Last checked at 27 Sep 2013 07:00
27 September 2013
ASTAR MINERALS PLC
("Astar" or the "Company") (AIM: ASTA)
HALF YEARLY REPORT
Unaudited Interim results for the six month period ended 30 June 2013
Financial Highlights
During the period:
· Total comprehensive loss has reduced to £3,000 (H1 2012: £782,000)
· Administrative expenses have reduced to £63,000 (H1 2012: £517,000)
· Loss per share was 0.002p (H1 2012: 1.3p)
· The Company completed the disposal of its trading operations in Canada, the settlement of the CVA for £75,000, raised new funds of £336,000 before costs, and adopted a new strategy.
For more information please contact:
Astar Minerals plc Lynda Chase-Gardener | Tel: +44 (0) 1206 230770
|
Zeus Capital (Nominated Adviser) Ross Andrews/Andrew Jones
| Tel: +44 (0) 161 831 1512 |
Peterhouse Corporate Finance Ltd (Broker) Jon Levinson/Lucy Williams | Tel: +44 (0) 207 562 3357 |
HALF YEARLY REPORT
Chairman's Statement
Astar Minerals is pleased to announce its interim results for the six months period ended 30 June 2013.
During the period under review there has been no operating activity and consequently the Company has not generated any revenue. The Company recorded a loss of £3,000 and a loss per share of 0.002p. This compares to the corresponding six month period loss last year of £771,000 and a loss per share of 1.3p.
The Board completed the disposal of its aggregates business, settled its Creditors Voluntary Arrangement for £75,000, raised £336,000 before costs and adopted a new strategy. As such, pursuant to AIM Rule 15, the company is now classified as an Investing Company, focused on the natural resources sector.
The Directors recognise the limited cash resources within the Company and as such have reduced their salaries accordingly. We have looked at a number of possible acquisition targets and have recently received approaches from third parties interested in using Astar as a vehicle for potential acquisitions. Some of these parties are not operating in the natural resources sector and so the Directors may, if appropriate, seek shareholder approval to amend the Company's strategy.
The Board will keep shareholders abreast of any developments and remain positive and focused on sourcing suitable investments to take the Company into a new phase of development and growth. We also wish to thank our shareholders for their continued support.
Lynda Chase-Gardener
Chairman
Unaudited Income Statement
For the six months ended 30 June 2013
Six months ended 30 June 2013 (unaudited) | Six months ended 30 June 2012 (Restated/ unaudited) |
Year ended 31 December 2012 (audited) | |
CONTINUING OPERATIONS | £'000 | £'000 | £'000 |
Administrative expenses | (63) | (517) | (919) |
Operating loss | (63) | (517) | (919) |
Credit from the settlement of CVA and other related creditors | 232 | - | - |
Profit/(Loss) before tax | 169 | (517) | (919) |
Tax on loss on ordinary activities | - | - | - |
(919) | |||
DISCONTINUED OPERATIONS | |||
Loss from discontinued operations | (172) | (254) | (2,965) |
LOSS FOR THE PERIOD | (3) | (771) | (3,884) |
Other comprehensive expense | - | (11) | (814) |
Total comprehensive loss for the period | (3) | (782) | (4,698) |
Basic and diluted earnings per share | |||
From continuing operations | 0.11p | (0.86)p | (1.38)p |
From discontinued operations | (0.11)p | (0.44)p | (4.48)p |
(0.002)p | (1.30)p | (5.86)p | |
The comparative figures for the 6 months to 30 June 2012 have been restated to reflect the contribution to the results of operations that were discontinued in 2013
Unaudited Statement of Financial Position
As at 30 June 2013
As at 30 June 2013 (unaudited) | As at 30 June 2012 (unaudited) | As at 31 December 2012 (audited) | |
£'000 | £'000 | £'000 | |
ASSETS | |||
Non-current Assets | |||
Intangible assets | - | 1,687 | - |
Property, plant and equipment | - | 3,807 | - |
- | 5,494 | - | |
Current assets | |||
Trade and other receivables | - | 351 | - |
Inventories | - | 211 | - |
Cash & cash equivalents | 181 | 147 | - |
Assets classified as held for sale | - | - | 3,500 |
181 | 709 | 3,500 | |
TOTAL ASSETS | 181 | 6,203 | 3,500 |
EQUITY AND LIABILITIES | |||
Share capital and reserves | |||
Ordinary share capital | 297 | 3,939 | 73 |
Deferred share capital | 3,866 | - | 3,866 |
Share premium | 12,868 | 12,528 | 12,755 |
Foreign exchange reserve | - | (549) | (1,353) |
