The Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves (JORC) 2012 edition on the Licences which exceeds 200,000
tonnes of contained copper (the "First Ore Reserve") in the range
of US$10M to US$80M depending on the copper ore in the First Ore
Reserve (the "Success Payment"). Sandfire have the option to elect
to settle the Success Payment, if due, by the issue of Sandfire
shares based on the 10-day Volume Weighted Average Price (VWAP) of
Sandfire shares at the time of announcing an Ore Reserve that
triggers the Success Payment. Given the limited exploration
conducted on the Botswana licenses to date and the many years that
it could take to establish and ore reserve that there can be no
guarantee that any such Success Payment will be forthcoming;
d) Conditions Precedents: The conditions precedent to be
completed unless indicated otherwise by the long stop date of 31
July 2021 are as follows:
i) The parties having executed the Convertible Loan Note Share
Subscription Agreement as detailed in (D) below;
ii) The Company providing, at least 5 Business Days prior to the Settlement Date:
(1) ministerial consent for the transfer of the Licences;
(2) all ASX and LSE regulatory approvals;
(3) bank details for the payment of the Licence Purchase Price and the Guarantee Fee;
(4) approval of the acquisition of the Licences by the
Competition Authority of Botswana (or confirmation from such
authority or from either party's Botswana legal counsel that such
approval is not required); and
(5) duly executed transfer applications for the Licences in the
form required by the Mining Act or the Department under which a
100% interest in the Licences may be transferred to the
Purchaser.
iii) the Standard Listing having occurred by 30 June 2021. If
Standard Listing has not occurred by 30 June 2021 then the initial
long stop date of 31 July 2021 shall automatically be extended to
31 December 2021 (the "Long Stop Date") and the Cash Consideration
shall not be payable.
e) Completion and Standard Listing not occurring by Long Stop
Date. If both I) completion of the Conditional Botswana Licence
Sale Agreement and ii) Standard Listing have not occurred, by the
Long Stop Date then APP will be due to pay Sandfire US$500,000 by
way of a cancellation fee.
Rationale for Conditional Botswana Licence Sale Agreement: APP
has seen this as an opportunity for Sandfire to take over ownership
and responsibility for the exploration stage of the Botswanan
Projects whilst allowing APP to share in the potential upside
should the exploration ultimately be successful in establishing a
mineable reserve. Sandfire has the in-country infrastructure and
technical expertise and financial resources to accelerate the rate
of expenditure on the Botswanan assets.
AGREEMENTS ENTERED INTO POST PERIOD WHICH HAVE NOT YET
CLOSED
C. US$500,000 Investment by Sandfire Resources Limited into African Pioneer Plc
On 11 March 2021, African Pioneer Plc entered into a Convertible
Loan Note Share Subscription Agreement (the "Sandfire Investment
Agreement") with Sandfire. Following this agreement Sandfire has
now subscribed for US$500,000 interest free unsecured loan notes
("Sandfire Investment Notes") which will automatically be
convertible upon Standard Listing into APP ordinary shares
constituting 15% of the Company's enlarged share capital.
Pursuant to the Sandfire Investment Agreement, upon conversion,
Sandfire has the right to nominate a director to the Board of the
Company whilst their shareholding remains at or above 15% of the
issued share capital of African Pioneer. If the Standard Listing
has not occurred by 30 June 2021, then the Sandfire Investment
Notes will be automatically and immediately cancelled and the
US$500,000 invested by Sandfire will not be repayable by the
Company
Additionally, Sandfire will have the right to participate in all
future share offerings by African Pioneer as subscribers so as to
maintain its African Pioneer shareholding at 15%, irrespective of
any disapplication or non-application of pre-emption rights. The
African Pioneer Shares issued to Sandfire at Standard Listing will
be subject to a 12-month lock-in during which the African Pioneer
ordinary shares are not permitted to be sold, followed by a
12-month orderly markets period during which Sandfire are required
to work with the African Pioneer's broker for 10 days prior to
making any sale.
14. CONTINGENT LIABILITIES
There were no contingent liabilities at 31 December 2020 (2019 -
None).
