Tiger Resource PLC Final Results

Fecha : 17/05/2019 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Tiger Resource Plc (TIR)
Cotización : 0.15  0.0 (0.00%) @ 02:00
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Tiger Resource PLC Final Results

Tiger Resource (LSE:TIR)
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RNS Number : 3355Z

Tiger Resource PLC

17 May 2019

For immediate release 17 May 2019

TIGER RESOURCE PLC

("Tiger" or the "Company")

FINAL RESULTS FOR THE YEARED 31 DECEMBER 2018

AND

NOTICE OF ANNUAL GENERAL MEETING

The Company is pleased to announce its audited results for the year ended 31 December 2018 and to confirm that the 2018 Annual Report and Financial Statements ("Annual Report"), together with a Notice of AGM ("Notice") will be posted to shareholders on Friday 24 May 2019. The AGM will be convened at Fladgate LLP, 16 Great Queen Street, London WC2B 5DG on Friday 21 June 2019 at 14.00.

Pursuant to Rule 20 of the AIM Rules for Companies, copies of both the Annual Report and the Notice will be available for inspection at www.tiger-rf.com from 08.00 on 24 May 2019.

Notes:

1 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 2018 or 31 December 2017 but it is derived from those accounts. Statutory accounts for 31 December 2017 have been delivered to the Registrar of Companies and those for 31 December 2018 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.

2 The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

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 
  Email:corpfin@bcornish.co.uk 
 

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 fall to 0.4p per share from 0.62p per share as at 31 December 2017, representing a 35% fall in NAV during the year ended 31 December 2018. The decrease in NAV has resulted mainly due to the investment portfolio reacting in a similar downward trend in line with junior resource markets.

The Company, however, benefited from individual stocks which performed well during the year and has realised profits where possible. Tiger sold 95,000 Rockrose Energy Plc ("Rockrose") shares in February 2018 realising a net gain of GBP293,854 on the disposal and also cashed in an additional amount of GBP142,500 as a result of a capital distribution made by Rockrose shortly after the sale of this investment.

During the period under review, Tiger made investments in Bezant Resources Plc, Corallian Energy Limited, Block Energy Plc ("Block") and Royal Dutch Shell Plc. Block has performed well in recent months and Tiger took the opportunity to crystallise a profit by selling half of its holding in this investment in April this year. The portfolio has suffered due to poor market conditions affecting the smaller cap resource sector disproportionally. Constant geopolitical negativity has impacted confidence throughout the business and investing communities. This being so, we are at the time of writing, experiencing market highs in major indices worldwide which seems to contradict the aforementioned point. I personally believe that major stock markets resemble a "rollercoaster" with investors keen to join in but uncertain and frightened once invested. As we have experienced in previous cycles, the trigger for investors pushing the "sell" button will inevitably be when global economies start showing signs of stress, which will probably lead to a recession. The stress will most likely affect the banking system which again will be looking inwards resulting in reduced funds being available to businesses and therefore further restraining economic growth.

Against the above scenario, emerging markets are showing relative strength and direction; a phenomenon which inevitably will lead to greater consumer demand as disposable incomes improve and overall fortunes improve. This setting should be beneficial for commodities as the demand arising will put further pressure on limited supply.

The long anticipated price appreciation for Copper has not yet materialised, predominantly due to the threat of trade wars and ongoing geopolitical uncertainties. The slow-down in the increase of the price of Copper has resulted in several projects being shelved and exploration activities reduced either from a lack of confidence or from difficulty in accessing funding. This scenario is building the perfect storm for Copper and certain other key base metals and the Board of Tiger is very bullish for Copper exploration companies which have one or more assets that can breach the "one million tonnes of contained copper" threshold.

The aforementioned scenario, whilst not for all commodities, is also true for most base metals. The prospect for metals required for mass producing electric powered vehicles ("EV") is very positive with Cobalt in particular having excellent fundamentals. Whilst the industry recognises the efficiency of Cobalt, there are real worries about future supplies and thus other metals such as Nickel may benefit as evolving technology looks for substitutes. Nonetheless, we feel that there is a very favourable investment case for Cobalt in the coming years. The advent of this new asset class in EV provides an impetus to our strategy and we intend to apply our investment and operational experience of the "old world" model to good effect in this new EV environment.

The junior natural resource sector has generally shown a "disconnect" between metals prices and forecast demand for commodities with much lethargy and fear prevailing. A resolution to the China/US issues together with easing tension in the Middle-East may well be a catalyst for improved investment conditions. Conversely, should there be no resolution to the negotiations or indeed an escalation to the trade war, we could well see an adverse effect on markets across the board.

The Directors remain convinced that the best way forward is through proactive investment with involvement in underlying investee companies. This policy has resulted in relatively larger sized and more focused investments with fewer companies in Tiger's portfolio. In essence, we are gradually moving away from passive investing to more involved investment policy with a view to lessening risk in tougher times. A corollary to this is the fact that retail investors are now sophisticated in their approach and tend to make their own investment decisions. When Tiger was formed, the Company's mission was to provide an umbrella portfolio vehicle for an emerging investment population which had little or no knowledge of natural resource opportunities. This model is now largely redundant, and the Board feels that the proactive model will produce enhanced shareholder value in the medium term.

I would like to thank my fellow Directors and the Company's shareholders for their support in what has been a difficult year for our Company. We look forward to improved operating conditions and some of our investment producing above average returns, similar to our recent achievements in RockRose and Block.

Colin Bird

Executive Chairman

16 May 2018

PORTFOLIO REVIEW

The table below includes available-for-sale investments only. Other investments held by the Group are disclosed in notes 7 and 8 to the financial statements.

 
                                            Number           Cost       Valuation   Valuation   Valuation 
                                          31/12/18       31/12/18        31/12/18    31/12/17    31/03/19 
                                                              GBP             GBP         GBP         GBP 
 Anglo American Plc                         11,500        250,117         200,997     178,193     236,152 
 Ascent Resources Plc                            -              -               -       6,750           - 
 BMR Group Plc                           2,500,000         50,217               -      40,750           - 
 Bezant Resources Plc                55,555,556          250,434           66,667           -      55,556 
 Barkby Group Plc (previously 
  - Sovereign Mines of Africa 
  Plc)                                      60,606        100,000           2,500       5,400       2,697 
 Block Energy Plc                        1,250,000         50,200          34,375           -      48,750 
 Cabot Energy Plc                                -              -               -      15,088           - 
 Corallian Energy Limited                   20,000         30,000          30,000           -      30,000 
 Duke Royalty Limited                            -              -               -       7,800           - 
 ETFS Physical Platinum                          -              -               -     146,767           - 
 ETFS Copper                                 1,760         29,864          34,147      40,372      36,637 
 Galileo Resources Plc                   6,516,667         78,335          46,920      86,672      43,662 
  Goldquest Mining Corporation             173,500         30,259          10,722      37,112       9,716 
 Jersey Oil and Gas                              -              -               -       6,319           - 
 Jubilee Metals Group Plc                1,169,600        100,219          28,070      44,445      27,252 
 MX Oil Plc                                      -              -               -       2,120           - 
 PanContinental Oil and Gas                      -              -               -       1,591           - 
  NL 
 Pantheon Resources                         31,500         30,340           5,040      21,262       9,009 
 Papua Mining Plc                                -              -               -       2,714           - 
 Revelo Resources Corp                     216,667         62,965           1,278       2,882       1,560 
 Rex Bionics Plc                                 -         37,500               -           -           - 
 Rockrose Energy Plc                             -              -               -     120,650           - 
 Royal Dutch Shell Plc B 
  Shares                                     5,400        146,468         126,357           -      65,556 
 Sunrise Resources Plc                           -              -               -       1,197           - 
 Tertiary Minerals Plc                           -              -               -      27,265           - 
                                                    -------------  --------------  ----------  ---------- 
 TOTAL FOR THE PARENT COMPANY                           1,246,918         587,073     795,349     566,547 
                                                    -------------  --------------  ----------  ---------- 
 
