TIDMMTR
RNS Number : 2959R
Metal Tiger PLC
26 June 2015
Metal Tiger Plc
26 June 2015
Metal Tiger Plc
("Metal Tiger" or the "Company")
Audited results for the year ended 31 December 2014
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to announce its audited results for the year ended 31
December 2014.
Highlights:
-- Net Asset Value up over 1,900%
-- Profitable (GBP296,444 cashflow turnaround from previous year)
-- Nil borrowings
-- Net Current Assets of GBP995,671
-- Market capitalisation up 420%
-- Net Asset Value - fully diluted per share up 400%
Cameron Parry CEO of Metal Tiger stated: "It is pleasing to be
able to report to market the audited financial position and
performance of the Company for the year ending 31 December 2014; in
the middle of which year, the Company became Metal Tiger. The
Company is robust and healthy and the track record demonstrated
during that period should give shareholders great confidence in
Metal Tiger's future."
Chairman's Statement
As your new Chairman, I am pleased to report on the Company's
audited results for the year ended 31 December 2014. During the
year, the Company has advanced significantly since June 2014 with a
refinancing, a new management team, a new strategic plan and a
rebranding to Metal Tiger plc.
Reflecting the strategic and operational changes employed, the
Company updated its investing policy which remains focused on
investment opportunities in the natural resources sector.
Cameron Parry joined the Board as CEO in June 2014 together with
Paul Johnson as a Non-Executive Director, who was subsequently
appointed as an Executive Director in January 2015. I was appointed
Chairman in September 2014 succeeding Alex Borrelli who remains a
Non-Executive Director of the Company. Nicholas Lee, a former
Director, stepped down from the Board in June 2014.
Since June 2014 Metal Tiger has been highly active and has built
a diverse portfolio of investments under two divisions: Direct
Equities and Direct Projects. Direct Equities include strategic
investments in fellow AIM quoted resource exploration and
development companies including equity and warrant holdings. Direct
Projects include interests in project specific Joint Ventures with
partners exploring for precious, strategic and energy metals, with
projects located in Spain, Thailand and Tanzania. The Company also
has working partnerships and collaborations in respect of potential
new opportunities in precious metals exploration and development in
Russia and Turkey. These activities enabled Metal Tiger to confirm
in April 2015 it substantially implemented its Investing Policy and
satisfied the requirements of Rule 15 of the AIM Rules for
Companies.
The Company achieved a profit of GBP105,876 in the year,
compared to a loss of GBP190,568 in the previous year. Moreover the
net assets of the Company exceeded GBP1m at the year end compared
to just GBP54,000 at the previous year end. The financial
turnaround of the Company has been rapid and reflects the careful
management of business expenditure and the capital gains made by
the Company through its Direct Equities division. The Direct
Equities division continues to perform well into 2015 and has
enabled the Company to self-finance much of its investing
activities and avoid the need to rely on the secondary placing
market in what is a very difficult funding climate for resource
juniors.
Metal Tiger is well positioned to benefit from growth in the
value of its equity investments and discoveries from ground
exploration at its Joint Venture properties. In particular the
Company is well placed for the recovery and turnaround in the
resource sector, which for some years has been extremely difficult
for most junior resource companies.
I look forward to updating investors as we continue to make
progress across the Metal Tiger business, both in respect of
existing interests and new opportunities with which the Company
chooses to engage.
Finally I would like to take this opportunity to thank all the
Metal Tiger team, who have done an excellent job of growing the
Company and generating real shareholder value. I would also like to
thank our capable and supportive advisors for their assistance.
Finally and most importantly I thank our shareholders for their
support. Metal Tiger is a business through which we want to see the
shareholder confidence in us be properly financially rewarded in
the months and years ahead.
Terry Grammer
Chairman
25 June 2015
Strategic Report
RESULTS
The results of the Company for the year ended 31 December 2014
are set out on page 12 and show a profit before taxation for the
year ended 31 December 2014 of GBP105,876 (2013 - loss
GBP190,568).
REVIEW OF THE BUSINESS
The Directors have continued with the policy to invest in
companies that are active in the natural resources sector. The
developments as announced during the year are set out below.
