TIDMTIR
RNS Number : 3253D
Tiger Royalties and Investments PLC
20 June 2023
For immediate release 20 June 2022
TIGER ROYALTIES AND INVESTMENTS PLC
(FORMERLY TIGER RESOURCE PLC)
("Tiger" or the "Company")
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2022
The Company is pleased to announce its audited results for the
year ended 31 December 2022 and to confirm that the 2023 Annual
Report and Financial Statements ("Annual Report") will be posted to
shareholders and the Annual Report will thereafter be available for
inspection at www.tiger-rf.com.
Annual General Meeting (AGM)
The Company plans to hold an Annual General Meeting in late July
or August 2023 and the wording of each resolution to be tabled will
be sent out in due course to shareholders in the formal Notice of
Annual General Meeting.
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 2021 or 31
December 2022 but it is derived from those accounts.
Statutory accounts for 31 December 2021 have been delivered to
the Registrar of Companies and those for 31 December 2022
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. The audit report
for the year ended 31 December 2022 did however draw attention to a
material uncertainty relating to going concern.
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 Royalties and
Investments Plc Raju Samtani, Director +44 (0)20 7581 4477
Beaumont Cornish Roland 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 disappointingly seen Tiger's net asset
value per share (NPV) decrease by 47% to 0.09 pence from 0.17 pence
per share as at 31 December 2022.
During the period under review, the emerging resource sector
remained in the doldrums of uncertainty. The headwinds against
confidence completely surmounted the optimism which has been
universally generated for new age metals over recent years.
After many years of very low interest rates, the spectre of 5-6%
borrowing rates has concerned both individuals and corporations as
many have never experienced periods of high interest rates with the
consequential effect on their finances and disposal incomes. Higher
inflation levels are now seen almost globally and it has led
economists to conclude that leading economies are potentially
heading into recessionary times.
It is my view that a good deal of the excess inflation was
caused by erratic supply chains, leading to short-term
unavailability, and thus causing price hikes due to a mismatch of
supply and demand fundamentals. In any event, the main precursor
was the price hikes in energy, culminating with high wholesale oil
and gas prices in the late summer of 2022. The expected falls in
inflation with the subsequent retreat in energy prices have failed
to materialise and supply chain problems persist due to a very low
unemployment rate, with a view that many workers have failed to
return to the workforce following the end of the Covid
restrictions.
In recent times, financial analysts and trading houses as well
as CEO's of Copper producing companies have forecast real supply
concerns from 2025 onwards. Whilst this is true for Copper, the
same scenario is also relevant for a number of other commodities,
including Nickel, Cobalt and Lithium. Even as I write this report,
price volatility within these metals is considerable, but Copper
and Nickel despite forecast shortages, seem to defy this random
price fluctuation.
During the year, Tiger sold its investments in Block Energy Plc,
Corallian Energy Ltd, Pantheon Resources Plc, Reabold Resources Plc
and a partial holding in Jubilee Metals Group Plc. We believe that
investments currently held by the Company in African Pioneer Plc,
Galileo Resources Plc and Jubilee Metals Group Plc are well exposed
to the new age metal opportunities and as such when these
commodities recover particular so for Copper, we should see a
rerate in their share prices, thus benefitting Tiger's portfolio.
The Board continues to be proactively involved in both Kendrick
Resources Plc and African Pioneer Plc and we look forward to
helping to progress these investments.
The Board is conscious of the fact that resources currently
available to the Company for working capital purposes and to make
new investments are limited and we will consider ways to
recapitalise the Company to facilitate investments or a transaction
going forward. We continue to look for new opportunities in the new
age metal space and potential mineral opportunities which meet the
Company's criteria will be targeted and reversed in existing shells
or packaged as a new listing. However, considering the ongoing
current economic climate, very few new junior deals are coming to
market and it is therefore more likely that we will look at adding
value to potential assets by reversing such assets in target
companies rather than seeking new listings.
The common theme over the last few years has been that the major
mining companies have been light on metal inventory and have
generally relied on junior exploration companies for new
production. Our belief for majors to materialise has been rather
slow to materialise, but it is now assuming at some pace and we are
seeing more and more M&A activity in the in the natural
resource sector with significant mergers and takeovers currently
being considered.
We remain committed to proactive investment opportunities, and
we believe that the day of the small miner and explorer is
re-emerging and that Tiger's shareholders will benefit from the
changing dynamics in the industry. We look forward to opportunities
arising from the emergence of electric vehicles and the climate
change revolution which will no doubt result in a rapidly changing
and very different commodity and investment environment.
I would like to thank my fellow directors and management for the
efforts during the year and look forward to enjoying a more upbeat
and vibrant environment in which to implement our strategy.
