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TIGER RESOURCES LIMITED (ASX.TGS)

ASX, Legal & CGT Status
Former (or subsequent) names
CompanyFROMTO
TIGER RESOURCES LIMITED01/02/2002
TIGER RESOURCES NL01/02/2002
Shareholder links
Our website ranking of TGS: rating 5
(5 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Computershare Perth
Level 17, 221 St Georges Terrace, Perth WA 6000
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 3 9473 2500
RegistryWebsite RegistryEmail

Company details
ISIN: AU000000TGS2
Address: Level 4 1 Havelock Street West Perth Western Australia 6005
Tel:  +61 8 6188 2000 Fax: +61 8 6188 2099

Date first listed: 08/05/1997

Sector: Materials
Industry Group: XMJ
Activities: Discovery or acquisition of oxide Copper/Cobalt/Gold/Platinum/Palladium/Uranium deposits in the Democratic Republic of Congo and Brazil

all shares in the company were transferred for NIL consideration to the Deed of Company Arrangement proponent on 19 November 2021

13/04/2022

Robert Michael Kirman and Robert Conry Brauer appointed administrators

05/11/2020

On 6 December 2019, Tiger Resources Limited (Tiger or Company) announced that it had determined to propose a debt restructure by way of a creditors' scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (Corporations Act) (Scheme). The Federal Court of Australia (Court) approved the Scheme on 21 February 2020. The Court's orders approving the Scheme have been lodged with the Australian Securities and Investments Commission on 27 February 2020, and the Scheme became legally effective on satisfaction of the final condition precedent on 25 March 2020. The Company is pleased to advise that on 11 June 2020 the Scheme was implemented to the following effect: "¢ the US$222.9 million (as at 31 December 2019) Tranche A secured debt owed by SEK to the Scheme creditors has been reduced to US$65.9 million and its maturity date amended from 31 January 2024 to 31 December 2025; "¢ the US$13.8 million (as at 31 December 2019) Tranche D secured debt owed by SEK has been reduced to US$4.1 million and its maturity date amended from 18 July 2020 to 31 December 2024; "¢ the US$30 million (US$23.3 million as at 31 December 2019) Tranche E secured debt owed by SEK has had its maturity date amended from 31 December 2020 to 31 December 2024; and "¢ in consideration for the compromise of Tranche A and D secured debt, the Company has issued 256,284,599,536 fully paid ordinary shares in accordance with the terms of the Scheme, representing 99.12% of the Company's total issued capital. (Note that the 256 billion shares issued to creditors means pre-existing shareholders now own less than 1% of what was their company!)

12/06/2020

delisted from the commencement of trading on 3 February 2020 pursuant to Listing rule 17.12.

03/02/2020

we understand this company failed and ASX removed the company from listing because its securities have not been quoted for more than three years

03/02/2020

The company lodges its Quarterly Activities Report.

30/01/2020

The first court hearing for the scheme was held on 20 December 2019. On 23 December 2019, the Federal Court of Australia made orders in relation to the scheme, including for the dispatch of the scheme booklet to the scheme creditors and the convening of a meeting of the scheme creditors to consider and, if thought fit, approve the scheme. The scheme meeting will be held at 10.00am (Perth time) on 5 February 2020 at King & Wood Mallesons, Level 30, QV1 Building, 250 St Georges Terrace, Perth, Western Australia, Australia. Only the company's scheme creditors are entitled to be present and vote at the scheme meeting.

24/12/2019

The company lodges its Half Yearly Report & Accounts.

17/12/2019

The company lodges its Full Year Report & Statutory Accounts.

17/12/2019

The company has determined to progress a proposal to restructure its balance sheet which, if implemented, will have the effect of significantly reducing its debt obligations and extending the maturity of remaining debt. The company has filed documentation with ASIC with respect to a proposed creditors' scheme of arrangement pursuant to which a substantial amount of its senior debt will be converted into ordinary shares in the company. Taurus Mining Finance Fund and QMetco Limited have signed a further deed of forbearance, providing forbearance relief in relation to certain defaults which have arisen under the financing arrangements and as a result of the progress and implementation of the debt restructure proposal, until the earlier of, amongst other things, 31 December 2020 or implementation of the debt restructure proposal. The company has now agreed with each of its senior lenders; Taurus, QMetco and International Finance Corporation to amend the terms of the QMetco facility so that the company may access the Tranche 3 funds without shareholder approval. This amendment will resolve Tiger's critical funding need and provide it with the funds necessary to progress the debt restructure proposal. As the company's capital structure will not be appropriate for continued listing, it will be de-listed from the ASX on 3 February 2020 under ASX's long term suspended entity policy.

