Interim results for the six months to 30 June 2022

RNS Number : 7099A
Tiger Royalties and Investments PLC
27 September 2022
 

 

For immediate release   27 September 2022

 

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

 

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

Chairman's Report

 

Dear Shareholder,

 

Net Asset Value per share - 30 Jun 2022: 0.12p / 31 Dec 2021: 0.17p (30 June 2021: 0.29p)

 

Total net assets - 30 Jun 2022: £542k / 31 Dec 2021: £770k (30 June 2021: £1,314k)

 

In my chairman's statement for the comparative six months period to 30 June 2021, I was very enthusiastic and upbeat on the outlook for junior resource companies.  This sentiment was based on the resurgence in the sector and the positive mood in the investment community during that period .  Many IPOs and secondary financings were completed in the course of 2021 and stock markets experienced a buoyant period, particularly in the case of alternative energy commodities. 

 

These fundamentals remain firmly in place and have arisen from a desire for a cleaner planet and the impact of global warming resulting in uncharacteristic weather changes which have become more regular, with increasing devastation in recent years.  However, despite these positive fundamentals, smaller cap stocks, particularly in the natural resource sector have experienced one of the worst periods during the many years that I have been active in the sector.  Many companies have made discoveries and others have advanced their projects significantly with the market giving little or no recognition to the achievements made by these operators.

 

Market capitalisations of junior resource companies are generally lower compared to this period last year.  The paradox is that most major mining companies have, in recent months, produced "all time" high cash returns from their operations and have also recorded excellent returns to shareholders, with dividends and windfall distributions breaking previous records. 

 

At the time of writing this report, commodity prices are slipping and the major mining companies are warning that there may be hard times ahead.  These negative factors have mainly resulted from the ongoing war in Ukraine and fears of excessive and sustained inflation.  Whilst the war is very real and also very sad, we believe that inflationary pressures have resulted more from supply chain disruptions, triggered mainly by the Pandemic, although the effect of energy costs on the inflation basket cannot be ignored.

 

Uncertainty has always been a threat to stock markets and personally, I have rarely experienced such volatile times.  We are faced with economic and geo-political uncertainty and frequently changing governments not just in the UK, but around the globe.   We are of the view, that a material correction in stock markets is necessary before new real trends are evidenced and it is likely that this correction may well be underway at the time of writing this report.  However, the US market appears to be more resilient to a deeper market correction despite the uncertainty and the economic head winds.  The fact that the US has a huge reserve of cheaper energy in the form of locally produced natural gas has been particularly helpful for high energy dependant industries in North America.

 

African Pioneer Plc ("APP"), which forms a significant portion of Tiger's investment portfolio is extremely well placed in Southern Africa, a region which has recently benefitted from discoveries and major company resurgence.  Both its Zambian and Botswanan joint ventures are showing good progress, whilst APP's "in house" managed Ongombo project in Namibia has produced significant copper and gold results in a recent drilling programme.

 

Despite a gloomy short-term outlook, the Board remain optimistic that the underlying fundamentals for a broad range of commodities particularly for those metals needed for electric vehicle manufacturing and the renewable energy space are better than ever in history.   We are determined, despite the current negativity that currently permeates our sector, to remain focussed and to use our expertise to add interesting and innovative deals to Tiger's portfolio with a view to building shareholder value.

 

 

 

Colin Bird

Chairman

26 September 2022

 

 

 

Portfolio Holdings as at 30 June 2022

 

Investments

Number of shares

Cost

£

Valuation at 30 June 2022

£

Valuation at 31 August 2022

£

African Pioneer Plc

8,810,056

100,000

189,416

189,416

Bezant Resources Plc

83,870,371

326,885

100,644

88,064

Block Energy Plc

625,000

25,100

9,375

-

Kendrick Resources Plc (previously BMR Group Plc)

83,000

50,217

1,544

1,204

Caerus Mineral Resources Plc

1,000,000

100,603

78,000

47,500

Corallian Energy Ltd

13,618

20,427

20,427

20,427

Galileo Resources Plc

6,516,667

78,335

60,605

101,008

Goldquest Mining Corp

173,500

30,259

19,658

25,192

Jubilee Metals Group Plc

1,169,600

100,219

166,083

138,013

Reabold Resources Corp

3,025,068

9,573

8,168

-






Total Investments


841,618

653,920

610,824

 

 

 

 

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 2022

 

 


 

(Unaudited)

Six months

ended

30 June 22

 

(Unaudited)

Six months ended

30 June 21

 

(Audited)

Year

ended

31 Dec 21

 


£

£

£

Changes in fair value of investments

(82,698)

409,224

26,695

Income:

 



Investment income

-

654

1,610

Interest receivable

-

-


Other income

-

30,200

32,864

Administrative expenses

(144,708)

(148,204)

(313,214)

PROFIT(LOSS) BEFORE TAXATION

(227,406)

291,874

(252,045)


 



Taxation

 

-

-

 PROFIT/(LOSS) FOR THE PERIOD

(227,406)

291,874

(252,045)

 

 



TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD

(227,406)

291,874

(252,045)


 




 



Basic earnings/(loss) per share

(0.05)p

0.07 p

(0.06)p

Diluted earnings/(loss) per share

(0.05)p

0.07 p

(0.06)p





 

 

All profits are derived from continuing operations.