Fund raisings, loans and management changes
On 16 June 2014, the Company completed the subscription for
GBP400,000 of new ordinary shares in order to pursue a new
investing policy focused on projects in South East Asia and mining
projects in production. The Board was strengthened with the
appointment of Cameron Parry as Chief Executive Officer and Paul
Johnson as a non-executive director and the Company's name was
changed to Metal Tiger Plc. Terry Grammer was appointed Chairman on
15 September 2014.
On 4 April 2014, the Company received the part payment of
GBP50,000 of the debt due of GBP221,000 from Energy Equity
Resources (Norway) Limited ("EER") leaving a balance of GBP171,000
due from EER.
On 16 July 2014, the Company settled the GBP60,000 term loan
from Paternoster Resources plc, which had been extended for
repayment on 31 October 2014, through the issue of 10 million new
ordinary shares at 0.5p per share and the payment of GBP17,315
including interest.
On 10 November 2014, the Company raised GBP400,000 through a
placing and subscription of new ordinary shares at 0.6p per share
to provide additional working capital and in particular to enable
further funds to be deployed towards the projects in Thailand under
the JVA and one in Spain.
South East Asia Exploration & Mining Company Ltd.
("SEAM")
On 30 July 2014, the Company signed a Memorandum of
Understanding ("MOU") with SEAM, a Thailand-based mining and
exploration company, which creates a path for Metal Tiger to take
an equity interest in prospective gold properties with applications
for exploration and mining in Thailand. Under the MOU Metal Tiger
is paying US$10,000 in cash upfront to SEAM to provide an exclusive
90-day window for Metal Tiger to complete due diligence and
finalise a joint venture agreement ("JVA") with SEAM to obtain
interests in exploration applications in Thailand;
On 27 October 2014, the Company entered into the JVA with SEAM,
the key terms of which are, subject to achievement of satisfactory
milestones, for a total consideration of US$150,000 in cash payable
in stages to SEAM for Metal Tiger to ultimately acquire a 75% joint
venture stake in the gold prospective properties the subject of the
JVA, comprising:
(a) 2 SPLAs ("Special Prospecting Licence Applications")
covering a total area of 31 sq km relating to projects in the Nakon
Sawan and Lopburi provinces within the Loei-Phetchabun part of what
is locally referred to as the 'Copper-Gold Belt'. These sites in
central Thailand which are the subject of the two respective SPLAs
are currently anticipated to obtain exploration approval in the
second half of 2015; and
(b) 2 applications covering a total area of 208 hectares in the
Chanthaburi province, in the South East of Thailand, currently
covered by historical applications held by SEAM. The properties are
located in the area locally known as the 'Gold-Antimony Belt'. It
is anticipated exploration licence approval can be obtained in late
2015.
Should Metal Tiger choose not to proceed at any juncture prior
to acquiring its 75% stake, SEAM shall retain all earlier payments
made to it, and the joint venture assets (if any) shall be realised
and distributed: (i) the first US$5,000 (or part thereof) to SEAM;
and (ii) the balance of funds to Metal Tiger.
On 12 December 2014, the Company announced that an Exclusive
Prospecting Licence ("EPL") had been granted by the Thai government
for one of the Chanthaburi properties that form part of the JVA
with SEAM and that the JVA had been amended to see Metal Tiger take
a 10% equity holding in each of the two new Thai companies
incorporated for the purpose of the JVA ("the Thai JV Companies").
An EPL is a document granted for an applicant to have sole mineral
prospecting and exploration rights within a designated area in
Thailand. An EPL is issued by the Minister of Industry and is valid
for one year, at which point the licence, subject to approval, may
be extended as an EPL, or the area issued with a Special
Prospecting Licence for five years, or should an early discovery
warrant, and subject to satisfying the necessary requirements, be
elevated to a Mining Lease.
Thai Star Resources Co., Ltd. ("ThaiStar")
On 2 September 2014, the Company agreed to acquire the
shareholding of Black Star Gold Pty Ltd ("BlackStar"), a
significant shareholder of which both Terry Grammer and Cameron
Parry are directors, in its subsidiary company, ThaiStar for nil
consideration to provide Metal Tiger with an established
Thailand-based subsidiary company suitable for its local investment
operations in Thailand.
Spanish project
The Spanish project for gold, tungsten and tin is the subject of
an exploration licence for an area of 2,987 hectares surrounding
the town of Navasfrias in the Salamanca Province of Northwest
Spain. On 9 October 2014, Metal Tiger entered into an option
arrangement and initiated due diligence but was not entirely
satisfied with the commercial terms proposed.
