Final Results PR Newswire

All Star Minerals PLC (“All Star” or the “Company”)

Final Results – 31 December 2019

The Company hereby notifies shareholders that the Annual Report and Financial Statements of the Company for the year ended 31 December 2019 have 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

AQSE Corporate Adviser

Cairn Financial Advisers LLP

Liam Murray

020 7213 0880

REVIEW OF THE BUSINESS – Chairman’s Statement

The period under review was a time in which the Company continued to actively evaluate opportunities and work towards identifying investments. The Board reviewed options as to how to advance the Company. During the year, a number of potential transactions were evaluated but did not conclude.

As a Company with a listing on the AQUIS Exchange Growth Market, its access to capital is predominantly through UK investors, whether that be private client brokers or sophisticated and high net worth individuals.  Fundraising proved to be very challenging during the period under review.

The Company’s principal asset since relinquishing and selling its Australian assets was its shareholding in an investee company - NQ Minerals Plc (“NQ”), which is also listed on the AQUIS Exchange Growth Market.  The Company disposed of its holding in NQ during the year under review to generate funds to provide the Company with working capital and manage its Balance Sheet.

Throughout the year, Directors have been mindful of their obligations under S172 of the Companies Act 2006. S172 sets out a number of principles the Board should have regard to in promoting the success of the Company for the benefit of shareholders. The Board have complied with this requirement as follows:


Principle                              Company’s actions

have regard to the likely consequences The Board has a strategic vision and
of any decision in the long term       continues to evaluate potential
                                       transactions for the benefit of members

have regard to the interests of the    The Company does not currently have any
Company's employees                    employees

have regard to the need to foster the  The Company is currently in the
Company's business relationships with  evaluation phase of the investment
suppliers, customers and others        process and its key relationships are
                                       currently with its suppliers. The Company
                                       has always worked closely with its
                                       suppliers and sought to treat them fairly

have regard to the impact of the       The Company’s operations are currently
Company's operations on the community  limited as is its impact on the community
and the environment                    and environment

have regard to the desirability of the As a Company listed on AQUIS Exchange, it
Company maintaining a reputation for   is seeking opportunities to further its
high standards of business conduct     principal activity. The Company and Board
                                       maintain high standards when dealing with
                                       potential investment opportunities

have regard to the need to act fairly  The Company has a diverse shareholder
between members of the Company         base and the Board ensure that no one
                                       member’s interests take priority over
                                       another



FINANCIAL OVERVIEW

The Directors consider both profit/loss after tax and total comprehensive income/expense to be key performance indicators together with availability of working capital (see Outlook). 

The results for the 12-month period to 31 December 2019 shows a profit after taxation of £135,698 (2018: loss of £110,369). The profit arose as a result of the dissolution of one of the Company’s creditors with the resulting credit arising off-setting administrative expenses for the year.

However, total comprehensive income includes the loss on disposal of the Company’s holding of its holding in NQ of £375,389 resulting in a total comprehensive expense of £239,691 (2018: income of £27,620) for the year.

The basic profit per share from continuing operations was 0.01p (2018: loss per share of 0.01p).

The Directors do not recommend the payment of a dividend.

PRINCIPAL RISKS AND UNCERTAINTIES FACING THE COMPANY

The principal risk faced by the Company is the ability to raise sufficient funds to continue to execute the Company’s strategy.

OUTLOOK

I am greatly encouraged by the work that the Board and its advisers have done during the year evaluating potential transactions. I feel confident that All Star will be able to source and execute transactions in the year ahead allowing the Company to progress forward and reward shareholders for their patience over last number of the years.

Since the year end, there has been significant work done by the Board to strengthen the Balance Sheet and develop a new focus for the future.

In May 2020, the Company raised £80,000 before expenses through the issue of 400,000,000 ordinary shares. The Company also announced that two new Directors would be appointed.

In June 2020, following a General Meeting, the Company announced that a further 1,000,000,000 ordinary shares had been issued raising £200,000 before expenses and that an existing £55,000 loan note and accrued interest would be converted into ordinary shares.