Colin Bird
Chairman
19 June 2023
PORTFOLIO REVIEW
The table below includes investments held by the Company, and
are disclosed in note 6 to the financial statements.
Number Cost Valuation Valuation Valuation
31/12/22 31/12/22 31/12/22 31/12/21 31/03/23
GBP GBP GBP GBP
African pioneer Plc 8,810,056 100,000 202,631 190,297 183,249
Bezant Resources Plc 83,870,371 326,885 71,290 125,806 50,322
Block Energy Plc - - - 5,625 -
Caerus Mineral Resources
Plc 1,000,000 100,603 45,000 140,000 40,000
Corallian Energy Limited - - - 20,427 -
Galileo Resources Plc 6,516,667 78,335 84,717 63,863 65,167
Goldquest Mining Corporation 173,500 30,259 14,796 13,437 15,034
Jubilee Metals Group Plc 869,600 74,513 88,264 190,060 70,002
Kendrick Resources Plc 83,333 50,217 812 - 775
Pantheon Resources Plc - - - 24,349 -
Reabold Resources Plc - - - 5,445 -
TOTAL 760,812 507,510 779,309 424,549
------------ ---------- ---------- ----------
The Company sold 625,000 shares of Block Energy Plc, 13,618
shares of Corallian Energy Ltd, 300,000 shares of Jubilee Metals
Group Plc, 31,500 shares of Pantheon Resources Plc and 3,025,068
share of Reabold Resources Plc, during the year.
Details of changes in the fair value of investments are shown in
note 6 of the Financial Statements.
African Pioneer Plc (LSE: AFP) www.africanpioneerplc.com
African Pioneer Plc's (APP's) principal business is to explore
opportunities within the natural resources sector in Sub-Saharan
Africa with a focus on base metals including copper, nickel, lead
and zinc. Tiger's current holding in APP is 8,810,056 ordinary
shares representing a 4.6% interest in the company . During the
last 12 months, APP has carried out a drilling exercise on its
Ongombo licence which has had considerable success in identifying
near surface material. These drilling results will allow the
company to consider an open pit /2-3 year mine project when
evaluating a potential mine which should facilitate entry into the
proposed underground mine. The re-evaluation of the Mineral
Resource completed by independent consultants Addison Mining
Services and announced by APP in May 2023 achieved a significant
milestone for the company. On APP's Zambian licences, First Quantum
has reported considerable success with their initial fieldwork and
drilling programmes including some deeper holes drilled. The
outcome
has shown the project to be extremely high in potential with
First Quantum stating their belief that the orebody style resembles
that of the Kamoa-Kakula mine in the nearby Congo and the Western
Foreland style mineralisation associated with Kamoa. This
represents a potential significant major discovery for Zambia,
First Quantum and of course, APP. Apart from these deeper holes
drilled, there has been near surface mineral discoveries with
indication of grades somewhat higher than traditional Copperbelt
expectations. Tiger remains excited on the prospects of further
news on APP's project and believes that further progress on APP's
assets should have a positive impact on the performance of this
investment.
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's
portfolio of assets includes their flagship Hope and Gorob
Copper-Gold project in Namibia which covers a significant portion
of the highly prospective Matchless Copper Belt. The company also
has an interest in the Mankayan Project in the Philippines which is
a porphyry system via its 26.36% shareholding in IDM International
which, through Crescent Mining Development Corporation continues to
make good progress on initial Pre-Feasibility Studies on the
Mankayan copper-gold project in the Philippines. The company's
Kanye Manganese Project in Botswana comprises a collection of
prospecting licenses covering a total area of approximately
4,043km2 and is located in south-central Botswana south of the town
of Jwaneng. Kanye has the potential for the discovery of
high-quality manganese deposits suitable for supplying the valuable
battery market.
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 announced the results of an initial Inferred
Mineral Resource Estimate ("MRE") in accordance with the JORC code
2012 edition for its Luansobe copper project in Zambia, completed
by independent consultants Addison Mining Services. Galileo holds a
75% interest in the Project. Highlights of the MRE included
approximately 5.8 million tonnes gross at 1% total Cu above a
cut-off grade of 0.25% total Cu for 56,000 tonnes of contained Cu,
potentially amenable to open pit mining and approximately 6.3
million tonnes gross at 1.5% total Cu above a cut-off grade of 1%
total Cu for 97,000 tonnes of contained Cu, potentially amenable to
underground mining. Elsewhere, Galileo is committed to a
substantial reconnaissance programme over the potentially
prospective lithium terrain on its Kamativi licence in western
Zimbabwe comprising of stream sediment, rock chip and soil
sampling. The company has to date collected 4,359 samples of which
1,282 were sent for laboratory analysis. The programme has
identified several targets in a number of areas within the Licence
area where the peak analytical values, metal associations and
continuity are sufficiently coherent to allow an early follow up
programme including trenching and where warranted, drilling.