06/12/2019

As the company has been working with its senior lenders in relation to a more holistic restructure of the company's current debt position, the company will not be convening a meeting of shareholders by 30 November 2019. The company is currently in discussions with QMetco regarding its ability to access the Tranche 3 funds without shareholder approval. The company has been reviewing its cash flow requirements for the current period which suggest a need for a broader capital restructure in the near term. The company is also seeking additional forbearance agreements from its senior lenders in relation to certain defaults which may arise during the company's debt restructuring negotiations. As the company's capital structure is unlikely to be appropriate for continued listing, it will be delisted from the ASX on 3 Febrary 2020 under ASX's long-term suspended entity policy.

28/11/2019

The company provides an update on its completion of a re-estimation of Mineral Resources and Ore Reserves at its Kipoi Copper Project in the Democratic Republic of Congo as at 30 June 2019. Kipoi Central and Kileba Ore Reserves - Updated input parameters, including updated metallurgical recovery assumptions and depletion of stockpiles as well a re-classification under JORC 2012, have resulted in a 53% decrease in Ore Reserves against the Ore Reserves previously reported in the 2017 Annual Report; Total Measured, Indicated and Inferred Resources - Reduced from 858 Kt to 788 Kt of copper, an 8% reduction from what was reported in the 2017 Annual Report, taking into account the revised inputs, re-classification and depletion. All downgraded Mineral Reserves will undergo additional test work to determine if they can be converted to Mineral Reserves under the revised recovery and cost structure; Kipoi Central Mineral Resource - Measured and Indicated Resource of 28.3 Mt at 1.22% Cu and 0.05% Co for 346 Kt of copper and 15 Kt of cobalt. Inferred Resource of 15.0 Mt at 0.93% Cu and 0.06% Co for 140 Kt of copper and 9 Kt of cobalt. This represents a decrease of 15% (86 Kt of copper) of the total Mineral Resource previously reported in the 2017 Annual Report. Kileba Mineral Resource - Indicated and Inferred Resource of 17.2Mt at 1.07% Cu and 0.05% Co for 185 Kt of copper and 8 Kt of cobalt. This represents an increase of 19% (30 Kt of copper) of the total Mineral Resource previously reported in the 2017 Annual Report. Kipoi Cobalt Stockpiles Mineral Resource - Review of Kipoi Cobalt Stockpiles has identified an Indicated Mineral Resource of 509 Kt at 0.28% Cu and 0.45% Co for 1.43 Kt of copper and 2.29 Kt of cobalt.

26/11/2019

The company lodges its Quarterly Activities Report.

01/11/2019

The company has secured a funding facility with QMetco Limited which allows for the drawdown of up to US$30 million over three tranches. The facility provides important funding to support the company's planned capital enhancements at its Kipoi Copper Project in the Democratic Republic of Congo, sa well as provide ongoing working capital.

16/08/2019

The company lodges its Quarterly Activities Report.

30/07/2019

The company provides a processing update on its Kipoi operation, DRC. 400tph semi-permanent electric contract crusher in place and being commissioned. Highly encouraging vat leach trial results for vat 1. Fines retreatment plant construction on schedule and budget for completion and commissioning Q3 2019.

08/07/2019

The company has secured a funding facility with one of its current senior lender group, which allows for the drawdown of up to US$13.2 million. The new finance facility provides important interim funding to support the company's ongoing operations and allows the company to pursue initiatives designed to improve operational and financial performance of its Kipoi Copper production business situated in the Democratic Republic of Congo. In conjunction with the finance facility, the company has agreed to extend and amend the second deed of forbearance with its lenders, initially announced on 5 October 2018. The second deed of forbearance provides the company with a platform to use its best endeavours to facilitate investment in the company to restructure its balance sheet and recapitalise the company.

01/05/2019

The company lodges an activitites report for the quarter ended 31 March 2019.

01/05/2019

The company lodges its Shareholder Presentation January 2019.

29/01/2019

The company lodges its Quarterly Activities Report.

29/01/2019

The company releases the AGM results.

