RNS Number:3341O
Tiger Resource Finance PLC
05 August 2003
TIGER RESOURCE FINANCE PLC
Chairman's Statement and Interim Results
for the six months ended 30 June 2003
The six months ending 30 June 2003 produced a net operating profit before tax of
#67,569 (30 June 2002 - #738,190) and the Net Asset Value (NAV) per share on 30
June 2003 was 1.83p (30 June 2002 - 1.91p). The total Net Assets of the company
are #4.29 million compared to #4.28 million at the same time last year.
I am pleased to report that the first half results continue to show significant
progress for your company with the strategy of aggressive selling and judicious
buying resulting in a stable portfolio of cash and investments. The period, 1
January to 30 June 2003, has been positive in that considerable gains have been
realised from the sale of the Rio Narcea Gold Mines and Ivanhoe Mines
investments. Our largest investment is Minmet plc, which at the period end shows
a 32% increase compared to the original cost of the investment.
The approach to investments remains cautious with numerous companies seen but
few investments made, since very few companies seen, meet the stringent
investment requirements imposed by your Board. We strongly believe that the
conservation of cash has placed your company in a strong position for selective
investment in what we perceive to be an emerging resource market. Your Board
perceives market conditions to be improving, albeit slowly for the resource
sector. An encouraging factor is the increasing confidence emerging from Far
East Asia and China, which should impact favourably on base metal prices. The
gold price has held up reasonably well and platinum has made strong gains with
palladium showing modest signs of recovery.
We are seeing many examples of companies changing their listing domain
concurrent with the need for further working capital. Such situations present a
unique opportunity for Tiger to underwrite a portion of the listing, whist
providing interim working capital. Cambrian Mining plc represented such an
opportunity and Tiger now holds 10% of Cambrian, which recently moved from OFEX
to the AIM market.
Your Board recognises the risk of passive investments made without internal
company knowledge and ongoing representation in the decision making process.
Consequently a portion of future investment actions will be proactive providing
the solution to quality companies seeking a listing and funding. After reverse
or structured acquisition, the intent is that Tiger will have a significant
position in an emerging entity with sound management and good prospects.
We anticipate the second half of 2003 to see stronger markets in general and a
much stronger resource market consistent with traditional trends for the current
part of the cycle. Having strong cash and portfolio positions and no debt, your
Board believes that Tiger is very well positioned to take advantage of the
anticipated upsurge and produce above industry average returns for its
shareholders.
Bruce Rowan
Chairman
4 August 2003
Portfolio Holdings at 30 June 2003
Shareholdings Number Cost Valuation Number Valuation
30/06/03 30/06/03 30/06/03 30/06/02 30/06/02
# # #
African Eagle Resources plc 1,241,274 112,264 79,125 - -
Alamos Gold Inc 106,293 27,611 52,668 500,000 120,690
Auiron Energy Inc - - - 736,000 34,960
Cambrian Mining plc 1,200,000 300,000 384,000 - -
Cluff Mining plc 100,000 178,477 125,000 100,000 275,000
Formation Capital Corp 1,350,000 161,777 85,135 1,350,000 232,759
Gold Fields Ltd 10,500 32,759 76,276 10,500 81,303
Ivanhoe Mines Inc 195,000 168,222 293,378 460,000 604,741
Minmet plc 31,471,488 434,358 572,781 - -
Pacific North West Capital Corp 566,500 107,682 117,383 566,500 134,300
Rio Narcea Gold Mines - - - 620,000 414,224
1,523,150 1,785,746 1,897,977
Profit & Loss Account
Six months ended 30 June, 2003
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 June 03 30 June 02 31 Dec 02
# # #
Administrative expenses -127,088 -91,845 -212,751
OPERATING LOSS -127,088 -91,845 -212,751
Investment income 100,746 799,263 563,528
Other operating income 53,105 0 0
Interest receivable 40,806 30,772 72,594
OPERATING PROFIT ON ORDINARY ACTIVITIES 67,569 738,190 423,371
BEFORE TAXATION
Tax on profit on ordinary activities -160,452 -193,011 -72,943
PROFIT/(LOSS) ON ORDINARY ACTIVITIES -92,883 545,179 350,428
AFTER TAXATION
Basic earnings/(loss) per share (0.04p) 0.24p 0.16p
Diluted earnings/(loss) per share (0.04p) 0.24p 0.16p
Statement of Total Realised Gains and Losses
Six months ended 30 June, 2003
(Unaudited) (Unaudited) (Audited)
30 June 03 30 June 02 31 Dec 02
# # #
Profit/(loss) for the period -92,883 545,179 350,428
Unrealised gains on fixed asset investments 169,557 474,995 730,591
Unrealised losses on fixed asset investments -100,668 0 -120,483
Tax on gains/losses on fixed asset investments 0 0 -15,124
Total recognised gains/(losses) -23,994 1,020,174 945,412
Balance Sheet
As 30 June, 2003
(Unaudited) (Unaudited) (Audited)
30 June 03 30 June 02 31 Dec 02
# # #
FIXED ASSETS
Financial assets
Quoted investments - at market value 1,785,748 1,897,977 2,042,213
CURRENT ASSETS
Debtors 311,665 37,397 29,739
Cash at bank and in hand 2,496,386 2,594,358 2,378,708
2,808,051 2,631,755 2,408,447
CREDITORS
Amounts falling due within one year -304,522 -253,405 -137,390
NET CURRENT ASSETS/ (LIABILITIES) 2,503,529 2,378,350 2,271,057
TOTAL ASSETS LESS CURRENT LIABILITIES 4,289,277 4,276,327 4,313,270
CAPITAL AND RESERVES
Called up share capital 2,345,819 2,234,114 2,345,819
Share premium account 1,550,856 1,550,856 1,550,856
Revaluation reserve account 262,597 474,995 734,770
Profit and loss account 130,005 16,362 -318,175
SHAREHOLDERS FUNDS 4,289,277 4,276,327 4,313,270
Interim Report - Notes
1 The information relating to the six months periods ended 30 June 2003 and 30 June 2002 is unaudited. The
information relating to the year ended 31 December 2002 is extracted from the audited accounts of the company
which have been filed at companies House and on which the auditors issued an unqualified report.
2 The above financial information does not constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985.
3 Earnings /Losses per ordinary share included in Profit and Loss statement is based on the weighted average
number of shares of 234,581,919.
4 Copies of this interim report are availableto the public, free of charge, from 7/8 Kendrick Mews, London SW7
3HG, during normal office hours. A copy will also be posted on Tiger Resource Finance plc's website
www.tiger-rf.com.
5 P&L reserves include a credit of #541,062, being a transfer from revaluation reserves of prior period
unrealised gains realised in the current period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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