Jubilee Metals Group Plc (AIM - JLP: LN)
www.jubileemetalsgroup.com
Jubilee Metals Group Plc ("Jubilee") is a diversified metal
recovery business with a world-class portfolio of projects in South
Africa and Zambia. 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 business model focuses on the
retreatment and metals recovery from mine tailings, waste, slag,
slurry and other secondary materials generated from mining
operations. Effectively, whilst extracting maximum financial
returns from its operations, Jubilee responsibly rehabilitates
environments scarred by the surface footprint of historical mining
operations and solving air and water pollution issues associated
with those installations. 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.
STATEMENT OF COMPREHENSIVE INCOME YEARED 31 DECEMBER 2022
Notes 2022 2021
GBP GBP
Change in fair value of investments 6 (159,847) 26,695
Revenue:
Investment income - 1,610
Other income - 32,864
Administrative expenses 2 (297,115) (313,214)
LOSS BEFORE TAXATION (456,962) (252,045)
Taxation 4 - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (456,962) (252,045)
---------- ----------
Basic loss per share 5 (0.10)p (0.06)p
Diluted loss per share 5 (0.10)p (0.06)p
All profits are derived from continuing operations.
STATEMENT OF CHANGES IN EQUITY YEARED 31 DECEMBER 2022
Other components of equity
Share capital Share Warrants Capital Retained Total
premium reserve redemption earnings Equity
reserve
GBP GBP GBP GBP GBP GBP
As at 1 January 2021 1,724,930 1,949,871 - 1,100,000 (3,797,955) 976,846
Shares issued during the
year 8,500 36,550 - - - 45,050
Total comprehensive income
for the year - - - - (252,045) (252,045)
As at 31 December 2021 1,733,430 1,986,421 - 1,100,000 (4,050,000) 769,851
---------- ---------- --------- ------------ ------------ ----------
As at 1 January 2022 1,733,430 1,986,421 1,100,000 (4,050,000) 769,851
Shares issued during the
year 91,686 26,619 65,067 - - 183,372
Total comprehensive income
for the year - - - - (456,962) (456,962)
As at 31 December 2022 1,825,116 2,013,040 65,067 1,100,000 (4,506,962) 496,261
---------- ---------- ------- ---------- ------------ ----------
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2022
Notes 2022 2021
GBP GBP
NON- CURRENT ASSETS
Investments in financial assets at
fair value through profit or loss 6 507,510 779,309
------------ ------------
Total Non-Current Assets 507,510 779,309
CURRENT ASSETS
Trade and other receivables 7 45,819 4,723
Cash and cash equivalents 150,631 34,394
------------ ------------
Total Current Assets 196,450 39,117
------------ ------------
TOTAL ASSETS 703,960 818,426
------------ ------------
CURRENT LIABILITIES
Trade and other payables 9 (207,699) (48,575)
Total Current Liabilities (207,699) (48,575)
------------ ------------
NET ASSETS 496,261 769,851
------------ ------------
EQUITY
Share capital 10 1,825,116 1,733,430
Share premium 2,013,040 1,986,421
Warrants reserve 11 65,067 -
Capital redemption reserve 1,100,000 1,100,000
Retained earnings (4,506,962) (4,050,000)
------------ ------------
TOTAL EQUITY 496,261 769,851
------------ ------------
CASH FLOW STATEMENTS YEARED 31 DECEMBER 2022
Notes 2022 2021
GBP GBP
CASH FLOW FROM OPERATIONS
Loss before taxation (456,962) (252,045)
Adjustments for:
Dividends receivable - (1,610)
Change in fair value of investments 159,847 (26,695)
Other income - (32,864)
----------- -----------
Operating loss before movements in
working capital (297,115) (313,214)
(Increase)/Decrease in receivables (1,092) 18,513
Increase/(Decrease) in payables 159,120 (58,909)
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (139,087) (353,610)
----------- -----------
CASH FLOW FROM INVESTING ACTIVITIES
Other income - 2,664
Dividends received - 1,610
Sale of investments 111,952 63,634
Purchase of investments - (100,603)
----------- -----------
NET CASH INFLOW FROM INVESTING ACTIVITIES 111,952 (32,695)
----------- -----------
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares 143,372 -
NET CASH INFLOW FROM FINANCING ACTIVITIES 143,372 -
----------- -----------
Net Increase/(decrease) in cash and
cash equivalents in the year 116,237 (386,305)
Cash and cash equivalents at the beginning
of the year 34,394 420,699
----------- -----------
Cash and cash equivalents at the end
of the year 150,631 34,394
----------- -----------
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER
2022
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. The principal activities are
discussed in the Strategic Report and the address of the registered
office is included on page 1 of the annual report. T he functional
currency for the Company is Sterling as that is the currency of the
primary economic market in which the Company 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 Company 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 United Kingdom.
