TIDMMTR
RNS Number : 6191A
Metal Tiger PLC
30 September 2015
METAL TIGER PLC
30 September 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
2015 Interim Report
Unaudited interim results for the six months ended 30 June
2015
Metal Tiger plc ("Metal Tiger", "MTR", or the "Company"), the
AIM listed, natural resources focused investment company, is
pleased to announce its unaudited interim results for the six
months ended 30 June 2015.
Key Highlights:
DIRECT PROJECTS
- Considerable progress made building Direct Projects Division
with the half year to 30 June 2015 ("First Half") seeing project
Joint Venture ("JV") agreements finalised for gold/tungsten in
Spain and gold/uranium in Tanzania; complementing the existing
Thailand gold/antimony JV;
- First Half project exploration has identified two potentially
substantial tungsten deposits in Spain and gold anomalies in
Thailand;
- Active project work now underway at the Company's gold and
uranium JVs with Kibo Mining plc (LON:KIBO);
- Extensive new resource project opportunity pipeline established.
DIRECT EQUITIES
- Significant First Half trading gains of GBP534,300 (6 months
ended 30.6.14 GBPnil) achieved within Direct Equities Division
providing substantial funding for the Company's activities,
delivering on the management team's promise to minimise dilution
through self-funding from trading gains where possible;
- Metal Tiger achieved a First Half profit after tax of
GBP98,800 (compared to a loss of GBP100,000 for the same period in
2014) after re-investing a significant proportion of earnings in
Direct Project activities.
WORKING CAPITAL AND OVERALL ASSETS
- At 30 June 2015 Cash at Bank amounted to GBP538,700 (Prior
year end 31.12.14 GBP185,400) and, in addition, Investments Held
for Trading amounted to GBP949,800 (Prior year end 31.12.14
GBP885,500);
- Net Current Assets at 30 June 2015 amounted to GBP1,241,000
(Prior year end 31.12.14 GBP995,700);
- Overall Net Assets at 30 June 2015 amounted to GBP1,560,800
(Prior year end 31.12.14 GBP1,030,900).
Chairman's Statement
Metal Tiger is not a passive investment vehicle. Our model is
quite the opposite as we seek to make on-market trading gains that
are then transferred to support our operations and Direct Project
activities. By identifying, acquiring and advancing project
interests we expose our shareholders to the tremendous upside that
successful resource discoveries or profitable mining/production
operations can deliver.
During the six months to 30 June 2015 Metal Tiger has, once
again, delivered a strong performance for shareholders across all
investing activities. We have a unique business model, and one that
seeks to profit from trading listed shares of resource companies
and reinvesting the proceeds into our Direct Project interests on
the ground.
The stated business model objective is, in practice, hard to
achieve, particularly given the exceedingly poor resource sector
market sentiment over the six month period covered by this report.
Notwithstanding sector conditions, the Company has still delivered
substantial trading gains and has advanced the Direct Projects
division with new JV agreements, new opportunities in process
pending finalisation, and considerable progress on the ground.
Metal Tiger started from a very small base just one year ago and
in that time has built a strong and diversified resources business
with project interests in Spanish gold & tungsten, Thai
antimony & gold and Tanzanian gold & uranium. The Company
holds a considerable portfolio of listed resource equity shares
providing, with the cash at bank, a substantial working capital
fund to implement our plans.
Our overall strategic plan is simple: to build a diversified
Mining and Exploration portfolio of considerable value over the
coming years. At this point in the resources cycle mineral assets
are increasingly available, inexpensive and offer investors the
dramatic upside potential that we see time and again as the
resource sector swings out from a phase of undervaluation.
We are pleased with the progress achieved in our Direct Projects
division so far and we believe this division may hold opportunities
for substantial returns for investors. We also seek to further
expand and diversify our project base and have spent quite some
time examining a range of opportunities.
Many companies are struggling to find finance and support for
their activities and the worsening sentiment in the resource sector
over the summer has exacerbated that challenge. This presents an
opportunity for Metal Tiger to acquire interests on favourable
terms and this we are seeking to do.
We have made extensive progress with negotiations in respect of
a number of interests. One facet of quoted company life is the
difficulty articulating the work being undertaken by the team in
assessing and negotiating new opportunities, as these can only be
revealed when commercial agreements are signed and fully
finalised.
Rest assured that in all cases we are keen to ensure highly
attractive terms for the Company and shareholders whilst
negotiating a fair and reasonable deal with third parties. We are
also keen that any agreement we make is within the financial and
managerial capability of the Metal Tiger business. Overstretching
is always a temptation at sector lows, but the inability to
precisely determine when the sector recovery will properly ensue
means we have to be cautious not to overcommit.