 



Statement of Financial Position

As at 30 June 2022

 

 


 

(Unaudited)

30 June 22

 

(Unaudited)

30 June 21 

 

 

(Audited)

31 Dec 21

 


£

£

£

NON-CURRENT ASSETS

 




 



Investments in financial assets at fair value through profit or loss

653,920

1,225,471

779,309

Total Non-Current Assets

 

1,225,471

779,309

 

 



CURRENT ASSETS

 



Trade and other receivables

18,859

15,364

4,723

Cash and cash equivalents

10,424

100,931

34,394


29,283

116,295

39,117


 



TOTAL ASSETS

683,203

1,341,766

818,426

 

 



CURRENT LIABILITIES

 



Trade and other payables

(140,758)

(27,996)

(48,575)


 



Total Current Liabilities

(140,758)

(27,996)

(48,575)


 



NET ASSETS

542,445

1,313,770

769,851

 

 

 



EQUITY

 



 

 



 

 



Share capital

1,733,430

1,733,430

1,733,430

Share premium

1,986,421

1,986,421

1,986,421

Other components of equity

1,100,000

1,100,000

1,100,000

Retained earnings

(4,277,406)

(3,506,081)

(4,050,000)

EQUITY ATTRIBUTABLE TO THE OWNERS

542.445

1,313,770

769,851

 

 



TOTAL EQUITY

542,445

1,313,770

769,851

 

 



 

 

Statement of Changes in Equity

As at 30 June 2022

 

 

Share capital

Share premium

Capital redemption reserve

Retained earnings

Total

Equity

 

 

£

£

£

£

£

As at 1 January 2021

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

 






 






Total comprehensive income for the period




(543,919)

(543,919)

 






As at 31 December 2021

1,733,430

1,986,421

1,100,000

(4,050,000)

769,851

 






 






Total comprehensive income for the period




(227,406)

(227,406)

 






As at 30 June 2022

1,733,430

1,986,421

1,100,000

(4,277,406)

542,445

 






 






 






 






 






 






 






 






 






 






 






 






 






 






 


Cash Flow Statement

For the six months ended 30 June 2022

 

 


 

(Unaudited)

30 June 22

 

(Unaudited)

30 June 21

 

(Audited)

31 Dec 21


£

£

£

CASH FLOW FROM OPERATIONS

 



(Loss)/profit before taxation

(227,406)

291,874

(252,045)

Adjustment for:

 



Interest received

-

-

-

Dividends received

-

(654)

(1,610)

Other income

-

(30,200)

(32,864)

Change in fair value of investments

82,698

(409,224)

(26,695)


 



Operating (loss) before movement in working capital

(144,708)

(148,204)

(313,214)

(Increase)/decrease in receivables

(14,136)

7,873

18,513

Increase/(decrease) in payables

92,183

(79,488)

(58,909)


 




 




 



NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES

 

(66,661)

(219,819)

(353,610)


 



TAXATION PAID

 



CASH FLOW FROM INVESTING ACTIVITIES

 



Interest received

-

-

2,664

Dividends received

-

654

1,610

Sale of investments

42,691

-

63,634

Purchase of investments

-

(100,603)

(100,603)


 



NET CASH INFLOW/ (OUTFLOW)FROM INVESTING ACTIVITIES

 

42,691

(99,949)

(32,695)


 



CASH FLOW FROM FINANCING ACTIVITIES

 

 



Issue of shares

-

-

-


 



NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES

-

-

-


 



 

 



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

(23,970)

(319,768)

(386,305)

Cash and cash equivalents at the beginning of the period

34,394

420,699

420,699

Cash and cash equivalents at the end of the period

10,424

100,931

34,394

 

 



 

 



 

Selected notes to the financial statements

For the six months ended 30 June 2022

 

1.  Basis of preparation

 

These interim financial statements for the period ended 30 June 2022 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2021 and should be read in conjunction with the 2021 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 2021, 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.

 

2.  Earnings Per Share 

 

Basic

Unaudited

Unaudited

Audited

 

6 months to

30 June 2022

6 months to

30 June 2021

Year ended 31 December 2021


 

 

 

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

£ (227,406)

£ 291,874

£ (252,045)

Weighted average number of shares

447,942,308

443,692,308

445,817,308

Basic earnings/ (loss) per ordinary share

(0.05)

0.07 p

(0.06)p

 

Diluted

 

 



 




 


 

Profit/(loss) after tax

£ (227,406)

£ 291,874

£ (252,045)

Weighted average number of shares

447,942,308

443,692,308

445,817,308

Diluted effect of options

-

-

-

Diluted weighted average

number of shares

447,942,308

443,692,308

445,817,308

Diluted earnings / (loss) per ordinary share

(0.05)p

0.07 p

(0.06)p






 

3.  Current liabilities

The current liability figure of £140,758 includes an accrual of £68,934 relating to Director's salaries/ fees relating to the period ended 30 June 2022.

 

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 2022

 

30 June 2021

 

31 December 2021


£

£

£

Authorised:

 




 



10,000,000,000 (30 June 2021 & 31 December 2021: 10,000,000,000) Ordinary shares 0.1p (30 June 2021 & 31 December 2021 - 0.1p each)

10,000,000

10,000,000

10,000,000


 



142,831,939 deferred shares of 0.9p each (30 June 2021 & 31 December 2021: 142,831,939 Deferred shares of 0.9p each)

1,285,487

1,285,487

1,285,487


 



Issued:

 




 



Opening Ordinary shares - 447,942,308 shares of 0.1p each (31 December 2020: 439,442,308 Ordinary Shares of 0.1p each)

447,943

439,443

439,443


 



New shares issued:

 



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

(Nominal value 0.1p each)

-

8,500

8,500


 



Total ordinary shares in issue at period end 447,942,308 Ordinary shares 0.1p (30 June 2021 & 31 December 2021: 447,942,308 Ordinary shares of 0.1 p)

447,943

447,943

447,943


 



142,831,939 deferred shares of 0.9p each (30 June 2021 & 31 December 2021: 142,831,939 deferred shares of 0.9p each)

1,285,487

1,285,487

1,285,487


1,733,430

1,733,430

1,733,430

                                                                                                                                                                                                         

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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