50/50 Joint Venture with Kibo Mining plc ("Kibo")
On 21 November 2014, the Company entered into a Memorandum of
Understanding ("MOU") with Kibo on its uranium-prospective
portfolio in Tanzania, together with an equity investment of
GBP150,000, to become a significant shareholder in Kibo and to
provide Metal Tiger with the opportunity to add value to, and
benefit from, Kibo's sites with prospectivity for uranium - a
strategic metal that the Board of Metal Tiger believes should
increase in value over the next three years in line with increasing
global demand. Through its equity shareholding in Kibo, Metal Tiger
will achieve exposure to the near-production stage of the mining
cycle phase via Kibo's near-production coal project, as well as
gaining exposure to the potential of Kibo's gold assets in
Tanzania. The portfolio consists of 43 licences, offers,
applications and tenders with a combined surface area of 9,033
square kilometres (the "Pinewood Portfolio").
On 14 January 2015, Metal Tiger announced it is satisfied with
the results of its due diligence of the Pinewood Portfolio and
would now proceed to finalise the JV agreement for uranium
exploration with Kibo. Under the MOU, by confirming due diligence
is complete and its commitment to proceed, Metal Tiger was issued
with 10 million warrants for 10 million new ordinary shares in
Kibo, with an exercise price of 3p each and a term of 3 years from
the date of issue. Metal Tiger has also entered into exclusive
discussions with Kibo to agree the terms of a Joint Venture on
Kibo's gold-prospective Morogoro South project.
New Project Collaboration & Investment Agreement (the
"Agreement") with Eurasia Mining plc
("Eurasia")
On 24 December 2014, the Company entered into the Agreement that
includes a direct equity investment of GBP150,000 by Metal Tiger
for 30,000,000 new ordinary shares in Eurasia at 0.5p per share
which enables the Company to invest directly in Eurasia as well as
engage with new investment opportunities identified by the Eurasia
team. A key to this collaboration is the expansion of Metal Tiger's
investment reach by partnering with locally focussed companies with
established ground operations, in particular with the potential
receipt of a mining licence at West Kytlim that would enable
Eurasia to move into Platinum Group Metals production
activities.
Under the terms of the Agreement, Metal Tiger was granted the
right of first refusal to participate and co-fund, on an equal
basis with Eurasia, any new projects or investments undertaken by
Eurasia for the period of 18 months from the date of the Agreement
but does not include the Eurasia projects known as the Urals
Alluvial Platinum project and the Kola PGM project. As part of the
transaction, Eurasia issued to Metal Tiger warrants over 30,000,000
new ordinary shares in Eurasia, exercisable within a three-year
term at an exercise price of 1p each. However, should Eurasia
announce to market receipt of a licence to mine platinum in respect
of the West Kytlim project, then the exercise price of any Metal
Tiger Warrants that have not been exercised by that date will be
increased by 50% to 1.5p each.
FUTURE DEVELOPMENTS
Further 50/50 Joint Venture with Kibo Mining plc ("Kibo")
On 19 January 2015, Metal Tiger announced that it had entered
into a Memorandum of Understanding for a 50/50 Joint Venture with
Kibo Mining plc ("Kibo") on its Morogoro South gold-prospective
exploration portfolio in Tanzania ("Morogoro Portfolio"). The
Morogoro Portfolio has a number of exploration rights in central
Tanzania, consisting of 18 licences, offers, applications and
tenders covering a combined surface area of approximately 1,411
square kilometres.
On 26 February 2015, Metal Tiger announced that it had completed
its due diligence and that activities had commenced with the first
funds paid to Kibo under the Joint Venture. The terms of the JV
provide for Metal Tiger to pay for the ongoing licence renewal fees
and other maintenance costs for a minimum of 12 months (estimated
to be approximately US$100,000 p.a.) and up to a maximum of 3 years
within which timeframe Metal Tiger is to expend a total of
US$800,000 on project costs (including licence renewal fees) and an
agreed exploration work program, to maintain its 50% interest in
the JV. Should Metal Tiger expend less than a total of US$800,000
whilst maintaining the Morogoro Portfolio licences, but not less
than US$300,000 then Metal Tiger's 50% interest in the JV will
revert to a 10% free carry on the Morogoro Portfolio. Should Metal
Tiger expend less than $300,000 in total then Metal Tiger's total
interest in the JV shall revert to Kibo.