The Company also issued warrants over new ordinary shares issued pursuant to the fundraise and conversion of loan notes on a 1 for 2 basis exercisable at 0.04p per share until December 2022.

The net proceeds of the fundraise will be used for working capital and project evaluation purposes, with the Company remaining focused on the mining sector.

I would like to take this opportunity to thank my fellow Board members, shareholders and our advisers for their continued support and patience.

Tomas Nugent

Executive Chairman

30 July 2020

Income Statement


                                                        2019       2018

                                                           £          £

Administrative expenses                              120,488   (85,719)
Other operating income                                     -      1,350

Finance costs                                        (4,000)   (26,000)

Finance income                                        19,210          -

PROFIT/(LOSS) BEFORE TAX                             135,698  (110,369)

Income tax expense                                         -          -

                                                              (110,369)
PROFIT/(LOSS) FOR THE YEAR                           135,698

                                                        2019       2018

                                                           £          £

PROFIT/(LOSS) PER SHARE expressed in pence per share

Basic                                                   0.01     (0.01)
Diluted                                                 0.01     (0.01)



Statement of other Comprehensive Income


                                                             2019       2018

                                                                £          £

PROFIT/(LOSS) FOR THE YEAR

                                                          135,698  (110,369)

OTHER COMPREHENSIVE INCOME

Net gain on equity instruments designated at fair value
through other comprehensive income                              -    137,989

Net loss on equity instruments designated at fair value (375,389)          -
through other comprehensive income

TOTAL OTHER COMPREHENSIVE (EXPENSE)/INCOME              (375,389)    137,989

TOTAL COMPREHENSIVE (EXPENSE)/INCOME FOR THE YEAR       (239,691)     27,620



Statement in Changes of Equity


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

Balance at 1  428,433      1,773,610         886,039  (3,003,363)        84,719
January 2019

Comprehensive
income for
the year

Profit for          -              -               -      135,698       135,698
the year

Other
comprehensive
income

Net loss on
equity
instruments
designated at       -              -       (375,389)            -     (375,389)
fair value          -              -         209,802    (209,802)
through other
comprehensive
income
Transfer

                    -              -       (165,587)    (209,802)     (375,389)
Total
comprehensive       -              -       (165,587)     (74,104)     (239,691)
(expense) for
the year

Balance at 31 428,433      1,773,610         720,452  (3,077,467)     (154,972)
December 2019



   


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

Balance at 1  428,433      1,773,610         748,050  (2,892,994)        57,099
January 2018

Comprehensive
income for
the year

Loss for the        -              -               -    (110,369)     (110,369)
year

Other
comprehensive
income

Net gain on
equity
instruments
designated at       -              -         137,989            -       137,989
fair value
through other
comprehensive
income

                    -              -         137,989            -       137,989
Total
comprehensive       -              -         137,989    (110,369)        27,620
income/
(expense) for
the year

Balance at 31 428,433      1,773,610         886,039  (3,003,363)        84,719
December 2018



Statement of Financial Position


                                                    2019         2018

                                                       £            £

ASSETS

NON CURRENT ASSETS

Property, plant and equipment                          -            -

                                                       -            -

CURRENT ASSETS

Trade and other receivables                            -            -

Cash and cash equivalents                         19,761        7,935

Investments held at fair value through other           -      579,553
comprehensive income

                                                  19,761      587,488

TOTAL ASSETS                                      19,761      587,488

EQUITY
ISSUED CAPITAL AND RESERVES

Issued share capital                             428,433      428,433

Share premium                                  1,773,610    1,773,610

Other Reserves                                   720,452      886,039

Accumulated losses                           (3,077,467)  (3,003,363)

TOTAL EQUITY                                   (154,972)       84,719

CURRENT LIABILITIES

Borrowings                                       109,000      179,210

Trade and other payables                          65,733      323,559

                                                 174,733      502,769

TOTAL EQUITY AND LIABILITIES                      19,761      587,488