07/12/2018

In relation to the performance rights plan put forward for adoption at its upcoming AGM to be held at 10.00am on 7 December 2018, the board of directors has resolved to amend the plan. A new term has been introduced to provide a limit on the number of Performance Rights that can be granted under the Plan. As amended, the number of Performance Rights that may be granted under the plan cannot exceed 10% of the company's issued capital at the time of grant or issue. This does not have any impact on the proposed Resolution 5 for the adoption of the Performance Rights Plan at the company's upcoming AGM.

27/11/2018

Banque Comerciale Du Congo has agreed to restructure the US$15 million loan facility, which it has provided to the company's subsidiary, Societe d'Exploitation de Kipoi. Under the terms of the restructure, the US$15 million overdraft facility previously expriing 31 December 2018 has been converted to a US$5 million cash line of credit and a $10 million long-term credit facility.

26/11/2018

The company releases a notice of AGM and explanatory statement to its shareholders. The meeting will be held on Friday, 7 December 2018 at 10.00AM WST at Level R, 1 Havelock Street West Perth, Western Australia 6005.

02/11/2018

The company lodges its Half Year Financial Report to 30 June 2018 and Appendix 4D.

31/10/2018

The company releases its Corporate Governance Statement and Appendix 4G.

31/10/2018

The company lodges its 2017 Annual Report and Appendix 4E.

31/10/2018

The company lodges its Activities Report for the Quarter Ended 30 September 2018.

31/10/2018

The company has signed a second deed of forbearance with its current senior lender group. The initial deed of forbearance, announced on 26 September 2017, scheduled to conclude 24 October 2018.

05/10/2018

Following a scheduled ASX internal system change affecting the Market Announcements Platform, it has been necessary to re-apply the "˜Suspend' session state. This announcement serves to re-confirm the securities of this entity remain suspended.

06/08/2018

The company lodges its Activities Report for the Quarter Ended 30 June 2018.

25/07/2018

The termination date of the SPA with Sinomine Fuhai Overseas Resource Investment was 30 June 2018 but was extended by mutual agreement between the parties to allow final negotiations to complete. Terms acceptable to Tiger were not achieved and the Company subsequently issued a Notice of Termination of the SPA to Sinomine HK. The company has also been working on a new Life of Mine Plan for its Kipoi copper assets, which is expected to be completed within the next 6-8 weeks. The Company will also update its shareholders on its operations in the Quarterly report to be released on or before 31 July 2018.

06/07/2018

Under the share purchase agreement and royalty deed with Sinomine Fuhai Overseas Resource Investment for the sale of 100% of its shares in Tiger's subsidiaries, the parties have a termination right if completion did not occur by 30 June 2018. The complexity of the transaction resulted in delays and completion did not occur by 30 June 2018. None of the parties has given notice of termination and they are continuing discussions on terms under which they would be prepared to continue to progress the transaction. The Company has set a timeframe for discussions to be concluded of close of business Perth on Friday 6 July 2018.

04/07/2018

The company lodges it activities report for the quarter ended 31 March 2018.

02/05/2018

The company's top three shareholders indicate their intention to vote in favour of the proposed sale of Tiger Resources Limited's subsidiaries.

16/02/2018

The company lodges its Quarterly Activities Report.

02/02/2018

Tiger has entered into the binding SPA and Royalty Deed with Sinomine HK. Under the terms of the SPA, Sinomine HK will acquire 100% of Tiger's shares in its subsidiaries and its interests in the Kipoi Project, Lupoto Project and La Patience permit.

22/01/2018

The company releases its 2017 AGM presentation.

28/11/2017

The company releases the results of its 2017 AGM.

28/11/2017

The company lodges its Quarterly Activities Report.

31/10/2017

The AGM of the company will be held on Tuesday, 28 November 2017 at 9.30am (WST) at The Celtic Club, 48 Ord Street, West Perth, Western Australia.

26/10/2017

The company lodges its Half Yearly Report and Accounts 30 June 2017.

26/10/2017

The company releases its Appendix 4G.

26/10/2017

The company releases its Corporate Governance Statement.

26/10/2017

The company lodges its 2016 Annual Report.

26/10/2017

Rawbank SA has agreed to extend the maturity date for its existing US$5 million overdraft facility, which it has provided to the Company's subsidiary, Société d'Exploitation de Kipoi SA to 31 December 2018. The interest rate applicable to the facility will remain unchanged at 9.25% per annum. Interest will be charged monthly by debit to the account.