 ETFS Copper                                     -              -               -      26,838           - 
  Europa Metals Ltd (previously 
   Ferrum Crescent Linited)            130,499,858         65,250          52,200      91,350      26,100 
 Freeport-McMoran Inc                            -              -               -      28,320           - 
  Jubilee Metals Group Plc                 917,802         34,834          22,027      34,876      21,385 
 Galileo Resources Plc                   2,500,000         50,000          18,000      33,250      16,750 
 Lonmin Plc                                      -              -               -       5,612           - 
 Revelo Resources Corp                   1,515,000         53,560          10,887      20,112      10,859 
 South 32 Limited                           13,845         28,607          25,475       3,650      27,801 
 Xtract Resources Plc                      606,060         20,217           4,121      18,788       4,242 
                                                    -------------  --------------  ----------  ---------- 
 TOTAL FOR AFRICAN PIONEER 
  PLC                                                     252,468         132,710     262,796     107,137 
                                                    -------------  --------------  ----------  ---------- 
 
 
 TOTAL INVESTMENTS FOR THE 
  GROUP                                                 1,499,386         719,783   1,058,145     673,684 
                                                    =============  ==============  ==========  ========== 
 
 

PARENT COMPANY:

(1) Investments were made in Bezant Resources Plc, Corralian Energy Limited, Block Energy Plc and Royal Dutch Shell Plc during the year ended 31 December 2018.

(2) The investment in BMR Group Plc is carried at nil value on 31 December 2018 following the cancellation of the

company's shares from trading on AIM on 3 August 2018.

   (3)   The Rockrose Energy Plc ("Rockrose") shares were sold on 19 February 2018. 

(4) The valuation of the Royal Dutch Shell Plc is lower at 31 March 2019 following the sale of 2,700 shares post year-end.

   (5)   Several other smaller non-core investments were sold during the year. 

AFRICAN PIONEER PLC ("APP"):

(1) The Freeport-McMoran, Copper ETFS and Lonmin Plc investments were sold in the year ended 31 December 2018.

Details of changes in the fair value of investments are shown in note 8 of the Financial Statements.

PORTFOLIO REVIEW - SELECTED INVESTMENT COMMENTARIES

African Pioneer Plc

African Pioneer Plc ("APP") is a special purpose investment vehicle incorporated by Tiger with a mission to identify investment opportunities in base metals within the mining sector focussed in Sub-Saharan Africa. Tiger currently has a 50.75 per cent equity stake in APP.

Anglo American Plc (LSE - AAL: LN) www.angloamerican.com

Anglo American Plc ("Anglo")'s world-class portfolio of competitive mining operations and undeveloped resources provides raw materials to meet the growing consumer-driven demands of the world's developed and maturing economies. The company uses the latest technologies to find new resources, plan and build its operations and mine processes and to move and market its products to customers around the world. Anglo's key commodities include diamonds (through De Beers), platinum, copper, nickel, iron ore and coal. The company works together with its key partners and stakeholders to unlock the long term value of the resources mined for its shareholders and for the communities and countries in which it operates creating sustainable value and making a real difference.

Bezant Resources Plc (AIM - BZT: LN) www.bezantresources.com

Bezant Resources Plc ("Bezant") is a mineral exploration and development company quoted on AIM with base metal projects in Argentina and the Philippines. Bezant recently announced the results of an independent study assessing the optimisation of potential future mine development for its Mankayan copper-gold project, located on the Island of Luzon in the Philippines. The Mining Plus study identified and assessed a number of high-level alternative mining options for the Mankayan project and also substantially improved the underlying economics of the proposed operations. The options considered were designed with the objective of improving production processes, determining pathways with reduced total start-up cost, identifying further potential value from the project. The board of Bezant remains confident that the project lends itself to potential future development by medium size mining companies, as well as the majors, seeking to secure a long-term source of physical copper and gold.

Block Energy Plc (AIM - BLOE: LN) www.blockenergy.co.uk

Block Energy Plc ("Block Energy") is an AIM-listed exploration and production company seeking to develop previously discovered fields in Georgia optimised with current western technology. On 1 April 2019, the company announced an average test flow rate of 1,100 bbl/d from its well 16aZ at the West Rustavi field. This flow rate significantly exceeded Block Energy's target rate of 325 bbl/d for the well triggering an immediate requirement to upgrade production infrastructure. While the company addresses production capacity and offtake requirements, the diameter of the choke has been reduced as of 13 April 2019 from 1/4 inches to 1/8 inch, scaling back production from from 1,100 bbl/d to a rate of around 700 bbl/d. This well is expected to deliver gross monthly free cash to the company of US$1million at a price of US$70/bbl for Brent crude oil. Block Energy is currently working on a detailed operational market update that will cover its planned oil and gas development from its assets in Georgia.

Corallian Energy Limited www.corallian.co.uk

Corallian Energy Limited is a private UK oil and gas exploration and appraisal company. The company holds interests in 6 petroleum licences in the UK and has an experienced in-house team responsible for executing its planned programme.

Europa Metals Ltd (AIM - EUZ: LN) www.europametals.com

Europa Metals limited ("Europa") is a base metal exploration company focused on its flagship Toral project, located in the Province of Le n, northern Spain. The company announced the results of an independent scoping study completed in accordance with JORC 2012 requirements for its wholly owned Toral Project. The findings of the study were positive with a recommendation that the Toral Project should be progressed towards a feasibility study to determine full economics, technical and environmental parameters for an underground mining operation focused on near-term recovery of the higher-grade mineralised zones. We look forward to further updates from Europa in the coming months relating to infill drilling, metallurgical and geotechnical test work and general progress leading up to a full feasibility study.

ETFS Copper (LSE - COPA: LN) www.etfsecurities.com

ETFS Copper ("COPA") is designed to enable investors to gain an exposure to total return investment in copper by tracking the Bloomberg Copper Sub-index and providing a collateral yield. COPA is an exchange traded commodity ("ETC"). Its securities can be created and redeemed on demand by authorised participants and traded on the exchange just like shares in a company.

Galileo Resources Plc (AIM - GLR - LN) www.galileoresources.com

Galileo Resources PLC ("Galileo") is an AIM quoted natural resource exploration company specialising in the acquisition and development of projects which can be brought into production in the near-term. The company's Star Zinc project has an independently modelled exploration target estimated at between 600,000 and 900,000 tonnes with an estimated average grade of 10 to 12% Zn with a high grade (>20% Zn) component estimated at between 60,000 to 90,000 tonnes rock mass. Galileo recently announced that negotiations are to commence with Jubilee Metals Group plc for an off-take agreement to supply its ore from Star Zinc. The company's recently raised GBP500,000, before expenses through a placing of shares to progress its 80.75% owned Star Zinc project.

