RNS Number : 1227N
Tiger Royalties and Investments PLC
28 September 2021
 

      

For immediate release                                                                                                                                            28 September 2021

 

TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")

 

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2021

 

Chairman's Report

 

Dear Shareholder,

 

Net Asset Value per share - 30 Jun 2021: 0.29p / 31 Dec 2020: 0.22p (30 June 2020: 0.20p)

 

Total net assets - 30 Jun 2021: £1,314k / 31 Dec 2020: £977k (30 June 2020: £374k)

 

The six-month period under review has been one of the best periods in the natural resource sector for many years with a resurgence in interest in both the junior explorers and major mining companies. The activity has been contra to the Coronavirus pandemic which has caused economies to suffer and many businesses to collapse. Despite the economic log-jam caused by Covid-19, countries across the world have experienced different recovery dynamics and the outlook for both soft and hard commodities remains upbeat.

 

We completed the IPO of our investee company, African Pioneer plc and this transaction with the associated fundraise delivered an interesting African metal exploration business to the public market. The Company also made an investment of £100,000 in Caerus Minerals Resources Plc ("Caerus") on 19 March 2021 which has since performed well. Caerus is a copper-gold resource development and exploration company with mineral exploration licences located in Cyprus.

 

During the period under review, the price of oil has been generally bullish and the juniors in this space have also experienced renewed interest. The increase in overall energy prices has been even more pronounced with huge price changes in gas and electricity feeding inflation and delivering a wake-up call to the cost impact of climate change policies. The period under review saw many IPOs and secondary financings, including some of a significant size which have enabled companies to pursue their missions in a more aggressive way.

 

As expected, competition for projects has increased and this has led to a scarcity of quality targets and overpricing of potential opportunities. Post the period under review, interest in the junior resource market has softened and almost ground to a halt in August.

 

Major markets continue to be firm on the basis that limited investment opportunities are available outside equities markets. Despite the huge increase in energy prices being experienced, politicians worldwide deny that inflation is imminent and are looking out towards 2023/24 for the first signs. I do not share that view and feel that the spectre of inflation is just around the corner. This will profoundly affect the balance between equities and bonds with equities likely to be the loser. Fortunately, the junior resource sector does not always perform in tandem with global equity markets and the threat of rising inflation may well work in favour of investment valuations in our industry sector.

 

In any event the emergence of electric vehicles, alternative energy generation and energy storage will lead to significant price increases in most of the "green" metals. We particularly favour Copper, Nickel, Vanadium, Manganese and Cobalt and will be actively pursuing investment opportunities targeting these metals on an ongoing basis.

 

We are of the belief that Gold will benefit from the geopolitical uncertainty, inflation and a weaker US Dollar with crypto currencies such as Bitcoin etc. not offering the safe haven that some would like to suggest.

In essence, we see the coming months seeing a renewed interest in the natural resource sector and anticipate valuations in the foreseeable future to be higher than those currently witnessed. The Company intends to strengthen its share purchases and to continue taking strategic positions with management input, in opportunities associated with the commodities identified above.

 

 

Colin Bird

Chairman

28 September 2021

 

 

 

 

 

 

Portfolio Holdings as at 30 June 2021

 

Investments

Number of shares

Cost

£

Valuation at 30 June 2021

£

Valuation at 31 August 2021

£

African Pioneer Plc

8,810,056

100,000

268,707

242,277

Bezant Resources Plc

83,870,371

326,885

184,515

150,967

Block Energy Plc

625,000

25,100

17,187

15,625

Kendrick Resources Plc (previously BMR Group Plc)

2,500,000

50,217

-

-

Caerus Mineral Resources Plc

1,000,000

100,603

325,000

235,000

Corallian Energy Ltd

13,618

20,427

20,427

20,427

Galileo Resources Plc

6,516,667

78,335

84,717

76,897

Goldquest Mining Corp

173,500

30,259

23,579

15,823

Jubilee Metals Group Plc

1,169,600

100,219

216,376

204,680

Pantheon Resources Plc

31,500

30,340

12,994

18,806

Reabold Resources Corp

3,025,068

9,573

13,310

8,016

Royal Dutch Shell Plc B Shares

2,700

73,234

37,773

39,015

WisdomTree Copper EFTS

760

12,896

20,886

17,970

 

 

 

 

 

Total Investments

 

958,088

1,225,471

1,045,503

 

 

 

 

 

 

 

Tiger Royalties and investments Plc

 

 

 

Raju Samtani, Director                                              

 

 

+44 (0)20 7581 4477

Beaumont Cornish

(Nomad)

Roland Cornish

Felicity Geidt

Email: corpfin@b-cornish.co.uk

+44 (0)20 7628 3369

 

Novum Securities Plc

(Broker)

 

 

Jon Belliss

 

+44 (0)20 7399 9425

 
 

 

Statement of Comprehensive Income

For the six months ended 30 June 2021

 

 

 

 

(Unaudited)

Six months

ended

30 June 21

 

(Unaudited)

Six months ended

30 June 20

 

