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All Star Minerals Plc - Half-year Report

·4-min read

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

Interim Results to 30 June 2020

Chairman's Statement

Update

The Company has had a busy six-month period from 1 January 2020 to 30 June 2020. The Board of All Star have reviewed a number of opportunities since the start of the year continuing from where they left off at the end of 2019.

In April 2020, the Company entered into an agreement whereby a £250,000 capital raising was to be executed and two appointments made to the Board.

On 22 May 2020, the Company announced a £80,000 capital raise and advised that Ian Harebottle and Richard Lloyd would be appointed as Directors.

On 24 June 2020, the Company announced that it had raised a further £200,000 in an oversubscribed placing and that a £55,000 CLN was being converted, which was a sign of confidence in the potential direction the Company is taking.

Further to the capital raising and appointment announcements, the Company refined its strategy to focus purely on the mining sector again. With the experience of the collective Board, the Company has started looking into the gemstone space in Africa.

Financials

The financial results for the period from 1 January 2020 to 30 June 2020 shows a loss after taxation attributable to equity holders of £54,006. The basic loss per share was 0.004p.

Outlook

With the work that has been done during the first half of the year, the outlook for the Company is encouraging and positive. The fact that All Star was able to raise money in very tough market conditions is testament to the hard work that the Board have done in cleaning up the Company’s balance sheet to enable the Company to pursue transactions.

Tomas Nugent

Executive Chairman
24 September 2020

ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS ENDED 30 JUNE 2020

Unaudited
6 month period ended 30 June 2020
GBP

Audited
year ended
31 December 2019
GBP

Unaudited
6 month period ended 30 June 2019
GBP

Revenue

-

-

-

Administrative expenses

(54,006)

120,488

(53,761)

Finance income

-

15,210

17,210

(LOSS)/PROFIT BEFORE TAX

(54,006)

135,698

(36,551)

Income tax expense

-

-

-

(LOSS)/PROFIT FOR THE PERIOD/YEAR

(54,006)

135,698

(36,551)

Attributable to:

Equity holder of the parent

(54,006)

135,698

(36,551)

(LOSS)/PROFIT PER SHARE

Basic & diluted (pence per share)

(0.004)

0.01

(0.003)

ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020

Unaudited
at 30 June 2020

GBP

Audited
At 31 December 2019
GBP

Unaudited
At 30 June 2019

GBP

CURRENT ASSETS

Trade and other receivables

5,000

-

-

Cash and cash equivalents

181,482

19,761

30,275

FVOCI asset

-

-

135,360

186,482

19,761

165,635

TOTAL ASSETS

186,482

19,761

165,635

EQUITY PLUS NON-CONTROLLING INTEREST

ISSUED SHARE CAPITAL AND RESERVES

Share capital

629,933

428,433

428,433

Share premium

1,921,951

1,773,610

1,773,610

Reserves

720,452

720,452

576,675

Retained deficit

(3,131,473)

(3,077,467)

(3,039,914)

Foreign exchange

-

-

-

SUBSCRIBED CAPITAL

140,863

(154,972)

(261,196)

TOTAL EQUITY

140,863

(154,972)

(261,196)

CURRENT LIABILITIES

Trade and other payables

45,619

174,733

426,831

TOTAL EQUITY AND LIABILITIES

186,482

19,761

165,635


Notes:

1. The financial information for both the six months ended 30 June 2020 and the six months ended 30 June 2019 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 1,256,452,885 (31.12.19: 1,130,474,743; 30.6.19: 1,130,474,743). The weighted average number of shares including dilutive instruments does not affect the diluted earnings per share calculation.

3. The Directors of the issuer accept full responsibility for 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
Via Cairn Financial

AQSE Corporate Adviser:
Cairn Financial Advisers LLP
Liam Murray
+44 (0) 20 7213 0880