Half-year Report
Metal Tiger plc
Metal Tiger plc
2017 Interim Report
Unaudited interim results for the six months ended 30 June 2017
Metal Tiger plc (“Metal Tiger” or the “Company”), the AIM listed,
natural resources focused investment company, is pleased to announce its
unaudited interim results for the six months ended 30 June 2017 (“the
Period”).
Key Highlights:
STRATEGIC INVESTOR
In April 2017, Exploration Capital Partners, a fund operated by Sprott
Global Resource Investments, a leading global natural resources
investor; took part in a placing of 161,666,666 new ordinary shares in
Metal Tiger plc at 3p raising gross proceeds of £4.85m. This marked a
defining moment on Metal Tiger’s development attracting this world class
fund’s support as its first institutional investor at a 9% premium to
the closing price on the previous trading day before issue.
This was the largest fund raise Metal Tiger has made to date and
positioned it to advance the exploration programme at its core 30% joint
venture project in Botswana to a position of strength.
THAILAND JOINT VENTURE IPO
The Company’s Thailand interests advanced considerably with new projects
and the building of a technical team capable of developing the project.
Extensive due diligence, negotiations and preparation for an IPO have
been undertaken in respect of its Thai assets including the Boh Yai and
Song Toh lead-zinc-silver mines.
On 18 September 2017, Metal Tiger announced that it had postponed the
IPO until quarter 1 2018, principally to wait for the publishing of the
national Master Mining Plans and MDA’s (Mining Designated Areas) by the
National Minerals Management Committee.
BOTSWANAN COPPER/SILVER JOINT VENTURE
Metal Tiger’s 30% joint venture interest in Botswana centres on
the high-grade copper and silver ‘T3 Project’ which is currently the
subject of ongoing Prefeasibility Study (“PFS”) work towards the
development of an open-pit copper mine. This represents a major
copper/silver discovery by the Botswanan joint venture with MOD
Resources Limited (ASX: MOD) and the development programme continued
apace during the Period.
The PFS work programme was commenced in early 2017, following the
completion of the open-pit Scoping Study (released 6 December 2016),
with the results of the PFS study expected by the end of 2017.
An updated and upgraded Mineral Resource Estimate for T3 was released on
24 August 2017 showing a 27% increase in Total Resource Tonnes, this
incorporated the results of an infill and extensional drilling programme
which was undertaken between the release of the maiden Mineral Resource
Estimate in September 2016 and the end of quarter 1 2017. The revised
estimate constitutes a significant upgrade to the project and is an
important step towards the prefeasibility study.
DIRECT EQUITIES
A strong pipeline of new resource exploration and mining project
opportunities has been identified and some have been executed in 2017.
The targets are undervalued vehicles quoted on a recognised
international stock exchange. Extensive work is being done to maximise
the returns from these investments to increase Metal Tiger value per
share.
The Direct Equity Division performed well with a net gain on investments
at the half year of £2,060,300 (prior half year ended 30 June 2016:
£2,135,200) and with investments held in the Direct Equities Division at
30 June 2017 amounting to £6,353,200 (prior half year ended 30 June
2016: £3,745,400).
Strategic equity and warrant holdings at the half year end in eleven
(prior half year ended 30 June 2016: fourteen) AIM, TSX or ASX listed
resource companies.
The portfolio of warrants in 11 AIM, TSX or ASX companies was
maintained; the only warrant exercised in the period being that of
29,166,666 shares at A$1 cent on 8 February 2017 in MOD Resources.
However, the Company will continue to exit its positions in its Direct
Equities and take advantage of new opportunities which the Board
identifies.
WORKING CAPITAL AND OVERALL ASSETS
Comprehensive Loss £(35,000) for the half year ended 30 June 2017 (prior
half year ended 30 June 2016: profit £559,400).
As at 30 June 2017 Cash at Bank amounted to £4,020,800 (prior half year
end 30 June 2016: £808,200) and, in addition, the carrying of Direct
Equities value amounted to £6,353,200 (prior year end 30 June 2016:
£3,745,400).
Net Current Assets at 30 June 2017 amounted to £10,367,200 (prior half
year end 30 June 2016: £4,770,300).
Overall Net Assets at 30 June 2016 amounted to £12,860,500 (prior half
year end 30 June 2016: £5,199,700).
KEY PERFORMANCE INDICATORS
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Unaudited
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Audited
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Unaudited
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Six months ended
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Year ended
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Six months ended
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30 June
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31 December
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30 June 2017
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2016
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2016
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Net asset value
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12,860,500
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5,199,700
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7,457,900
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Net asset value – fully diluted per share
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1.07p
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0.96p
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0.96p
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Closing share price
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2.175p
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3.450p
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1.450p
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Share price premium/(discount) to net asset value -fully diluted
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103%
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259%
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51%
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Market capitalisation
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£20,957,000
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£19,666,000
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£11,233,000
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Chairman’s Statement
The half year ended 30 June 2017 saw a milestone in the progress of the
Company, notably the £4.85m share placement made by Exploration Capital
Partners and with updated mineral resource estimate at the Company's
Botswanan joint venture.
This marked a defining moment in Metal Tiger’s development attracting
this world class fund’s support as its first institutional investor at a
9% premium to the closing price on the previous trading day before issue.
This was the largest fund raise Metal Tiger has made to date and
positioned it to advance the exploration programme at its core joint
venture project in Botswana to a position of strength.
A revised resource model for the Botswana joint venture was released in
August 2017 and showed that the Total (Measured, Indicated & Inferred)
Mineral Resource Estimate comprises 36.0Mt @ 1.14% Cu & 12.8g/t Ag
containing approximately 409kt copper and 14.8Moz silver on a 100% basis
(10.8Mt containing approximately 123kt copper and 4.4Moz silver on a 30%
attributable basis). This constituted a 27% increase in Total Resource
tonnes a 16% increase in contained copper compared with the Maiden
Resource (at 0.5% Cu cut-off grade).
25% of Total Resource tonnes was from the Measured Resource category
(8.9Mt on a 100% basis and 2.7Mt on a 30% attributable basis @ 1.27% Cu
& 12.5g/t Ag), denoting a higher degree of Resource confidence (at 0.5%
Cu cut-off grade). At a higher cut-off grade (1.0% Cu), the revised
total Mineral Resource Estimate comprised 20.6Mt on a 100% basis (6.2Mt
on a 30% attributable basis) at average grades of 1.43% Cu and 14.7g/t
Ag. An additional low-grade Resource contains approximately 47.6kt
copper on a 100% basis (14.3kt on a 30% attributable basis) at 0.25% Cu
cut-off grade. Overall, the revised Resource model shows good grade
continuity with horizontal widths of >1% Cu mineralisation up to 180m
across the planned open-pit design.
A T3 (Phase 2) 2017 drilling programme is currently underway with four
rigs to test further Resource extensions, underground potential and
geophysical targets around T3. All six new holes completed to date have
intersected significant visible copper mineralisation and results will
be announced when assays are received and interpreted.
If the deposit is mined, the central core of the high-grade vein hosted
mineralisation may provide an opportunity for early payback of capital
and the high silver content should provide significant concentrate
credits.