(Audited)

Year

ended

31 Dec 20

 

 

£

£

£

Changes in fair value of investments

409,224

(87,868)

194,216

Income:

 

 

 

Investment income

654

-

1,989

Interest receivable

-

35

37

Other income

30,200

 

 

Administrative expenses

(148,204)

(133,305)

(345,755)

PROFIT(LOSS) BEFORE TAXATION

291,874

(221,138)

(149,513)

 

 

 

 

Taxation

-

-

-

 PROFIT/(LOSS) FOR THE PERIOD

291,874

(221,138)

(149,513)

 

 

 

 

TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD

291,874

(221,138)

 

(149,513)

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share

0.07 p

(0.12) p

(0.06) p

Diluted earnings/(loss) per share

0.07 p

(0.12) p

(0.06) p

 

 

 

 

 

 

 

 

 

 

All profits are derived from continuing operations.

 

 

Statement of Financial Position

As at 30 June 2021

 

 

 

 

(Unaudited)

30 June 21

 

(Unaudited)

30 June 20

 

 

(Audited)

31 Dec 20

 

 

£

£

£

NON-CURRENT ASSETS

 

 

 

 

 

 

 

Investments in financial assets at fair value through profit or loss

1,225,471

262,101

539,195

Total Non-Current Assets

1,225,471

262,101

539,195

 

 

 

 

CURRENT ASSETS

 

 

 

Trade and other receivables

15,364

110,003

169,486

Cash and cash equivalents

100,931

40,586

420,699

 

116.295

150,589

590,185

 

 

 

 

TOTAL ASSETS

1,341,766

412,690

1,129,380

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade and other payables

(27,996)

(38,720)

(152,534)

 

 

 

 

Total Current Liabilities

(27,996)

(38,720)

(152,534)

 

 

 

 

NET ASSETS

1,313,770

373,970

976,846

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

Share capital

1,733,430

1,474,334

1,724,930

Share premium

1,986,421

1,669,216

1,949,871

Other components of equity

 

1,100,000

1,100,000

1,100,000

Retained earnings

(3,506,081)

(3,869,580)

(3,797,955)

EQUITY ATTRIBUTABLE TO THE OWNERS

1,313,770

373,970

976,846

 

 

 

 

TOTAL EQUITY

1,313,770

373,970

976,846

 

 

 

 

 

 

 

Statement of Changes in Equity

As at 30 June 2021

 

 

Share capital

Share premium

Capital redemption reserve

Retained earnings

Total

Equity

 

 

£

£

£

£

£

As at 1 January 2020

1,474,334

1,669,216

1,100,000

(3,648,442)

595,108

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income / (loss) for the period

-

-

-

(221,138)

(221,138)

 

 

 

 

 

 

As at 30 June 2020

1,474,334

1,669,216

1,100,000

(3,869,580)

373,970

 

 

 

 

 

 

Shares issued during the period

250,596

280,655

  -

  -

531,251

 

 

 

 

 

 

Total comprehensive income for the period

-

-

-

71,625

71,625

 

 

 

 

 

 

As at 31 December 2020

1,724,930

1,949,871

1,100,000

(3,797,955)

976,846

             

 

 

 

 

 

 

 

Shares issued during the period

8,500

36,550

  -

  -

45,050

 

 

 

 

 

 

Total comprehensive income for the period

-

-

-

291,874

291,874

 

 

 

 

 

 

As at 30 June 2021

1,733,430

1,986,421

1,100,000

(3,506,081)

1,313,770

 

 

 

 

 

 

Cash Flow Statement

For the six months ended 30 June 2021

 

 

 

 

(Unaudited)

30 June 21

 

(Unaudited)

30 June 20

 

(Audited)

31 Dec 20

 

£

£

£

CASH FLOW FROM OPERATIONS

 

 

 

(Loss)/profit before taxation

291,874

(221,138)

(149,513)

Adjustment for:

 

 

 

Interest received

-

(35)

(37)

Dividends received

(654)

-

(1,989)

Other income

(30,200)

-

-

Change in fair value of investments

(409,224)

87,868

(194,216)

 

 

 

 

Operating (loss) before movement in working capital

(148,204)

(133,305)

(345,755)

(Increase)/decrease in receivables

7,873

(14)

(28,246)

Increase/(decrease) in payables

(79,488)

12,977

126,789

 

 

 

 

 

 

 

 

 

 

 

 

NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES

 

(219,819)

(120,342)

(247,212)

 

 

 

 

TAXATION PAID

 

-

-

CASH FLOW FROM INVESTING ACTIVITIES

 

 

 

Interest received

-

35

37

Dividends received

654

-

1,989

Sale of investments

-

18,499

23,491

Purchase of investments

(100,603)

-

-

 

 

 

 

NET CASH INFLOW/ (OUTFLOW)FROM INVESTING ACTIVITIES

 

(99,949)

18,534

25,517

 

 

 

 

CASH FLOW FROM FINANCING ACTIVITIES

 

 

 

 

Issue of shares

-

-

500,000

 

 

 

 

NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES

-

-

500,000

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents in the period

(319,768)

(101,808)

278,305

Cash and cash equivalents at the beginning of the period

420,699

142,394

142,394

Cash and cash equivalents at the end of the period

100,931

40,586

420,699

 

 

 

 

 

 

 

 

 

 

 

Selected notes to the financial statements

For the six months ended 30 June 2021

 

1.            Basis of preparation

 

These interim financial statements for the period ended 30 June 2021 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2020 and should be read in conjunction with the 2020 annual report. As permitted, the Company 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 statutory financial statements for the period ended 31 December 2020, were prepared under International Financial Reporting Standards (IFRS), and 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.

