ISDX listed All Star Minerals Plc (ASMO:ISDX) announced their unaudited final results for 2015 yesterday morning that showed the Company had made its first profit of £216,217. Indeed this profit would have been much bigger had it not been for write downs relating to the closing down of subsidiaries and other legacy costs.
This clearly marks a transformation for the Company following the difficult restructuring/reorganisation that has been executed since Executive Chairman, Tomas Nugent came to office over two and half years ago. During the financial year, one of the highlights for All Star was that it raised £126,000 through the issue of ordinary shares and was importantly, able to recognise a shareholding in NQ Minerals Plc, in which it holds over 5.5m shares.
This was a significant milestone as All Star had increased its shareholding in the majority owned subsidiary, Blue Doe Gold Plc through the capitalisation of loans worth £130,307 into 4,738,442 shares. This was prior to Blue Doe undertaking a members’ voluntary liquidation and proved to be a shrewd move when the majority of 10,000,000 NQ shares, being the sole asset of Blue Doe Gold Plc was distributed pro-rata to shareholders. The benefit of holding the shares was clear to see when NQ listed at 8p in July 2015, as All Star had an immediate asset to recognise on its balance sheet and was the underpinning for better financial results released during 2015.
Furthermore positively at year end, the value of All Stars holding in NQ had increased by over 50% and was worth just over £700,000. This capped what had clearly been a very positive year and a turning point for the Company compared to prior years.
What is next for All Star Minerals? well the Company continues to review projects and closely monitor the position in NQ Minerals Plc (NQMI:ISDX), with the Company having provided updates to the market on it drilling program being executed in Australia. It is clear to see that the restructuring work undertaken that was led by Tomas Nugent, is now proving to show successful results with the Company being in a better position to look forward to the future.
All Star Minerals plc is focused on the development of its natural resource properties in Queensland, Australia.
NQ Minerals plc is an ISDX listed, Australian based exploration and mining company, focusing on projects where past exploration work has established the presence of mineral occurrences. The Company’s management team has decades of experience in the exploration and production of gold, silver and a variety of base metals. NQ is focused on two exploration projects known as Ukalunda and Square Post, in North Queensland, Australia. These projects are both located in prospective mining districts that form part of the well-‐ known Charters Towers Gold Province, where more than 20 million ounces of gold has been mined.