As part of the JV, Kibo will issue Metal Tiger with warrants
over 10,000,000 new ordinary shares in Kibo, exercisable within a
three-year term at an exercise price of 9p each but subject to a
mechanism to increase the warrant exercise price in the event
Kibo's share price trades at a significant premium.
Further re Spanish project
Discussions continued with the vendor and on 13 March 2015,
Metal Tiger entered into a binding Memorandum of Understanding to
commence funding exploration activities for gold and tungsten in
Spain under a Joint Venture in which Metal Tiger has the right to
earn-in up to a 50% interest.
Investment agreement with Ariana Resources plc ("Ariana")
On 5 February 2015, Metal Tiger entered into an investment
agreement with Ariana that includes a direct equity investment of
up to GBP150,000 by Metal Tiger comprising GBP75,000 subscription
for 8,333,333 new ordinary shares at 1.8p per share with attaching
warrants in Ariana at the same price over a three period and an
option to subscribe for GBP75,000 on the same terms but subject to
an increase in the exercise price to 2.7p if Ariana disposes of its
Salinbas/Ardala interest for in excess of $15 million. The
investment enables Ariana to concentrate on final permitting, mine
construction and the planned first gold pour from Kiziltepe,
scheduled for next year.
Metal Tiger also entered into a collaboration with Ariana with
regard to exciting new resource opportunities in Turkey and notably
in respect of the opportunities that may emerge from the impending
fresh licence auctions in-country.
Metal Tiger announced on 7 April 2015 its agreement to invest an
additional GBP100,000 in Ariana at 0.9p per share to acquire a
further 11,111,111 shares and will receive 11,111,111 warrants to
subscribe for new ordinary shares in Ariana at 1.8p per share with
a three year exercise period.
Investment Divisions
Metal Tiger now operates through two investment divisions,
Direct Equities and Direct Projects, which are now embedded and
fully operational.
Direct Equity investments are in mineral exploration and
development AIM-quoted companies, including shares and
warrants.
Direct Project joint venture interests are in projects in Spain
for gold and tungsten, Thailand for gold, copper and antimony; and
in Tanzania for gold and uranium.
KEY PERFORMANCE INDICATORS
COMPANY STATISTICS 31 December 31 December
2014 2013 Change %
-------------------------------------- ------------ ----------- --------
Net asset value GBP1,030,929 GBP54,016 +1915%
Net asset value - fully diluted per
share 0.46p 0.09p +400%
Closing share price 0.90p 0.70p +29%
Share price premium/(discount) to net
asset value - fully diluted 100% 87% +15%
Market capitalisation GBP2,253,000 GBP433,000 +420%
-------------------------------------- ------------ ----------- --------
PRINCIPAL RISKS AND UNCERTAINTIES
The main business risk is considered to be investment risk. The
Directors intend to mitigate this risk by carrying out a
comprehensive and thorough project review of any potential
investment in which all material aspects will be subject to
rigorous due diligence. The Directors believe that the Company has
sufficient cash resources to pursue its investment strategy.
GOING CONCERN
As disclosed in Note 2, after making enquiries, the Directors
have a reasonable expectation that the Company will have adequate
resources to continue in operational existence for the foreseeable
future. For this reason, they continue to adopt the going concern
basis in preparing the financial statements.
By order of the Board
Cameron Parry
CEO
24 June 2015
Metal Tiger PLC
Statement of Comprehensive Income for the year ended 31 December
2014
2014 2013
Note GBP GBP
------------------------------------------- ---- --------- ---------
Gain/(loss) on disposal of investments 12 94,570 (29,875)
Movement in fair value of investments 12 611,750 13,300
Investment income 4 520 -
------------------------------------------- ---- --------- ---------
Net gain/(loss) on investments 706,840 (16,575)
Administrative expenses (597,676) (169,966)
OPERATING PROFIT/(LOSS) 5 109,164 (186,541)
Finance costs 7 (3,288) (4,027)
PROFIT/(LOSS) FOR THE YEAR BEFORE TAXATION 105,876 (190,568)
Tax on loss on ordinary activities 8 - -
------------------------------------------- ---- --------- ---------
NET PROFIT/(LOSS) AND TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR 105,876 (190,568)
------------------------------------------- ---- --------- ---------
EARNINGS PER SHARE
Basic earnings/(loss) per share 9 0.1p (0.3)p
Fully diluted earnings/(loss) per share 9 0.1p (0.3)p
------------------------------------------- ---- --------- ---------
All amounts relate to continuing activities.