Jubilee Metals Group Plc (AIM - JLP: LN)

Jubilee Metals Group plc ("Jubilee") is a diversified metals recovery company focused on the reprocessing of historical mine waste and surface materials. Jubilee completed the acquisition of its PlatCro chrome project in January 2019 and has delivered positive earnings ahead of projections for January and February and the company's DCM fine chrome plant was brought into production during January 2019 and has been ramped up to reach commercial production levels during March 2019. Jubilee recently announced the acquisition of the Sable Zinc refinery in Kabwe, Zambia which is situated immediately adjacent to the large stock piles of zinc, lead and vanadium that Jubilee has contracted from BMR Group PLC. The company concurrently announced a combination of debt and equity financing to fully complete the transaction and deliver the Kabwe project. We feel that the coming months will be an exciting period for Jubilee as the company expands its operational reach and delivers rising quarterly earnings on its PlatCro, DCM and Hernic projects and implements its newly acquired Kabwe project.

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's income for the year ended 31 December 2018 was US$23.9 billion compared with US$13.4 billion in 2017 and its earnings increased to US$24.4 billion compared with US$12.5 billion in 2017. Shell distributed US$15.7 billion to shareholders in dividends in 2018.

CONSOLIDATED AND PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME YEARED 31 DECEMBER 2018

 
                           Notes               Group 2018                   Group 2017   Company 2018     Company 2017 
                                                      GBP                          GBP            GBP              GBP 
 Change in fair 
  value of investments      8                   (104,110)                      217,125        (2,248)          123,429 
  Revenue: 
    Investment income                              11,784                        7,089         11,030            4,448 
    Interest receivable                               214                          281            199              281 
 
 Administrative 
  expenses                  2                   (327,937)                    (387,647)      (333,350)        (340,374) 
 Impairment charge          6                           -                     (30,921)      (167,605)          (2,618) 
                                  -----------------------  ---------------------------  -------------  --------------- 
 LOSS BEFORE TAXATION                           (420,049)                    (194,073)      (491,974)        (214,834) 
                                  -----------------------  ---------------------------  -------------  --------------- 
 Taxation                   4                           -                            -              -                - 
                                  -----------------------  ---------------------------  -------------  --------------- 
 LOSS FOR THE YEAR                              (420,049)                    (194,073)      (491,974)        (214,834) 
                                  -----------------------  ---------------------------  -------------  --------------- 
 
  OTHER COMPREHENSIVE LOSS 
  Items that will be reclassified subsequently 
  to profit or loss 
 Available-for-sale 
  financial assets: 
  unrealised 
  gains/(losses)                                        -                      335,766              -          212,775 
 Reclassification to 
  profit or loss 
 Transfer to impairment                                 -                      (4,943)              -                - 
 Transfer on disposal                                   -                    (237,284)              -        (123,692) 
 
 OTHER COMPREHENSIVE 
  PROFIT FOR THE YEAR, 
  NET OF TAX 8                                          -                       93,539              -           89,083 
                                  -----------------------  ---------------------------  -------------  --------------- 
  TOTAL COMPREHENSIVE 
   (LOSS)/PROFIT 
   FOR THE YEAR                                 (420,049)                    (100,534)      (491,974)        (125,751) 
                                  -----------------------  ---------------------------  -------------  --------------- 
  LOSS FOR THE YEAR ATTRIBUTABLE 
   TO: 
 Shareholders of 
  the company                                   (380,037)                    (204,296)      (491,974)      (214,834) 
 Non-controlling 
  interest                                       (40,012)                       10,223              -                - 
                                  -----------------------  ---------------------------  -------------  --------------- 
                                                (420,049)                    (194,073)      (491,974)        (214,834) 
                                  -----------------------  ---------------------------  -------------  --------------- 
 
 TOTAL COMPREHENSIVE PROFIT ATTRIBUTABLE TO: 
 Shareholders of 
  the company                                   (380,037)                    (112,952)      (491,974)        (125,751) 
 Non-controlling 
  interest                                       (40,012)                       12,418              -                - 
                                  -----------------------  ---------------------------  -------------  --------------- 
                                                (420,049)                    (100,534)      (491,974)        (125,751) 
                                  -----------------------  ---------------------------  -------------  --------------- 
 Basic earnings 
  per share                 5                     (0.20)p                      (0.14)p 
 Diluted earnings 
  per share                 5                     (0.20)p                      (0.14)p 
 

All profits are derived from continuing operations.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY YEARED 31 DECEMBER 2018

Other components of equity

 
                    Share capital       Share      Capital   Available-for-sale      Retained         Equity   Non-controlling       Total 
                                      premium   redemption            financial      earnings   attributable          interest      Equity 
                                                   reserve               assets                    to owners 
                              GBP         GBP          GBP                  GBP           GBP            GBP               GBP         GBP 
 
   As at 31 December 
   2016                 1,428,319   1,597,231    1,100,000              230,619   (3,253,859)      1,102,310            53,447   1,155,757 
                       ----------  ----------  -----------  -------------------  ------------  -------------  ----------------  ---------- 
 
 Loss for the year              -           -            -                    -     (204,296)      (204,296)            10,223   (194,073) 
 
  Other comprehensive 
  income 
 Available-for-sale 
 financial 
 assets: 
 Current year losses            -           -            -              275,193             -        275,193            60,573     335,766 
 Reclassification to 
 profit 
 or loss 
 Transfer to 
  impairment                    -           -            -              (2,509)             -        (2,509)           (2,434)     (4,943) 
 Transfer on disposal           -           -            -            (181,340)             -      (181,340)          (55,944)   (237,284) 
                       ----------  ----------  -----------  -------------------  ------------  -------------  ----------------  ---------- 
 Total comprehensive 
  income 
  for the year                  -           -            -               91,344     (204,296)      (112,952)            12,418   (100,534) 
 
 Transaction with 
 owners 
 Issue of shares           46,015           -            -                    -             -         46,015                 -      46,015 
 Share Premium on 
  issue 
  of new shares                 -     115,038            -                    -             -        115,038                 -     115,038 
 Costs related to 
  issue 
  of new shares                 -    (43,053)            -                    -             -       (43,053)                 -    (43,053) 
                       ----------  ----------  -----------  -------------------  ------------  -------------  ----------------  ---------- 
                           46,015      71,985            -                    -             -        118,000                 -     118,000 
 
   As at 31 December 
   2017                 1,474,334   1,669,216    1,100,000              321,963   (3,458,155)      1,107,358            65,865   1,173,223 
 
 IFRS9 Adjustment to 
  opening 
  reserves                      -           -            -            (321,963)       321,963              -                 -           - 
 
 
   As at 1 January 
   2018                 1,474,334   1,669,216    1,100,000                    -   (3,136,192)      1,107,358            65,865   1,173,223 
 
   Loss for the year            -           -            -                    -     (380,037)      (380,037)          (40,012)   (420,049) 
 
 Total comprehensive 
  income 
  for the year                  -           -            -                    -     (380,037)      (380,037)          (40,012)   (420,049) 
                       ----------  ----------  -----------  -------------------  ------------  -------------  ----------------  ---------- 
 
   As at 31 December 
   2018                 1,474,334   1,669,216    1,100,000                    -   (3,516,229)        727,321            25,853     753,174 
                       ----------  ----------  -----------  -------------------  ------------  -------------  ----------------  ---------- 
 
 

PARENT COMPANY STATEMENT OF CHANGES IN EQUITY YEARED 31 DECEMBER 2018

Other components of equity

 
                              Share capital       Share       Capital   Available-for-sale      Retained       Total 
                                                premium    redemption            financial      earnings      Equity 
                                                              reserve               assets 
                                        GBP         GBP           GBP                  GBP           GBP         GBP 
 
 As at 31 December 2016           1,428,319   1,597,231     1,100,000              204,381   (3,061,850)   1,268,081 
                                 ----------  ----------  ------------  -------------------  ------------  ---------- 
 
