All Star Minerals Plc - Final Results PR Newswire

All Star Minerals Plc (the “Company”)

Final Results

The Company hereby notifies shareholders that the Annual Report and Financial Statements of the Company for the year ended 31 December 2017 have now been approved by the Company’s board.

Summary Financial Statements are set out below. A full copy of the Annual Report will be available shortly on the Company’s website, www.allstarminerals.co.uk.

The Directors of All Star are responsible for the content of this announcement.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, and has been arranged for release by Tomas Nugent, Chairman of the Company.

ENQUIRIES:

All Star Minerals Plc
Tomas Nugent, Chairman
07963-455663

NEX Corporate Adviser
Cairn Financial Advisers LLP
Liam Murray
020 7213 0880

REVIEW OF THE BUSINESS – Chairman’s Statement

The past twelve months have been a period in which the Company has witnessed continued positive momentum by reviewing potential transactions and working towards finding a suitable transaction. All Star was able to raise capital and extend existing Convertible Loan Notes during the period under review.

The board of All Star has continued to review options as to how best advance the Company.

During the period, the board held meetings with various organisations to see what opportunities may be available. Going forward, discussions will continue to be held and it is hoped that a suitable transaction will be identified in due course.

As a Company with a listing on the NEX Exchange Growth Market, our access to capital is predominantly through UK investors, whether that be private client brokers or sophisticated and high net worth individuals. This funding route has continued to be a very tough environment for raising capital during the past twelve months. In spite of this, All Star successfully raised money during the period under review, which enabled the Company to strengthen its balance sheet and pay creditors.

The Company’s principal asset since relinquishing and selling its Australian assets is its shareholding in investee company, NQ Minerals Plc (“NQ”). Throughout 2017, All Star continued holding 5,519,545 shares in the NQ, which equated to 3.29% ownership as at the start of 2017.

The shareholding was valued at £441,564 at 31 December 2017. However, given the newsflow and updates provided by NQ including the intention to move onto the ’s AIM Market instead of the proposed Standard List, the board of All Star looks forward to the performance of its investment over the course of 2018. NQ’s shares are currently trading at 13.75 pence/share valuing the Company’s investment at £758,937.

CORPORATE

On a further positive note during the period, All Star extended the maturity of Convertible Loan Notes in issue and raised £124,500 through the issue of new ordinary shares. As covered in detail above, the equity story continued to be developed in our investee company, NQ Minerals Plc.

This has continued to be worthy of the patience and loyalty shown by All Star as a significant shareholder owning more than 3% of the Company. The future of NQ continues to look attractive with the board of All Star remaining highly encouraged about the outlook over the next six to twelve months.

FINANCIALS

The financial results for the 12 month period to 31 December 2017 shows a loss after taxation of £175,026 (2016: loss of £186,933). The decrease in value of NQ Minerals’ shares and general corporate overheads meant that the Company recorded a loss for the period.

The basic loss per share from continuing operations was 0.02p (2016: loss per share of 0.02p).

The Directors do not recommend the payment of a dividend.

PRINCIPAL RISKS AND UNCERTAINTIES FACING THE COMPANY

The principal risks faced by the Company are as follows:

- The ability to raise sufficient funds to continue to execute the Company’s strategy; and
 

- The performance of the investment in NQ Minerals plc which is an overseas mining and exploration company.

OUTLOOK

I believe that All Star could be enhanced through a number of different means. The part or complete disposal of the NQ shareholding may mean a balance sheet transformation. If that was to occur, then potentially there would be a significant amount of cash that would be utilised towards a single or multiple transactions. This would completely change the current corporate structure of the Company and benefit shareholders.

However, in the interim the Company's working capital position still requires careful management.

I would like to take this opportunity to thank my fellow board members, shareholders and our advisers for their continued support and patience over the past twelve months. In what overall has been another pleasing period, the Company has continued with its transition and is shaping for the future.

