The Company hereby notifies shareholders that the Annual Report and Financial Statements of the Company for the year ended
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
NEX Corporate Adviser
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
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
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.
The financial results for the 12 month period to
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.
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.
INCOME STATEMENT FOR THE YEAR ENDED
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
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
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
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