This bodes well for the future and the joint venture is planning to
conduct a substantial regional exploration programme exploring for
satellite deposits at other priority targets around T3, with several
targets identified by Airborne Electromagnetics. We expect good results
from this exploration and the PFS) due (in late 2017/early 2018) is
likely to confirm the Preliminary Upside Case Model in the Scoping
Study which indicates strong financial metrics assuming a US$3.00/lb Cu
price. The Scoping Study showed:
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estimated pre-tax NPV10% approximately US$297M and IRR of 42%;
-
average pre-tax annual cash flow approximately US$65m pa;
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C1 costs are estimated at US$1.31/lb Cu including silver credits;
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expected payback period approximately 2 years;
-
each US 10 cent/lb rise in Cu price estimated to add approximately US$
25m to NPV.
The Thailand operations advanced considerably during the period with new
projects and the building of a team capable of developing the project
towards a decision to mine. Extensive due diligence and negotiations
have been undertaken and concluded in respect of Boh Yai and Song Toh
lead-zinc-silver mines and the requisite corporate structures put in
place for the future. Post Period end, on 18 September 2017, Metal Tiger
announced that it had postponed the IPO of its interests in the two Thai
Lead Zinc Silver mines through a new vehicle, KEMCO Mining Plc, until
quarter 1 2018, principally awaiting the publishing of the national
Master Mining Plans and MDAs (Mining Designated Areas) by the Thai
National Minerals Management Committee.
Following initial conversations with government officials, we remain
confident that the areas in which the Thai operations have Mining Lease
Applications will be designated as MDAs. The forthcoming release of the
Master Plan and designated MDAs will provide further clarification to
potential investors whilst also delivering what we believe will be a
boost to the proposed PLC’s valuation.
The Company believes waiting for clarification on the first Master Plan
will significantly improve the valuation at which it is able to gain
investor support. The Company notes that the attributable NPV10 (post
tax) for 80% of the project would be valued at US$36,720,000
(£27,172,800) based on the Competent Persons Report and therefore any
valuation would typically apply suitable permitting, country and
corporate overhead risk discounts to the valuation to determine the
pre-money valuation as well as look at comparable listed companies’
valuations.
We are highly encouraged by the positive feedback we have had so far in
our meetings with potential new investors, with six family offices
expressing substantial interest and we remain convinced by the strengths
of the assets within our Thai interests and the suitability of KEMCO
Mining Plc as a public company. The Company believes it will also get a
far better valuation by postponing the IPO until Q1 2018 than it could
have achieved if it marketed prior to the first Master Plan being
published. Since the majority of pre-IPO expense has been incurred, the
day to day costs of maintaining this project until Q1 2018 are modest.
In Spain work at the Logrosan Project has concentrated on infill soil
and outcrop sampling, geophysics and mapping. A total of 7,345 samples
have been assayed for gold between 1 January and 26 June 2017; these
have helped delineate three current gold targets, with a combined total
strike of over 13.5km, associated with a regional-scale 19km long,
arsenic in soil anomaly. Also during this period, the new Logrosan East
Tungsten Target was delineated by soil geochemistry and ground
magnetics, this extends 2.3km by 0.9km and sits along strike from the
project’s Tungsten Target 2 where shallow drilling during 2016
intersected over 8m at 0.32% WO3.
The Company also has a pipeline of new exploration and mining project
opportunities identified and suitable for investment, being other
existing AIM vehicles or new vehicles quoted or listed on a recognised
stock exchange or other trading platforms in which Metal Tiger has
invested. Extensive work is being undertaken to monetise the additional
pipeline interests to increase Metal Tiger value per share with new
opportunities which, as of yet, have not been made public.
During the half year the Company has continued to exit notifiable
positions in its Direct Equities Division raising £1.1m in proceeds to
crystallise gains made since acquisition. The Company continues to hold
material equity warrants in eleven resource companies and expects these
to deliver significant value in the medium term.
The Company’s focus continues to be on its Direct Projects, whilst
having exposure to a resource sector recovery and commodities price
increases from its Direct Equities Division.
The Company has good support from high net worth investors for which it
is grateful and now has support from one of the world’s largest natural
resource institutional investor groups and this position should continue
given the success which it has had in its Direct Projects.
Net Assets Value per fully diluted share at 30 June 2017 has grown by
11% since 31 December 2016 and there is significant upside in this when
the Direct Projects are realised.
I would like to take this opportunity to thank to all our advisers and
partners, the Company’s success has been helped by the quality of those
engaged around the world. Thanks also belong to our shareholders, who
share our resolve to create high investment returns, many of these
investors have held their shares in the Company for the past three years.
We are working hard and we will continue to deliver significant value
from every facet of our business.
Charles Hall
Chairman
Condensed Statement of Comprehensive Income
For the six months ended 30 June 2017
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Unaudited Six
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Unaudited
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months
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Six months
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Audited
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Ended
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ended
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Year ended
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30 June
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30 June
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31 December
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2017
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2016
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2016
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Notes
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£’000
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£’000
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£’000
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Net gains on disposal of investments
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595.0
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78.8
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296.3
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Movement in fair value of Direct Equities Division investments
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1,465.3
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2,056.4
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2,346.8
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Share of post tax losses of equity accounted associates
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(14.2)
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(7.1)
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(21.1)
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Share of post tax losses of equity accounted joint ventures
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(47.4)
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(53.8)
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(233.7)
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Provision against cost of joint venture investments
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-
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(216.3)
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(156.9)
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Investment income
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0.1
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0.2
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0.3
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Net gain on investments
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1,998.8
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1,858.2
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2,231.7
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Administrative expenses
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(1,994.8)
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(1,486.8)
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(3,238.1)
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Bargain purchase on acquisition of subsidiary
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-
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178.4
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155.6
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Operating profit/(loss)
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4.0
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549.8
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(850.8)
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Finance income
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0.4
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0.1
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130.6
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Finance costs
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(38.5)
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(0.1)
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(0.1)
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(Loss)/profit before taxation
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3
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(34.1)
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549.8