New and amended IFRS Standards that are effective for the
current year
A number of new standards and interpretations have been adopted
by the Company for the first time in line with their mandatory
adoption dates, but none are applicable to the Company 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
Company has not applied the following new and revised IFRS
Standards that have been issued but are not yet effective:
IFRS 17 (including Insurance Contracts
the June 2020 and
December 2021 amendments
to IFRS 17)
Amendments to IFRS Sale or Contribution of Assets between an Investor
10 and IAS 28 and its Associate or Joint Venture
--------------------------------------------------------
Amendments to IAS Classification of Liabilities as Current or Non-current
1
--------------------------------------------------------
Amendments to IAS Disclosure of Accounting Policies
1 and IFRS Practice
Statement 2
--------------------------------------------------------
Amendments to IAS Definition of Accounting Estimates
8
--------------------------------------------------------
Amendments to IAS Deferred Tax related to Assets and Liabilities arising
12 from a Single Transaction
--------------------------------------------------------
IFRS 3 Conceptual framework
--------------------------------------------------------
Amendments to IFRS Reference to the Conceptual Framework
3
--------------------------------------------------------
Amendments to IAS Property. Plant and Equipment-Proceeds before Intended
16 Use
--------------------------------------------------------
Amendments to IAS Non-current liabilities with covenants
1
--------------------------------------------------------
Amendments to IFRS Lease liability sale & leaseback
16
--------------------------------------------------------
The directors do not expect that the adoption of the Standards
listed above will have a material impact on the financial
statements of the Company in future periods.
Going concern
The operations of the Company have been financed mainly through
operating cash flows. As at 31 December 2022, the Company held cash
balances of GBP150,631 (2021: GBP34,394) and an operating loss has
been reported. Historically, the Company has generated cash flow
from the sale of investments in quoted natural resource
companies.
Cash and cash equivalents were GBP150.631 (2021:34,394) as at 31
December 2022 and the Company held investment in financial
investments at 31 December 2022 of GBP507,510. Although an
operating loss is not expected in the year subsequent to the date
of these accounts, it is possible, as a result of volatile markets,
that the Company may need to raise funding to provide additional
working capital to finance its ongoing activities. The management
team has successfully raised funding for similar projects and
companies in the past, however there is no guarantee that adequate
funds will be available when needed in the future.
Based on its current reserves and the Board's assessment that
the Company should be able to raise additional funds, as and when
required to meet its working capital requirements, the Board have
concluded that they have a reasonable expectation that the Company
can continue in operational existence for the foreseeable future.
In addition, the Board confirms that Directors fees will continue
to accrue or be paid in shares (subject to AIM rules and other
regulatory issues) until the Company undertakes either a fundraise
and has sufficient excess working capital to settle such fees, or
is involved in a significant transaction which would significantly
uplift the prospects for the Company. For these reasons the
financial statements have been prepared on the going concern basis,
which contemplates continuity of normal business activities and the
realisation of assets and discharge of liabilities in the normal
course of business.
There is a material uncertainty relating to the conditions above
that may cast significant doubt on the Company's ability to
continue as a going concern and therefore the Company may be unable
to realise its assets and discharge its liabilities in the normal
course of business.
This financial report does not include any adjustments relating
to the recoverability and classification of recorded assets amounts
or liabilities that might be necessary should the entity not
continue as a going concern.
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.
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 Company'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
Company's own shares.
Warrants reserve
The warrant reserve presents the proceeds from issuance of
warrants, net of issue costs. Warrant reserve is non-distributable
and will be transferred to share capital account and accumulated
losses upon exercise of warrants.
