ALL STAR MINERALS PLC
("All Star" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2016
All Star Minerals Plc (ISDX: ASMO), the ISDX Growth Market investing company focused on natural resources, is pleased to announce its interim results for the six month period ended 30 June 2016.
The past six months have continued to be a period in which the Company has shown progress. There have been a number of positive events during the reporting period including the simplification of All Star’s corporate structure and the performance of investee company, NQ Minerals Plc (“NQ”).
In January 2016, the Company announced that all three of its Australian subsidiaries had filed for de-registration by 31 December 2015, which meant that there was no longer any overseas operating subsidiaries. This simplification of All Star’s corporate structure has allowed the Company to view new avenues, and broaden its investing strategy.
In March 2016, All Star raised £18,000 through the issue of 20,000,000 new ordinary shares at a price of 0.09p per share. This money was used for general working capital purposes.
In April 2016, the board announced it noted that NQ had completed the first round of drilling at Ukalunda with further drilling to be completed. The said drilling results were then released in April and showed to be very encouraging with new metals and good ore grades being discovered.
In May 2016, the Company announced that it has raised £92,400 through the issue of 132,000,000 new ordinary shares at a price of 0.07p per share. This money was for general working capital purposes and ongoing activities.
The board of All Star is pleased with what has been achieved over the past six months. The Company has completed the exit from Australian operationally and still maintains 5,519,545 shares or a 3.9% shareholding in NQ, which is shaping up to be an interesting mining company. The board awaits further developments with NQ in the near future. However, All Stars’ aim is not to be passive and potential investment opportunities are being appraised regularly.
The financial results for the period from 1 January 2016 to 30 June 2016 shows a loss after taxation attributable to equity holders of the parent of £43,205. The basic loss per share was 0.01p. The loss is attributable to ongoing administrative costs associated with the running of the Company.
The Company is carefully managing its working capital and is seeking to raise further funds in the near future.
Whilst the Company recorded a small loss for the first half of the year, which was like for like for the same period last year, it is in contrast to historical years. This further demonstrates work that the board has completed to strengthen the balance sheet and put the Company into a much better position.
Whilst there was a reduction in current assets, the board remains encouraged by the prospects longer term in respect of both NQ and potential new investments. The board is continually looking at ways to advance the Company forward in a new direction following the disposal of overseas subsidiaries and assets at the end of last year.
30 September 2016
ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 30 JUNE 2016
6 month period ended 30 June 2016
31 December 2015
6 month period ended 30 June 2015
|Impairment of investment||-||(49,993)||-|
|(LOSS)/PROFIT BEFORE TAX||(43,205)||161,022||(42,028)|
|Income tax expense||-||-||-|
|(LOSS)/PROFIT FOR THE PERIOD/YEAR||
|Equity holder of the parent||(43,205)||161,022||(40,648)|
|(LOSS)/PROFIT PER SHARE|
|Basic & diluted (pence per share)||(0.01)||0.02||(0.01)|
ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
at 30 June 2016
At 31 December 2015
At 30 June 2015
|NON CURRENT ASSETS|
|Property, plant and equipment||-||-||-|
|Available for sale investment||-||-||731,532|
|Trade and other receivables||-||-||4,872|
|Trade and other receivables||13,381||10,641||28,735|
|Cash and cash equivalents||40,676||4,384||4,883|
|Available for sale financial assets||248,380||703,927||-|
|EQUITY PLUS NON-CONTROLLING INTEREST|
|ISSUED SHARE CAPITAL AND RESERVES|
|Trade and other payables||305,367||333,530||239,146|
|TOTAL EQUITY AND LIABILITIES||302,437||718,952||770,022|
1. The financial information for the six months ended 30 June 2016 and the six months ended 30 June 2015 has not been audited. The financial information contained in the interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
2. Basic loss per share has been calculated using the weighted average number of shares of 819,645,074 (31 December 2015: 707,059,013; 30 June 2015: 675,745,260). Given the loss per share, there are no dilutive instruments in issue at 30 June 2016 and 30 June 2015. At 31 December 2015 diluted earnings per share were calculated using the weighted number of shares including dilutive instruments of 740,025,086.
3. The Directors of the issuer accept full responsibility for this announcement.
All Star Minerals Plc
Tomas Nugent, Chairman
ISDX Corporate Adviser
Cairn Financial Advisers LLP
020 7148 7900