Tomas Nugent

Executive Chairman

31 May 2018

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2017


                                                          2017       2016

                                                             £          £

Administrative expenses                              (149,026)  (133,335)

Fair value movement: available for sale investments          -   (27,598)

Finance costs                                         (26,000)   (26,000)

LOSS BEFORE TAX                                      (175,026)  (186,933)

Income tax expense                                           -          -

                                                                (186,933)
LOSS FOR THE YEAR                                    (175,026)

                                                          2017       2016

                                                             £          £

LOSS PER SHARE expressed in pence per share

Basic                                                   (0.02)     (0.02)
Diluted                                                 (0.02)     (0.02)



   


                                                                  £          £

LOSS FOR THE YEAR                                         (175,026)  (186,933)

OTHER COMPREHENSIVE INCOME

Items that may be subsequently reclassified to profit or
loss:
Fair value movement: available for sale investments          27,598  (289,961)
Less: impairment loss included in profit or loss                  -     27,598

                                                             27,598  (262,363)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR                   (147,428)  (449,296)



STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2017


               Issued  Share premium  Other reserves  Accumulated  Total equity
              capital              £               £       losses             £
                    £                                           £

Balance at 1  410,369      1,646,674         720,452  (2,717,968)        59,527
January 2017

Comprehensive
income for
the year

Loss for the        -              -               -    (175,026)     (175,026)
year

Other
comprehensive
income

Items that
may be
subsequently
reclassified
to profit or
loss:
                    -              -          27,598            -        27,598
Fair value
movement:
available for
sale
investments

                    -              -          27,598            -        27,598
Total
comprehensive       -              -          27,598    (175,026)     (147,428)
income for
the year

Transactions
with owners,
recorded
directly in
equity

Issue of       18,064        126,936               -            -       145,000
shares

Balance at 31 428,433      1,773,610         748,050  (2,892,994)        57,099
December 2017



   


               Issued  Share premium  Other reserves  Accumulated  Total equity
              capital              £               £       losses             £
                    £                                           £

Balance at 1  394,240      1,539,402         982,815  (2,531,035)       385,422
January 2016

Total
comprehensive
income for
the year

Loss for the        -              -               -    (186,933)     (186,933)
year

Other
comprehensive
income

                    -              -       (289,961)            -     (289,961)
Items that
may be
subsequently
reclassified
to profit or
loss:

Fair value
movements on
available for
sale
investments

Less:               -              -          27,598            -        27,598
impairment
loss
Included in
profit
or loss

                    -              -       (262,363)           -      (262,363)
Total
comprehensive       -              -       (262,363)    (186,933)     (449,296)
income for
the year

Transactions
with owners,
recorded
directly in
equity

Issue of       16,129        107,272               -            -       123,401
shares

Balance at 31 410,369      1,646,674         720,452  (2,717,968)        59,527
December 2016



STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017


                                            2017         2016

                                               £            £

ASSETS

NON CURRENT ASSETS

Property, plant and equipment                  -            -

                                               -            -

CURRENT ASSETS

Trade and other receivables                    -        2,811

Cash and cash equivalents                 39,086       20,785

Available for sale financial assets      441,564      413,966

                                         480,650      437,562

TOTAL ASSETS                             480,650      437,562

EQUITY
ISSUED CAPITAL AND RESERVES

Issued share capital                     428,433      410,369

Share premium                          1,773,610    1,646,674

Other Reserves (per SOCIE)               748,050      720,452

Accumulated losses                   (2,892,994)  (2,717,968)

TOTAL EQUITY                              57,099       59,527

CURRENT LIABILITIES

Borrowings                               153,210      147,710

Trade and other payables                 270,341      230,325

                                         423,551      378,035

TOTAL EQUITY AND LIABILITIES             480,650      437,562



CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2017


                                                       2017       2016

                                                          £          £

CASH FLOWS FROM OPERATING ACTIVITIES

Total loss                                        (175,026)  (186,933)

ADJUSTMENTS TO RECONCILE TO LOSS FROM OPERATIONS

Interest expense                                     26,000     26,000

Fair value movement on listed investments                 -     27,598

ADJUSTMENTS TO RECONCILE LOSS FROM OPERATIONS        26,000     53,598

LOSS FROM OPERATIONS                              (149,026)  (133,335)

CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL      (149,026)  (133,335)

INCREASE IN WORKING CAPITAL

Decrease in trade and other receivables               2,811      7,830

Increase in trade and other payables                 40,016     31,506

INCREASE IN WORKING CAPITAL                          42,827     39,336

CASH FLOW USED IN OPERATING ACTIVITIES            (106,199)   (93,999)

NET CASH FLOWS FROM FINANCING ACTIVITIES

Gross proceeds from issue of equity share capital   124,500    110,400

NET CASH FLOWS FROM FINANCING ACTIVITIES            124,500    110,400

                                                     18,301     16,401


Cash and cash equivalents brought forward            20,785      4,384


CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER          39,086     20,785