Tiger Resource PLC Half-year Report

Fecha : 26/09/2019 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Tiger Resource Plc (TIR)
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Tiger Resource PLC Half-year Report

Tiger Resource (LSE:TIR)
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RNS Number : 6831N

Tiger Resource PLC

26 September 2019

For immediate release

26 September 2019

TIGER RESOURCE PLC ("Tiger" or the "Company")

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2019

Chairman's Report

Net Asset Value per share - 30 Jun 2019 - 0.39p / 31 Dec 2018 - 0.40p (30 June 2018 - 0.69p)

Total assets - 30 Jun 2019 - GBP728k / 31 Dec 2018 - GBP753k (30 June 2018 - GBP1.27M)

The period under review has been unfavourable for "small cap" stocks in the resource sector despite major markets remaining buoyant. The strength in the world's key stock markets does not appear to have any underlying substance and geo-political threats exist in many regions of the world. The forecast for global recession seems to be a general consensus amongst sophisticated investors, but despite this, with the exception of bonds, most asset classes remain resilient to correction.

The trade war between China and the USA has been very damaging for metal and commodity prices and the effects are now being felt in China, with growth forecasts being cut going forward. This scenario continues to have a serious impact on the share valuations of various mining conglomerates with a magnified knock-on effect being experienced in the junior resource sector. The expected increases in base metal prices have not yet materialised and the only beneficiary from these adverse conditions is Gold, which always benefits during times of geo-political tension.

Smaller companies in the natural resource sector have experienced considerable challenges with raising cash to develop their projects and only those companies, which are in or close to production are raising the necessary funding for progressive work. Companies with projects engaged in early stage exploration and non-generative work are experiencing extreme difficulties with fund raising for meaningful technical advancement.

We anticipate that ongoing political and diplomatic negotiations will alleviate most of the current geo-political tensions. My own view is that the USA/China trade war will also find some form of resolution and that Brexit will be "fudged", leaving the Middle Eastern disputes as the key political risk. Resolution of the trade war will undoubtedly result in improved metal prices and this phenomenon has been evidenced whenever rumours have emerged of a possible reconciliation of trade issues between the two key trading partners, USA and China.

We as a Board remain confident that the disposable income and new wealth creation in emerging markets will provide the catalyst on the demand side, whilst supply fundamentals continue to be very tight, due to existing mine closures and delays being experienced in the opening of new facilities to replace this lost production. This situation cannot continue without resulting in higher commodity prices, and we remain confident for the sector in the mid-term.

During the period under review, Tiger sold 2,700 Royal Dutch Shell Plc shares on 22 February 2019 realising net proceeds of GBP64,933 and crystallising a small loss of GBP8,301 on the sale. However, this investment has been held by Tiger for some years and has delivered a good yield over time which more than compensates the small loss realised. A further disposal of 625,000 shares in Block Energy Plc on 17 April 2019 produced net proceeds of GBP64,035 and a profit of GBP38,935 on the sale.

We firmly believe that the group holds a diverse portfolio of good investments, most of which should perform well as the resource sector comes back into favour, thus helping to rebuild shareholder value in the coming months.

Colin Bird

Chairman

26 September 2019

Portfolio Holdings as at 30 June 2019

 
 Investments                Number          Cost   Valuation 
                                             GBP         GBP 
 Anglo American 
  Plc                       11,500       250,112     258,117 
                      ------------  ------------  ---------- 
 Barkby Group Plc           60,606       100,000       2,879 
                      ------------  ------------  ---------- 
 Bezant Resources 
  Plc                   55,555,556       250,435      50,000 
                      ------------  ------------  ---------- 
 Block Energy Plc          625,000        25,100      62,500 
                      ------------  ------------  ---------- 
 BMR Group Plc           2,500,000        50,217           - 
                      ------------  ------------  ---------- 
 Corallian Energy 
  Ltd                       20,000        30,000      30,000 
                      ------------  ------------  ---------- 
 ETFS Copper                 1,760        29,864      34,676 
                      ------------  ------------  ---------- 
 Galileo Resources 
  Plc                    6,516,667        78,335      33,235 
                      ------------  ------------  ---------- 
 Goldquest Mining 
  Corp                     173,500        30,259      14,088 
                      ------------  ------------  ---------- 
 Jubilee Metals 
  Group Plc              1,169,600       100,219      38,948 
                      ------------  ------------  ---------- 
 Pantheon Resources 
  Plc                       31,500        30,340       6,694 
                      ------------  ------------  ---------- 
 Revelo Resources 
  Corp                     216,667        62,965       2,600 
                      ------------  ------------  ---------- 
 Royal Dutch Shell 
  Plc B Shares               2,700        73,234      69,687 
                      ------------  ------------  ---------- 
 
