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All Star Minerals PLC (ASMO)

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Tuesday 29 September, 2015

All Star Minerals PLC

Half-yearly Report

29 September 2015

ALL STAR MINERALS PLC
("All Star" or the "Company")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2015

All Star Minerals Plc (ISDX: ASMO), the ISDX Growth Market Company with a focus on Natural Resources, is pleased to announce its Interim Results for the six month period from 1 January 2015 to 30 June 2015.

Chairman's Statement

The past six months have continued to be one in which the board has simplified the corporate structure and put the Company in a stronger position for the future. To this end, there has been a number of positive changes during the reporting period including the investment in NQ Minerals Plc, an ISDX listed company.

In March 2015, the Company announced that it raised £43,000 through the issue of 43,000,000 new ordinary shares at a price of 0.1p per share. This money was for general working capital purposes and for ongoing activities.

In May 2015, the Company announced that it agreed to extend the terms of 3 Convertible Loan Notes with an aggregate principal of £110,000. The Company agreed with the note holders to extend the term for a further 9 months – with maturity dates in October 2015.

In June 2015, the Company announced that its wholly-owned subsidiary, Drummond Minerals Pty Ltd did not renew its permit application for EPM 17845(Overflow) and had therefore relinquished the tenement. This was part of the ongoing review of operations and disposing of assets.

Also in June 2015, Conrad Windham resigned as a Director of the Company. Conrad relinquished all of his 47,500,000 share options, which significantly reduced the amount of outstanding options in the Company.

OTHER DEVELOPMENTS

All Star announced in May 2015 that it had capitalised loans in its subsidiary company, Blue Doe Gold Plc, whereby loans worth £130,307 had been converted into 4,738,442 Blue Doe ordinary shares. Accordingly, the Company holds 54,738,442 shares equivalent to 55.21% of Blue Doe’s issued share capital.

The capitalisation of the loans was an important step for Blue Doe Gold Plc (“Blue Doe”) as of 30 June 2015, Blue Doe entered into a Members Voluntary Liquidation (“MVL”). This followed asset sales and tenement relinquishments during the previous year. Following completion of the MVL process, Blue Doe’s principal asset which is 10,000,000 shares in NQ Minerals Plc (“NQ”), will be distributed to Blue Doe Gold Plc’s shareholders on a pro-rata basis. All Star is likely to receive 5,521,000 shares in NQ which will significantly enhance the balance sheet of the Company with a liquid asset following the IPO of NQ Minerals Plc. As at the date of this statement the Company’s investment in NQ was worth £731,532.

FINANCIALS

The consolidated financial results for the period from 1 January 2015 to 30 June 2015 shows a loss after taxation attributable to equity holders of the parent of £40,648. The basic loss per share was 0.01p. The loss is attributable to ongoing administrative costs associated with the running of the Group, and exploration expenses.

The Company is carefully managing its working capital and is seeking to raise further funds in the near future.

OUTLOOK

The Company is continuing to review its activities with the objective of strengthening its balance sheet and disposing of assets to improve the position of the Company.

The Company is benefitting from the advantages of its holding in NQ Minerals Plc, which is up some 63% since its IPO at the mid-price. The board is delighted with the success of NQ Minerals Plc’s performance over the past six months and continues to monitor its developments going forward.

Tomas Nugent
Executive Chairman


 

ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 30 JUNE 2015

Unaudited
6 month period ended 30 June 2015
GBP
Unaudited
year ended
31 December 2014
GBP
Unaudited
6 month
period ended
30 June 2014
GBP
Revenue - - -
Administrative expenses (27,333) (102,338) (185,334)
Finance costs (14,695) (30,736) (9,990)
Other non-operating income - - -
LOSS BEFORE TAX (42,028) (133,074) (195,324)
Income tax expense - - -
LOSS FOR THE PERIOD/YEAR (42,028) (133,074) (195,324)
Attributable to:
Equity holder of the parent (40,648) (63,045) (194,818)
Non-controlling interest (1,380) (70,029) (506)
LOSS PER SHARE
Basic & diluted (pence per share) (0.01) (0.02) (0.05)


 

ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2014

Unaudited
at 30 June
2015
GBP
Unaudited
At 31 December 2014
GBP
Unaudited
 At 30 June
2014
GBP
NON CURRENT ASSETS
Property, plant and equipment - - 54
Available for sale investment 731,532 - 1
Trade and other receivables 4,872 5,252 11,111
736,404 5,252 11,166
CURRENT ASSETS
Trade and other receivables 28,735 14,484 87,194
Cash and cash equivalents 4,883 11,225 78,888
33,618 25,709 166,082
TOTAL ASSETS 770,022 30,961 177,248
EQUITY PLUS NON-CONTROLLING INTEREST
ISSUED SHARE CAPITAL AND RESERVES
Share capital 383,378 379,078 373,028
Share premium 1,432,199 1,393,499 1,317,049
Reserves 720,452 720,452 720,452
Retained profits (2,629,017) (2,628,335) (2,720,846)
Revaluation reserve 600,348 - -
Foreign exchange 23,516 36,120 20,767
SUBSCRIBED CAPITAL 530,876 (99,186) (289,550)
Non-controlling interest - (129,804) (57,966)
TOTAL EQUITY 530,876 (228,990) (347,516)
CURRENT LIABILITIES
Trade and other payables 239,146 259,951 524,764
TOTAL EQUITY AND LIABILITIES 770,022 30,961 177,248


 


 

Notes:

  1. The financial information for the six months ended 30 June 2015, year ended 31 December 2014 and the six months ended 30 June 2014 has not been audited and does 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 675,745,260 (31.12.13: 532,442,019; 30.6.14: 400,581,745). Given the loss per share, there are no dilutive instruments in issue.
  3. The Directors of the issuer accept full responsibility for this announcement.

Enquiries:-

All Star Minerals Plc
Tomas Nugent, Chairman
01473 220 072

ISDX Corporate Advisor
Cairn Financial Advisers LLP
Liam Murray
020 7148 7900


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