Statement of Changes in Equity for the year ended 31 December
2014
Share based
Share Share payment Retained Total
capital premium reserve losses equity
GBP GBP GBP GBP GBP
-------------------------- --------- ---------- ------------ ------------ ----------
BALANCE AT 1 JANUARY
2013 619,058 2,893,565 9,298 (3,294,761) 227,160
-------------------------- --------- ---------- ------------ ------------ ----------
Loss for the year and
total comprehensive
loss for the year - - - (190,568) (190,568)
-------------------------- --------- ---------- ------------ ------------ ----------
Cost of share based
payments - - 17,424 - 17,424
BALANCE AT 31 December
2013 619,058 2,893,565 26,722 (3,485,329) 54,016
Profit for the year
and total comprehensive
income for the year - - - 105,876 105,876
-------------------------- --------- ---------- ------------ ------------ ----------
Cost of share based
payments - - 44,837 - 44,837
Share issues 18,847 867,653 - - 886,500
Share issue expenses - (60,300) - - (60,300)
-------------------------- --------- ---------- ------------ ------------ ----------
BALANCE AT 31 December
2014 637,905 3,700,918 71,559 (3,379,453) 1,030,929
-------------------------- --------- ---------- ------------ ------------ ----------
Statement of Financial Position for the year ended 31 December
2014
2014 2013
Note GBP GBP
----------------------------- ---- ----------- -----------
NON-CURRENT ASSETS
Investment in joint ventures 11 35,258 -
----------------------------- ---- ----------- -----------
35,258 -
----------------------------- ---- ----------- -----------
CURRENT ASSETS
Investments held for trading 12 885,500 -
Trade and other receivables 13 23,352 236,116
Cash and cash equivalents 14 185,428 14,389
----------------------------- ---- ----------- -----------
1,094,280 250,505
----------------------------- ---- ----------- -----------
CURRENT LIABILITIES
Short term borrowings 15 - 60,000
Trade and other payables 16 98,609 136,489
98,609 196,489
----------------------------- ---- ----------- -----------
NET ASSETS 1,030,929 54,016
----------------------------- ---- ----------- -----------
EQUITY
Share capital 17 637,905 619,058
Share premium account 17 3,700,918 2,893,565
Share based payment reserve 71,559 26,722
Retained losses (3,379,453) (3,485,329)
----------------------------- ---- ----------- -----------
TOTAL EQUITY 1,030,929 54,016
----------------------------- ---- ----------- -----------
Statements of Cash Flows for the year ended 31 December 2014
Notes 2014 2013
GBP GBP
-------------------------------------------------- ----- ---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) before taxation 105,876 (190,568)
Adjustments for:
(Profit)/loss on disposal of trading investments (94,570) 16,575
Movement in fair value of investments (611,750) -
Share based payment charge for year 44,837 17,424
Impairment of other receivables 178,626 -
Finance income (520) -
Finance costs 3,288 4,027
Operating cashflow before working capital
changes (374,213) (152,542)
Decrease/(increase) in trade and other
receivables 34,138 (45,771)
Increase in trade and other payables 147 57,677
-------------------------------------------------- ----- ---------- ----------
Net cash outflow from operating activities (339,928) (140,636)
-------------------------------------------------- ----- ---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from investment disposals 140,820 30,041
Purchase of investment in joint ventures (35,258) -
Purchase of investments held for trading (320,000) -
Finance income 520 -
Net cash (outflow)/inflow from investing
activities (213,918) 30,041
-------------------------------------------------- ----- ---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 802,500 -
Share issue costs (60,300) -
Proceeds from short term loan - 60,000
Repayment of loan (10,000) -
Interest paid (7,315) -
Net cash inflow from financing activities 724,885 60,000
-------------------------------------------------- ----- ---------- ----------
NET DECREASE IN CASH AND CASH EQUIVALENTS 171,039 (50,595)
Cash and cash equivalents brought forward 14,389 64,984
CASH AND CASH EQUIVALENTS CARRIED FORWARD 14 185,428 14,389
-------------------------------------------------- ----- ---------- ----------
Notes to the financial statements for the year ended 31 December
2014
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION
The Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) and IFRIC
interpretations as adopted by the European Union and the Companies
Act 2006 applicable to companies reporting under IFRSs. The
Financial Statements have also been prepared under the historical
cost basis, except for Investments held for trading which are
recognised at fair value.
