14 October 2009
Chairman's update for shareholders - 14 October 2009
I am pleased to report an 11% increase in your Company's asset value
net of debt in the quarter to 30 September 2009 to make an 18%
increase for the year since the low point of 30 September 2008;
conditions in our chosen investment field have stabilised a little
after the shocks of the latter half of 2008.
A year ago, we took a long hard look at the values attributed to our
investment portfolio as a result of which we wrote down the book
values of many, but not all, of our investments by a total of £3.5m.
We believed this to be prudent and subsequent events have
demonstrated this to be so. We expect to announce our audited results
for the year to 30 September 2009, by the end of October when we will
comment in greater detail.
30 September 30 June 31 March 30
2009 2009 2009 September
unaudited at BID 2008
At BID At BID values at BID
values, values values,
Trading portfolio £4.72m £4.3m £4.25m £3.9m
Company asset value £4.02m £3.62m £3.62m £3.4m
net of debt
Net asset value - 10.72 pence 10.01 pence 10.01 9.06 pence
fully diluted per pence
Share price - mid 11.75 pence 9.5 pence 6.25 pence 12.25p
Share price premium or 9% 5% 37% 35%
discount to fully premium discount discount premium
diluted net asset
Market capitalisation £4.1m £3.31m £2.18m £4.28m
The net asset values at 30 September 2008 and 2009 are based on bid
prices or the Directors' valuation, if lower; the values at other
dates are at bid prices.
The Board continues to believe that it has within its portfolio
investments with considerable potential and is hoping for an upturn
during 2010, possibly earlier for some.
Shareholders who wish to receive electronic copies of announcements
are invited to register their email address on the home page of the
Company website: www.starvest.co.uk.
R Bruce Rowan
Chairman & Chief Executive
13 October 2009
Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director
07768 512404; email@example.com
Gerry Beaney or Colin Aaronson Grant Thornton Corporate Finance 020
solely responsible for the content of this announcement.