As we move forward Metal Tiger needs to stay nimble and adapt to
sector conditions both negative and positive. We continue to refine
our overall strategic and day-to-day operational plans and will
provide a full investment strategy update announcement shortly
which we trust will enable us to incorporate certain new interests
that we anticipate will be secured in the near-term.
In the high intensity start-up and growth phase we have
experienced it is difficult to do everything as well as you would
like. One area where we acknowledge further effort is required
includes proactive communications and specifically reaching out to
the wider investing market to supplement the formal RNS
announcements. Very recently we have intensified that
communications effort and are revamping our website and all its
content at the moment. We will be attending investor-focused events
over the remainder of 2015 and continuing to undertake interviews
and other media communications to spread the word.
As Chairman I would like to thank my colleagues for their
support and dedication, the team all work harder than you might
imagine and have achieved a considerable amount of progress so far.
We are fortunate to have excellent JV and collaborative partners
and we are aided by some exceptionally capable and supportive
technical advisors. To all the people that have helped us so far in
2015 we are very grateful.
Quoted companies are nothing without investors. When you buy MTR
shares, whether 10,000 or 10m, the Board has a duty to protect your
interests and work hard to deliver a return on your capital
invested. We take that duty seriously and if any shareholder or
potential investor has questions about the Company please call us
or email info@metaltigerplc.com.
The environment is such nowadays that investors in the resource
sector feel constantly under attack. Dramatically poor sentiment
caused by years of declining resource markets make our sector a
lonely place to sit as an investor. Conversely we believe the
resource markets offer an incredible opportunity and that is why
Metal Tiger was created.
Investing companies are rarely seen as exciting investments,
especially not in the resources sector at the moment. That said the
most dramatic investing gains don't often come from ready-made
scenarios but rather from hard working management, geologists and
mine engineers on the ground in projects, or for equities, in
companies where there is little investor interest despite the
tremendous value its assets and potential may offer.
We look forward to the remainder of 2015 and beyond. To the
investors with the guts, determination and strength of will to
invest in natural resource opportunities right now - we salute
you.
Metal Tiger will of course be judged by delivery, not rhetoric.
We have the drive and resolve to build a substantial resources
business and we believe that the signs are emerging that the
resource market might just be getting interesting again.
Terry Grammer
Chairman
Profit and loss account for the six months ended 30 June
2015
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
Notes GBP'000 GBP'000 GBP'000
------------------------------- ------ ------------ ------------ ------------
Net gains on investments 534.3 - 706.3
Investment income - 0.1 0.5
534.3 0.1 706.8
Administrative expenses (435.5) (97.1) (597.60)
Operating profit/(loss) 98.8 (97.1) 109.2
Interest payable and
similar charges - (3.0) (3.3)
Profit/(loss) before
taxation 98.8 (100.0) 105.9
Tax on profit on ordinary - - -
activities
Profit/(loss) on ordinary
activities after taxation 98.8 (100.0) 105.9
------------------------------- ------ ------------ ------------ ------------
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September 30, 2015 02:00 ET (06:00 GMT)
Earnings per share
Basic earnings/(loss)
per share 0.04p (0.06)p 0.08p
Fully diluted earnings/(loss)
per share 3 0.04p (0.06)p 0.07p
------------------------------- ------ ------------ ------------ ------------
Balance sheet as at 30 June 2015
Unaudited Unaudited Audited
as at as at as at
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
------------------------------ ---------- ---------- ------------
Non-current assets
Investment in joint ventures 319.8 - 35.2
319.8 35.2
------------------------------ ---------- ---------- ------------
Current assets
Investments held for trading 949.8 - 885.5
Trade and other receivables 24.4 201.9 23.4
Cash and cash equivalents 538.7 290.9 185.4
Total current assets 1,512.9 492.8 1,094.3
------------------------------ ---------- ---------- ------------
Current liabilities
Trade and other payables (271.9) (112.3) (98.6)
Short term borrowings - (60.0) -
Total current liabilities (271.9) (172.3) (98.6)
------------------------------ ---------- ---------- ------------
Net assets 1,560.8 320.5 1,030.9
------------------------------ ---------- ---------- ------------
Capital and reserves
Called up share capital 643.2 629.5 637.9
Share premium account 4,126.7 3,249.6 3,700.9
Share based payment reserve 71.6 26.7 71.6
Profit and loss account (3,280.7) (3,585.3) (3,379.5)
------------------------------ ---------- ---------- ------------
Shareholder funds 1,560.8 320.5 1,030.9
------------------------------ ---------- ---------- ------------
Unaudited statement of changes in equity