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(720.3)
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Tax on profit/(loss) on ordinary activities
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4
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-
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-
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-
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(Loss)/profit on ordinary activities after taxation
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(34.1)
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549.8
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(720.3)
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Other comprehensive income - Items which may be
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subsequently reclassified to profit or loss:
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Exchange differences on translation of foreign operations
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(0.9)
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9.6
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(207.4)
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Total comprehensive (loss)/profit for the period
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(35.0)
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559.4
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(927.7)
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(Loss)/profit for the period attributable to:
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Owners of the parent
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(31.7)
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583.1
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(651.4)
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Non-controlling interest
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(2.4)
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(33.3)
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(68.9)
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(34.1)
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549.8
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(720.3)
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Total comprehensive (loss)/profit for the period attributable to:
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Owners of the parent
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(32.4)
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671.6
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(719.0)
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Non-controlling interest
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(2.6)
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(112.2)
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(208.7)
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(35.0)
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559.4
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(927.7)
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Earnings per share
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Basic (loss)/earnings per share
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5
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(0.004p)
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0.11p
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(0.12p)
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Fully diluted(loss)/earnings per share
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5
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(0.004p)
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0.10p
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(0.12p)
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Condensed Consolidated Statement of Financial Position
At 30 June 2017
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Notes
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Unaudited
30 June
2017
£’000
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Unaudited
30 June
2016
£’000
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Audited
31 December
2016
£’000
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Non‐current assets
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Intangible assets
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35.7
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-
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26.7
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Property, plant and equipment
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39.7
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19.5
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46.3
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Investment in associates
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1,294.0
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204.7
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743.4
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Investment in joint ventures
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1,246.9
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340.1
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1,097.6
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Other non-current assets
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-
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49.6
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-
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Total non-current assets
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2,616.3
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613.9
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1,914.0
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Current assets
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Direct Equities Division investments
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6,353.2
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3,745.4
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4,067.4
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Trade and other receivables
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604.1
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390.2
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705.5
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Cash and cash equivalents
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4,020.8
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808.2
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1,389.8
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Total current assets
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10,978.1
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4,943.8
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6,162.7
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Current liabilities
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Trade and other payables
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(562.1)
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(173.5)
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(439.0)
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Loans and borrowings
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(48.8)
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-
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(48.4)
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Total current liabilities
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(610.9)
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(173.5)
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(487.4)
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Net current assets
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10,367.2
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4,770.3
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5,675.3
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Non-current liabilities
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Trade and other payables
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|
|
-
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(53.1)
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-
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Contingent consideration
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(123.0)
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(131.4)
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|
(131.4)
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Total non-current liabilities
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(123.0)
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(184.5)
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(131.4)
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Net assets
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12,860.5
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5,199.7
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7,457.9
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Capital and reserves
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|
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Called up share capital
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96.4
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|
669.8
|
|
77.5
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|
Share premium account
|
|
|
|
3,302.7
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7,761.6
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1,274.6
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Share based payment reserve
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|
|
|
695.3
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|
514.2
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|
532.5
|
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Warrant reserve
|
|
|
|
4,095.5
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|
535.8
|
|
1,087.5
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Translation reserve
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(68.3)
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|
88.5
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|
(67.6)
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Profit and loss account
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4,768.9