 Total                                               603,424 
                      ------------  ------------  ---------- 
 
 African Pioneer 
  Plc 
                      ------------  ------------  ---------- 
 Europa Minerals 
  Ltd                  130,499,858        65,250      13,050 
                      ------------  ------------  ---------- 
 Galileo Resources 
  Plc                    2,500,000        50,000      12,750 
                      ------------  ------------  ---------- 
 Jubilee Metals 
  Group Plc                917,802        34,834      30,563 
                      ------------  ------------  ---------- 
 Revelo Resources 
  Corp                   1,515,000        53,651      15,942 
                      ------------  ------------  ---------- 
 South 32 Plc               13,845        28,607      24,090 
                      ------------  ------------  ---------- 
 Xtract Resources 
  Plc                      606,060        20,217       5,151 
                      ------------  ------------  ---------- 
 
 Total                                               101,546 
                      ------------  ------------  ---------- 
 
 Total Investments                                   704,970 
                      ------------  ------------  ---------- 
 
 
 
 
   Tiger Resource Plc        Raju Samtani, Director            +44 (0)20 7581 4477 
                           Roland Cornish 
 Beaumont Cornish           Felicity Geidt 
  (Nomad)                   Email:corpfin@b-cornish.co.uk    +44 (0)20 7628 3369 
 
   Novum Securities Plc 
   (Broker)                  Jon Belliss                       +44 (0)20 7399 9425 
 

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2019

 
 
                                        (Unaudited)          (Unaudited)      (Audited) 
                                          Group Six     Group Six months     Group Year 
                                       months ended                ended          ended 
                                         30 June 19           30 June 18      31 Dec 18 
                                                GBP                  GBP            GBP 
 Gain on investments                        114,130              476,252      (104,110) 
 Income: 
 Investment income                            9,098                   93         11,784 
 Interest receivable                             12                  163            214 
 Administrative expenses                  (148,075)            (190,719)      (327,937) 
 Impairment                                       -             (71,720)              - 
----------------------------------  ---------------  -------------------  ------------- 
 (LOSS) /PROFIT BEFORE TAXATION            (24,835)              214,069      (420,049) 
 
 Taxation                                         -                    -              - 
----------------------------------  ---------------  -------------------  ------------- 
  (LOSS) /PROFIT FOR THE 
   PERIOD                                  (24,835)              214,069      (420,049) 
----------------------------------  ---------------  -------------------  ------------- 
 
 Other Comprehensive Income 
 
 Available-for-sale financial                     -            (167,548)              - 
  assets unrealised profit/(loss) 
 Reclassification to profit                       -               46,392              - 
  or loss 
 
 Transfer to Impairment                           -                    -              - 
 
 OTHER COMPREHENSIVE PROFIT/ 
  (LOSS) FOR THE PERIOD, 
  NET OF TAX                                      -            (121,156)              - 
----------------------------------  ---------------  -------------------  ------------- 
 TOTAL COMPREHENSIVE (LOSS)/ 
  PROFIT FOR THE PERIOD                    (24,835)               92,913      (420,049) 
----------------------------------  ---------------  -------------------  ------------- 
 
   (Loss)/profit for the period 
   attributable to: 
 Shareholders of the Company                (3,827)              110,695      (380,037) 
 Non-controlling interest                  (21,008)             (17,782)       (40,012) 
----------------------------------  ---------------  -------------------  ------------- 
 
                                           (24,835)               92,913      (420,049) 
----------------------------------  ---------------  -------------------  ------------- 
 Basic earnings per share                  (0.002)p                0.12p        (0.20)p 
 Diluted earnings per share                (0.002)p                0.12p        (0.20)p 
 
 

All profits are derived from continuing operations.