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
Company'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
Company 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 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 Company'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 6,
all of the Company'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 Company'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:
2022 2021
GBP GBP
Auditor's remuneration:
* Audit of the financial statements 12,750 12,750
* Taxation compliance services 1,500 1,500
---------- --------------------
14,250 14,250
---------- --------------------
Notes
Legal fees 4,080 1,200
Corporate finance costs 24,278 33,402
Directors' fees 3 109,000 109,000
Occupancy and support costs 72,000 72,000
Other administrative overheads 61,482 68,267
Stock Exchange costs 12,025 15,095
Administrative expenses 297,115 313,214
---------- ----------------------
3. DIRECTORS' EMOLUMENTS
2022 2021
GBP GBP
Directors' fees 109,000 109,000
------------------------ ----------
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:
2022 2021
Amount Amount outstanding
outstanding at year end
at year
2022 end 2021
GBP GBP GBP GBP
Colin Bird 36,000 20,616 36,000 3,414
Michael Nolan 25,000 27,083 25,000 2,083
Raju Samtani 30,000 16,548 30,000 2,745
Alex Borrelli 18,000 20,937 18,000 1,605
The amounts above shown as outstanding to the Directors relate
to fees and/or salaries for the 6 month period to 31 December 2022
for Colin Bird and Raju Samtani and for the 13 month period to 31
December 2022 for Alex Borrelli and Michael Nolan. Fees and/or
salaries due to Alex Borrelli and Michael Nolan for the 7 months
period to 30 June 2022 were settled in January 2023.
4. TAXATION
2022 2021
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% (2021 - 19%)
and the reported tax expense in the statement of comprehensive income are
as follows:
2022 2021
GBP GBP
Loss on ordinary activities before
tax (456,962) (252,045)
------------ ------------
Expected tax charge at 19% (2021 -
19%) (86,823) (47,889)
Effects of:
Exempt dividend income - (306)
Difference between accounting gain
and taxable gain on investment 30,524 (5,072)
Excess management expenses carried
forward 56,299 53,267
Non-trade loan relationship deficit
carried forward - -
Actual tax charge - -
------------ ------------
5. LOSS PER SHARE
Basic 2022 2021
Loss after tax for the purposes of loss
per share attributable to equity shareholders (456,962) (252,045)
Weighted average number of shares 450,705,455 445,817,308
Basic loss per ordinary share (0.10)p (0.06)p
Diluted
Loss for year after tax (456,962) (252,045)
Weighted average number of shares 450,705,455 445,817,308
Diluted weighted average number of shares 450,705,455 445,817,308
Diluted loss per ordinary share (0.10)p (0.06)p
6. INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2022
Listed Investments Other Investments Total
(Quoted/Others)
Canada 14,796 - 14,796
UK 248,443 244,271 492,714
263,239 244,271 507,510
--------------------- ------------------ ---------------
2021
Listed Investments Other Investments Total
(Quoted)
GBP GBP GBP
Canada 13,437 - 13,437
UK 330,297 435,575 765,872
343,734 435,575 779,309
--------------------- -------------------- -------------
Listed Investments Other Investments Total
(Quoted/Others)
GBP GBP GBP
Opening book cost 230,861 641,096 871,957
Opening unrealised depreciation 112,873 (205,521) (92,648)
------------------- ------------------ ----------
Valuation at 1 January 2022 343,734 435,575 779,309
Movements in the year :
Purchase at cost - - -
Sales proceeds - (111,952) (111,952)
Realised gains/(losses) on
sales based on historic cost - 806 806
Increase/(Decrease) in unrealised
depreciation (80,495) (80,158) (160,653)
263,239 244,271 507,510
------------------- ------------------ ----------
Book cost at year end 281,079 479,733 760,812
Closing unrealised depreciation (17,840) (235,462) (253,302)
Valuation at 31 December 2022 263,239 244,271 507,510
------------------- ------------------ ----------
2022 2021
GBP GBP
Realised (loss)/gain based on historical cost 806 (85,461)
Realised (loss)/gain based on carrying value
at previous balance sheet date 806 (85,461)
Unrealised fair value movement for the year (160,653) 112,156
Total recognised (losses)/gains on investments
in the year (159,847) 26,695
---------- ------------
The gains/(losses) on the Company's investments are analysed below. Accounting standards
prohibit the recognition of uplifts in the
value of impaired assets in profit and loss.
Security 31 December 31 December
2022 2021
Profit Profit
and loss and loss
African Pioneer Plc 12,334 90,297
------------ ------------
Bezant Resources Plc (54,516) (89,534)
------------ ------------
Block Energy Plc 2,531 (14,687)
------------ ------------
Caerus Minerals Plc (95,000) 39,398
------------ ------------
Corallian Energy Ltd (9,533) -
------------ ------------
WisdomTree Copper (ETFS Copper) - 3,301
------------ ------------
Galileo Resources Plc 20,854 (43,662)
------------ ------------
Goldquest Mining Corporation 1,359 (14,705)
------------ ------------
Jubilee Metals Group Plc (61,295) 40,936
------------ ------------
Kendrick Resources Plc 812 -
------------ ------------
Pantheon Resources Plc 18,342 10,647
------------ ------------
Reabold resources Plc 4,265 (4,128)
------------ ------------
Royal Dutch Shell Plc - 8,832
------------ ------------
Total movements (159,847) 26,695
------------ ------------
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:
Level 1 Level Level Total
31 December 2022 GBP 2 3 GBP
GBP GBP
Assets
Investments held at fair
value 507,510 - - 507,510
-------- -------- ------- --------
Total 507,510 507,510
Level 1 Level 2 Level Total
GBP GBP 3 GBP
31 December 2021 GBP
Assets
Investments held at fair value 758,882 20,427 779,309
-------- -------- ------- --------
Total 758,882 - 20,427 779,309
There have been no significant transfers between levels in the
reporting period.