There were no operating or financial commitments or contracts
for capital expenditure in place for the Group or Company as at the
reporting date (2019: GBPnil).
15. FINANCIAL INSTRUMENTS
Management of Risk
The Group and the Company's financial instruments comprise:
-- Investments in subsidiary companies
-- Investments held at fair value through profit or loss
-- Cash, short-term receivables and payables
Throughout the period under review, it was the Group's policy
that no trading in derivatives shall be undertaken.
The main financial risks arising from the Group and Company's
financial instruments are market price risk and liquidity risk.
Liquidity risk arises principally from cash and cash
equivalents, which comprise cash at bank (repayable on demand). The
Group has no overdraft facilities. The carrying amount of these
assets are approximately equal to their fair value.
Credit risk is not significant, but is monitored. The Board
regularly reviews and agrees policies for managing each of these
risks and they are summarised below. These policies have remained
constant throughout the period.
Market risk
Market risk consists of interest rate risk, foreign currency
risk and other price risk. It is the Board's policy to maintain an
appropriate spread of investments in the portfolio whilst
maintaining the investment policy and aims of the Company and the
Group. The Investment Committee actively monitors market prices and
other relevant information throughout the year and reports to the
Board, who is ultimately responsible for the Group's investment
policy.
Interest rate risk
Changes in interest rates would affect the Company and the
Group's returns from its cash balances. A floating rate of
interest, which is linked to bank base rates, is earned on cash
deposits. The exposure to cash flow interest rate risk at 31
December 2020 for
the Group was GBP508,161 (2019: GBP142,622). The exposure to
cash flow interest rate risk at 31 December 2020 for the Company
was GBP420,699 (2019: GBP142,394).
A sensitivity analysis based on a movement of 1% on interest
rates would have a GBP5,079 effect on the Group's profit (2019:
GBP1,426). A sensitivity analysis based on a movement of 1% on
interest rates would have a GBP4,207 effect on the Company's'
profit (2019: GBP1,424).
As the Group does not have any borrowings and finances its
operations through its share capital and retained revenues, it does
not have any interest rate risk except in relation to cash
balances.
Foreign currency risk
The Group's total return and net assets can be affected by
currency translation movements as part of the investments held by
the Company are denominated in currencies other than GBP Sterling.
The Directors mitigate the individual currency risks through the
international spread of investments. Hedging transactions may be
used but none have been employed during the period under review
(2019: none).
The fair values of the Group's investments that have foreign
currency exposure at 31 December 2020 are shown below.
Group Group
2020 2019
(Restated)
CAD AUD USD CAD AUD USD
GBP GBP GBP GBP GBP GBP
Investments in financial
assets at fair value through
profit or loss 28,142 - - 21,643 - -
Company Company
2020 2019
(Restated)
CAD AUD USD CAD AUD USD
GBP GBP GBP GBP GBP GBP
Investments in financial
assets at fair value through
profit or loss 28,142 - - 15,029 - 15,029
The Group accounts for movements in fair value of its financial
assets in other comprehensive income. The following table
illustrates the sensitivity of the equity in regard to the Group's
financial assets and the exchange rates for GBP/ Canadian Dollar,
GBP/ US Dollar and GBP/Australian Dollar.
It assumes the following changes in exchanges rates:
- GBP/CAD +/- 20% - (2019: +/- 20%)
- GBP/USD +/- 20% - (2019: +/- 20%)
- GBP/AUD +/- 20% - (2019: +/- 20%)
These percentages used reflect the high level of market
volatility experienced in exchange rates in recent years.
The sensitivity analysis is based on the Group's foreign
currency financial instruments held at each balance sheet date.