 Loss for the year                        -           -             -                    -     (214,834)   (214,834) 
 Other comprehensive income 
 Available-for-sale financial 
 assets: 
 current year losses                      -           -             -              212,775             -     212,775 
 Reclassification to profit 
  or loss 
 Transfer on disposal                     -           -             -            (123,692)             -   (123,692) 
                                 ----------  ----------  ------------  -------------------  ------------  ---------- 
 
  Total comprehensive income 
  for the year                            -           -             -               89,083     (214,834)   (125,751) 
 
   Transactions with owners 
   Issue of shares                   46,015           -             -                    -             -      46,015 
 Share Premium                            -     115,038             -                    -             -     115,038 
 Costs relating to issue 
  of shares                               -    (43,053)             -                    -             -    (43,053) 
                                     46,015      71,985             -                    -             -     118,000 
 
   As at 31 December 2017         1,474,334   1,669,216     1,100,000              293,464   (3,276,684)   1,260,330 
 
 
 IFRS9 Adjustment to opening 
  reserves                                -           -             -            (293,464)       293,464           - 
 
 Loss for the year                        -           -             -                    -     (491,974)   (491,974) 
 
  Total comprehensive income 
  for the year                            -           -             -                    -     (491,974)   (491,974) 
                                 ----------  ----------  ------------  -------------------  ------------  ---------- 
 
   As at 31 December 2018         1,474,334   1,669,216     1,100,000                    -   (3,475,194)     768,356 
                                 ==========  ==========  ============  ===================  ============  ========== 
 
 

CONSOLIDATED AND PARENT COMPANY STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2018

 
                                       Notes              Group         Group        Company        Company 
                                                           2018          2017           2018           2017 
                                                            GBP           GBP            GBP            GBP 
 NON- CURRENT ASSETS 
 Investment in subsidiaries              6                    -             -         67,686        235,291 
 Available-for-sale investments          8              719,783     1,058,145        587,073        795,349 
                                              -----------------  ------------  -------------  ------------- 
 Total Non-Current Assets                               719,783     1,058,145        654,759      1,030,640 
 CURRENT ASSETS 
 Trade and other receivables             9                9,111        39,459        108,691         39,039 
 Cash and cash equivalents                               66,779       255,805         43,285        236,337 
                                              -----------------  ------------  -------------  ------------- 
 Total Current Assets                                    75,890       295,264        151,976        275,376 
                                              -----------------  ------------  -------------  ------------- 
 TOTAL ASSETS                                           795,673     1,353,409        806,735      1,306,016 
                                              -----------------  ------------  -------------  ------------- 
 CURRENT LIABILITIES 
 Trade and other payables               11               42,499       180,186         38,379         45,686 
 Total Current Liabilities                               42,499       180,186         38,379         45,686 
                                              -----------------  ------------  -------------  ------------- 
 NET ASSETS                                             753,174     1,173,223        768,356      1,260,330 
                                              -----------------  ------------  -------------  ------------- 
 EQUITY 
 Share capital                          12            1,474,334     1,474,334      1,474,334      1,474,334 
 Share premium                                        1,669,216     1,669,216      1,669,216      1,669,216 
 Other components of equity                           1,100,000     1,421,963      1,100,000      1,393,464 
 Retained earnings                                  (3,516,229)   (3,458,155)    (3,475,194)    (3,276,684) 
                                              -----------------  ------------  -------------  ------------- 
 EQUITY ATTRIBUTABLE TO THE OWNERS                      727,321     1,107,358        768,356      1,260,330 
 Equity interest of non-controlling 
  interests                                              25,853        65,865              -              - 
                                              -----------------  ------------  -------------  ------------- 
 TOTAL EQUITY                                           753,174     1,173,223        768,356      1,260,330 
                                              -----------------  ------------  -------------  ------------- 
 
 

CONSOLIDATED AND PARENT COMPANY CASH FLOW STATEMENTS YEARED 31 DECEMBER 2018

 
               Notes                    Group       Group   Company 2018   Company 2017 
                                         2018        2017 
                                          GBP         GBP            GBP            GBP 
 CASH FLOW FROM OPERATIONS 
 Loss before taxation               (420,049)   (194,073)      (491,974)      (214,834) 
 Adjustments for: 
 Interest receivable                    (214)       (281)          (199)          (281) 
 Dividends receivable                (11,784)     (7,089)       (11,030)        (4,448) 
 Change in fair value 
  of investments                      104,110           -        169,853              - 
                                   ----------  ----------  -------------  ------------- 
 Operating loss before 
  movements in working 
  capital                           (327,937)   (201,443)      (333,350)      (219,563) 
 (Increase)/Decrease 
  in receivables                       30,348      28,330       (69,652)         31,676 
 Increase/(Decrease) 
  in payables                       (137,700)      34,744        (7,307)         11,400 
 
 Transfer to impairment                     -      30,921              -          2,618 
 Gain on disposal of 
 available-for-sale-assets                  -   (217,125)              -      (123,692) 
 NET CASH OUTFLOW FROM 
  OPERATING ACTIVITIES              (435,289)   (324,573)      (410,309)      (297,561) 
                                   ----------  ----------  -------------  ------------- 
 
 
 CASH FLOW FROM INVESTING 
  ACTIVITIES 
 Interest received                        214         281            199            281 
 Dividends received                    11,784       7,089         11,030          4,448 
 Sale of investments                  787,396     409,898        732,652        223,192 
 Purchase of investments        8   (553,131)   (315,775)      (526,624)      (130,676) 
                                   ----------  ----------  -------------  ------------- 
 NET CASH INFLOW FROM 
  INVESTING ACTIVITIES                246,263     101,493        217,257         97,245 
                                   ----------  ----------  -------------  ------------- 
 
 
 NET CASH FROM FINANCING 
  ACTIVITIES 
 Issue of shares                            -     161,053              -        161,053 
 Expenses associated 
  with the issue of shares                  -    (43,053)              -       (43,053) 
 NET CASH INFLOW FROM 
  FINANCING ACTIVITIES                      -     118,000              -        118,000 
                                   ----------  ----------  -------------  ------------- 
 
 Net decrease in cash 
  and cash equivalents 
  in the year                       (189,026)   (105,080)      (193,052)       (82,316) 
 Cash and cash equivalents 
  at the beginning of 
  the year                            255,805     360,885        236,337        318,653 
                                   ----------  ----------  -------------  ------------- 
  Cash and cash equivalents 
  at the end of the year               66,779     255,805         43,285        236,337 
                                   ==========  ==========  =============  ============= 
 
 
 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER 2018

   1.       ACCOUNTING POLICIES 

Basis of preparation

The Company is an investment company incorporated and domiciled in England and Wales. The Group's and Company's 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.

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 the only one applicable to the Group is:

   --      IFRS9 - Financial instruments 

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.

Valuation of available-for-sale Investments and adoption of IFRS9

The Group has adopted the provisions of IFRS9 from 1 January 2018. Upon adopting IFRS9 the Group has elected to treat all available for sale investments at fair value with changes through the profit and loss. This differs to the previous policy under IAS39 of recognising changes in fair value in Other Comprehensive Income unless the investment was considered impaired, at which point the impairment was charged to the profit and loss.

The group has elected not to restate prior year as permitted under the IFRS9 transitional arrangements, and adjustments as a result of the adoption have been made to the opening reserves position. The effect of the adjustments can be seen in the Statement of Changes in Equity and adoption of IFRS9 has had the effect of combining the available for sale reserve with retained earnings.

