All Star Minerals Plc - Final Results
PR Newswire
London, July 30
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 of any decision in the long term | The Board has a strategic vision and continues to evaluate potential transactions for the benefit of members |
| have regard to the interests of the Company's employees | The Company does not currently have any employees |
| have regard to the need to foster the Company's business relationships with suppliers, customers and others | The Company is currently in the evaluation phase of the investment 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 Company's operations on the community and the environment | The Company's operations are currently limited as is its impact on the community and environment |
| have regard to the desirability of the Company maintaining a reputation for high standards of business conduct | As a Company listed on AQUIS Exchange, it is seeking opportunities to further its principal activity. The Company and Board maintain high standards when dealing with potential investment opportunities |
| have regard to the need to act fairly between members of the Company | The Company has a diverse shareholder 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 Other operating income | 120,488 - | (85,719) 1,350 | |
| Finance costs | (4,000) | (26,000) | |
| Finance income | 19,210 | - | |
| PROFIT/(LOSS) BEFORE TAX | 135,698 | (110,369) | |
| Income tax expense | - | - | |
PROFIT/(LOSS) FOR THE YEAR | 135,698 | (110,369) | |
| 2019 | 2018 | ||
| £ | £ | ||
| PROFIT/(LOSS) PER SHARE expressed in pence per share | |||
| Basic Diluted | 0.01 0.01 | (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 Net loss on equity instruments designated at fair value through other comprehensive income | - (375,389) | 137,989 - | |
| 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 capital £ | Share premium £ | Other reserves £ | Accumulated losses £ | Total equity £ | |||||
| Balance at 1 January 2019 | 428,433 | 1,773,610 | 886,039 | (3,003,363) | 84,719 | ||||
| Comprehensive income for the year | |||||||||
| Profit for the year | - | - | - | 135,698 | 135,698 | ||||
| Other comprehensive income | |||||||||
| Net loss on equity instruments designated at fair value through other comprehensive income Transfer | - - | - - | (375,389) 209,802 | - (209,802) | (375,389) | ||||
Total comprehensive (expense) for the year | - - | - - | (165,587) (165,587) | (209,802) (74,104) | (375,389) (239,691) | ||||
| Balance at 31 December 2019 | 428,433 | 1,773,610 | 720,452 | (3,077,467) | (154,972) |
| Issued capital £ | Share premium £ | Other reserves £ | Accumulated losses £ | Total equity £ | |||||
| Balance at 1 January 2018 | 428,433 | 1,773,610 | 748,050 | (2,892,994) | 57,099 | ||||
| Comprehensive income for the year | |||||||||
| Loss for the year | - | - | - | (110,369) | (110,369) | ||||
| Other comprehensive income | |||||||||
| Net gain on equity instruments designated at fair value through other comprehensive income | - | - | 137,989 | - | 137,989 | ||||
Total comprehensive income/(expense) for the year | - - | - - | 137,989 137,989 | - (110,369) | 137,989 27,620 | ||||
| Balance at 31 December 2018 | 428,433 | 1,773,610 | 886,039 | (3,003,363) | 84,719 |
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 comprehensive income | - | 579,553 | |
| 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 |