26/10/2017

Banque Commerciale Du Congo has agreed to extend the maturity date for its existing US$15 million overdraft facility, which it has provided to the company's subsidiary, Société d'Exploitation de Kipoi SA, from 28 February 2018 to 31 December 2018. The interest rate applicable to the facility will remain unchanged at 9.25% per annum. Interest will be charged monthly by debit to the account. No other fees or commissions are payable in respect of the extension or the facility.

12/10/2017

The company has secured a funding facility with two of its current senior lender group which allows for drawdown of up to US$18.2 million.

26/09/2017

The senior lender group has agreed to extend the date for payment of the first scheduled repayment instalment of US$1.625 million, the second scheduled repayment instalment of US$812,500, the third scheduled repayment instalment of US$812,500 and extend (or waive) a number of conditions under the Senior Finance Facility, until 1 October 2017.

09/08/2017

The company lodges its June 2017 Quarterly Activities Report.

31/07/2017

The senior lender group has agreed to extend the date for payment of the first scheduled repayment installment of US$1.625 million and the second scheduled repayment installment of US$812,500, and extend a number of conditions under the senior finance facility until 1 August 2017.

03/07/2017

The senior lending group has agreed to extend the date for payment of the first scheduled repayment instalment of US$1.625 million and the second scheduled repayment instalment of US$812,500, and extend a number of conditions under the Senior Finance Facility, until 1 July 2017.

06/06/2017

The company lodges its March 2017 Quarterly Activities Report.

09/05/2017

The senior lender group (Taurus Mining Finance Fund, Resource Capital Fund VI and the Internation Finance Corporation) has agreed to extend the date for payment of the first scheduled repayment installment of US$1.625 million and the second scheduled repayment installment of US$812,500, and extend a number of conditions under the senior facility until 1 June 2017.

05/05/2017

The company provides an update on senior financing facility. The Senior Lender Group has agreed to extend the date for payment of the first scheduled repayment instalment of US$1.625 million and the second scheduled repayment instalment of US$812,500, and extend (or waive) a number of conditions under the Senior Finance Facility, until 1 May 2017.

10/04/2017

The company provides an update on its operations at the Kipoi Copper project. The Tank Leach circuit is currently shut down to repair failures in two pump mixers. This is expected to result in a reduction of approximately 100 tonnes Cu production for March 2017. The company is still in discussion with major shareholders and the senior lending group to address short and medium term cash flow issues.

09/03/2017

The company provides an update on senior financing facility. The lender group has agreed to extend the date for payment of the first scheduled repayment installment of US$1.625 million, and extend a number of conditions under the senior finance facility until 3 April 2017.

01/03/2017

The securities of Tiger Resources Limited will be suspended from official quotation immediately at the request of the Company, pending the release of an announcement.

22/02/2017

The suspension of trading in the securities of Tiger Resources Limited will be lifted immediately, following the release by the Company of an announcement regarding an operations and funding update.

25/10/2016

Operations staff reported seepage of process solution from the ILS pond. All flow to the ILS pond was ceased immediately and a diversion trench was excavated to divert the ILS flow to the process pond. A representative of Knight Piesold conducted a full assessment of the cause of the leakage and the structural integrity of the ILS pond. Work is currently being undertaken to reinforce the existing ILS pond walls and pump out solution trapped under the HDPE liner which is expected to take up to 6 weeks to complete. The company has reviewed its annual production guidange range to 23,000 tonnes - 23,600 tonnes of copper cathode. The final phase of teh EW expansion which forms part of the Debottlenecking Project was completed on Sunday 23rd October with the tie-in of the new 14 additional EW cells to the existing tank house. The expanded EW plant has been handed over to the Tiger operating team, and plating of the additional cathode has commenced. Also, the company has accepted a proposal whereby Taurus Mining Finance Fund and Resource Capital Fund have provided a further commitment for a USD10 million bridge facility to accommodate short-term funding needs as a result of the ILS remedial work and loss of production.

25/10/2016

The Company is still in the process of finalising its announcement in relation to the ILS pond leak and its impacts and now anticipates being in a position to make an announcement before commencement of trading on Tuesday, 25 October 2016.

24/10/2016

The securities of Tiger Resources Limited will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement.

