Hello,

I'm not a regular poster here, but you may have bumped into me at ShareCrazy or ADVFN (where I post as 'lafiamma'). You don't seem to have a topic dedicated to Tiger Resource Finance (TIR) so I thought I'd start one!

Tiger Resource Finance www.tiger-rf.com manage a portfolio of mining companies. For background info, see today's Final Results, where the chairman talks about how he's keeping away from gold and investing in those miners whose commodities are benefitting from the current booming demand in China.

After today's final results (which caught the MMs by surprise as they were released around lunch time today), I've updated my calculations to show that at 2.25p, TIR trades at a 46% discount to current NAV...

Current Value (at 03/03/04)

Debtors + Cash Liabilities at y/e = 2,581,310 (1.1p /share)

266,852 LSE:AFE (21.5p)
109,748 TSX:AGI ($2.55) [103.25p]
1,399,500 LSE:CBM (63.5p)
83,500 LSE:CLU (83.5p)
467,370 TSX:FCO ($0.57) [23.08p]
58,333 OFEX:FRA (3.5p) [warrants valued at 0p]
70,231 NYSE:GFI ($12.3) [668.87p]
611,929 TSX: IVN ($7.75) [313.81p]
1,062,839 LSE:MNT (4.95p)
192,667 TSX: PFN ($0.84) [34.01p]
250,000 OFEX: RID (3.5p)
266,000 LSE: TYM (20p)
---------------
4,838,969

Current exchange rates:

CAN $ = 0.40491
U S $ = 0.5438

(There are 234.6million shares in issue)

Cash = 2,581,310
Loan Notes = 90,000
Investments = 4,838,969

The total Net Asset Value of Tiger Resource Finance is 7,510,279 or 3.2p / share.

Contribution
to N.A.V. : Company Name : (Number of shares held)

0.1137p African Eagle (1,241,174 shares)
0.0468p Alamos Gold (106,293 shares)
0.5965p Cambrian Mining (1,350,000 shares + 1,200,000 warrants @20p + 150,000 @50p)
0.0356p Cluff Mining (100,000 shares)
0.1992p Formation Capital Corp (2,025,000 shares)
0.0249p Franconia Minerals Corp (1,666,667 shares + 833,334 warrants @$0.09)
0.0299p Gold Fields Ltd (10,500 shares)
0.2608p Ivanhoe Mines Ltd (195,000 shares)
0.4530p Minmet plc (21,471,488 shares)
0.0821p Pacific North West Capital Corp (566,500 shares)
0.1066p River Diamonds Ltd (3,333,333 shares + 6,666,666 warrants @1.5p)
0.1134p Tertiary Minerals plc (1,330,000 shares)
---------------
2.0625p /share

(Warrants calculated as mid price of share exercise price of warrant)

In addition, TIR holds 2 Loan Notes:

40,000 MIT Ventures Corp Loan Note
50,000 River Diamonds Ltd Loan Note

It is fair to assume that interest earned on cash & loan notes covers tax on gains & admin costs.

Most investment trusts trade at a 10-25% discount to their Net Asset Value. Lets be fairly conservative and apply a 25% discount to Tigers Investment Portfolio, making no discount for cash assets.

We get a discounted NAV of 6,300,537 [7,510,279 (4,838,969 x 0.25)] and share price of 2.69p

At the current share price of 2.25p, TIR is valuing the investment portfolio at 2,607,190 (after stripping out cash) a 46% discount to the listed mid-price valuation.

We're yet to see anything like the volume that propelled this share northwards last August when the Interim statement was released...



Finally, don't be put off by the spread, because you can nearly always buy and sell very close to mid price. For most of the day today, for example, when the market price was 1.9/2.2 you could buy for 2.05 and sell for 2.03...

SB ;)

Looks good - anyone else into this?

i have about three hundred thou in tiger and the same in white knight,
which i bought at one penny,all worth holding.i also think its worth looking at
cfp,i think this company will be worth a lot in time.i have about one and a half mill shares in this company.