Reserve for options granted | 172 | 172 | 172 |
Reserve for warrants granted | 254 | 419 | 254 |
Retained deficit | (17,322) | (12,854) | (15,967) |
135 | 3,655 | (200) | |
Non-controlling interest | - | - | 1 |
TOTAL EQUITY | 135 | 3,655 |
(199) |
Non-current liabilities | |||
Other loans | - | 135 | - |
Deferred tax | - | 717 | - |
- | 852 | - | |
Current liabilities | |||
Trade & other payables | 46 | 570 | 371 |
Mortgage and other loans | - | 1,126 | - |
Liabilities directly associated with assets classified as held for sale | - | - | 3,328 |
46 | 1,696 | 3,699 | |
TOTAL LIABILITIES | 46 | 2,548 | 3,699 |
TOTAL EQUITY AND LIABILITIES | 181 | 6,203 | 3,500 |
Unaudited Statement of Cash Flows
For the six months ended 30 June 2013
Six months ended 30 June 2013 (unaudited) | Six months ended 30 June 2012 (unaudited) | Year ended 31 December 2012 (audited) | |
£'000 | £'000 | £'000 | |
OPERATING ACTIVITIES | |||
Profit/(Loss) before taxation | 169 | (771) | (4,698) |
Adjustments for: | |||
Depreciation and amortisation | 152 | - | |
Impairment | - | 3,692 | |
Finance expense | 1 | 84 | - |
Loss on disposal of equipment | - | 4 | - |
Cash absorbed by operations | 170 | (531) | (1,006) |
(Increase)/decrease in inventory | (28) | 183 | |
(Increase)/decrease in trade and other receivables | - | (150) | 201 |
Increase/(decrease) in trade and other payables | (325) | 104 | 1,732 |
Net cash outflow from operating activities | (155) | (605) | 1,110 |
INVESTING ACTIVITIES | |||
Investments purchased | - | - | - |
Disposal of property, plant & equipment | - | 54 | - |
Purchase of property, plant & equipment | - | (75) | - |
Finance income | - | - | - |
- | - | - | |
Net cash outflow from investing activities | - | (21) | - |
FINANCING ACTIVITIES | |||
Continuing operations: | |||
Finance expense | - | (84) | - |
Repayment of convertible loan notes | - | - | - |
Share issue costs | (62) | ||
Issue of ordinary share capital | 336 | 785 | |
(Decrease)/increase in mortgages and loans | - | (92) | 840 |
(Decrease)/increase in other loans | - | (44) | - |
Net cash inflow from financing activities | 336 | 503 | 840 |
Net (decrease)/increase in cash and cash equivalents | 181 | (123) | (270) |
Cash and cash equivalents brought forward | - | 270 | 270 |
- | |||
Cash and cash equivalents carried forward | 181 | 147 | - |
Notes to the Unaudited Interim Financial Statements for the six months ended 30 June 2013
1. Basis of preparation
These interim financial statements which have not been reviewed or audited by the Company's auditors include the financial position of the Company as at 30 June 2013 and the results of the Group's operations for the six months then ended. They have been prepared on accounting bases and policies that are consistent with those used in the preparation of the statutory financial statements for the year ended 31 December 2012.
These interim financial statements have been prepared under the historical cost convention and arefor the six months ended 30 June 2013.
The information set out in this interim report for the six months ended 30 June 2013 does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2012, incorporating an unqualified auditor's report, have been filed with the Registrar of Companies.
The Company is now an investment company listed on AIM. The directors are currently reviewing a number of projects and investment opportunities and believe that the Company is well placed to progress.
2. Loss per share
The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of shares in issue.
The weighted average number of shares in the period was:
Six months ended 30 June 2013 (unaudited) | Six months ended 30 June 2012 (unaudited) |
Year ended 31 December 2012 (audited) | |
Total | 153,663,467 | 58,620,453 | 66,117,412 |
Profit/(Loss) attributable to equity shareholders of the Company: From continuing operations From discontinued operations | 169,000 (172,000) | (517,000) (254,000) | (919,000) (2,965,000) |
Basic and diluted profit/(loss) per share: From continuing operations From discontinued operations | 0.11p (0.11)p | (0.86)p (0.44)p | (1.38)p (4.48)p |
3. Dividends
No dividend has been declared for the six months ended 30 June 2013.
4. Copies of the Interim Results
Copies of the Interim Results are available on the Company's website www.AstarMinerals.com.