19/10/2016

The suspension of trading in the securities of Tiger Resources Limited will be lifted immediately following the release of an announcement regarding completion of the institutional component of the capital raising. ASX Code: TGS

01/09/2014

announces that it has entered into an agreement to acquire the remaining 40% shareholding in Société d'Exploitation de Kipoi SA ("SEK"). SEK is the owner of the Kipoi Copper Project in the Democratic Republic of Congo

28/08/2014

Tiger Resources Limited (ASX: TGS) refers to its announcement and Appendix 3B released on 14 April 2014 for the issue of 35,585,922 ordinary shares. In accordance with the share issue terms, a total of 6,835,359 shares are due for release from voluntary escrow

27/08/2014

The securities of Tiger Resources Limited (the "Company") will be suspended from quotation immediately at the request of the Company pending the release of an announcement. Security Code: TGS

27/08/2014

securities suspended from quotation following failure to lodge their half year financial reports

17/03/2011

shares reinstated to quotation

17/03/2011

shares reinstated to quotation

10/11/2009

securities suspended from quotation pending an announcement

03/11/2009

shares reinstated to quotation

12/05/2009

securities suspended from quotation pending an announcement

11/05/2009

name changed from Tiger Resources NL

01/02/2002
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The inability of VC to understand sustainability of mine operation (to squander the short term) is a very unsurprising outcome.

Kipoi produced the highest grade cathode copper in the world. This was not an accident. The directors became greedy and the shareholders suffered. Reality is the directors did not, and were most likely unable to appreciate the detail. The mine development plan was (future resource) aborted for short term profit. (yes it is more complicated - say no more..) 

20/10/2020 00:14:41
This company continues to be suspended and meanwhile shareholders are losing money!!The Directors have a lot to answer for as no doubt they are getting paid for a company that promised so much but delivered little.I have no doubt the Directors and Management are somewhat incompetent and need replacing .19/11/2017 12:51:37
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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    24/02/2015Neil FearisOn market300,000$0.065$19,500
    04/02/2015Michael GriffithsOn market138,000$0.072$9,936
    10/12/2014David ConstableOn market100,000$0.120$12,000
    08/12/2014Neil FearisOn market200,000$0.130$26,000
    04/12/2014Bradley MarwoodOn market704,314$0.140$98,604

    Click here for the last 20 transactions all companies

    Directors & Executives (current)
    NAMETITLEDATE OF APPT
    Michael GriffithsChairman10/12/2012
    Michael AndersonNon Exec Chairman14/08/2019
    Caroline KeatsManaging Director, CEO12/07/2019
    Jozsef PataricaCOO22/07/2019
    David WrigleyCFO01/06/2017
    Rachel JohnstonNon Exec Director22/05/2019
    Ian GoldbergCompany Secretary

    Date of first appointment, title may have changed.

    Directors & Executives (former)
    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    David FrancesExecutive Chairman20/12/201711/07/2019
    Mark LynamNon Exec Director29/05/201911/07/2019
    Shawn McCormickNon Exec Director01/07/201604/07/2019
    Ian KerrIndependent Director01/04/201614/08/2018
    Mark ConnellyNon Exec Director, Independent Director14/10/201530/06/2018
    Brad SampsonCEO06/02/201709/02/2018
    Russell MiddletonNon Exec Director01/07/201623/10/2016
    Stephen HillsFinance Director, CFO01/07/201025/05/2016
    David ConstableNon Exec Director24/06/201131/03/2016
    Neil FearisChairman26/05/201131/12/2015
    Bradley MarwoodManaging Director09/01/200717/08/2015
    Rhett BransNon Exec Director11/07/200822/05/2013
    Jesus FernandezNon Exec Director06/05/201011/10/2012
    Darryll CastleDirector25/05/201211/10/2012
    Deon GarbersNon Exec Director06/05/201025/05/2012
    Reginald GillardNon Exec Chairman13/12/200526/05/2011
    Patrick FlintExecutive Director01/06/200820/04/2011
    David YoungManaging Director09/12/200503/12/2010
    Michael GassonCOO01/06/200522/06/2007
    Michael ScivoloNon Exec Director01/01/199821/12/2006
    David ZukermanNon Exec Director18/08/200330/11/2006
    Klaus EckhofNon Exec Director01/06/200510/10/2006
    Michael NorburnNon Exec Director17/10/200201/11/2005
    Robert CollinsManaging Director18/08/2003
    Desmond MittingNon Exec Director10/12/200118/10/2002

    Date of first appointment, title may have changed.