For the six months ended 30 June 2015
Called Share
up Share based
share premium payment Retained Total
capital account reserve losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- --------- --------- ----------- ---------
Balance at
1 January 2014 619.0 2,893.6 26.7 (3,485.3) 54.0
Loss for the year
and total comprehensive
expense - - - 105.8 105.8
-------------------------- --------- --------- --------- ----------- ---------
Cost of share based
payments - - 44.9 - 44.9
Issue of new shares 18.9 867.6 - - 886.5
Share issue costs - (60.3) - - (60.3)
Balance at
31 December 2014 637.9 3,700.9 71.6 (3,379.5) 1,030.9
Loss for the period
and total comprehensive
expense - - - 98.8 98.8
-------------------------- --------- --------- --------- ----------- ---------
Issue of new shares 5.3 469.7 - - 475.0
Share issue costs - (43.9) - - (43.9)
Balance at
30 June 2015 643.2 4,126.7 71.6 (3,280.7) 1,560.8
-------------------------- --------- --------- --------- ----------- ---------
Cash flow statement for the six months ended 30 June 2015
Unaudited Unaudited Audited
Six months Six months year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
--------------------------------- ------------ ------------ ------------
Cash flows from operating
activities
Profit/(loss) before
taxation 98.8 (100.0) 105.9
Adjustments for:
Gain on trading investments (534.3) - (706.3)
Share based payment charge
for year - - 44.8
Impairment of other receivables - - 178.6
Finance income - (0.1) (0.5)
Finance costs - 3.0 3.3
---------------------------------- ------------ ------------ ------------
Operating cashflow before
working capital changes (435.5) (97.1) (374.2)
(Increase)/decrease in
receivables (1.1) 34.2 34.1
Increase/(decrease) in
payables 173.3 (12.2) 0.1
---------------------------------- ------------ ------------ ------------
Net cash outflow from
operating activities (263.3) (75.1) (340.0)
---------------------------------- ------------ ------------ ------------
Investing activities
Purchase of investments (984.3) - (355.2)
Proceeds from investment
disposals 1,169.8 - 140.8
Interest received - 0.1 0.5
Net cash inflow/(outflow)
from investing activities 185.5 0.1 (213.9)
---------------------------------- ------------ ------------ ------------
Financing activities
Net proceeds from share
issues 431.1 351.5 742.2
Repayment of loan - - (10.0)
Interest paid - - (7.3)
---------------------------------- ------------ ------------ ------------
Net cash inflow from
financing activities 431.1 351.5 724.9
---------------------------------- ------------ ------------ ------------
Net increase in cash
in the period 353.3 276.5 171.0
Cash and cash equivalents
at beginning of period 185.4 14.4 14.4
---------------------------------- ------------ ------------ ------------
Cash and cash equivalents
at end of period 538.7 290.9 185.4
---------------------------------- ------------ ------------ ------------
Notes to the unaudited interim accounts
For the six months ended 30 June 2015
1. Basis of preparation
The financial statements included in the interim accounts have
been prepared under the historical cost convention and in
accordance with International Financial Reporting Standards (IFRS).
The comparative figures for the six months ended 30 June 2013 are
also included in these interim accounts under the historical cost
convention and have been restated in accordance with IFRS.
The principal accounting policies used in preparing these
interim accounts are those expected to apply in the Company's
Financial Statements for the year ending 31 December 2015 and are
unchanged from those disclosed in the Company's Annual Report for
the year ended 31 December 2014.
The interim accounts were approved by the Board of Metal Tiger
on 29 September 2015. The interim financial information for the six
months ended 30 June 2015 does not constitute statutory accounts
within the meaning of section 434 of the Companies Act 2006 and is
unaudited. The comparatives for the year ended 31 December 2014 are
not the Company's full statutory accounts for that period. A copy
of the statutory accounts for that year has been delivered to the
Registrar of Companies. The auditors' report on those accounts was
unqualified, and did not contain statements under sections 498(2)
or (3) of the Companies Act 2006. Copies of the accounts for the
year ended 31 December 2014 are available on the Company's website
(www.metaltigerplc.com).
2. Accounting policies
The principal accounting policies are:
Basis of preparation
At 30 June 2015 Metal Tiger plc had two subsidiaries, Metal
Horse Limited and Thai Star Resources Co., Ltd. Since
incorporation, Metal Horse Limited has not commenced operations and
has no material assets or liabilities, and the activities, assets
and liabilities of Thai Star Resources Co., Ltd are not considered
material. Consequently no consolidated financial statements have
been prepared on the basis that in accordance with section 405 of
the Companies Act 2006 the inclusion of these companies is not
material for the purpose of giving a true and fair view.
The comparative figures for the six months ended 30 June 2014
have been presented on the same basis as the interim accounts for
the six months ended 30 June 2015.
Going concern
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