If GBP Sterling had weakened against the currencies shown, this
would have had the following effect:
Group Group
2020 2019
CAD AUD USD CAD AUD USD
GBP GBP GBP GBP GBP GBP
Equity 5,628 - - 4,201 - -
If GBP Sterling had strengthened against the currencies shows,
this would have had the following effect:
Company Company
2020 2019
CAD AUD USD CAD AUD USD
GBP GBP GBP GBP GBP GBP
Equity 4,690 - - (3,501) - -
If GBP Sterling had weakened against the currencies shown, this
would have had the following effect:
Group ` Group
2020 2019
CAD AUD USD CAD AUD USD
GBP GBP GBP GBP GBP GBP
Equity 5,628 - - 2,878 - -
If GBP Sterling had strengthened against the currencies shows,
this would have had the following effect:
Company Company
2020 2019
CAD AUD USD CAD AUD USD
GBP GBP GBP GBP GBP GBP
Equity 4,690 - - (2,399) - -
Other price risk
Other price risk which comprises changes in market prices other
than those arising from interest rate risk or currency risk may
affect the value of quoted and unquoted equity investments. The
Board of directors manages the market price risks inherent in the
investment portfolio by regularly monitoring price movements and
other relevant market information.
The Group accounts for movements in the fair value of
investments in financial assets in other comprehensive income and
assets designated at fair value through profit or loss in
comprehensive income. The following table illustrates the
sensitivity to equity of an increase / decrease of 50% in market
prices. This level of change is considered to be reasonable based
on observation of current market conditions, in particular resource
stocks and junior mining companies. The sensitivity is based on the
Group's equities at each balance sheet date, with all other
variables held constant.
Group Group
2020 2019
50% increase 50% decrease 50% increase 50% decrease
in fair in fair in fair in fair
value value value value
GBP GBP GBP GBP
Equity 319,150 (319,150) 237,470 (237,470)
Company Company
2020 2019
50% increase 50% decrease 50% increase 50% decrease
in fair in fair in fair in fair
value value value value
GBP GBP GBP GBP
Equity 269,597 (269,597) 184,235 (184,235)
Liquidity risk
The Group maintains appropriate cash reserves and the majority
of the Group's assets comprise realisable securities, most of which
can be sold to meet funding requirements if necessary. Given the
Group's cash reserves, it has been able to settle all liabilities
on average within 1 month.
Credit risk
The risk of counterparty's failure to discharge its obligations
under a transaction that could result in the Group suffering a loss
is minimal. The Group holds its cash balances with a reputable bank
and only transacts with regulated institutions on normal market
terms.
Included in total amounts receivable at 31 December 2020 is the
sum of GBP859 (2019 - GBP2,313) which was lodged with the Company's
brokers in relation to future investments.
Financial liabilities
There are no currency or interest rate risk exposures on
financial liabilities as they are denominated in GBP Sterling and
settled on average within one month.
Capital management
The Group actively reviews its issued share capital and reserves
and manages its capital requirements in order to maintain an
efficient overall financing structure whilst avoiding any leverage.
The capital structure of the Group and the Company consists of only
equity of the Group (comprising issued capital, reserves, retained
earnings and non- controlling interests as disclosed below and in
the Consolidated Statements of Changes in Equity & Statement of
Changes in Equity) and no debt.
The Board monitors the discount level of its issued shares,
which is the difference between its Net Asset Value (NAV) and its
actual share price. To improve NAV, the Company may purchase its
own shares in the market. During the current year, the Group has
not purchased any of its own shares (2019: Nil).
Group At 1 January Cash flows Other non-cash At 31 December
2020 changes 2020
GBP GBP GBP GBP
------------- ----------- --------------- ---------------
Cash and cash equivalents
------------- ----------- --------------- ---------------
Cash 142,622 365,539 - 508,161
------------- ----------- --------------- ---------------
Borrowings
------------- ----------- --------------- ---------------
Debt due within one - - - -
year
------------- ----------- --------------- ---------------
Debt due after one - - - -
year
------------- ----------- --------------- ---------------
Total 142,622 365,539 - 508,161
------------- ----------- --------------- ---------------
Company At 1 January Cash flows Other non-cash At 31 December
2020 changes 2020
Cash and cash equivalents GBP GBP GBP GBP
------------- ----------- --------------- ---------------
Cash 142,394 278,305 420,699
------------- ----------- --------------- ---------------
Borrowings
------------- ----------- --------------- ---------------
Debt due within one - - - -
year
------------- ----------- --------------- ---------------
Debt due after one - - - -
year
------------- ----------- --------------- ---------------
Total 142,394 278,305 420,699
------------- ----------- --------------- ---------------
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