Reconciliation of Level 3 fair value measurements of financial
instruments
Level 3 investments
GBP
Balance at 1 January 2021 30,000
--------------------
Total gains or (losses) in other comprehensive income -
--------------------
Purchases/(Sales) (9,573)
--------------------
Transfers in/(out) -
--------------------
Balance at 1 January 2022 20,427
--------------------
Total gains or (losses) in other comprehensive income -
--------------------
Purchases/(Sales) (20,427)
--------------------
Transfers in/(out) -
--------------------
Balance at 31 December 2022 -
--------------------
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 Company are denominated in GBP and
CAD$, and are publicly traded on the main London Stock Exchange,
the Alternative Investment Market of the London Stock Exchange and
the Toronto Venture Exchange. Fair values have been determined by
reference to their quoted bid prices at the reporting date.
7. TRADE AND OTHER RECEIVABLES
2022 2021
GBP GBP
Other debtors 40,526 1,913
Prepayments 5,293 2,810
------- ------
45,819 4,723
------- ------
An expected credit loss impact assessment under IFRS 9 is not
required, as the Company does not hold any trade or intercompany
debtors as at the balance sheet date.
8. DEFERRED TAX
The Company has the below tax losses and related potential
deferred tax:
Description 2022 2021 Potential Potential
GBP GBP Deferred Deferred
tax asset tax asset
2022 2021
GBP GBP
Non trade deficits 11,794 11,794 2,948 2,241
---------- ---------- ----------- -----------
Excess management charges 2,780,941 2,483,826 695,235 471,927
---------- ---------- ----------- -----------
Capital losses 771,434 772,240 192,858 146,726
---------- ---------- ----------- -----------
3,564,169 3,267,860 891,041 620,894
---------- ---------- ----------- -----------
Deferred tax assets are not recognised due to the
unpredictability of future profit streams arising from the disposal
of investments held by the Company. 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 company's financial assets will
vary depending on changes in the fair values of those assets up
until the date of disposal.
9. TRADE AND OTHER PAYABLES
2022 2021
GBP GBP
Trade payables 84,280 6,625
Directors 85,184 9,847
Accruals 38,235 32,103
-------- -------
207,699 48,575
-------- -------
10. 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.
2022 2021
GBP GBP
Authorised:
Ordinary Share Capital 10,000,000 10,000,000
----------- -----------
142,831,939 (2021: 142,831,939) deferred shares of
0.9 p each 1,285,487 1,285,487
----------- -----------
2022 2021
GBP GBP
Opening Ordinary shares - 447,942,308 at 0.1p each
(2021: 439,442,308 Ordinary shares of 0.1p each) 447,943 439,443
Issued during the year
91,686,246 shares at issue price of GBP0.002 (nominal 91,686 -
value of 0.1p each) - (i)
8,500,000 shares at issue price of 0.53p (nominal
value 0.1p each) - (ii) - 8,500
Ordinary shares in issue as at 31 December 2021 -
539,628,553 at 0.1 p each (2021 : 447,942,308 shares
of 0.1p each) nominal value 539,629 447,943
----------- -----------
142,831,939 (2021: 142,831,939) deferred shares of
0.9p each 1,285,487 1,285,487
----------- -----------
1,825,116 1,733,430
----------- -----------
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) This share issue included 10,936,246 shares allotted to two
directors in lieu of accrued net salary of GBP21,872. Please see
note 12(4) for further details.
(ii) On 15 March 2021, The Company issued 8.5 million shares of
0.1 p each at an issue price of 0.53p each share each to settle
outstanding fees due to Sanderson Capital Partners td (existing
shareholder in the Company), totalling GBP45,050.
11. Share Warrants
2022 2021
Number of Exercise price Number of Exercise price
warrants warrants
----------- --------------- ---------- ---------------
Outstanding at 1 January - - - -
----------- --------------- ---------- ---------------
Issued 91,686,246 0.3p - -
----------- --------------- ---------- ---------------
Outstanding at 31 December 91,686,246 -
----------- --------------- ---------- ---------------
Each of the participants in the Fundraising/shares issue on 20
December 2022 received one warrant exercisable at 0.3 pence for
each Fundraising Share which they subscribed, valid for two
years.