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(3,409.0)
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4,527.2
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Total shareholders’ funds
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12,890.5
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|
6,160.9
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|
7,431.7
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Equity non-controlling interests
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(30.0)
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(961.2)
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26.2
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Total equity
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|
|
|
12,860.5
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|
5,199.7
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|
7,457.9
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Condensed Statement of Cash Flows
For the six months ended 30 June 2017
|
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|
|
Unaudited
|
|
Unaudited Six
|
|
Audited
|
|
|
|
|
|
Six months
|
|
months ended
|
|
Year ended
|
|
|
|
|
|
ended 30
|
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30 June
|
|
31 December
|
|
|
|
|
|
June 2017
|
|
2016
|
|
2016
|
|
|
|
|
|
£’000
|
|
£’000
|
|
£’000
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
(Loss)/profit before taxation
|
|
|
|
(34.1)
|
|
549.8
|
|
(720.3)
|
|
Adjustments for:
|
|
|
|
|
|
|
|
|
|
Profit on disposal of Direct Equities Division investments
|
|
|
|
(595.0)
|
|
(78.8)
|
|
(296.3)
|
|
Movement in fair value of investments
|
|
|
|
(1,465.3)
|
|
(2,056.4)
|
|
(2,346.8)
|
|
Share of post tax losses of equity accounted investments
|
|
|
|
14.2
|
|
7.1
|
|
21.1
|
|
Share of post tax losses of equity accounted joint ventures
|
|
|
|
47.4
|
|
53.8
|
|
233.7
|
|
Movement in provision against joint venture investments
|
|
|
|
-
|
|
216.3
|
|
156.9
|
|
Share based payment charge for year
|
|
|
|
425.9
|
|
358.9
|
|
475.7
|
|
Equity settled trading liabilities
|
|
|
|
21.0
|
|
77.9
|
|
331.6
|
|
Depreciation and amortisation
|
|
|
|
9.1
|
|
1.0
|
|
6.5
|
|
Bargain purchase on acquisition
|
|
|
|
-
|
|
(178.4)
|
|
(155.6)
|
|
Net acquired non-controlling interest on change of control
|
|
|
|
-
|
|
-
|
|
111.5
|
|
Investment income
|
|
|
|
(0.1)
|
|
(0.2)
|
|
(0.3)
|
|
Finance income
|
|
|
|
(0.4)
|
|
(0.1)
|
|
(130.6)
|
|
Finance costs
|
|
|
|
38.5
|
|
0.1
|
|
0.1
|
|
Operating cash flow before working capital changes
|
|
|
|
(1,538.8)
|
|
(1,049.0)
|
|
(2,312.8)
|
|
Increase in trade and other receivables
|
|
|
|
(242.1)
|
|
(202.7)
|
|
(188.6)
|
|
Increase in trade and other payables
|
|
|
|
122.0
|
|
64.6
|
|
298.7
|
|
Unrealised foreign exchange gains
|
|
|
|
(15.2)
|
|
(6.0)
|
|
(31.9)
|
|
Net cash outflow from operating activities
|
|
|
|
(1,674.1)
|
|
(1,193.1)
|
|
(2,234.6)
|
|
Cash flow from Investing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from investment disposals
|
|
|
|
1,095.3
|
|
367.4
|
|
1,153.4
|
|
Purchase of intangible assets
|
|
|
|
(10.6)
|
|
-
|
|
(25.7)
|
|
Purchase of fixed assets
|
|
|
|
(0.3)
|
|
(16.8)
|
|
(47.4)
|
|
Purchase of investment in subsidiary
|
|
|
|
-
|
|
(164.2)
|
|
(164.2)
|
|
Purchase of investment in, and loans to, associates
|
|
|
|
(597.8)
|
|
(153.4)
|
|
(669.2)
|
|
Purchase of investment in, and loans to joint ventures
|
|
|
|
(196.7)
|
|
(296.1)
|
|
(948.5)
|
|
Purchase of investments
|
|
|
|
(1,320.8)
|
|
(1,134.7)
|
|
(1,734.7)
|
|
Finance income
|
|
|
|
0.3
|
|
0.3
|
|
0.5
|
|
Cash acquired with subsidiary undertakings
|
|
|
|
-
|
|
5.2
|
|
5.2
|
|
Net cash outflow from investing activities
|
|
|
|
(1,030.6)
|
|
(1,392.3)
|
|
(2,430.6)
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from issue of shares
|
|
|
|
5,678.0
|
|
3,080.9
|
|
5,848.5
|
|
Share issue costs
|
|
|
|
(342.3)
|
|
(50.3)
|
|
(148.2)
|
|
Interest paid
|
|
|
|
(0.1)
|
|
(0.1)
|
|
(0.1)
|
|
Net cash inflow from financing activities
|
|
|
|
5,335.6
|
|
3,030.5
|
|
5,700.2
|
|
Net increase in cash in the period
|
|
|
|
2,630.9
|
|
445.1
|
|
1,035.0
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
1,389.8
|
|
353.9
|
|
353.9
|
|
Effect of exchange rate changes
|
|
|
|
0.1
|
|
9.2
|
|
0.9
|
|
Cash and cash equivalents at end of period
|
|
|
|
4,020.8
|
|
808.2
|
|
1,389.8
|
|
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2017 (unaudited)
|
|
Called up
|
|
Share
|
|
Share based
|
|
|
|
|
|
|
|
Total equity
|
|
Non-
|
|
|
|
|
|
Share
|
|
premium
|
|
payment
|
|
Warrant
|
|
Translation
|
|
Retained
|
|
shareholders
|
’
|
controllin
|
g
|
Total
|
|
|
|
capital
|
|
account
|
|
reserve
|
|
reserve
|
|
reserve
|
|
losses
|
|
funds
|
|
interests
|
|
equity
|
|
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
Balance at 1 January 2016
|
|
650.3
|
|
4,283.2
|
|
155.3
|
|
415.0
|
|
-
|
|
(3,992.1)
|
|
1,511.7
|
|
-
|
|
1,511.7
|
|
Period to 30 June 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period and total comprehensive income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
583.1
|
|
583.1
|
|
(33.3)
|
|
549.8
|
|
Other comprehensive income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
88.5
|
|
-
|
|
88.5
|
|
(78.9)
|
|
9.6
|
|
Total comprehensive income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
88.5
|
|
583.1
|
|
671.6
|
|
(112.2)
|
|
559.4
|
|
Acquisition of subsidiaries
|
|
-
|
|
-
|
|
-
|
|
68.4
|
|
-
|
|
-
|
|
68.4
|
|
(849.0)
|
|
(780.6)
|
|
Cost of share based payments
|
|
-
|
|
-
|
|
358.9
|
|
-
|
|
-
|
|
-
|
|
358.9
|
|
-
|
|
358.9
|
|
Exercise of options and warrants
|
|
-
|
|
212.2
|
|
-
|
|
(212.2)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Share issues
|
|
19.5
|
|
3,316.5
|
|
-
|
|
264.6
|
|
-
|
|
-
|
|
3,600.6
|
|
-
|
|
3,600.6
|
|
Share issue expenses
|
|
|
|
(50.3)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(50.3)
|
|
-
|
|
(50.3)
|
|
Total recognised directly in equity
|
|
19.5
|
|
3,478.4
|
|
358.9
|
|
120.8
|
|
-
|
|
-
|
|
3,977.6
|
|
(849.0)
|
|
3,128.7
|
|
Balance at 30 June 2016
|
|
669.8
|
|
7,761.6
|
|
514.2
|
|
535.8
|
|
88.5
|
|
(3,409.0)
|
|
6,160.9
|
|
(961.2)
|
|
5,199.7
|
|
Period to 31 December 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period and total comprehensive income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,234.5)
|
|
(1,234.5)
|
|
(35.6)
|
|
(1,270.1)
|
|
Other comprehensive income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(156.1)
|
|
-
|
|
(156.1)
|
|
(60.9)
|
|
(217.0)
|
|
Total comprehensive income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(156.1)
|
|
(1,234.5)
|
|
(1,390.6)
|
|
(96.5)
|
|
(1.487.1)
|
|
Acquisition of subsidiaries
|
|
-
|
|
-
|
|
-
|
|
22.8
|
|
-
|
|
-
|
|
22.8
|
|
-
|
|
22.8
|
|
Change of non-controlling interests without change in control
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(972.3)
|
|
(972.3)
|
|
1,083.9
|
|
111.6
|
|
Cost of share based payments
|
|
-
|
|
-
|
|
116.8
|
|
-
|
|
-
|
|
-
|
|
116.8
|
|
-
|
|
116.8
|
|
Exercise of options and warrants
|
|
-
|
|
160.8
|
|
-
|
|
(160.8)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Share based payment reserve no longer required
|
|
-
|
|
-
|
|
(98.5)
|
|
-
|
|
-
|
|
98.5
|
|
-
|
|
-
|
|
-
|
|
Share issues
|
|
20.5
|
|
2,881.7
|
|
-
|
|
689.8
|
|
-
|
|
-
|
|
3,592.0
|
|
-
|
|
3,592.0
|
|
Share issue expenses
|
|
-
|
|
(97.9)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(97.9)
|
|
-
|
|
(97.9)
|
|
Capital reduction
|
|
(612.8)
|
|
(9,431.6)
|
|
-
|
|
-
|
|
-
|
|
10,044.4
|
|
-
|
|
-
|
|
-
|
|
Total recognised directly in equity
|
|
(592.3)
|
|
(6,487.0)
|
|
18.3
|
|
551.8
|
|
-
|
|
9,170.6
|
|
2,661.4
|
|
1,083.9
|
|
3,745.3
|
|
Balance at 31 December 2016
|
|
77.5
|
|
1,274.6
|
|
532.5
|
|
1,087.6
|
|
(67.6)
|
|
4,527.1
|
|
7,431.7
|
|
26.2
|
|
7,457.9
|
|
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2017 (unaudited) continued
|
|
Called up
|
|
Share premium account
|
|
Share based payment reserve
|
|
Warrant reserve
|
|
Translation reserve
|
|
Total equity shareholders’ funds
|
|
Non-controlling interests
|
|
Total equity
|
|
|
|
share
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
Retained losses
|
|
£’000
|
|
£’000
|
|
£’000
|
|
|
|
capital
|
|
|
|
|
|
|
|
|
|
£’000
|
|
|
|
|
|
|
|
|
|
£’000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2017
|
|
77.5
|
|
1,274.6
|
|
532.5
|
|
1,087.6
|
|
-67.6
|
|
4,527.1
|
|
7,431.7
|
|
26.2
|
|
7,457.9
|
|
Period to 30 June 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-31.7
|
|
-31.7
|
|
-2.4
|
|
-34.1
|
|
Other comprehensive income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-0.7
|
|
-
|
|
-0.7
|
|
-0.2
|
|
-0.9
|
|
Total comprehensive income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-0.7
|
|
-31.7
|
|
-32.4
|
|
-2.6
|
|
-35
|
|
Adjustment to change of non-controlling interests without change in
control
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
53.6
|
|
53.6
|
|
-53.6
|
|
-
|
|
Cost of share based payments
|
|
-
|
|
-
|
|
162.8
|
|
263.1
|
|
-
|
|
-
|
|
425.9
|
|
-
|
|
425.9
|
|
Exercise of options and warrants
|
|
2.8
|
|
480.4
|
|
-
|
|
-
|
|
-
|
|
-
|
|
483.2
|
|
-
|
|
483.2
|
|
Warrant reserve no longer required
|
|
-
|
|
-
|
|
-
|
|
-219.9
|
|
-
|
|
219.9
|
|
-
|
|
-
|
|
-
|
|
Share issues
|
|
16.1
|
|
1,890.0
|
|
-
|
|
2,964.7
|
|
-
|
|
-
|
|
4,870.8
|
|
-
|
|
4,870.8
|
|
Share issue expenses
|
|
-
|
|
-342.3
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-342.3
|
|
-
|
|
-342.3
|
|
Total changes directly to equity
|
|
18.9
|
|
2,028.1
|
|
162.8
|
|
3,007.9
|
|
-
|
|
273.5
|
|
5,491.2
|
|
-53.6
|
|
5,437.6
|
|
Balance at 30 June 2017
|
|
96.4
|
|
3,302.7
|
|
695.3
|
|
4,095.5
|
|
-68.3
|
|
4,768.9
|
|
12,890.5
|
|
-30
|
|
12,860.5
|
|
Notes to the unaudited interim accounts
For the six months ended 30 June 2017
1. Basis of preparation
The financial statements included in the interim accounts have been
prepared under the historical cost convention and in accordance with
International Financial Reporting Standards (IFRS).
The financial statements are presented in UK pounds, which is also the
Company’s functional currency.
The principal accounting policies used in preparing these interim
accounts are those expected to apply in the Group’s Financial Statements
for the year ending 31 December 2017. These are unchanged from those
disclosed in the Group’s Annual Report for the year ended 31 December
2016.
