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All Star Minerals Plc (ASMO)

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Tuesday 30 May, 2017

All Star Minerals Plc

Final Results

All Star Minerals PLC (“the Company”)

Final Results

The Company hereby notifies shareholders that the Annual Report and Financial Statements of the Company for the year ended 31 December 2016 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 Annual Report contains an emphasis of matter paragraph in respect of going concern. An extract taken from the text of the auditor’s opinion is set out below.

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.

ENQUIRIES:

All Star Minerals Plc
Tomas Nugent, Chairman
01473-722768

ISDX Corporate Adviser
Cairn Financial Advisers LLP
Liam Murray / Richard Nash
020 7213 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 and solid progress following the withdrawal from Australia. Additionally, the Company passed a Resolution at the Annual General Meeting to broaden its investment strategy to include non-resource opportunities. This was a significant step given that the commodities sector was experiencing a serve downturn with mining companies of all sizes struggling due to high levels of debt and negative investor sentiment towards supporting equity raisings. That said however, All Star was able to raise capital and extend existing Convertible Loan Notes.

The board of All Star has continued to review options as to how best advance the Company. The appointment of David Bourne as Non-Executive Director at our AGM, who has many years of valuable business and finance experience, was an important step in what the board is aiming to achieve. During the period, the board entered into non-disclosure agreements and held meetings with the management or owners of companies that looked to have potential and the ability to deliver growth. Going forward, these discussions will continue and it is hoped that a suitable transaction will be identified in due course to complete the transformation of the Company since I took up the position of Executive Chairman in 2013.

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. In spite of this, All Star successfully raised money during the period under review, which enabled the Company to strengthen its balance sheet and pay creditors.

The Company’s principal asset since relinquishing and selling its Australian assets has been its shareholding in investee company, NQ Minerals Plc. Throughout 2016, All Star continued holding 5,519,545 shares in the Company, which equated to 3.9% ownership of the Company at the start of 2016. NQ has continued to develop and proved to be a very exciting asset for All Star.

However like all mining companies, weak investor sentiment did effect the share price of NQ during the year and as at 31 December 2016, the shareholding was valued at £413,965, which was a significant decrease in value compared to the end of our previous financial year. However, given the newsflow in recent weeks and updates provided by NQ including the aim to move onto the London Stock Exchange’s Standard List, the board of All Star looks forward to the performance of its investment over the course of 2017.

CORPORATE

On a further positive note during the period, All Star extended the maturity of Convertible Loan Notes in issue and raised £110,400 through the issue of new ordinary shares. As covered in detail above, the equity story continued to be developed in our investee company, NQ Minerals Plc.

This has continued to be worthy of the patience and loyalty shown by All Star as a significant shareholder owning more than 3% of the Company. The future of NQ continues to look attractive with the board of All Star remaining highly encouraged about the outlook over the next six to twelve months.

FINANCIALS

The financial results for the 12 month period to 31 December 2016 shows a loss after taxation of £186,933 (2015: profit of £161,022). The decrease in value of NQ Minerals’ shares and general corporate overheads meant that the Company recorded a loss for the period.

The basic loss per share from continuing operations was 0.02p (2015: earnings 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. The part or complete disposal of the NQ shareholding may mean a balance sheet transformation. If that was to occur, then potentially there would be a significant amount of cash that would be utilised towards a single or multiple transactions. This 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

30 May 2017


 

EXTRACT FROM THE INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ALL STAR MINERALS PLC FOR THE YEAR ENDED 31 DECEMBER 2016

A full copy of the Annual Report, inclusive of the Independent Auditors’ Report, will be available shortly on the Company’s website, http://www.allstarminerals.co.uk/.

OPINION ON FINANCIAL STATEMENTS

In our opinion the financial statements:

- give a true and fair view of the state of the Company’s affairs as at 31 December 2016 and of the loss for the year then ended;

- have been properly prepared in accordance with IFRSs as adopted by the European Union; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

OPINON ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken during the course of the audit:

  • the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

EMPHASIS OF MATTER – GOING CONCERN

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 2 to the financial statements concerning the Company's ability to continue as a going concern. The ability of the Company to continue to trade is dependent on the performance of its investments held and continued ability to raise sufficient funds in support of its forecast expenditure. While the Company has a track record of raising the necessary funding it does represent, coupled with the performance of investments, a material uncertainty which may cast significant doubt around the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would be necessary if the Company was unable to continue as a going concern.