As a result of this, the fair value of the share options was
determined at the date of the grant using the Black Scholes model,
using the following inputs
Start date Expiry Warrant Risk free Volatility Fair value
date price pence rate of warrants
20 December 20 December
2021 2024 0.3 6% 110% GBP65,067
------------- ------------- ---------- ----------- -------------
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 (2021 - GBP60,000). There was an amount of GBP69,000
outstanding at 31 December 2022 (2021- 6,000). The Board considers
this transaction to be on an arms' length basis.
(2) The emoluments of the Directors and amounts due to each
director at year end are disclosed in note 3.
(3) Directors' shareholdings are disclosed in the Report of the Directors.
(4) As part of a fundraising completed on 20 December 2022, Mr
Colin Bird and Mr Raju Samtani each invested GBP25,000 to subscribe
for 12,500,000 shares of 0.1 pence each at a price of 0.2 pence per
share. Additionally outstanding salary due to Colin Bird of
GBP12,600 was converted into 6,300,000 Placing Shares and
outstanding salary due to Mr Raju Samtani of GBP9,272 was converted
into 4,636,246 Placing Shares. All shares received as part of the
placing and salary conversion attracted one warrant exercisable at
0.3 pence per share for a period of 2 years from the date of the
placing.
(5) On 18 February 2021, the Company received 28,314,815 shares
in Bezant Resources Plc (Mr Colin Bird and Mr Raju Samtani are
executive directors of the Company and also executive directors and
shareholders of Bezant. In addition, Mr Colin Bird held 2.7%
interest in Metrock), as settlement of outstanding loans of
GBP46,250 which the Company had advanced to Metrock Resources Ltd
during Q4 2020 and fee due of GBP30,200 from Metrock. Initially, on
12 October 2020, the Company negotiated an exclusive mandate to
facilitate an IPO for Metrock. However, subsequently on 22 December
2020, under a revised mandate, both parties mutually agreed not to
proceed with an IPO. Metrock was then acquired by Bezant. As part
of Bezant's Shareholders Purchase Agreement (SPA) with the
shareholders of Metrock, it was agreed that outstanding loans in
Metrock's books will be acquired by Bezant and settled in newly
issued Bezant ordinary shares of 0.002p each at a price of 0.27
pence per share on completion of the SPA ("Bezant Shares").
Accordingly, Tiger was issued 28,314,815 Bezant Shares on
completion of the SPA to settle loans of GBP46,250 which it has
made to Metrock and the GBP30,200 fee referred to above. Upon issue
of the 28,314,815 Bezant Shares, Tiger's total shareholding in
Bezant increased to 83,870,371 shares representing 2.37% of the
Bezant's enlarged issued share capital on completion.
(6) The Company held a 50.75% equity stake in African Pioneer
Plc ("APP"). On 1 June 2021, APP's shares comprising 189,459,550
Ordinary shares of zero par value each ("Ordinary Shares") were
admitted to the Official List (Standard Segment), and to trading on
the Main Market for listed securities of the London Stock Exchange.
Consequently, the Company's shareholding in APP was reduced to
4.65% and APP is no longer a subsidiary of the Company. Tiger's
current holding in APP is 8,810,056 Ordinary Shares, which have
been included in the Company's balance sheet at market valuation
under investment in financial assets at fair value through profit
or loss. Mr Colin Bird and Mr Raju Samtani, who are both Directors
of Tiger and African Pioneer Plc and co-vendors of African Pioneer
Zambia to APP, each received 15,000,000 APP Shares on Standard
Listing. Campden Park Trading, a company owned and controlled by Mr
Colin Bird, received 5,000,000 APP Shares on Standard Listing
carrying a total value of GBP700,000 attributable to Colin Bird and
related companies and GBP525,000 to Raju Samtani upon Standard
Listing.
(7) On 31 March 2021, African Pioneer Plc (Mr Colin Bird and Mr
Raju Samtani, are both Executive Directors & shareholders of
the Company and African Pioneer Plc) repaid GBP18,385 due to the
Company as at 31 December 2020 plus an interest amount of
GBP760.71. Under a loan agreement dated 28 January 2021, Tiger
advanced an unsecured loan of GBP112,981 to African Pioneer plc at
a coupon rate of 10%. African Pioneer Plc repaid this balance plus
an interest amount of GBP1,903.78 on 31 March 2021.
(8) On 1 June 2021, an amount of GBP100,000 due from African
Pioneer Plc to the Company (Mr Colin Bird and Mr Raju Samtani, are
both Executive Directors & shareholders of the Company and
African Pioneer Plc), was converted to 2,857,143 (zero nominal
value) shares of African Pioneer Plc.