Consolidated Statement of Financial Position

As at 30 June 2019

 
 
                                          (Unaudited)     (Unaudited)     (Audited) 
                                                Group           Group         Group 
                                              30 June         30 June     31 Dec 18 
                                                   19              18 
                                                  GBP             GBP           GBP 
 NON CURRENT ASSETS 
 Financial assets at fair value 
  through profit or loss                                                          - 
 Investments                                  704,970       1,082,778       719,783 
                                              704,970       1,082,778       719,783 
 CURRENT ASSETS 
 Trade and other receivables                   19,402          34,397         9,111 
 Cash and cash equivalents                     42,169         205,269        66,779 
                                               61,571         239,666        75,890 
 
 TOTAL ASSETS                                 766,541       1,322,444       795,673 
 
 
 EQUITY AND LIABILITIES 
 
 EQUITY ATTRIBUTABLE TO SHAREHOLDERS 
 Share capital                              1,474,334       1,474,334     1,474,334 
 Share premium                              1,669,216       1,669,216     1,669,216 
 Other components of equity                 1,100,000       1,302,999     1,100,000 
 Retained earnings                        (3,520,056)     (3,228,496)   (3,516,229) 
-------------------------------------  --------------  --------------  ------------ 
 EQUITY ATTRIBUTABLE TO THE 
  OWNERS                                      723,494       1,218,053       727,321 
 
 Equity interest of non-controlling 
  interest                                      4,845          48,083        25,853 
 
 TOTAL EQUITY                                 728,339       1,266,136       753,174 
 
 CURRENT LIABILITIES 
 Trade and other payables                      38,202          56,308        42,499 
 Corporate tax payable                              -               -             - 
-------------------------------------  --------------  --------------  ------------ 
                                               38,202          56,308        42,499 
 
 TOTAL LIABILITIES                             38,202          56,308        42,499 
-------------------------------------  --------------  --------------  ------------ 
 
 TOTAL EQUITY AND LIABILITIES                 766,541       1,322,444       795,673 
-------------------------------------  --------------  --------------  ------------ 
 
 

Consolidated Statement of Changes in Equity

As at 30 June 2019

Other components of equity

 
      Share      Share        Capital        Other   Available-for-sale      Share    Retained   Non-controlling   Total 
    capital    premium     redemption     reserves            financial      based    earnings          interest 
                              reserve                            assets   reserves 
        GBP        GBP          GBP          GBP                    GBP        GBP         GBP               GBP     GBP 
 
 
 
 
 As at 31 December 
  2017                      1,474,334   1,669,216   1,100,000     -     -     -   (3,136,192)      65,865     1,173,223 
                           ----------  ----------  ----------  ----  ----  ----  ------------  ----------  ------------ 
 Changes in equity 
 Profit/ (Loss) 
  for the period                    -           -           -     -     -     -       229,659    (15,590)       214,069 
 Other Comprehensive 
  (loss) 
  Available-for-sale 
   Financial Assets: 
  Current Period 
   Losses 
  Transfer to impairment            -           -           -     -     -     -     (143,333)    (24,215)     (167,548) 
  Transfer on disposal              -           -           -     -     -     -        24,369      22,023        46,392 
                                    -           -           -     -     -     -             -           -             - 
 Total comprehensive 
  expense for the 
  period                            -           -           -     -     -     -       110,695    (17,782)        92,913 
 
 As at 30 June 
  2018                      1,474,334   1,669,216   1,100,000     -     -     -   (3,025,497)      48,083     1,266,136 
                           ----------  ----------  ----------  ----  ----  ----  ------------  ----------  ------------ 
 Changes in equity 
 Profit/ (Loss) 
  for the period                    -           -           -     -     -     -     (490,732)    (22,230)     (512,962) 
 
 Total comprehensive 
  expense for the 
  period                            -           -           -     -     -     -     (490,732)    (22,230)     (512,962) 
 
 
 As at 31 December 
  2018                1,474,334   1,669,216   1,100,000   -   -    -   (3,516,229)   25,853   753,174 
                     ----------  ----------  ----------          ---  ------------  -------  -------- 
 
 
 Changes in equity 
 Profit/(Loss) 
  for the period                -           -           -   -   -    -         (3,827)   (21,008)   (24,835) 
 
 Total comprehensive 
  expense for the 
  period                        -           -           -   -   -    -         (3,827)   (21,008)   (24,835) 
 As at 30 June 
  2019                  1,474,334   1,669,216   1,100,000   -   -    -     (3,520,056)      4,845    728,339 
                       ----------  ----------  ----------          ---  --------------  ---------  --------- 
 
 
 
 
 
 
 

Cash Flow Statement

For the six months ended 30 June 2019

 
 
                                               (Unaudited)    (Unaudited)     (Audited) 
                                                 30 June          30 June        31 Dec 
                                                    19                 18            18 
                                                       GBP            GBP           GBP 
 CASH FLOW FROM OPERATIONS 
 (Loss)/profit before taxation                    (24,835)        214,069     (420,049) 
 Adjustment for: 
 Interest received                                    (12)          (163)         (214) 
 Dividends received                                (9,098)           (94)      (11,784) 
 Change in fair value of investments                                            104,110 
-------------------------------------------  -------------  -------------  ------------ 
 