On 16 February 2016, the Company exercised its option to acquire the
remainder of the Thai based assets of SouthEast Asia Mining Corporation
(“SEAM”), comprising its investment in SouthEast Asia Exploration and
Mining Co. Ltd and certain fellow subsidiaries. The results of the
acquired interests are included in the results for the period since
acquisition on 16 February 2016 in respect of period ended 30 June 2016
and the year ended 31 December 2016 and for the whole of the period from
1 January 2017 to 30 June 2017 on the basis set out under note 2.
Further details of the acquisition can be found in the Group’s Financial
Statements for the year ended 31 December 2016
The interim accounts were approved by the Board of Metal Tiger on 21st
September 2017. Neither the interim financial information for the six
months ended 30 June 2017 nor the interim financial information for the
six months ended 30 June 2016 constitutes statutory accounts within the
meaning of section 434 of the Companies Act 2006 and is unaudited. The
comparatives for the year ended 31 December 2016 are not the Group’s
full statutory accounts for that period. A copy of the statutory
accounts for that year has been delivered to the Registrar of Companies.
The auditors’ report on those accounts was unqualified and did not
contain statements under sections 498(2) or (3) of the Companies Act
2006. Copies of the accounts for the year ended 31 December 2016 are
available on the Company’s website (www.metaltigerplc.com).
2. Accounting policies
The principal accounting policies are:
Basis of consolidation
The Consolidated Statement of Comprehensive Income and Statement of
Financial Position include the financial statements of the Company and
its subsidiary undertakings made up to 30 June 2017.
Subsidiaries are all entities over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from the date that
control ceases.
Profit or loss and each component of other comprehensive income are
attributed to the equity holders of the parent of the Group and to
non-controlling interests, even if this results in non-controlling
interests having a deficit balance. When necessary, adjustments are made
to the financial statements of subsidiaries to bring their accounting
policies into line with the Group’s accounting policies. All intra-group
assets and liabilities, equity, income, expenses and cash flows relating
to transactions between members of the Group are eliminated in full on
consolidation.
A change in ownership interest of a subsidiary without a loss of control
is accounted for as an equity transaction. If the Group loses control
over a subsidiary, it:
● derecognises the assets (including goodwill) and liabilities of the
subsidiary
● derecognises the carrying amount of any non-controlling interests
● derecognises the cumulative translation differences recorded in equity
● recognises the fair value of the consideration received
● recognises the fair value of any investment retained
● recognises any surplus or deficit in the Statement of Comprehensive
Income
● reclassifies the parent’s share of components previously recognised in
other comprehensive income to profit or loss or retained earnings, as
appropriate, as would be required if the Group had directly disposed of
the related assets or liabilities.
When the Group ceases to have control any retained interest in the
entity is re-measured to its fair value at the date when control is
lost, with the change in carrying amount recognised in profit or loss.
The fair value is the initial carrying amount for the purposes of
subsequently accounting for the retained interest as an associate, joint
venture or financial asset. In addition, any amounts previously
recognised in other comprehensive income in respect of that entity are
accounted for as if the Group had directly disposed of the related
assets or liabilities. This may require that the amounts previously
recognised in other comprehensive income be reclassified to profit or
loss.
Business combinations
Business combinations are accounted for using the acquisition method.
The cost of an acquisition is measured as the aggregate of the
consideration transferred, measured at fair value at the date of
acquisition and the amount of any non-controlling interest in the
acquired entity. Non-controlling interests (‘NCI’) may be initially
measured either at fair value or at the NCI’s proportionate share of the
recognised amounts of the acquiree’s identifiable net assets. The choice
of measurement basis is made on a transaction-by-transaction basis.
Acquisition costs incurred are expensed and included in administrative
expenses except where they relate to the issue of debt or equity
instruments in connection with the acquisition, in which case they are
included in finance costs.
When the business combination is achieved in stages, any previously held
equity interest is re-measured at its acquisition date fair value and
any resulting gain or loss is recognised in profit or loss. It is then
considered in determination of goodwill.
Any contingent consideration to be transferred by the acquirer is
recognised at fair value at the acquisition date. Any subsequent changes
to the fair value of the contingent consideration are adjusted against
the cost of the acquisition if they occur within the measurement period
of twelve months following the date of acquisition. Any subsequent
changes to the fair value of the contingent consideration after the
measurement period are recognised in the Income Statement. Contingent
consideration that is classified as equity is not re-measured and
subsequent settlement is accounted for within equity.
Going concern
The interim financial statements have been prepared on the going concern
basis as, in the opinion of the Directors, at the time of approving the
interim financial statements, there is a reasonable expectation that the
Company will continue in operational existence for the foreseeable
future. The interim financial statements do not include any adjustments
that would result from the going concern basis of preparation being
inappropriate.
Exploration costs
Exploration costs incurred by Group companies, associates and joint
ventures are expensed in arriving at profit or loss for the period.
Investments made are capitalised as an asset where the underlying
projects have mineral resources which are compliant with internationally
recognised mineral resource standards (JORC and NI 43-101) or where the
investment is to acquire an interest in an investment or associate that
holds commercial information, assets or strategic features against which
a current commercial value can be reasonably assessed.
The JORC Code, the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves, is a professional code of
practice that sets minimum standards for public reporting of mineral
exploration results, mineral resources and ore reserves. NI 43-101 is a
national instrument for the Standards of Disclosure for Mineral Projects
within Canada which provides a codified set of rules and guidelines for
reporting and displaying information related to mineral properties owned
by, or explored by, companies which report these results on stock
exchanges within Canada.
Foreign currency translation
Transactions in foreign currencies are translated at the exchange rate
ruling at the date of the transaction.
The results of overseas operations are translated at rates approximating
to those ruling when the transactions took place. Monetary assets and
liabilities denominated in foreign currencies are translated at the
rates of exchange ruling at the Statement of Financial Position
reporting date. All exchange differences are dealt with through the
Statement of Comprehensive Income as they arise.
Investments in associates and joint ventures
Associates are entities, other than subsidiaries or joint ventures, over
which the Company has significant influence. Significant influence is
the power to participate in the financial and operating policy decisions
of the investee but does not amount to control or joint control of the
investee.
A joint venture is a contractual arrangement whereby two or more parties
undertake an economic activity that is subject to joint control. Joint
control is the contractually agreed sharing of control such that
significant operating and financial decisions require the unanimous
consent of the parties sharing control. In some situations, joint
control exists even though the Company has an ownership interest of more
than 50 per cent because joint venture partners have equal control over
management decisions. The Company’s joint venture interests are held
through a Jointly Controlled Entity (JCE). A JCE is a joint venture that
involves the establishment of a corporation, partnership or other entity
in which each venturer has a long term interest.
Exploration costs in respect of investments in associates and joint
ventures are capitalised or expensed according to the policy set out
above in respect of Group exploration costs. For associates and joint
ventures which are equity accounted for, any share of losses are offset
against loans advanced.
