All Star Minerals plc
LSE : ASMO

May 29, 2009 10:19 ET

Final Results

          
          
                                                                                     GB00B12T7004/GBP/PLUS-exn
                                                                                                    29/05/2009
                                                            
                                                  ALL STAR MINERALS PLC
                                              ("All Star" or "the Company")
          
          FINAL RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2008
          
          CHAIRMAN'S STATEMENT
          
          2008  was  a  very  tough  and  disappointing period for All Star  Minerals.  The  global  economic
          downturn,  which  impacted  all areas of industry, thwarted our efforts of  securing  the  required
          funding to move the Company to the Alternative Investment Market. Regrettably this served to put  a
          substantial  strain  on  the  Company's  finances, and has resulted  in  the  director's  foregoing
          remuneration  for  over nine months, coupled with a negligible amount of work being  undertaken  on
          the  uranium  properties in Sweden. My board and I were very concerned with  the  position  of  the
          company  at  the start of 2009, but we remained optimistic as to the likelihood of making  progress
          and turning the Company around.
          
          I  am reminded of the wisdom of the Chinese philosopher, Confucius, who remarked that "Our greatest
          glory  is not in never falling, but in rising every time we fall". Whilst All Star still bears  the
          scars  from the fall resultant from the failed move to AIM, it has, since mid-March, being  rising,
          albeit slowly.
          
          Perhaps  the  most important commodity for all for junior mining companies is cash,  since  without
          this,  no  project  development  can occur. All Star Minerals has been  severely  hampered  in  the
          development  of  its uranium projects in Sweden by its lack of availability to capital.  In  recent
          weeks  we  have  been  fortunate  enough to secure funding, which  has  dramatically  improved  the
          company's  fortunes, and ensured that we can begin to consider returning to the company's strategy,
          being the development of mineral properties.
          
          We  have,  as is to be expected, incurred significant creditors as a result of the failed  move  to
          AIM.  We  have  been  in  discussions with those creditors, and are  slowly  reaching  satisfactory
          conclusions  with these parties. Concluding such negotiations is obviously crucial  to  enable  the
          Company to return to focus on its strategy.
          
          In  March,  we  stated that we were considering two potential acquisitions, both unlisted,  with  a
          focus  on  gold.  Unfortunately, one of these opportunities has since found an alternative  vehicle
          through  which  to  find  its way to a public listing, whilst All Star  has  not  yet  secured  the
          required level of funding to proceed with the other potential acquisition.
          
          We  will  continue  to monitor the situation and opportunity with both acquisitions,  and  will  be
          keeping  the market abreast of our developments over the coming months. Our priorities are  to  get
          All  Star  properly financed, conclude satisfactory negotiations with our creditors  incurred  from
          the failed AIM move, and recommence the development of our existing project portfolio.
          
          Financials
          The  financial  results  for the twelve months to 30 November 2008 show a loss  after  taxation  of
          GBP359,242  (2007: loss GBP152,830). At the year end the Company had cash at bank and  in  hand  of
          GBP6,968 (2007:218,877) and total net liabilities of GBP58,096 (2007: Net assets GBP281,272).
          
          Outlook
          There  remain  risks associated with All Star Minerals at this point in time, but such  risks  have
          been  reduced  over the past couple of months. Of key importance to ensuring we can  deliver  value
          for  shareholders is securing further funding, which will enable us to plan the future  development
          of our uranium projects in Sweden.
          
          In February this year, the Swedish government announced plans to introduce a bill to overturn a 30-
          year  ban  that  would enable the construction of nuclear reactors on existing sites,  as  well  as
          introducing  a new carbon tax as part of a programme to cut carbon emissions by 40% on 1990  levels
          by  2020.  Such  plans  are most certainly good news for the nuclear sector  in  Sweden,  of  which
          uranium  plays  a  strong  role,  and gives us confidence that we are  operating  in  a  favourable
          environment for uranium and nuclear power.
          
          We  hope to be able to bring shareholders positive news on the Company's development in the  coming
          months,  and  to be in a position to be more proactive in the development of our project  portfolio
          than  we  have been in the past year. We are not out of the woods yet, but I can see a faint  light
          in  the distance. I would like to take this opportunity to thank our patient and loyal shareholders
          for  their  support  of All Star Minerals, and would like to assure them that your  board  will  be
          doing its utmost to deliver value over the coming year.
          
          The Directors do not recommend the payment of a dividend.
          
          
          PROFIT AND LOSS ACCOUNT
          FOR THE YEAR ENDED 30 NOVEMBER 2008
          
                                                                                   2008              2007
                                                                                     £                 £
          
          CONTINUING OPERATIONS
          Revenue                                                                       -               -
          
          
          Other operating income                                                     100                -
          Administrative expenses                                               (362,820)        (170,698)
                                                                                                                  
          OPERATING LOSS                                                        (362,720)        (170,698)
          
          Finance income                                                           3,478           17,868
                                                                                                                  
          LOSS BEFORE TAX                                                       (359,242)        (152,830)
          
          Tax                                                                          -                -
                                                                                                                  
          LOSS FOR THE YEAR                                                     (359,242)        (152,830)
                                                                                                                  
          
          Earnings per share expressed
          in pence per share:
          Basic                                                                     -0.57           -0.24
          Diluted                                                                   -0.39           -0.17
                                                                                                                    
          
          
          
          
          
          BALANCE SHEET
          30 NOVEMBER 2008
          
                                                                                   2008              2007
                                                                                     £                 £
          ASSETS
          NON-CURRENT ASSETS
          Intangible assets                                                        39,080           87,466
          Property, plant and equipment                                               622              934
                                                                                                                  
                                                                                   39,702           88,400
                                                                                                                  
          CURRENT ASSETS
          Trade and other receivables                                               3,463            8,203
          Cash and cash equivalents                                                 6,968          218,877
                                                                                                                  
                                                                                   10,431          227,080
                                                                                                                  
          LIABILITIES
          CURRENT LIABILITIES
          Trade and other payables                                                108,229           14,208
          Financial liabilities - borrowings
            Interest bearing loans and borrowings                                       -           20,000
                                                                                                                  
                                                                                  108,229           34,208
                                                                                                                  
          NET CURRENT (LIABILITIES)/ASSETS                                        (97,798)         192,872
                                                                                                                  
          NET (LIABILITIES)/ASSETS                                                (58,096)         281,272
                                                                                                                  
          SHAREHOLDERS' EQUITY
          Called up share capital                                                 636,429          625,000
          Share premium                                                           323,086          314,515
          Share scheme reserve                                                      6,817            6,943
          Retained earnings                                                   (1,024,428)         (665,186)
                                                                                                                  
          TOTAL EQUITY                                                           (58,096)          281,272
                                                                                                                  
          
          
          Emphasis of matter - Going concern
          
          In  forming our opinion on the financial statements, which is not qualified, we have considered the
          adequacy  of the disclosures made 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
          company  being able to raise sufficient funds.  Based on the current economic climate there  exists
          a  material uncertainty which may cast significant doubt as to whether the company will be able  to
          generate  sufficient funds and therefore 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
          
          The above information has been extracted from the audited financial statements of the Company.
          
          The Directors of the Company accept responsibility for the contents of this announcement.
          
          For further information, please contact :
          
          The Company:
          All Star Minerals Plc
          Dr. Robert Young
          Chairman                          +44 (0)1353 649 379
          
          
          Corporate Adviser:
          St Helen's Capital Plc
          Barry Hocken/Duncan Vasey         +44 (0)20 7628 5582
          
          

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