The preparation of financial statements in conformity with IFRSs
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Company's accounting policies. The areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the Financial
Statements, are disclosed later in these accounting policies.
The principal accounting policies adopted in the preparation of
these financial statements are set out below. These policies have
been consistently applied throughout all periods presented in the
financial statements. Figures are all presented in pounds
sterling.
At the year end Metal Tiger plc had two subsidiaries, Metal
Horse Limited and Thai Star Resources Co., Ltd (see note 10). Since
incorporation, Metal Horse Limited has not commenced operations and
has no material assets or liabilities, and the activities, assets
and liabilities of Thai Star Resources Co., Ltd are not considered
material. Consequently no consolidated financial statements have
been prepared on the basis that in accordance with section 405 of
the Companies Act 2006 the inclusion of these companies is not
material for the purpose of giving a true and fair view.
An overview of standards, amendments and interpretations to
IFRSs issued but not yet effective, and which have not been adopted
early by the Company are presented below under 'Statement of
Compliance'.
GOING CONCERN
The financial statements are required to be prepared on the
going concern basis unless it is inappropriate to do so. At the
year-end the Company had no borrowings and net current assets of
GBP995,671 including cash balances of GBP185,428 and quoted
investments of GBP829,500, and since the year end has raised
additional equity funds of GBP475,000. The Directors have prepared
cash flow forecasts through to 30 June 2016 which demonstrate that
the Company is able to meet its commitments as they fall due. On
this basis, the Directors have a reasonable expectation that the
Company has adequate resources to continue operating for the
foreseeable future. For this reason they continue to adopt the
going concern basis in preparing the Company's financial
statements.
2. Operating Loss
OPERATING PROFIT/(LOSS)
2014 2013
GBP GBP
-------------------------------------------------- ------- -------
Profit/(loss) from operations is arrived
at after charging:
Wages and salaries 141,134 44,671
Share based payment expense - options 33,825 17,424
Share based payment expense - warrants 11,012 -
Impairment of other receivables 178,626 -
Operating lease expense - property 6,258 -
-------------------------------------------------- ------- -------
AUDITOR'S REMUNERATION
During the year the Group obtained the following services
from the Company's auditor:
2014 2013
GBP GBP
-------------------------------------------------- ------- -------
Fees payable to the Company's auditor for
the audit of the company's financial statements 15,000 12,000
-------------------------------------------------- ------- -------
3. EARNINGS PER SHARE
The basic earnings per share is based on the profit/(loss) for
the year divided by the weighted average number of shares in issue
during the year. The weighted average number of ordinary shares for
the year ended 31 December 2014 assumes that all shares have been
included in the computation based on the weighted average number of
days since issue.
2014 2013
GBP GBP
---------------------------------------------- ------------ ------------
Profit/(loss) attributable to equity holders
of the Company:
Continuing and total operations 105,876 (190,568)
---------------------------------------------- ------------ ------------
No of shares No of shares
---------------------------------------------- ------------ ------------
Weighted average number of ordinary shares
in issue for basic earnings 135,661,967 61,905,803
Weighted average of exercisable share options
and warrants 7,139,123 -
---------------------------------------------- ------------ ------------
Weighted average number of ordinary shares
in issue for fully diluted earnings 142,801,090 61,905,803
---------------------------------------------- ------------ ------------
Pence per Pence per
share share
---------------------------------------------- ------------ ------------
EARNINGS PER SHARE - BASIC:
- Continuing and total operations 0.1p (0.3)p
EARNINGS PER SHARE - FULLY DILUTED:
- Continuing and total operations 0.1p (0.3)p
---------------------------------------------- ------------ ------------
The Company has issued 53,333,329 new ordinary shares and
53,333,329 warrants since the year end which will also have a
dilutive effect.