3. Segmental reporting
Divisional segments
Six months ended 30 June 2017
|
|
Direct
|
|
Direct
|
|
Central
|
|
Inter
|
|
|
|
|
|
Equities
|
|
Projects
|
|
costs
|
|
segment
|
|
Total
|
|
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
Net gain/(loss) on investments
|
|
2,060.3
|
|
(61.6)
|
|
0.1
|
|
-
|
|
1,998.8
|
|
Administrative expenses
|
|
(49.4)
|
|
(1,139.1)
|
|
(806.3)
|
|
-
|
|
(1,994.8)
|
|
Operating profit/(loss) for the period
|
|
2,010.9
|
|
(1,200.7)
|
|
(806.2)
|
|
-
|
|
4.0
|
|
Net finance income/(cost)
|
|
(1.4)
|
|
(30.8)
|
|
(5.9)
|
|
-
|
|
(38.1)
|
|
Profit/(loss) on ordinary activities before taxation
|
|
2,009.5
|
|
(1,231.5)
|
|
(812.1)
|
|
-
|
|
(34.1)
|
|
Taxation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Profit/(loss) for the period after taxation
|
|
2,009.5
|
|
(1,231.5)
|
|
(812.1)
|
|
-
|
|
(34.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL POSITION:
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
-
|
|
35.7
|
|
-
|
|
-
|
|
35.7
|
|
Property, plant and equipment
|
|
-
|
|
39.7
|
|
-
|
|
-
|
|
39.7
|
|
Investment in associates
|
|
-
|
|
1,294.0
|
|
-
|
|
-
|
|
1,294.0
|
|
Investment in joint ventures
|
|
-
|
|
1,246.9
|
|
-
|
|
-
|
|
1,246.9
|
|
Total non-current assets
|
|
-
|
|
2,616.3
|
|
-
|
|
-
|
|
2,616.3
|
|
Current assets
|
|
6,517.8
|
|
1,894.7
|
|
4,167.4
|
|
(1,601.8)
|
|
10,978.1
|
|
Current liabilities
|
|
-
|
|
(1,700.0)
|
|
(512.7)
|
|
1,601.8
|
|
(610.9)
|
|
Net current assets
|
|
6,517.8
|
|
194.7
|
|
3,654.7
|
|
-
|
|
10,367.2
|
|
Non-current liabilities
|
|
-
|
|
(123.0)
|
|
-
|
|
-
|
|
(123.0)
|
|
Net assets
|
|
6,517.8
|
|
2,688.0
|
|
3,654.7
|
|
-
|
|
12,860.5
|
|
Six months ended 30 June 2016
|
|
Asset Trading £’000
|
|
Metal Projects £’000
|
|
Central costs £’000
|
|
Inter segment £’000
|
|
Total £’000
|
|
COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
-
|
|
|
|
Net gain/(loss) on investments
|
|
2,135.2
|
|
(277.2)
|
|
0.2
|
|
-
|
|
1,858.2
|
|
Administrative expenses
|
|
(40.5)
|
|
(785.3)
|
|
(661.0)
|
|
-
|
|
(1.486.8)
|
|
Bargain purchase on acquisition of subsidiary
|
|
-
|
|
178.4
|
|
-
|
|
-
|
|
178.4
|
|
Operating profit/(loss) for the period
|
|
2,094.7
|
|
(884.1)
|
|
(660.8)
|
|
-
|
|
549.8
|
|
Net finance income/(cost)
|
|
-
|
|
0.1
|
|
(0.1)
|
|
-
|
|
-
|
|
Profit/(loss) on ordinary activities before taxation
|
|
2,094.7
|
|
(884.0)
|
|
(660.9)
|
|
-
|
|
549.8
|
|
Taxation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Profit/(loss) for the period after taxation
|
|
2,094.7
|
|
(884.0)
|
|
(660.9)
|
|
-
|
|
549.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL POSITION:
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
-
|
|
19.5
|
|
-
|
|
-
|
|
19.5
|
|
Investment in associates
|
|
-
|
|
204.7
|
|
-
|
|
-
|
|
204.7
|
|
Investment in joint ventures
|
|
-
|
|
340.1
|
|
-
|
|
-
|
|
340.1
|
|
Other non-current assets
|
|
-
|
|
49.6
|
|
-
|
|
-
|
|
49.6
|
|
Total non-current assets
|
|
-
|
|
613.9
|
|
-
|
|
-
|
|
613.9
|
|
Current assets
|
|
3,755.9
|
|
557.6
|
|
967.1
|
|
(336.8)
|
|
4,943.8
|
|
Current liabilities
|
|
(0.5)
|
|
(407.4)
|
|
(102.4)
|
|
336.8
|
|
(173.5)
|
|
Net current assets
|
|
3,755.4
|
|
150.2
|
|
864.7
|
|
-
|
|
4,770.3
|
|
Non-current liabilities
|
|
-
|
|
(184.5)
|
|
-
|
|
-
|
|
(184.5)
|
|
Net assets
|
|
3,755.4
|
|
579.6
|
|
864.7
|
|
-
|
|
5,199.7
|
|
Year ended 31 December 2016
|
|
Asset
|
|
Metal
|
|
Central
|
|
Inter
|
|
|
|
|
|
Trading
|
|
Projects
|
|
costs
|
|
segment
|
|
Total
|
|
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
Net gain/(loss) on investments
|
|
2,643.1
|
|
(411.7)
|
|
0.3
|
|
-
|
|
2,231.7
|
|
Administrative expenses
|
|
(30.8)
|
|
(1,438.5)
|
|
(1,768.9)
|
|
-
|
|
(3,238.1)
|
|
Bargain purchase on acquisition of subsidiary
|
|
-
|
|
155.6
|
|
-
|
|
-
|
|
155.6
|
|
Operating profit/(loss) for the period
|
|
2,612.3
|
|
(1,694.6)
|
|
(1,768.9)
|
|
-
|
|
(850.8)
|
|
Net finance income/(cost)
|
|
2.0
|
|
127.7
|
|
(0.8)
|
|
-
|
|
130.5
|
|
Profit/(loss) on ordinary activities before taxation
|
|
2,614.3
|
|
(1,566.8)
|
|
(1,767.8)
|
|
-
|
|
(720.3)
|
|
Taxation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Gain/(loss) for the period after taxation
|
|
2,614.3
|
|
(1,566.8)
|
|
(1,767.8)
|
|
|
|
(720.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL POSITION:
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
-
|
|
26.7
|
|
-
|
|
-
|
|
26.7
|
|
Property, plant and equipment
|
|
-
|
|
46.3
|
|
-
|
|
-
|
|
46.3
|
|
Investment in associates
|
|
-
|
|
743.4
|
|
-
|
|
-
|
|
743.4
|
|
Investment in joint ventures
|
|
-
|
|
1,097.6
|
|
-
|
|
-
|
|
1,097.6
|
|
Total non-current assets
|
|
-
|
|
1,914.0
|
|
-
|
|
-
|
|
1,914.0
|
|
Current assets
|
|
4,127.9
|
|
1,205.6
|
|
1,831.5
|
|
(1,002.3)
|
|
6,162.7
|
|
Current liabilities
|
|
-
|
|
(1,256.9)
|
|
(232.8)
|
|
(1,002.3)
|
|
(487.4)
|
|
Net current assets
|
|
4,127.9
|
|
(51.3)
|
|
1,598.7
|
|
-
|
|
5,675.3
|
|
Non-current liabilities
|
|
-
|
|
(131.4)
|
|
-
|
|
-
|
|
(131.4)
|
|
Net assets
|
|
4,127.9
|
|
1,731.3
|
|
1,598.7
|
|
-
|
|
7,457.9
|
|
Geographical segments
Six months ended 30 June 2017
|
|
|
|
|
|
Asia-
|
|
|
|
Inter
|
|
|
|
|
|
UK
|
|
EMEA
|
|
Pacific
|
|
Australasia
|
|
segment
|
|
Total
|
|
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain/(loss) on investments
|
|