The adoption of IFRS9 has not impacted earnings per share or net assets per share.

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.

In the current year and going forward, all gains and losses are taken to profit and loss. In proceeding periods gains and losses on available-for-sale investments are 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.

 
The preceding year accounting treatment was as follows. At each year end, the Group assesses 
 whether there is any objective evidence that a financial asset or group of financial assets 
 classified as available-for-sale has been impaired. In assessing impairments, management makes 
 a number of judgements, estimates and assumptions to compute the necessary impairment figures. 
 An impairment loss is recognised if there is objective evidence that an event or events since 
 initial recognition of the asset have adversely affected the amount or timing of future cash 
 flows from the asset. A significant or prolonged decline in the fair value of a security below 
 its cost usually indicates that an investment needs to be impaired. A significant or prolonged 
 decline is defined a reduction in value of an available for sale investment equal or more 
 than twenty per cent compared to its cost. 
 
 
When a decline in the fair value of a financial asset classified as available-for-sale has 
 been previously recognised in other comprehensive income and there is objective evidence that 
 the asset is impaired, the cumulative loss is reversed from other comprehensive income and 
 recognised in the profit and loss. The loss is measured as the difference between the cost 
 of the financial asset and its current fair value less any previous impairment. 
 

In respect of available-for-sale equity securities, impairment losses previously recognised in profit and loss are not reversed through profit and loss. Any increase in fair value subsequent to an impairment loss is recognised in other comprehensive income and accumulated in the available-for-sale assets reserve. In respect of available-for-sale debt securities, impairment losses are subsequently reversed through profit and loss if an increase in the fair value of the investment can be objectively related to an event occurring after the date of the recognition of the impairment 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 an accruals basis. For available for sale assets expenses which are incidental to the acquisition of an investment are added to the fair value on acquisition.

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 available-for-sale financial assets are recorded in other comprehensive income.

Share options

The fair value of share options has been calculated using the Black Scholes model which is charged in the profit or loss and credited to equity.

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

Available-for-sale Financial Assets Reserve

In the prior year increases and decreases in the valuation of available-for-sale investments held at year end are credited or debited to this account. In the current year and going forward, all changes in fair value are taken to profit and loss.

Share Based Payment Reserves

The fair value of share options which has been calculated in accordance with the share options accounting policy is credited to this account.

Capital Redemption Reserve

Any cancellation of shares leads to a credit to this account.

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 8, 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.

Impairment of financial assets

Determining whether the decline in the fair value of a financial asset constitutes an impairment and, as regards "available-for-sale" financial assets, whether that cumulative decline should therefore be reclassified to profit and loss is inherently subjective. As noted above, the Group applies a quantitate threshold of a 20% decline in fair value against cost as being a key determinant in establishing whether an asset is impaired. At the balance sheet date there were no material available for sale investments where the carrying value was below cost but the decline had been treated as a temporary fall rather than an impairment through profit and loss. This policy was applicable in the prior year only.

At the balance sheet date the carrying value of the parent company's holding in its subsidiary exceeded the underlying assets of that subsidiary, as is detailed in note 6. An impairment has been made in the current year in respect of the subsidiary to bring the valuation down to a level which the directors consider represents the fair value.

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.

Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Group

At the date of authorisation of these financial statements, a number of new standards, amendments and interpretations to existing standards have been published by the IASB but are not yet effective, and have not been adopted early by the Group. Management anticipates that all of the relevant pronouncements will be adopted in the Group's accounting policies for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments and interpretations that are expected to be relevant to the Group's financial statements is provided below. Certain other new standards and interpretations have been issued but are not expected to have a material impact on the Group's financial statements.

IFRS 16 'Leases': this standard replaces the current guidance in IAS 17 and is a far-reaching change in accounting by lessees in particular. Under IAS 17, lessees were required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). IFRS 16 now requires lessees to recognise a lease liability reflecting future lease payments and a 'right-of-use asset' for virtually all lease contracts. The IASB has included an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption can only be applied by lessees. For lessors the accounting required by IAS 17 is largely unchanged, although changes to the definition of what constitutes a lease means lessors will also be affected. The standard is effective for annual periods commencing on or after 1 January 2019.

On 31 October 2012, the IASB issued 'Definition of Material (Amendments to IAS 1 and IAS 8)' to clarify the definition of 'material' and to align the definition used in the Conceptual Framework and the standards themselves. The amendments are effective annual reporting periods beginning on or after 1 January 2020.

Together with the revised 'Conceptual Framework' published in March 2018, the IASB also issued 'Amendments to References to the Conceptual Framework in IFRS Standards'. The amendments are effective for annual periods beginning on or after 1 January 2020.

   2.       OPERATING EXPENSES 

Operating profit is stated after charging:

 
                                                                        Group  Company 2018  Company 2017 
                                                  Group 2018             2017           GBP           GBP 
                                                         GBP              GBP 
Auditor's remuneration: 
 
  *    Audit of the financial statements              17,982           20,473        17,982        17,473 
           - Other accounting services (relates 
            to under accrual                               -            1,500             -         1,500 
             in prior year) 
 
  *    Taxation compliance services                    3,000            3,000         3,000         3,000 
                                                  ----------  ---------------  ------------  ------------ 
                                                      20,982           24,973        20,982        21,973 
 
 
                             Notes 
 Legal fees                           14,850     7,874    14,850     7,939 
 Corporate finance costs              51,504    45,250    51,504    45,250 
 Directors' fees 3                    90,795   159,000   120,000   135,000 
 Director of subsidiary company 3      3,600     3,600         -         - 
 Occupancy and support costs          82,800    82,800    72,000    72,000 
 Other administrative overheads       50,992    53,535    41,600    47,597 
 Stock Exchange costs                 12,414    10,615    12,414    10,615 
 Administrative expenses             327,937   387,647   333,350   340,374 
                                    --------  --------  --------  -------- 
 
 
 
   3.     DIRECTORS' EMOLUMENTS 
 
 
                                Group 2018  Group 2017          Company 2018  Company 2017 
                                       GBP         GBP                   GBP           GBP 
           Directors' fees          94,395     159,000               120,000       135,000 
                                ----------  ----------  --------------------  ------------ 
 
 
 

Other than directors, there were no employees in the current or prior year.

 
              The emoluments of each director during the year were as follows: 
 
                          Group 2018    Group 2017  Company 2018  Company 2017 
                                 GBP           GBP           GBP           GBP 
 
James Cunningham-Davis         3,600         3,600             -             - 
Colin Bird                    35,660        67,000        50,000        55,000 
Michael Nolan                 35,000        40,000        35,000        40,000 
Raju Samtani                  20,135        52,000        35,000        40,000 
 

Accruals relating to Directors fees in the subsidiary company African Pioneer Plc ("APP") were reversed during the year resulting in a net credit of GBP14,340 and GBP14,865 being booked in respect of Colin Bird and Raju Samtani's fees in APP. There were no accruals carried forward as at 31 December 2018 relating to Directors fees.

