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Starvest plc (SVE)

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Tuesday 05 July, 2011

Starvest plc

Net Asset Value Update

Tuesday 5 July 2011

Net asset value update

Since  the Company last issued a net asset value statement as at 31 March 2011,
the  market  has  weakened,  particularly  in  the natural resource sector where
Starvest  is focused so that the  net asset value has fallen  by £2m to £8.1m or
21.2 pence per share against the closing mid price of 12.5 pence.  The resulting
discount is 41%.

However,  values remain  significantly ahead  of those  at the last Company year
end, 30 September 2010, since when the net asset value shows a 93% increase.

A  key  event  of  the  period  has  been  the announcement by Belmore Resources
(Holdings)  plc that  the offer  it has  received from Lundin Mining Exploration
Limited,   having   been   accepted   by   over   90% of  shareholders,  is  now
unconditional.   This adds significantly to the  expected profit for the current
year  to 30 September 2011 on which a full corporation tax provision is included
in the portfolio valuation.

During  the quarter,  the Company  made modest  additions to  its investments in
Regency  Mines, Red Rock Resources, Oracle Coalfields and Guild Acquisitions and
paid an interim dividend of 0.25 pence per share on 15 June 2011.

Investments  in  the  following  companies  account  for the greater part of the
portfolio  value:   Ariana  Resources,  Beowulf  Mining,  Greatland  Gold,  Kefi
Minerals,   Oracle   Coalfields,   Red  Rock  Resources,  Regency  Mines,  Sheba
Exploration and Sunrise Diamonds.

                            30 June     31 March    30  September   Change since
                               2011          2011            2010 September 2010

Trading portfolio            £8.70m       £10.03m          £4.57m            90%

Company asset value          £8.10m       £10.10m          £4.19m            93%
net of debt

Net asset value -       21.21 pence   26.16 pence     11.28 pence            88%
fully diluted per

Share price - mid       12.50 pence   13.75 pence      7.75 pence            61%

Share price discount          41.1%         47.0%           31.3%
to fully diluted net
asset value

Market                       £4.59m        £5.05m          £2.84m            61%

With one exception, all valuations are based on the closing market bid prices or
lower  directors'  valuation  as  described  in  the  2010 annual  report.   The
exception  relates to Belmore  where, because the  offer became unconditional on
30 June, a full offer price valuation is included.

Whilst  the overall valuation at the period end is disappointing, the profit for
the  year to date of  £2.8m before taxation encourages  your board which remains
confident   that   its  patience  is  being  rewarded.   We  look  forward  with
anticipation  of  a  full  recovery  as  the  investee  companies progress their
projects and mature.

 R Bruce Rowan

 Chairman & Chief Executive

 5 July 2011

Enquiries to:

Bruce   Rowan,   Chairman   020 7486 3997 or   John  Watkins,  Finance  Director
07768 512404;

Colin Aaronson or David Hignell, Grant Thornton Corporate Finance 020 7383 5100
                                                          uters on behalf of 
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Source: Starvest plc via Thomson Reuters ONE