Monday 14 December 2009
Board update for shareholders at the Annual General Meeting - 14
Since the publication of the 2009 annual report, markets have moved
'sideways' so that:
� the portfolio valuation at the close of business on Friday
11 December 2009 was £4.38m showing little change since 30 September
2009 when adjusted for investment sales;
� the Company value net of debt shows little change from
that at 30 September 2009.
Other matters worthy of note since 30 September 2009 are:
* The closing share price at 7.25 pence, indicates a discount to
net asset value of 34%.
* Investment sales have realised £361,000 with a gross profit of
* Bank overdraft has been reduced below £400,000.
* Had the portfolio been valued at mid rather than bid prices, the
valuation would have been £6.1m equal to 15.46 pence per share
fully diluted, resulting in a 53% share price discount to net
* The valuation difference between bid and mid prices of £1.7m
reflects the wide spread of market quotes and points to the
relatively low market activity in many of the Company's
* It remains the Board's intention to reduce and ultimately
eliminate the bank overdraft.
11 December 30 September 30 June 9 December
2009 2009 2009 2008
At BID At BID At BID
values values, At BID values
Trading portfolio value £4.38m £4.72m £4.3m £4.04m
Company asset value net £4.00m £4.02m £3.62m £3.53m
Net asset value - fully 11.04 pence 11.08 pence 10.01 9.3 pence
diluted per share pence
Share price - mid 7.25 pence 11.75 pence 9.5 pence 6.5 pence
Share price discount 34% 6% 5% 30%
(premium) to fully discount (premium) discount discount
diluted net asset value
Market capitalisation £2.53m £4.1m £3.31m £2.7m
All net asset values are based on bid prices or the Directors'
valuation, if lower.
The Board continues to believe that it has within its portfolio
investments with considerable potential and is hoping for an upturn
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
14 December 2009
Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director
07768 512404; firstname.lastname@example.org
Gerry Beaney or Colin Aaronson Grant Thornton Corporate Finance 020
solely responsible for the content of this announcement.