Final Results –
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
AQSE Corporate Adviser
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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
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
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
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.
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.
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
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.
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