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All Star Minerals PLC (ASMO)

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Tuesday 24 May, 2016

All Star Minerals PLC

Final Results

ALL STAR MINERALS PLC

("All Star" or the "Company")

UNAUDITED FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2015

CHAIRMAN'S STATEMENT

The past twelve months has been an unforgiving and volatile time for mining companies. During the year, we have seen metal prices falling to multi-year lows with assets being either shut down or sold by the industry titans. However, for smaller mining companies with cash, this cycle has presented opportunities to acquire cheap or distressed assets that would not otherwise have been available.

As a Company with a listing on the ISDX 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 been a very tough environment for raising capital as the sector downturn has effected investor appetite and sentiment. In spite of this, All Star successfully raised £126,000 during the year ended 31 December 2015. This has enabled the Company to strengthen its balance sheet, streamline its operations and regain stability.

On 24 July 2015, NQ Minerals Plc, a Company in which All Star anticipated holding 5,521,000 shares in, was admitted to trading on the ISDX Growth Market at the placing price of 8p per share. This admission to trading allowed All Star to attribute a valuation to its shareholding, and as at 31 December 2015 the shareholding in NQM was up over 50%, valued at £703,927.

I would like to take this opportunity to thank my fellow board member, shareholders and our advisers for their continued support and patience over the past twelve months. Clearly, the Company has turned the corner following a very difficult corporate restructuring/reorganisation over the past few years. However, the benefits of this is clear for all to see as All Star has recorded its first profit in 2015.

FINANCIALS

The unaudited financial results for the 12 month period to 31 December 2015 show a profit after taxation of GBP 216,217 (2014:GBP133,074 loss).  This turnaround in the Company’s performance is as a result of the strategic decisions made by the board in relation to the now successful restructuring of the Group. The profit recorded is the net result of the increase of the value of the NQ Minerals investment and the write off required for certain loans made to subsidiaries that have since ceased trading.

The basic earnings per share from continuing operations was 0.03p (2014:0.02p loss).

OUTLOOK

Having significantly reduced losses in comparison to previous years and recorded a profit in 2015, the Directors believe that All Star has made significant progress in enabling legacy matters to be resolved and to look to the future.

The financial and operational position of All Star has positively been transformed over recent years. With the funding we have raised during the period under review, further creditors have been settled, putting the Company in its strongest position of late. While the board continues to review new projects that have the ability to complete value add propositions in the long term, the Company's working capital position still requires careful management.

Additional Information required in accordance with Appendix 4 of the ISDX Rules for Issuers

The information contained within this announcement has been extracted from the unaudited financial information of the Company.

The Directors do not recommend the payment of a dividend.

In accordance with the ISDX Rules, if it becomes known to the Directors of the Company that the audit report will be qualified or modified in relation to going concern or otherwise, the terms of such qualification or modification will be announced immediately.

Tomas Nugent

Executive Chairman

23 May 2016

REPORT ON GROUP PROJECTS AND CORPORATE DEVELOPMENTS

During the year, All Star undertook major restructuring to strengthen its balance sheet involving various subsidiaries and projects/tenements.

BLUE DOE GOLD PLC

The Company undertook steps to finalise its corporate position during the year. In June 2015, there was a shareholder meeting held to approve the Company undertaking a members’ voluntary liquidation (MVL). Further to the resolutions being passed, the Company’s subsidiary-Blue Doe Gold Pty Ltd was dissolved a number of months later.

Prior to the above events taking place, All Star had increased its shareholding in Blue Doe Gold plc ("Blue Doe") to 55.24% through capitalising loans of £130,307 into 4,738,442 new ordinary shares. This meant that with the Company’s majority shareholding of Blue Doe, All Star was going to receive the majority of the 10,000,000 ordinary shares in NQM, that were being distributed to shareholders pro-rata as part of the MVL. Further to this, All Star received 5,519,545 shares in NQM, which was around a 3.9% stake in the Company.

Drummond Minerals Pty Ltd

All Star announced during the year that its wholly-owned subsidiary Drummond Minerals relinquished its remaining tenement EPM17845 (Overflow) with the Company itself then dissolved later in the financial year.