(9) Colin Bird and Alex Borrelli are directors of Kendrick
Resources Plc. Refer to portfolio valuation on page 3 for details
for Tiger's current holding in Kendrick Resources Plc.
(10) Colin Bird is a director of Galileo Resources Plc. Refer to
portfolio valuation on page 3 for details for Tiger's current
holding in Galileo Resources Plc.
13. POST-REPORTING DATE EVENTS
There are no events after the balance sheet date that may
warrant disclosure or may require adjustments to these financial
statements.
14. CONTINGENT LIABILITIES
There were no contingent liabilities at 31 December 2022 (2021 -
None).
There were no operating or financial commitments or contracts
for capital expenditure in place for the Company as at the
reporting date (2021: GBPnil).
15. FINANCIAL INSTRUMENTS
Management of Risk
The Company's financial instruments comprise:
-- Investments held at fair value through profit or loss
-- Cash, short-term receivables and payables
Throughout the period under review, it was the Company's policy
that no trading in derivatives shall be undertaken.
The main financial risks arising from the 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
Company 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.
Financial Assets and Liabilities
Financial Assets
Financial Assets at amortised cost 2022 2021
Other debtors 40,526 1,913
-------- --------
Prepayments 5,293 2,810
-------- --------
Cash and cash equivalents 150,631 34,394
-------- --------
Financial Assets at fair value through
other comprehensive income 507,510 779,309
-------- --------
Total 703,960 818,426
-------- --------
Financial Liabilities
Financial Assets at amortised cost 2022 2021
Trade Creditors 111,363 8,708
-------- -------
Other creditors 58,101 7,764
-------- -------
Accrued expenses 38,235 32,103
-------- -------
Total 207,699 48,575
-------- -------
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. 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 Company's investment
policy.
Interest rate risk
Changes in interest rates would affect the Company 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 2022 for the Company was
GBP150,631 (2021: GBP34,394).
A sensitivity analysis based on a movement of 1% on interest
rates would have a GBP1,506 effect on the Company's' profit (2021:
GBP344).
As the Company 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 Company'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
(2021: none).
The fair values of the Company's investments that have foreign
currency exposure at 31 December 2022 are shown below.
2022 2021
CAD CAD
GBP GBP
Investments in financial assets at fair value
through profit or loss 14,796 13,437
The Company 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
Company's financial assets and the exchange rates for GBP/ Canadian
Dollar.
It assumes the following changes in exchanges rates:
- GBP/CAD +/- 20% - (2021: +/- 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 Company's foreign
currency financial instruments held at each balance sheet date.
If GBP Sterling had weakened against the currencies shows, this
would have had the following effect:
2022 2021
CAD CAD
GBP GBP
Equity 2,959 2,687
If GBP Sterling had strengthened against the currencies shows,
this would have had the following effect:
CAD CAD
GBP GBP
Equity (2,466) (2,240)
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 Company 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
Company's equities at each balance sheet date, with all other
variables held constant.
2022 2021
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 253,755 (253,755) 389,655 (389,655)
Liquidity risk
The Company maintains appropriate cash reserves and the majority
of the Company's assets comprise realisable securities, most of
which can be sold to meet funding requirements if necessary. Given
the Company'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 Company suffering a
loss is minimal. The Company holds its cash balances amounting to
GBP150,631 (2021: GBP 34,394) with a reputable bank and only
transacts with regulated institutions on normal market terms, and
this is the only significant credit risk exposure. The credit
rating for the bank is A+.
Included in total amounts receivable at 31 December 2022 is the
sum of GBP457 (2021 - GBP1,844) which was lodged with the Company's
brokers in relation to future investments.
Concentration risk
The cash balance held with bank of GBP150,631 (2021: GBP34,394)
is the only significant credit risk exposure
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 Company 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 Company consists of only
equity (comprising issued capital, reserves, and retained earnings
as disclosed below and the Statements 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 Company has
not purchased any of its own shares (2021: Nil).
Company At 1 January Cash flows Other non-cash At 31 December
2022 changes 2022
Cash and cash equivalents GBP GBP GBP GBP
------------- ----------- --------------- ---------------
Cash 34,394 116,237 - 150,631
------------- ----------- --------------- ---------------
Borrowings - -
------------- ----------- --------------- ---------------
Debt due within one - -
year
------------- ----------- --------------- ---------------
Debt due after one - -
year
------------- ----------- --------------- ---------------
Total 34,394 116,237 - 150,631
------------- ----------- --------------- ---------------
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FR SELFFSEDSEEM
(END) Dow Jones Newswires
June 20, 2023 07:27 ET (11:27 GMT)
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