   4.       TAXATION 
 
                                                 Group 2018       Group  Company 2018       Company 
                                                        GBP        2017           GBP          2017 
                                                                    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% (2017 - 19%) 
             and the reported tax expense in the statement of comprehensive income are 
             as follows: 
                                                 Group 2018  Group 2017  Company 2018  Company 2017 
                                                        GBP         GBP           GBP           GBP 
           Loss on ordinary activities before 
            tax                                   (420,049)   (194,074)     (491,974)     (214,834) 
                                                 ----------  ----------  ------------  ------------ 
           Expected tax charge at 19% (2017 - 
            19%)                                   (79,809)    (36,874)      (93,475)      (40,818) 
 
            Effects of: 
           Disallowed expenses                          821           -           821             - 
           Exempt dividend income                   (2,239)     (1,347)       (2,096)         (845) 
           Impairment adjustment                          -     (1,527)        31,845         (630) 
           Difference between accounting gain 
            and taxable gain on investment           18,311       (257)       (1,043)         (257) 
           Excess management expenses carried 
            forward                                  61,487      42,550        62,516        42,550 
           Excess management expenses carried 
            forward in subsidiary                         -     (2,545)             -             - 
           Non-trade loan relationship deficit 
            carried forward                           1,429           -         1,432             - 
           Chargeable gains                               -           -             -             - 
                                                 ----------  ----------  ------------  ------------ 
            Actual tax charge                             -           -             -             - 
                                                 ----------  ----------  ------------  ------------ 
 
   5.       EARNINGS PER SHARE 
 
 Basic                                                     2018           2017 
 Loss after tax for the purposes of earnings 
  per share attributable to equity shareholders 
  of the parent                                    GBP(380,037)   GBP(204,296) 
 Weighted average number of shares                  188,847,070    146,992,211 
 Basic earnings per ordinary share                      (0.20)p        (0.14)p 
 
 Diluted 
 Loss for year after tax                           GBP(380,037)   GBP(204,296) 
 Weighted average number of shares                  188,847,070    146,992,211 
 Dilutive effect of options                                   -              - 
 Diluted weighted average number of shares          188,847,070    146,992,211 
 Diluted earnings per ordinary share                    (0.20)p        (0.14)p 
 Potentially dilutive options 
 

There were no share options outstanding at 31 December 2018. Outstanding options at 31 December 2017 were anti-dilutive.

   6.       INVESTMENT IN SUBSIDIARIES 

On 20 July 2012, Tiger Resource Plc made an investment in African Pioneer Plc ("APP"), an Isle of Man based business, thereby gaining control. African Pioneer Plc is an investment vehicle which was incorporated to facilitate pro-active investments being undertaken by Tiger in the resource sector. At 31 December 2018, 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. Tiger subscribed for a further 2,529,130 shares in this placing and currently holds 59,529,132 shares representing a holding of 50.75% in African Pioneer Plc.

 
                                   2018      2017 
                                    GBP       GBP 
 At 1 January 2018              235,291   235,291 
 Impairment                   (167,605)         - 
                             ----------  -------- 
 Total at 31 December 2018       67,686   235,291 
                             ----------  -------- 
 

African Pioneer Plc's capital and reserves were as follows:

 
                                    2018        2017 
                                     GBP         GBP 
 Share capital                   452,983     452,983 
 Profit/(loss) for the year     (95,681)      20,761 
 Revaluation reserve                   -      52,868 
 Reserves                      (304,799)   (378,428) 
                              ----------  ---------- 
 Total equity                     52,503     148,184 
                              ----------  ---------- 
 
   7.       INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 

The Group has adopted IFRS9 in the current year and selected to designate all investments at fair value through profit and loss as of 1 January 2018. All investments are available for sale.

   8.       AVAILABLE-FOR-SALE INVESTMENTS 

GROUP

 
                                   2018 
              Listed Investments   Other Investments     Total 
                                     (Quoted/Others) 
                             GBP                 GBP       GBP 
 Canada                   10,887              12,000    22,887 
 Australia                52,200                   -    52,200 
 UK: 
 -Listed                 398,976                   -   398,976 
 -AIM                          -             245,720   245,720 
                         462,063             257,720   719,783 
             -------------------  ------------------  -------- 
 
 
 
                                   2017 
              Listed Investments   Other Investments       Total 
                                     (Quoted/Others) 
                             GBP                 GBP         GBP 
 Canada                   60,106                   -      60,106 
 Australia                92,941                   -      92,941 
 USA                      28,320                   -      28,320 
 UK: 
 -Listed                 401,432                   -     401,432 
 -AIM                          -             475,346     475,346 
                         582,799             475,346   1,058,145 
             -------------------  ------------------  ---------- 
 
 
 
                                      Listed Investments   Other Investments           Total 
                                                                    (Quoted) 
                                                     GBP                 GBP             GBP 
 Opening book cost                               915,175           1,792,933       2,708,108 
 Opening unrealised gains(losses)              (332,376)         (1,317,587)     (1,649,963) 
 Valuation at 1 January 2018                     582,799             475,346       1,058,145 
  Movements in the year: 
 Purchase at cost                                172,974             380,156         553,130 
 Sales proceeds                                (201,213)           (586,034)       (787,247) 
 Realised gains/(losses) on sales 
  based on historic cost                       (219,846)           (792,263)     (1,012,109) 
 Increase/(Decrease) in unrealised 
  gains                                          127,352             780,512         907,864 
                                               (120,733)           (217,629)       (338,362) 
                                     -------------------  ------------------  -------------- 
 
 Book cost at year end                           667,090             794,793       1,461,883 
 Closing unrealised depreciation               (205,024)           (537,076)       (742,100) 
                                     -------------------  ------------------  -------------- 
 Valuation at 31 December 2018                   462,066             257,717         719,783 
                                     -------------------  ------------------  -------------- 
 
 
 
                                                               2018       2017 
                                                                GBP        GBP 
 Realised (losses)/gains based on historical 
  cost                                                  (1,012,089)    217,386 
 Reversal of impairment loss on disposed asset 
  (1)                                                             -     20,200 
 
 Realised gains based on carrying value at 
  previous balance sheet date                           (1,012,089)    237,586 
 Unrealised fair value movement for the year 
  - profit and loss (1)                                     907,979   (51,121) 
 Unrealised fair value movement for the year 
  - other comprehensive income                                    -    335,766 
 Total recognised gains/(losses) on in the 
  year                                                    (104,110)    522,231 
                                                       ------------  --------- 
 
      (1) Net impairment credit/(charge) recognised 
      in profit and loss                                          -   (30,921) 
                                                       ------------  --------- 
 
 

There are no significant holdings (over 20%) in any of the investee companies.

COMPANY

 
            2018 
            Listed Investments   Other Investments     Total 
                                   (Quoted/Others) 
                           GBP                 GBP       GBP 
 Canada                      -              12,000    12,000 
 UK:                                             - 
 -Listed               373,501                   -   373,501 
 -AIM                        -             201,572   201,572 
                       373,501             213,572   587,073 
           -------------------  ------------------  -------- 
 
 
 
                                   2017 
              Listed Investments   Other Investments     Total 
                                            (Quoted) 
                             GBP                 GBP       GBP 
 Canada                   39,994                   -    39,994 
 Australia                 1,591                   -     1,591 
 UK: 
 -Listed                 365,332                   -   365,332 
 -AIM                          -             388,432   388,432 
                         406,917             388,432   795,349 
             -------------------  ------------------  -------- 
 
 
 
 
                                        Listed Investments   Other Investments         Total 
                                                               (Quoted/Others) 
                                                       GBP                 GBP           GBP 
 Opening book cost                                 717,490           1,687,882     2,405,372 
 Opening unrealised depreciation                 (310,753)         (1,299,450)   (1,610,023) 
                                       -------------------  ------------------  ------------ 
 Valuation at 1 January 2018                       406,917             388,432       795,349 
 Movements in the year: 
 Purchase at cost                                  146,468             380,156       526,624 
 Investments written off                                 -                   -             - 
 Sales proceeds                                  (146,488)           (586,034)     (732,522) 
 Realised gains/(losses) on sales 
  based on historic cost                         (197,797)           (792,263)     (990,060) 
 Decrease in unrealised depreciation               164,404             823,278       987,682 
                                                  (33,413)           (174,863)     (208,276) 
                                       -------------------  ------------------  ------------ 
 