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2016

2016 2015
£ £
Administrative expenses
Impairment of investment in subsidiary undertakings
(133,335)
-
(207,722)
(49,993)
Fair value movement: available for sale investments (27,598) -
Finance costs (26,000) (22,827)
Other income - 441,564
(Loss)/Profit before tax (186,933) 161,022
Income tax expense - -

(Loss)/Profit for the year

(186,933)
161,022
2016 2015
£ £
(Loss)/Profit per share expressed in pence per share
Basic
Diluted
(0.02)
(0.02)
0.02
0.02

   

2016 2015
£ £
(Loss)/Profit for the year
(186,933) 161,022
Other Comprehensive Income:
Items that may be subsequently reclassified to profit or loss:
  Fair value movement: available for sale investments
  Less: impairment loss included in profit or loss


(289,961)
27,598


262,363
(262,363) 262,363
Total Comprehensive Income for the year (449,296) 423,385

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2016

Issued capital
£
Share premium
£
Other reserves
£
Accumulated losses
£
Total equity
£
Balance at 1 January 2016 394,240 1,539,402 982,815 (2,531,035) 385,422
Comprehensive income for the year
Loss for the year - - - (186,933) (186,933)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:

  Fair value movement:
  available for sale
  investments
  Less: impairment loss
  Included in profit
  or loss
























(289,961)


27,598















(289,961)


27,598

Total comprehensive income for the year
-

-

(262,363)

(262,363)
-

(186,933)
(262,363)

(449,296)
Transactions with owners, recorded directly in equity
Issue of shares 16,129 107,272 - - 123,401
Balance at 31 December 2016 410,369 1,646,674 720,452 (2,717,968) 59,527

   

Issued capital
£
Share premium
£
Other reserves
£
Accumulated losses
£
Total equity
£
Balance at 1 January 2015 379,078 1,393,499 720,452 (2,692,057) (199,028)
Total comprehensive income for the year
Profit for the year - - - 161,022 161,022
Other comprehensive income

Items that may be subsequently reclassified to profit or loss:

  Fair value movements on
  available for sale
  investments
- - 262,363 - 262,363

Total comprehensive income for the year
-

-

262,363

262,363
-

161,022
262,363

423,385
Transactions with owners, recorded directly in equity
Issue of shares 15,162 145,903 - - 161,065
Balance at 31 December 2015 394,240 1,539,402 982,815 (2,531,035) 385,422


 

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016

2016 2015
£ £
Assets
  Non-Current Assets
    Property, plant and equipment - -
    Investments at cost - -
- -
Current Assets
    Trade and other receivables 2,811 10,641
    Cash and cash equivalents 20,785 4,384
    Available for sale financial assets 413,966 703,927
437,562 718,952
Total Assets 437,562 718,952
Equity
  Issued Capital and Reserves
    Issued share capital 410,369 394,240
    Share premium 1,646,674 1,539,402
    Reserves 720,452 982,815
    Accumulated losses (2,717,968) (2,531,035)
  Total Equity 59,527 385,422
Current Liabilities
    Borrowings 147,710 134,710
    Trade and other payables 230,325 198,820
378,035 333,530
Total Equity and Liabilities 437,562 718,952


 

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2016

2016 2015
£ £
Cash Flows from Operating Activities
    Total operating (loss)/profit (186,933) 161,022
  Adjustments to Reconcile Loss from Operations
    Interest expense 26,000 22,827
    Fair value movement on listed investments 27,598
    Impairment of investment - 49,993
    Other income - (441,564)
  Adjustments to Reconcile Loss from Operations 53,598 (368,744)
  Loss from Operations (133,335) (207,722)
  Non Cash Adjustments
     Provision against related party debts - 41,400
  Non Cash Adjustments - 41,400
  Cash Flows Before Changes in Working Capital (133,335) (166,322)
  Increase/(Decrease) in Working Capital
    Decrease in trade and other receivables 7,830 2,103
    Increase in trade and other payables 31,506 39,695
  Increase in Working Capital 39,336 41,798
  Cash Flow Used in Operating Activities (93,999) (124,524)
Net Cash Flows from Financing Activities
    Gross proceeds from issue of equity share capital 110,400 126,000
Net Cash Flows from Financing Activities 110,400 126,000
16,401 1,476
  
  Cash and cash equivalents brought forward

4,384

2,908

Cash and Cash Equivalents as at 31 December

20,785

4,384

a d v e r t i s e m e n t