Tiger Resource Finance

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16/08/2002

Tiger Resource Finance, the Aim-listed investment group steered by antipodean company backer Bruce Rowan, has increased its interim profits from �9,400 to �738,200. With �2.6m in cash, the firm will now take its time before making its next commitment.

After losing �147,500 last year, Tiger, which was set up to back Rowan's judgment and support issues he likes, now shows recognised gains of �1m for the six months to June. Pre-tax operating profits meanwhile hit �738,190. Net assets rose in the six months, from 1.46p a share in December to 1.91p - 60% of it represented by cash of �2.6m. Tiger took its biggest profit on selling shares in gold-mining play Brancote, which is being taken over by the Meridien group. This is at an average 232p a share, against a buying price of 180p. Rowan expresses satisfaction with most of Tiger's remaining holdings, which include Ivanhoe Mines, National Gold and Cluff Mining. One dog is AuIron Energy - a London-quoted Australian group whose shares have plunged from more than 50p to 3.25p after problems with a steel process on which a major South Australian project depended. AuIron is also reassessing its Ballymoney lignite project in Northern Ireland. Pacific North West Capital is another headache, says Rowan. But he argues that six out of eight operations are going well, and that this is a satisfactory proportion. Rowan complains that good deals are hard to find right now, but contends that the stock market will not turn upwards for two months or more, which gives Tiger time to identify more winners. Tiger shares have not been sparkling performers, so far. At 1.25p, they are 40% off their high and trade at a 34% discount to assets.