Share Name Share Symbol Market Type Share ISIN Share Description
All Star Minerals plc NEX:ASMO NEX Ordinary Share GB00B12T7004
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.025 0.00 0.00 0.025 0.025 0.025 0.00 12:19:54
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

All Star Minerals Plc Final Results

31/05/2019 7:00am

UK Regulatory (RNS & others)


 
TIDMASMO 
 
All Star Minerals PLC ("All Star") 
 
                                 Final Results 
 
The Company hereby notifies shareholders that the Annual Report and Financial 
Statements of the Company for the year ended 31 December 2018 have now 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 
 
NEX Corporate Adviser 
Cairn Financial Advisers LLP 
Liam Murray 
0207 213 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. 
 
The board of All Star has continued to review options as to how best advance 
the Company forward. Going forward, discussions will continue to be held 
regarding transactions 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 UK investors, whether that be private client 
brokers or sophisticated and high net worth individuals. This funding route has 
continued to be a very tough environment for raising capital during the past 
twelve months. 
 
The Company's principal asset since relinquishing and selling its Australian 
assets is its shareholding in investee company, NQ Minerals Plc. Throughout 
2018, All Star continued holding 5,519,545 shares in the Company, which equated 
to 1.64% ownership of the Company at year end. 
 
The shareholding was valued at GBP579,553 at 31 December 2018. The board of All 
Star looks forward to the performance of its investment over the course of 
2019. 
 
FINANCIALS 
 
The financial results for the 12 month period to 31 December 2018 shows a loss 
after taxation of GBP110,369 (2017: loss of GBP175,026). The increase in value of 
NQ Minerals' shares and lower general corporate overheads meant that the 
Company recorded a smaller loss for the period versus 2017. 
 
The basic loss per share from continuing operations was 0.01p (2017: 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. 
 
OUTLOOK 
 
I believe that All Star could be enhanced through a number of different means. 
If that was to occur, it 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. 
 
Tomas Nugent 
 
Executive Chairman 
 
31 May 2019 
 
INCOME STATEMENT FOR THE YEARED 31 DECEMBER 2018 
 
                                                           2018           2017 
 
                                                              GBP              GBP 
 
Administrative expenses                                (85,719)      (149,026) 
Other operating income                                    1,350              - 
 
Finance costs                                          (26,000)       (26,000) 
 
LOSS BEFORE TAX                                       (110,369)      (175,026) 
 
Income tax expense                                            -              - 
 
                                                                     (175,026) 
LOSS FOR THE YEAR                                     (110,369) 
 
                                                           2018           2017 
 
                                                              GBP              GBP 
 
LOSS PER SHARE expressed in pence per 
share 
 
Basic                                                    (0.01)         (0.02) 
Diluted                                                  (0.01)         (0.02) 
 
                                                              GBP              GBP 
 
LOSS FOR THE YEAR 
 
                                                      (110,369)      (175,026) 
 
OTHER COMPREHENSIVE INCOME 
 
Items that may be subsequently 
reclassified to profit or loss: 
  Fair value movement: available for sale               137,989         27,598 
investments 
 
                                                        137,989         27,598 
 
TOTAL COMPREHENSIVE INCOME FOR THE YEAR                  27,620      (147,428) 
 
 
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 DECEMBER 2018 
 
                     Issued capital        Share premium      Other           Accumulated losses        Total 
                                  GBP                    GBP   reserves                            GBP       equity 
                                                                  GBP                                         GBP 
 
Balance at 1 January        428,433            1,773,610    748,050                  (2,892,994)       57,099 
2018 
 
Comprehensive income 
for the year 
 
Loss for the year                 -                    -          -                    (110,369)    (110,369) 
 
Other comprehensive 
income 
 
Items that may be 
subsequently 
reclassified to 
profit or loss: 
 
  Fair value 
movement:                         -                    -    137,989                            -      137,989 
  available for sale 
  investments 
 
                                  -                    -    137,989                            -      137,989 
Total comprehensive 
income for the year               -                    -    137,989                    (110,369)       27,620 
 