 

The Company held a 50.75% equity stake in African Pioneer Plc ("APP" or "the subsidiary") on 31 December 2020, and prepared consolidated financial statements incorporating the subsidiary's financial statements for the year ended 31 December 2020. On 1 June 2021, the subsidiary's shares comprising 189,459,550 Ordinary shares of zero par value each ("Ordinary Shares") were admitted to the Official List (Standard Segment), and to trading on the Main Market for listed securities of the London Stock Exchange. Consequently, the Company's shareholding in the subsidiary company was reduced to 4.65% and APP is no longer a subsidiary of the Company as at 30 June 2021 and consequently only Company financial statements have been prepared for the six months period to 30 June 2021. Tiger's currently holds 8,810,056 Ordinary Shares in APP and this investment has been included in the Company's balance sheet at market valuation under investment in financial assets at fair value through profit or loss.

 

 

2.            Earnings Per Share         

 

Basic

Unaudited

Unaudited

Audited

 

6 months to

30 June 2021

6 months to

30 June 2020

Year ended 31 December 2020

 

 

 

 

Profit/(Loss) after tax for the purpose of earnings per share

291,874

£ (221,138)

(149,513)

Weighted average number of shares

443,692,308

188,847,070

241,054,411

Basic earnings/ (loss) per ordinary share

0.07 p

(0.12) p

(0.06)

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

Profit/(loss) after tax

291,874

£ (221,138)

(149,513)

Weighted average number of shares

443,692,308

188,847,070

241,054,411

Diluted effect of options

-

-

-

Diluted weighted average

number of shares

443,692,308

188,847,070

241,054,411

Diluted earnings / (loss) per ordinary share

0.07 p

(0.12) p

(0.06)

         

 

 

 

 

3.            Current liabilities

The current liability figure of £27,996 includes an accrual of £6,268 relating to Director's salaries/ fees relating to month ended 30 June 2021.

 

4.            Deferred Tax

A deferred tax asset on revaluation of 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 Company. Losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future.

 

5.            Called Up Share Capital

The share capital of Tiger Royalties and Investments 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.

 

Unaudited

Unaudited

Audited

 

30 June 2021

 

30 June 2020

 

31 December 2020

 

£

£

£

Authorised:

 

 

 

 

 

 

 

10,000,000,000 (30 June 2020 & 31 December 2020: 10,000,000,000) Ordinary shares 0.1p (30 June 2020 & 31 December 2020 - 0.1p each)

10,000,000

10,000,000

10,000,000

 

 

 

 

142,831,939 deferred shares of 0.9p each (30 June 2020 & 31 December 2020: 142,831,939 Deferred shares of 0.9p each)

1,285,487

1,285,487

1,285,487

 

 

 

 

Issued:

 

 

 

 

 

 

 

Opening Ordinary shares - 439,442,308 shares of 0.1p each (30 June 2020 & 31 December 2020: 188,847,070 Ordinary Shares of 0.1p each)

439,443

188,847

188,847

 

 

 

 

New shares issued:

 

 

 

238,095,238 at issue price of £0.21p each

(Nominal value 0.1p each)

-

-

238,096

12,500,000 shares at issue price of £0.25p each

(Nominal value 0.1p each)

-

-

12,500

8,500,000 shares at issue price of £0.53p each

(Nominal value 0.1p each)

8,500

-

-

 

 

 

 

Total ordinary shares in issue at period end 447,942,308 Ordinary shares 0.1p (30 June 2020: 188,847,070 Ordinary Shares of 0.1p each and 31 December 2020: 439,442,308 Ordinary shares of 0.1 p)

447,943

188,847

439,443

 

 

 

 

142,831,939 deferred shares of 0.9p each (30 June 2020 & 31 December 2020: 142,831,939 deferred shares of 0.9p each)

1,285,487

1,285,487

1,285,487

 

1,733,430

1,474,334

1,724,930

 

                                                                                                                                                                                                           

Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of £4,500 held by the company in treasury.

 

 

 

 

6.            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.

 

 

7.            Availability of Interim Report

 

A copy of these interim results will be available from the Company's registered office during normal business hours on any weekday at 2nd Floor, 7/8 Kendrick Mews, London SW7 3HG, and can also be downloaded from the Company's website at http://www.tiger-rf.com/. Tiger Royalties and Investments Plc is registered in England and Wales with company number 02882601.

 

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

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