 Book cost at year end                             519,673             689,746     1,209,419 
 Closing unrealised depreciation                 (146,169)           (476,177)     (622,346) 
 Valuation at 31 December 2018                     373,504             213,569       587,073 
                                       -------------------  ------------------  ------------ 
 
 
                                                             2018      2017 
                                                              GBP       GBP 
 Realised gains based on historical cost                (990,060)   123,692 
 Realised gains based on carrying value at previous 
 balance sheet date                                     (990,060)   123,692 
 Unrealised fair value movement for the year 
  - profit and loss (1)                                   987,812   (2,618) 
 Unrealised fair value movement for the year 
  - other comprehensive income                                  -   212,775 
 Total recognised losses on investments in the 
  year                                                    (2,248)   333,849 
                                                       ----------  -------- 
 
 (1) Net impairment credit/(charge) recognised 
  in profit and loss                                            -   (2,618) 
                                                       ----------  -------- 
 
 

The gains/(losses) on the Group's available-for-sale investments are analysed below. Accounting standards prohibit the recognition of uplifts in the value of impaired assets in profit and loss.

 
                                          31 December 2018                      31 December 2017 
                                           Profit                 Other comprehensive   Profit and 
   Security                                and loss       Total                income         loss      Total 
                                                GBP         GBP                   GBP          GBP        GBP 
 Anglo American Plc                          22,804      22,804                44,793            -     44,793 
 Arc Minerals Plc                           (1,896)     (1,896) 
 Ascent Resources Plc                       (2,589)     (2,589)               (1,591)            -    (1,591) 
 Bezant Resource Plc                      (183,768)   (183,768) 
 Block Energy Plc                          (15,825)    (15,825) 
 BMR Group Plc                             (40,750)    (40,750)                     -      (9,467)    (9,467) 
 Cabot Energy Plc (previously 
  Northern Petroleum Plc)                         -           -                 3,000            -      3,000 
 Duke Royalty Limited                         1,193       1,193               (1,600)            -    (1,600) 
 EFTS Physical Platinum Plc                 (1,516)     (1,516)              (31,874)       20,574   (11,300) 
 EFTS Copper                                (6,225)     (6,225)                 5,366            -      5,366 
 Galileo Resources Plc                     (39,775)    (39,775)              (27,986)            -   (27,986) 
 Goldquest Mining Corporation              (26,390)    (26,390)                 6,853            -      6,853 
 Jersey Oil & Gas Plc                         1,177       1,177                 2,178            -      2,178 
 Jubilee Metals Group Plc                  (16,374)    (16,374)                 3,158            -      3,158 
 MX Oil Plc                                   (388)       (388)                     -      (2,280)    (2,280) 
 New World Oil & Gas Plc (now 
  Eridge Capital Limited)                   (2,127)     (2,127)                     -            -          - 
 Pan Continental Oil & Gas 
  NL                                          (354)       (354)                 3,897      (7,443)    (3,546) 
 Pantheon Resources Plc                    (16,222)    (16,222)               (3,938)                 (3,938) 
 Pacific North West Capital                                                         -            -          - 
  Corp 
 Papua Mining Plc                             (930)       (930)                   345            -        345 
 Rex Bionics Plc                                                                    -      (1,219)    (1,219) 
 Revelo Resources Corp                      (1,604)     (1,604)               (3,878)      (2,383)    (6,261) 
 Rockrose Energy Plc                        363,204     363,204                78,530            -     78,530 
 Royal Dutch Shell Plc                     (20,108)    (20,108) 
 Sovereign Mines of Africa 
  Plc                                       (2,900)     (2,900)               (2,800)        (400)    (3,200) 
 Sunrise Resources Plc                        (197)       (197)                   399            -        399 
 Tertiary Minerals Plc                     (10,688)    (10,688)                14,231            -     14,231 
                                         ----------  ----------  --------------------  -----------  --------- 
 Movements in parent company                (2,248)     (2,248)                89,083      (2,618)     86,465 
                                         ----------  ----------  --------------------  -----------  --------- 
 
 BHP Billiton Plc                                 -           -              (14,780)        9,030    (5,750) 
 EFTS Physical Platinum                           -           -               (2,721)        3,966      1,245 
 EFTS Copper                                (2,286)     (2,286)                 3,638            -      3,638 
 Ferrum Crescent Limited                   (39,150)    (39,150)                26,100            -     26,100 
 Freeport-McMoran Corp.                     (1,484)     (1,484)                 6,744            -      6,744 
 Galileo Resources Plc                     (15,250)    (15,250)               (3,314)     (16,875)   (20,189) 
 Jubilee Metals Group Plc                  (12,849)    (12,849)                    43            -         43 
 Lonmin Plc                                 (2,395)     (2,395)                     -      (3,898)    (3,898) 
 Ophir Energy Plc                                                               (609)            -      (609) 
 Pacific North West Capital                                                         -            -          - 
  Corp (2) 
 Revelo Resources Corp                      (9,002)     (9,002)                     -     (27,730)   (27,730) 
 Royal Dutch Shell Plc                            -           -               (9,570)        7,204    (2,366) 
 South 32 Limited                           (4,779)     (4,779)                   743            -        743 
 Xtract Resources Plc                      (14,667)    (14,667)               (1,818)            -    (1,818) 
                                         ----------  ----------  --------------------  -----------  --------- 
 Movements in subsidiary company          (101,862)   (101,862)                 4,456     (28,303)   (23,847) 
                                         ----------  ----------  --------------------  -----------  --------- 
 Total movements in the Group             (104,110)   (104,110)                93,539     (30,921)     62,618 
                                         ----------  ----------  --------------------  -----------  --------- 
 
 
 

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 2018                     Level 1   Level 2   Level        Total 
                                           GBP       GBP       3          GBP 
                                                             GBP 
 
 Assets 
  Available-for-sale investments       719,783         -       -      719,783 
                                   -----------  --------  ------  ----------- 
 Total                                 719,783         -       -      719,783 
  31 December 2017                     Level 1   Level 2   Level        Total 
                                           GBP       GBP       3          GBP 
                                                             GBP 
 
 Assets 
  Available-for-sale investments     1,058,145         -       -    1,058,145 
                                   -----------  --------  ------  ----------- 
                                     1,058,145         -       -    1,058,145 
                                   -----------  --------  ------  ----------- 
 
 

(COMPANY)

 
  31 December 2018                   Level 1   Level 2   Level      Total 
                                         GBP       GBP       3        GBP 
                                                           GBP 
 
 Assets 
  Available-for-sale investments     587,073         -       -    587,073 
                                   ---------  --------  ------  --------- 
 Total                               587,073         -       -    587,073 
 
                                     Level 1   Level 2   Level      Total 
                                         GBP       GBP       3        GBP 
                                                           GBP 
  31 December 2017 
 
 Assets 
  Available-for-sale investments     795,349         -       -    795,349 
                                   ---------  --------  ------  --------- 
 Total                               795,349         -       -    795,349 
 

There have been no significant transfers between levels in the reporting period.

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.