1,038.3
|
|
(61.5)
|
|
-
|
|
1,022.0
|
|
-
|
|
1,998.8
|
|
Administrative expenses
|
|
(1,033.2)
|
|
(26.6)
|
|
(935.0)
|
|
-
|
|
-
|
|
(1,994.8)
|
|
Operating profit/(loss) for the period
|
|
5.1
|
|
(88.1)
|
|
(935.0)
|
|
1,022.0
|
|
-
|
|
4.0
|
|
Net finance income/(cost)
|
|
(7.2)
|
|
(33.1)
|
|
2.2
|
|
-
|
|
-
|
|
(38.1)
|
|
Profit/(loss) on ordinary activities before taxation
|
|
(2.1)
|
|
(121.2)
|
|
(932.8)
|
|
1,022.0
|
|
-
|
|
(34.1)
|
|
Taxation
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Profit/(loss) for the period after taxation
|
|
(2.1)
|
|
(121.2)
|
|
(932.8)
|
|
1,022.0
|
|
-
|
|
(34.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL POSITION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
-
|
|
|
|
35.7
|
|
-
|
|
-
|
|
35.7
|
|
Property, plant and equipment
|
|
-
|
|
|
|
39.7
|
|
-
|
|
-
|
|
39.7
|
|
Investment in associates
|
|
-
|
|
1,294.0
|
|
-
|
|
-
|
|
-
|
|
1,294.0
|
|
Investment in joint ventures
|
|
-
|
|
414.4
|
|
832.5
|
|
-
|
|
-
|
|
1,246.9
|
|
Total non-current assets
|
|
-
|
|
1,708.4
|
|
907.9
|
|
-
|
|
-
|
|
2,616.3
|
|
Current assets
|
|
7,154.4
|
|
-
|
|
1,894.7
|
|
3,530.9
|
|
(1,601.9)
|
|
10,978.1
|
|
Current liabilities
|
|
(512.8)
|
|
-
|
|
(1,700.0)
|
|
-
|
|
1,601.9
|
|
(610.9)
|
|
Net current assets
|
|
6,641.6
|
|
-
|
|
194.7
|
|
3,530.9
|
|
-
|
|
10,367.2
|
|
Non-current liabilities
|
|
(123.0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(123.0)
|
|
Net assets
|
|
6.518.6
|
|
1,708.5
|
|
1,102.6
|
|
3,530.9
|
|
-
|
|
12,860.5
|
|
Six months ended 30 June 2016
|
|
|
|
|
|
Asia-
|
|
Austra-
|
|
Inter
|
|
|
|
|
|
UK
|
|
EMEA
|
|
Pacific
|
|
lasia
|
|
segment
|
|
Total
|
|
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
Net gain/(loss) on investments
|
|
1,377.4
|
|
(277.0)
|
|
(0.2)
|
|
758.0
|
|
-
|
|
1,858.2
|
|
Administrative expenses
|
|
(1,276.5)
|
|
(2.5)
|
|
(207.8)
|
|
-
|
|
-
|
|
(1,486.8)
|
|
Bargain purchase on acquisition of subsidiary
|
|
-
|
|
-
|
|
178.4
|
|
-
|
|
-
|
|
178.4
|
|
Operating profit/(loss) for the period
|
|
100.9
|
|
(279.5)
|
|
(29.6)
|
|
758.0
|
|
-
|
|
549.8
|
|
Net finance income/(cost)
|
|
(0.1)
|
|
-
|
|
0.1
|
|
-
|
|
-
|
|
-
|
|
Profit/(loss) on ordinary activities before taxation
|
|
100.8
|
|
(279.5)
|
|
(29.5)
|
|
758.0
|
|
-
|
|
549.8
|
|
Taxation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Profit/(loss) for the period after taxation
|
|
100.8
|
|
(279.5)
|
|
(29.5)
|
|
758.0
|
|
-
|
|
549.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL POSITION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
-
|
|
-
|
|
19.5
|
|
-
|
|
-
|
|
19.5
|
|
Investment in associates
|
|
-
|
|
204.7
|
|
-
|
|
-
|
|
-
|
|
204.7
|
|
Investment in joint ventures
|
|
-
|
|
340.1
|
|
-
|
|
-
|
|
-
|
|
340.1
|
|
Other non-current assets
|
|
-
|
|
-
|
|
49.6
|
|
-
|
|
-
|
|
49.6
|
|
Total non-current assets
|
|
-
|
|
544.8
|
|
69.1
|
|
-
|
|
-
|
|
613.9
|
|
Current assets
|
|
3,738.7
|
|
-
|
|
557.6
|
|
984.3
|
|
(336.8)
|
|
4,943.8
|
|
Current liabilities
|
|
(120.7)
|
|
-
|
|
(389.6)
|
|
-
|
|
336.8
|
|
(173.5)
|
|
Net current assets
|
|
3,618.0
|
|
-
|
|
168.0
|
|
984.3
|
|
-
|
|
4,770.3
|
|
Non-current liabilities
|
|
-
|
|
-
|
|
(184.5)
|
|
-
|
|
-
|
|
(184.5)
|
|
Net assets
|
|
3,618.0
|
|
544.8
|
|
52.6
|
|
984.3
|
|
-
|
|
5,199.7
|
|
Year ended 31 December 2016
|
|
|
|
|
|
Asia-
|
|
Austra-
|
|
Inter
|
|
|
|
|
|
UK
|
|
EMEA
|
|
Pacific
|
|
lasia
|
|
segment
|
|
Total
|
|
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
£’000
|
|
COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain/(loss) on investments
|
|
1,165.7
|
|
(411.6)
|
|
(0.2)
|
|
1,477.8
|
|
-
|
|
2,231.7
|
|
Administrative expenses
|
|
(2,230.9)
|
|
(122.4)
|
|
(884.8)
|
|
-
|
|
-
|
|
(3,238.1)
|
|
Bargain purchase on acquisition of subsidiary
|
|
-
|
|
-
|
|
155.6
|
|
-
|
|
-
|
|
155.6
|
|
Operating profit/(loss) for the period
|
|
(1,065.2)
|
|
(534.0)
|
|
(729.4)
|
|
1,477.8
|
|
-
|
|
850.8
|
|
Net finance income/(cost)
|
|
0.8
|
|
-
|
|
92.5
|
|
37.2
|
|
-
|
|
130.5
|
|
Profit/(loss) on ordinary activities before taxation
|
|
(1,064.4)
|
|
(534.0)
|
|
(636.8)
|
|
1,515.0
|
|
-
|
|
(720.3)
|
|
Taxation
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
Gain/(loss) for the period after taxation
|
|
(1,064.4)
|
|
(534.0)
|
|
(636.9)
|
|
1,515.0
|
|
-
|
|
(720.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL POSITION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
-
|
|
-
|
|
26.7
|
|
-
|
|
-
|
|
26.7
|
|
Property, plant and equipment
|
|
-
|
|
-
|
|
46.3
|
|
-
|
|
-
|
|
46.3
|
|
Investment in associates
|
|
-
|
|
743.4
|
|
-
|
|
-
|
|
-
|
|
743.4
|
|
Investment in joint ventures
|
|
-
|
|
366.9
|
|
730.7
|
|
-
|
|
-
|
|
1,097.6
|
|
Total non-current assets
|
|
-
|
|
1,110.3
|
|
803.7
|
|
-
|
|
-
|
|
1,914.0
|
|
Current assets
|
|
4,229.4
|
|
(0.1)
|
|
1,205.6
|
|
1,730.0
|
|
(1,002.2)
|
|
6,162.7
|
|
Current liabilities
|
|
(232.8)
|
|
(10.2)
|
|
(1,192.2)
|
|
(54.4)
|
|
(1,002.2)
|
|
(487.4)
|
|
Net current assets
|
|
3,966.6
|
|
(10.3)
|
|
13.4
|
|
1,675.6
|
|
-
|
|
5,675.3
|
|
Non-current liabilities
|
|
(131.4)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(131.4)
|
|
Net assets
|
|
3,865.2
|
|
1,100.0
|
|
817.1
|
|
1,675.6
|
|
-
|
|
7,457.9
|
|
The operations of the Group are not affected by seasonal fluctuations.