4. INVESTMENTS HELD FOR TRADING
2014 2013
GBP GBP
------------------------------------------------ ---------- ---------
At 1 January - Quoted investments at fair
value - 46,616
Acquisitions 320,000 -
Disposal proceeds (140,820) (30,041)
Gain/(Loss) on disposal of investments 94,570 (29,875)
Movement in fair value of investments 611,750 13,300
------------------------------------------------ ---------- ---------
At 31 December - Quoted investments at
fair value 885,500 -
------------------------------------------------ ---------- ---------
Categorised as:
Level 1 - Quoted investments 829,500 -
Level 3 - Unquoted investments - share
warrants 56,000 -
------------------------------------------------ ---------- ---------
885,500 -
The table of investments sets out the fair value measurements
using the IFRS 7 fair value hierarchy. Categorisation within
the hierarchy has been determined on the basis of the lowest
level of input that is significant to the fair value measurement
of the relevant asset as follows:
Level 1 - valued using quoted prices in active markets for
identical assets.
Level 2 - valued by reference to valuation techniques using
observable inputs other than quoted prices included within
Level 1.
Level 3 - valued by reference to valuation techniques using
inputs that are not based on observable market data.
The valuation techniques used by the company are explained
in the accounting policy note, "Critical accounting estimates
and judgements". The following key inputs have been used
in the valuation model: Risk free rate 0.7% and Volatility
76%.
LEVEL 3 FINANCIAL ASSETS
Reconciliation of Level 3 fair value measurement of financial
assets:
2014 2013
GBP GBP
---------------------------------------------------- -------------- ---------
At 1 January - -
Purchases 31,852 -
Movement in fair value 24,148 -
---------------------------------------------------- -------------- ---------
At 31 December 56,000 -
---------------------------------------------------- -------------- ---------
Level 3 valuation techniques used by the Company are explained
on page 17 (Fair value of investments held for trading). A
20% movement in the volatility estimate would result in a GBP26,000
impact on the fair value.
5. TRADE AND OTHER RECEIVABLES
2014 2013
GBP'000 GBP'000
------------------------------------------ ----------- ----------
Other debtors 13,963 230,628
Prepayments and accrued income 9,389 5,488
Total 23,352 236,116
The fair value of trade and other receivables is considered
by the Directors not to be materially different to carrying
amounts.
6. TRADE AND OTHER RECEIVABLES
2014 2013
GBP GBP
-------------------------- ------- ------
Cash at brokers 790 16
Cash at bank 184,638 14,373
-------------------------- ------- ------
Cash and cash equivalents 185,428 14,389
-------------------------- ------- ------
The fair value of cash and cash equivalents at 31 December 2014
is considered by the Directors not to be materially different to
carrying amounts.
7. BORROWINGS
2014 2013
GBP GBP
----------------- ------ -------
Short term loan - 60,000
Total - 60,000
----------------- ------ -------
The short term loan received from Paternoster Resources plc
carried interest at 10% per annum and was settled during the year
(see note 20).
8. PUBLICATION OF ANNUAL REPORT AND ACCOUNTS AND ANNUAL GENERAL MEETING
The Annual Report and Accounts for the year ended 31 December
2014, along with an explanatory note for shareholders, will be
published on 25 June 2015 and are expected to be available shortly
to view and download from Metal Tiger's existing website
(www.metaltigerplc.com) in accordance with rule 26 of the AIM Rules
for Companies together with a notice of annual general meeting. The
AGM is scheduled to take place at 200 Strand, London, WC2R 1DJ at
4.00 p.m. on 30 July 2015.
For further information on the Company, visit:
www.metaltigerplc.com:
Metal Tiger Plc
Cameron Parry (CEO) Tel: +44 (0)207 099 0738
Paul Johnson (Executive Director) Tel: +44 (0)7766 465 617
Spark Advisory Partners Limited (Nominated Tel: +44 (0) 2033 683 555
Adviser)
Sean Wyndham-Quin
Neil Baldwin
SI Capital (Sole Broker) Tel: +44 (0) 1483 413 500
Nick Emerson
Andy Thacker
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
providing a potential non-debt financing instrument and enhanced
return potential.
The Direct Projects division invests in operational mineral
exploration projects with current investments in Spanish Gold &
Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and
Uranium. The Direct Projects investment division also has working
collaborations to identify new investment opportunities in Russia
(platinum focus) and Turkey (gold focus), in association with
experienced in-country partners.
Metal Tiger's target is to deliver a 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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