   9.       TRADE AND OTHER RECEIVABLES 
 
                                        Group    Group   Company   Company 
                                         2018     2017      2018      2017 
                                          GBP      GBP       GBP       GBP 
 
 Other debtors                            261   31,529       261    31,529 
 Amounts due from group undertakings        -        -   100,000         - 
 Prepayments                            8,850    7,930     8,430     7,510 
                                       ------  -------  --------  -------- 
                                        9,111   39,459   108,691    39,039 
                                       ------  -------  --------  -------- 
 
   10.     DEFERRED TAX LIABILITIES 

The group has tax losses carried forward in respect of excess management charges, non-trade deficits and capital losses of GBP2,273,316 (2017: GBP1,247,203). Unrealised losses on the Group's financial assets are estimated at GBP779,603 (2017: GBP1,649,963). The resulting deferred tax asset is GBP580,055 (2017: GBP550,462). 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.

   11.       TRADE AND OTHER PAYABLES 
 
                     Group     Group   Company   Company 
                      2018      2017      2018      2017 
                       GBP       GBP       GBP       GBP 
 
 Trade payables      8,200     7,583     4,080     4,088 
 Other creditors     2,242     1,733     2,242     1,733 
 Accruals           32,057   170,870    32,057    39,865 
                   -------  --------  --------  -------- 
                    42,499   180,186    38,379    45,686 
                   -------  --------  --------  -------- 
 
 
 
   12.     CALLED UP SHARE CAPITAL 

The share capital of Tiger Resource Plc 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 0.1 p are eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of Tiger Resource Plc. The deferred shares carry no dividend or voting rights.

 
                                                              2018                2017 
                                                               GBP                 GBP 
 Authorised: 
 Ordinary Share Capital                                 10,000,000          10,000,000 
                                                       -----------  ------------------ 
 
 142,831,939 (2017: 142,831,939) deferred shares of 
  0.9p each                                              1,285,487           1,285,487 
                                                       -----------  ------------------ 
 
 Issued:                                                      2018                2017 
                                                               GBP                 GBP 
 
 188,847,070 Ordinary shares 0.1p (2017: 188,847,070 
  Ordinary shares of 0.1p each)                            188,847             188,847 
 142,831,939 (2017: 142,831,939) deferred shares of 
  0.9p each                                              1,285,487           1,285,487 
                                                       -----------  ------------------ 
                                                         1,474,334           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.

Share warrants

 
 Date granted    Period exercisable         Exercise price per   Number of warrants 
                                             share (pence) 
 13 July 2016    2 years from issue date    1p                   1,500,000 
 13 July 2016    2 years from issue date    1.5p                 1,000,000 
 

The above warrants expired on 31 July 2018 and consequently the Company had no share options or warrants outstanding as at 31 December 2018.

   13.     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 (2017 - GBP60,000). There were no amounts outstanding at 31 December 2018 (2017- 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) Tiger made an investment of GBP210,000 on 20 July 2012, to acquire a 50.76% equity interest in a newly formed subsidiary, African Pioneer Plc ("APP"). C Bird, M H Nolan and R Samtani each also invested GBP10,000 to acquire 10 Million ordinary shares each (representing an 8.9% interest in APP). On 2 June 2015, Tiger purchased a further 2,529,130 shares at a cost GBP25,291 increasing its holding in APP to 59,529,132 shares representing a 50.75% holding of the company. On the same date, C Bird and M H Nolan and R Samtani each purchased an additional 617,282 shares in APP at cost of GBP6,173 increasing their individual holdings to 10,617,282 shares. 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). Tiger 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 on 31 December 2017 and 31 December 2018.

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.

(6) APP purchased 130,499,858 shares in Europa Metals Ltd (previously Ferrum Crescent Ltd) for a total consideration of GBP65,000 on 8 November 2017 as part of the Group's proactive investment policy. Colin Bird was subsequently appointed Non-Executive Chairman of Europa Metals Ltd on 12 January 2018.

   14.     POST-REPORTING DATE EVENTS 

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation the financial statements.

   15.     CONTINGENT LIABILITIES 

There were no contingent liabilities at 31 December 2018 (2017 - None).

   16.     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. 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 2018 for the Group was GBP66,779 (2017: GBP255,805). The exposure to cash flow interest rate risk at 31 December 2018 for the Company was GBP43,285 (2017: GBP236,337).

A sensitivity analysis based on a movement of 1% on interest rates would have a GBP668 effect on the Group's profit (2017: GBP2,558). A sensitivity analysis based on a movement of 1% on interest rates would have a GBP433 effect on the Company's' profit (2017: GBP2,363).

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 available-for-sale assets 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 (2017: none).

The fair values of the Group's available-for-sale investments that have foreign currency exposure at 31 December 2018 are shown below.

 
                                           Group                              Group 
                                           2018                                2017 
 
                                    CAD      AUD     USD             CAD               AUD      USD 
                                    GBP      GBP     GBP             GBP               GBP      GBP 
 Available-for-sale investments    22,887   52,200    -    60,106                     1,591   242,297 
 
                                          Company                           Company 
                                           2018                                2017 
 
                                    CAD      AUD     USD             CAD               AUD      USD 
                                    GBP      GBP     GBP             GBP               GBP      GBP 
 Available-for-sale investments    12,000     -       -    39,994                     1,591   187,139 
 
 

The Group accounts for movements in fair value of its available for sale 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% - (2017: +/- 20%) 
   - GBP/USD                     +/- 20% - (2017: +/- 20%) 
   - GBP/AUD                    +/- 20% - (2017: +/- 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 
                   2018                              2017 
 
            CAD     AUD     USD             CAD             AUD    USD 
            GBP     GBP     GBP             GBP             GBP    GBP 
 Equity    4,577   10,440    -            12,021            318   48,459 
 
 

If GBP Sterling had strengthened against the currencies shows, this would have had the following effect:

 
                       Group                              Group 
                       2018                                 2017 
 
                CAD       AUD     USD             CAD               AUD      USD 
                GBP       GBP     GBP             GBP               GBP      GBP 
 Equity       (3,815)   (8,700)    -            (10,018)           (265)   (40,383) 
 
 
 

If GBP Sterling had weakened against the currencies shown, this would have had the following effect:

 
                 Company                          Company 
                  2018                              2017 
 
             CAD     AUD   USD             CAD              AUD    USD 
             GBP     GBP   GBP             GBP              GBP    GBP 
 Equity     2,400     -     -             7,999             318   37,428 
 
 

If GBP Sterling had strengthened against the currencies shows, this would have had the following effect:

 
                 Company                          Company 
                  2018                               2017 
 
             CAD     AUD   USD             CAD               AUD      USD 
             GBP     GBP   GBP             GBP               GBP      GBP 
 Equity    (2,000)    -     -            (6,666)            (265)   (31,190) 
 
 

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 its available-for-sale 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 
                                                            2018                                  2017 
                                                        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 (available-for-sale Financial 
  assets)                                                    359,892       (359,892)        529,073      (529,073) 
 
 
                                                            Company                       Company 
                                                                2018                         2017 
                                                        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 (available-for-sale Financial 
  assets)                                                    293,537       (293,537)        397,674      (397,674) 
 Equity (assets held at fair Value                                                 -                             - 
  through profit or loss) 
 
 

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 2018 of GBP9,111 (2017 - GBP39,459) is the sum of GBPnil (2017 - GBP31,267) which was lodged with the Company's brokers in relation to future investments. At the Company level the amount of GBP100,000 (2017 - Nil) due from the Company's subsidiary represents a concentration of credit risk.

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 1 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 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 (2017: Nil).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

FR UNABRKKAVAAR

(END) Dow Jones Newswires

May 17, 2019 02:00 ET (06:00 GMT)

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