4. Taxation
No corporation tax charge arises in the period as a result of
utilisation of past losses. No deferred tax asset has been recognised in
respect of remaining losses as the Directors cannot be certain that
future profits will be sufficient for this asset to be recognised.
5. Earnings/Loss per share
|
|
|
|
Unaudited
|
|
|
|
|
|
Unaudited
|
|
Six months
|
|
Audited
|
|
|
|
Six months
|
|
ended 30
|
|
Year ended
|
|
|
|
ended 30
|
|
June
|
|
31 December
|
|
|
|
June 2017
|
|
2016
|
|
2016
|
|
|
|
£’000
|
|
£’000
|
|
£’000
|
|
(Loss)/profit attributable to equity holders of the Company
|
|
(31.7)
|
|
583.1
|
|
(651.4)
|
|
Shares used for calculation of basic EPS
|
|
849,917,669
|
|
481,556,696
|
|
556,449,818
|
|
Shares used for calculation of fully diluted EPS
|
|
849,917,669
|
|
541,680,323
|
|
556,449,818
|
|
Earnings/Loss per share
|
|
|
|
|
|
|
|
Basic (loss)/earnings per share
|
|
(0.004p)
|
|
0.11p
|
|
(0.12p)
|
|
Fully diluted (loss)/earnings) per share
|
|
(0.004p)
|
|
0.10p
|
|
(0.12p)
|
|
No share options or warrants outstanding at 30 June 2017 or 31 December
2016 were dilutive in view of the loss for the period/year and all such
potential ordinary shares are excluded from the weighted average number
of ordinary shares in calculating diluted earnings per share.
6. Share options and warrants charged against operating profit
During the period, options over 59,500,00 ordinary shares in the Company
were granted to directors under the Company’s share option schemes and
the lives of certain warrants due to a director were extended, giving
rise to a charge in total to operating period amounting to £425,900 (six
months ended 30 June 2016: £358,900; year to 31 December 2016: £475,700).
The fair values of these options and warrants were determined using the
Black-Scholes pricing model. The significant inputs to the model were as
follows:
|
|
|
|
Share options
|
|
|
|
|
|
Warrant extension |
|
Date of grant/extension of grant
|
|
18/1/2017
|
|
18/1/2017
|
|
11/5/2017
|
|
|
|
22/6/2017
|
|
Vesting date
|
|
18/1/2018
|
|
18/1/2018
|
|
11/5/2018
|
|
|
|
22/6/2017
|
|
Number of options/warrants
|
|
500,000
|
|
26,000,000
|
|
33,000,000
|
|
|
|
30,000,000
|
|
Share price on date of grant/extension
|
|
1.650
|
|
1.650p
|
|
2.175p
|
|
|
|
2.100p
|
|
Exercise price per share
|
|
2.00p
|
|
3.00p
|
|
6.00p
|
|
|
|
1.60p
|
|
Risk free rate
|
|
1%
|
|
1%
|
|
1%
|
|
|
|
1%
|
|
Expected volatility
|
|
95%
|
|
95%
|
|
93%
|
|
|
|
82%
|
|
Life
|
|
3 years
|
|
3 years
|
|
3 years
|
|
|
|
1 year
|
|
Calculated fair value
|
|
0.91p
|
|
0.77p
|
|
1.18p
|
|
|
|
0.877p
|
|
7. Events since 30 June 2017
Share issues
Since 30 June 2017, a further 23,125,000 Ordinary shares have been
issued as a result of the exercise of options and warrants raising
£355,000 and 1,979,373 Ordinary shares issued in respect of payment for
services amounting to £41,445.
8. Distribution of Interim Report and Registered Office
A copy of the Interim Report will be available shortly on the Company’s
website, www.metaltigerplc.com,
in accordance with rule 26 of the AIM Rules for Companies; and copies
will be available from the Company’s registered office, 107 Cheapside,
London EC2V 6DN.
For further information on the Company, visit: www.metaltigerplc.com.
Metal Tiger plc
|
|
|
|
|
|
|
|
Michael McNeilly (Chief Executive Officer)
|
|
|
|
|
|
Tel: +44(0)20 7099 0738
|
|
Keith Springall (Finance Director)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RFC Ambrian Ltd (Nominated Adviser)
|
|
|
|
|
|
|
|
Stephen Allen
|
|
|
|
|
|
Tel: +44 (0)20 3440 6800
|
|
Bhavesh Patel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RFC Ambrian Ltd (Joint Broker)
|
|
|
|
|
|
|
|
Jonathan Williams
|
|
|
|
|
|
Tel: +44 (0)20 3440 6800
|
|
|
|
|
|
|
|
|
|
SI Capital (Joint Broker)
|
|
|
|
|
|
|
|
Nick Emerson
|
|
|
|
|
|
Tel: +44 (0) 1483 413 500
|
|
|
|
|
|
|
|
|
|
VSA Capital Limited (Joint Broker)
|
|
|
|
|
|
|
|
Andrew Monk
|
|
|
|
|
|
Tel: +44 (0)20 3005 5000
|
|
Andrew Raca
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Camarco (Financial PR)
|
|
|
|
|
|
|
|
Gordon Poole
|
|
|
|
|
|
Tel: +44 (0)20 3757 4980
|
|
James Crothers
|
|
|
|
|
|
|
|
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market
(“AIM”) with the trading code Metal Tiger and invests in high potential
mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very high return for shareholders
by investing in significantly undervalued and/or high potential
opportunities in the mineral exploration and development sector timed to
coincide, where possible, with a cyclical recovery in the exploration
and mining markets. The Company’s key strategic objective is to ensure
the distribution to shareholders of major returns achieved from
disposals.
Metal Tiger’s Metal Projects Division is focused on the
development of its key project interests in Botswana, Spain and
Thailand. In Botswana Metal Tiger has a growing interest in the large
and highly prospective Kalahari copper/silver belt. In Spain, the
Company has tungsten and gold interests in the highly-mineralised
Extremadura region. In Thailand, Metal Tiger has interests in two
potentially near-production stage silver/lead/zinc mines as well as
licences, applications and critical historical data covering antimony,
copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities
focused on the natural resource sector including physical resource
projects, new natural resource centred technologies and resource sector
related fintech opportunities. Pipeline projects deemed commercially
viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange
(formerly ISDX) partner with whom the Company is engaged.

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