Balance at 31               428,433            1,773,610    886,039                  (3,003,363)       84,719 
December 2018 
 
                     Issued capital        Share premium      Other           Accumulated losses        Total 
                                  GBP                    GBP   reserves                            GBP       equity 
                                                                  GBP                                         GBP 
 
Balance at 1 January        410,369            1,646,674    720,452                  (2,717,968)       59,527 
2017 
 
Total comprehensive 
income for the year 
 
Loss for the year                                      -          -                    (175,026)    (175,026) 
                     - 
 
Other comprehensive 
income 
 
                                                       -     27,598                            -       27,598 
Items that may be    - 
subsequently 
reclassified to 
profit or loss: 
 
  Fair value 
movements on 
  available for sale 
  investments 
 
 
Total comprehensive  -                                     27,598                                   27,598 
income for the year                    -                               - 
 
                     -                                     27,598                                   (147,428) 
                                       -                               (175,026) 
 
Transactions with 
owners, recorded 
directly in equity 
 
Issue of shares              18,064              126,936          -                                   145,000 
                                                                       - 
 
Balance at 31               428,433            1,773,610    748,050                  (2,892,994)       57,099 
December 2018 
 
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 
 
                                                             2018           2017 
 
                                                                GBP              GBP 
 
ASSETS 
 
  NON CURRENT ASSETS 
 
    Property, plant and equipment                               -              - 
 
                                                                -              - 
 
CURRENT ASSETS 
 
    Trade and other receivables                                 -              - 
 
    Cash and cash equivalents                               7,935         39,086 
 
    Available for sale financial assets                   579,553        441,564 
 
                                                          587,488        480,650 
 
TOTAL ASSETS                                              587,488        480,650 
 
EQUITY 
  ISSUED CAPITAL AND RESERVES 
 
    Issued share capital                                  428,433        428,433 
 
    Share premium                                       1,773,610      1,773,610 
 
    Other Reserves (per SOCIE)                            886,039        748,050 
 
    Accumulated losses                                (3,003,363)    (2,892,994) 
 
  TOTAL EQUITY                                             84,719         57,099 
 
CURRENT LIABILITIES 
 
    Borrowings                                            179,210        153,210 
 
    Trade and other payables                              323,559        270,341 
 
                                                          502,769        423,551 
 
TOTAL EQUITY AND LIABILITIES                              587,488        480,650 
 
CASHFLOW STATEMENT FOR THE YEARED 31 DECEMBER 2018 
 
                                                            2018          2017 
 
                                                               GBP             GBP 
 
CASH FLOWS FROM OPERATING ACTIVITIES 
 
    Total loss                                         (110,369)     (175,026) 
 
 ADJUSTMENTS TO RECONCILE TO LOSS FROM OPERATIONS 
 
    Interest expense                                      26,000        26,000 
 
  ADJUSTMENTS TO RECONCILE LOSS FROM OPERATIONS           26,000        26,000 
 
  LOSS FROM OPERATIONS                                  (84,369)     (149,026) 
 
  CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL          (84,369)     (149,026) 
 
  INCREASE IN WORKING CAPITAL 
 
    Decrease in trade and other receivables                    -         2,811 
 
    Increase in trade and other payables                  53,218        40,016 
 
  INCREASE IN WORKING CAPITAL                             98,451        42,827 
 
  CASH FLOW USED IN OPERATING ACTIVITIES                (31,151)     (106,199) 
 
NET CASH FLOWS FROM FINANCING ACTIVITIES 
 
    Gross proceeds from issue of equity share capital          -       124,500 
 
  NET CASH FLOWS FROM FINANCING ACTIVITIES                     -       124,500 
 
                                                        (31,151)        18,301 
 
 
  Cash and cash equivalents brought forward               39,086        20,785 
 
 
CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER                7,935        39,086 
 
The independent auditor's report has highlighted a material uncertainty in 
relation to going concern. Due to the consideration of factors such as the 
Company's ability to raise funding, the audit opinion is not modified in 
respect of this matter. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 31, 2019 02:00 ET (06:00 GMT)

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