All Star Minerals Plc - Half-year Report PR Newswire

All Star Minerals PLC (“All Star”)

Interim Results to 30 June 2018

Chairman's Statement

The past six months has continued to be a period in which there has been continued momentum. There have been a number of positive aspects during the period including the performance of All Star and investee company, NQ Minerals Plc (“NQ”).

Following on from previous years, the Board has continued to be alert to potential suitable transactions for the Company that would either alter or transform the current position of the Company. With respect to our investee company, NQ Minerals Plc in which All Star still holds its position, there has been various announcements that have been covered in the Company’s quarterly updates released on 23 January 2018 and 16 April 2018.

Since the updates released by All Star, NQ have released various RNS announcements in relation to the Hellyer Gold Mine project and financings that the Company has executed.

Shareholders and the market in general will have noted that there have not been any further quarterly updates by All Star since April 2018. The reason for this was positive as the Company did not receive a modified audit report for the 2017 Annual Report and therefore was no longer required by NEX to release any further announcements.

There were no equity issuances by the Company during the period under review.

Update

The Board is pleased with the continued progress over the past six months including recording a profit for the period. The Company still maintains a 5,519,545 shareholding in NQ at the end of the period, which has proven to be a valuable asset.

As previously stated, All Star firmly intends to leverage this shareholding to refinance its balance sheet and cash position in due course.

The Board awaits further developments with NQ including its keenly awaited move onto the ’s AIM market and first production from Hellyer Gold Mine.

All Stars’ continued strategy is to review potential opportunities to ensure that a suitable transaction is secured to complete the transition of the Company.

Financials

The financial results for the period from 1 January 2018 to 30 June 2018 shows a profit after taxation attributable to equity holders of £73,046.

The basic profit per share was 0.006p and is a reversal on the same period last year.

The Company is carefully managing its working capital position and may raise capital in future.

Outlook

The Company’s current assets of £588,554 is roughly the same as last year.  The Company’s net asset value is dependent on the future performance of NQ, until such time the Company either disposes of its interest in NQ or undertakes a transaction.

The overall performance during the period further rewards the confidence and belief in the prospects of All Star and the Company looks forward to making further announcements in due course.

Tomas Nugent
Executive Chairman

28 September 2018


ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 30 JUNE 2018


                               Unaudited           Audited             Unaudited
                    6 month period ended        year ended  6 month period ended
                            30 June 2018  31 December 2017          30 June 2017
                                     GBP               GBP                   GBP

Revenue                                -                 -                     -

Administrative                  (51,943)         (149,026)              (70,457)
expenses

Finance costs                   (13,000)          (26,000)              (13,000)

Fair value                       137,989                 -                     -
movement: Available
for sale asset

PROFIT/(LOSS)                     73,046         (175,026)              (83,457)
BEFORE TAX

Income tax expense                     -                 -                     -

PROFIT/(LOSS) FOR                 73,046         (175,026)              (83,457)
THE PERIOD/YEAR

Attributable to:

Equity holder of                  73,046         (175,026)              (83,457)
the parent

PROFIT/(LOSS) PER
SHARE

Basic & diluted                    0.006            (0.02)                (0.01)
(pence per share)




ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018


                                Unaudited              Audited        Unaudited
                          at 30 June 2018  At 31 December 2017  At 30 June 2017
                                                           GBP
                                      GBP                                   GBP

CURRENT ASSETS

Trade and other                         -                    -                -
receivables

Cash and cash equivalents           9,001               39,086           18,738

Available for sale                579,553              441,564          579,552
financial asset

                                  588,554              480,650          598,290

TOTAL ASSETS                      588,554              480,650          598,290

EQUITY PLUS NON-CONTROLLING INTEREST

ISSUED SHARE CAPITAL AND RESERVES

Share capital                     428,433              428,433          415,769

Share premium                   1,773,610            1,773,610        1,681,774

Reserves                          748,050              748,050          886,038

Retained profits              (2,819,948)          (2,892,994)      (2,801,425)

Foreign exchange                        -                    -                -

SUBSCRIBED CAPITAL                130,145               57,099          182,156

TOTAL EQUITY                      130,145               57,099          182,156

CURRENT LIABILITIES

Trade and other payables          458,409              423,551          416,134

TOTAL EQUITY AND                  588,554              480,650          598,290
LIABILITIES




 

Notes:

1. The financial information for both the six months ended 30 June 2018 and the six months ended 30 June 2017 has not been audited. The financial information contained in the interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

2. Basic profit/(loss) per share has been calculated using the weighted average number of shares of 1,130,474,743 (31.12.17: 1,061,759,149: ; 30.6.17: 819,645,074). The weighted average number of shares including dilutive instruments does not affect the diluted earnings per share calculation.

3. The Directors of the issuer accept full responsibility for this announcement.