 Operating (loss) before movement 
  in working capital                              (33,945)        213,812     (327,937) 
 (Increase)/decrease in receivables               (10,290)         27,234        30,348 
 Increase/(decrease) in payables                   (4,323)      (123,878)     (137,700) 
 Gain on disposal of financial asset 
  at fair value                                  (114,130)      (476,021)             - 
 Impairment of investments                               -         71,720             - 
 
 NET CASH (OUTFLOW) FROM OPERATING 
  ACTIVITIES                                     (162,688)      (287,133)     (435,289) 
-------------------------------------------  -------------  -------------  ------------ 
 
 TAXATION PAID                                                                        - 
 CASH FLOW FROM INVESTING ACTIVITIES 
 Interest received                                      12            163           214 
 Dividends received                                  9,098             94        11,784 
 Sale of investments                               128,968        739,631       787,396 
 Purchase of investments                                 -      (503,291)     (553,131) 
-------------------------------------------  -------------  -------------  ------------ 
 
 NET CASH INFLOW FROM INVESTING ACTIVITIES         138,078        236,597       246,263 
 
 CASH FLOW FROM FINANCING ACTIVITIES 
 Purchase of shares by minorities                        -              -             - 
-------------------------------------------  -------------  -------------  ------------ 
 
 NET CASH INFLOW / (OUTFLOW) FROM                        -              -             - 
  FINANCING ACTIVITIES 
 
 
 Net increase/(decrease) in cash 
  and cash equivalents in the period              (24,610)       (50,536)     (189,026) 
 Cash and cash equivalents at the 
  beginning of the period                           66,779        255,805       255,805 
 Cash and cash equivalents at the 
  end of the period                                 42,169        205,269        66,779 
 
 
 

Selected notes to the consolidated financial statements

For the six months ended 30 June 2019

   1.         Basis of preparation 

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 basis and principal accounting policies of the Group are set out below. The financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. These interim financial statements for the period ended 30 June 2019 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2018. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Reporting".

The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2018, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

   2.         Earnings Per Share 
 
 Basic                              Unaudited       Unaudited        Audited 
                                     6 months        6 months     Year ended 
                                           to              to    31 December 
                                 30 June 2019    30 June 2018           2018 
 
 Profit/(Loss) after tax for 
  the purpose of 
  earnings per share               GBP(3,827)      GBP229,659   GBP(380,037) 
 Weighted average number of 
  shares                          188,847,070     184,347,070    188,847,070 
 Basic earnings per ordinary 
  share                              (0.002)p           0.12p        (0.20)p 
 
 
 Diluted 
 
 
 Profit/(loss) after tax           GBP(3,827)    GBP229,659   GBP(380,037) 
 Weighted average number of 
  shares                          188,847,070   184,847,070    188,847,070 
 Diluted effect of options                  -             -              - 
 Diluted weighted average 
  number of shares                188,847,070   184,847,070    188,847,070 
 Diluted earnings per ordinary 
  share                              (0.002)p         0.12p        (0.20)p 
 
 
   3.         Deferred Tax 

A deferred tax asset on revaluation of AFS investments arose during the period. However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Group. Losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future.

   4.         Called Up Share Capital 

The share capital of Tiger Resource Plc consists only of fully paid ordinary shares with a nominal value of 0.1p each. All Ordinary shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of the Company.

 
                                                     30 June         30 June 
                                                       2019            2018 
                                                       GBP             GBP 
 Authorised: 
 10,000,000,000 (2018: 10,000,000,000) ordinary 
  shares 0.1p 
  (30 June 2018 - 1p each)                          10,000,000       10,000,000 
 
 142,831,939 deferred shares of 0.9p each (30 
  June 2018: 142,831,939 deferred shares of 0.9p 
  each )                                             1,285,487        1,285,487 
                                                   -----------  --------------- 
 
 
 
   4. Called Up Share Capital (continued) 
 Issued:                                               30 June          30 June 
                                                          2019             2018 
                                                           GBP              GBP 
 
 188,847,070 Ordinary shares 0.1p (30 June 2018: 
  142,831,939 Ordinary Shares of 1p each)              188,847          188,847 
 142,831,939 deferred shares of 0.9p each (30 
  June 2018: 142,831,939 deferred shares of 0.9p 
  each)                                              1,285,487        1,285,487 
                                                   -----------  --------------- 
                                                     1,474,334        1,474,334 
                                                   -----------  --------------- 
 
 

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.

   5.         Post-reporting date 

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of release of the Company interim financials.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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.

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