NQ Mines Pty Ltd

As the company owned zero tenements and wasn’t envisaged to be a key part of the future plans, a decision was made to dissolve the Company to complete the restructuring of All Star Minerals Plc balance sheet.

CORPORATE

On a further continued positive note during the period, All Star extended the maturity of Convertible Loan Notes in issue and raised £126,000 through the issue of new ordinary shares. As covered in detail above, 2015 was a significant year for the Company in that it exited Australia and obtained a holding in NQM.

The listing of NQM in July 2015 was welcomed timing for the Group. This was because All Star was not able to attribute a valuation to the 10,000,000 share position held at Group level due to accounting rules. This was frustrating as the board of All Star was aware of developments with NQM and the price at which the company was raising capital at for the forthcoming IPO.

When NQM listed All Star was able to attribute a valuation both at Group and Company level to its shareholding. Furthermore, the board noted the share price of NQ Minerals Plc performed strongly after it list at 8p. Based on the said listing price, All Star’s stake was worth £441,563. Furthermore positively at year end, the value of All Star’s holding had increased to £703,927.

ALL STAR MINERALS PLC
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2015

Unaudited
year ended
31 December 2015
GBP
Unaudited
6 month period
ended 30 June 2015
GBP
Audited
 year ended
31 December 2014
GBP
Revenue - - -
Administrative expenses (257,715) (27,333) (102,338)
Finance costs (22,827) (14,695) (30,736)
Other non-operating income 496,759 - -
Profit BEFORE TAX 216,217 (42,028) (133,074)
Income tax expense - - -
Profit FOR THE YEAR/PERIOD 216,217 (42,028) (133,074)
Attributable to:
Equity holder of the parent 216,217 (40,648) (63,045)
Non-controlling interest - (1,380) (70,029)
LOSS PER SHARE
Basic (pence per share)
Diluted (pence per share)
0.03
0.03
(0.01)
(0.02)

ALL STAR MINERALS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2015

Unaudited
at 31 December 2015

GBP
Unaudited
At 30 June
2015
GBP
Audited
 At 31 December 2014

GBP
NON CURRENT ASSETS
Property, plant and equipment - - -
Available for sale investment - 731,532 -
Trade and other receivables - 4,872 5,252
- 736,404 5,252
CURRENT ASSETS
Trade and other receivables 10,641 28,735 14,484
Cash and cash equivalents
Available for sale investments
4,384
703,927
4,883
11,225
718,952 33,618 25,709
TOTAL ASSETS 718,952 770,022 30,961
EQUITY PLUS NON-CONTROLLING INTEREST
ISSUED SHARE CAPITAL AND RESERVES
Share capital 394,240 383,378 379,078
Share premium 1,539,402 1,432,199 1,393,499
Reserves 720,452 720,452 720,452
Retained profits (2,475,840) (2,629,017) (2,628,335)
Revaluation reserve 207,168 600,348 -
Foreign exchange - 23,516 36,120
SUBSCRIBED CAPITAL 385,422 530,876 (99,186)
Non-controlling interest - - (129,804)
TOTAL EQUITY 385,422 530,876 (228,990)
CURRENT LIABILITIES
Trade and other payables 333,530 239,146 259,951
TOTAL EQUITY AND LIABILITIES 718,952 770,022 30,961


 

Notes:

1. The financial information for the year ended 31 December 2015, the six months ended 30 June 2015 and the year ended 31 December 2014 have not been audited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.

2. Basic loss per share has been calculated using the weighted average number of shares of 707,059,013 (31.12.14: 532,442,019; 30.6.15: 675,745,260).

3. The financial information for both the six months ended 30 June 2015 and 31 December 2014 are presented on a consolidated basis. At 31 December 2015, the Company no longer had any subsidiary undertakings and, accordingly, no longer required to prepare consolidated financial statements.

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

 

ENQUIRIES:

All Star Minerals Plc

Tomas Nugent, Chairman

01473-722768

ISDX Corporate Adviser

Cairn Financial Advisers LLP

Liam Murray

020 7148 7900


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