Starvest plc : Net asset value update
Tuesday 6 December 2011
Net asset value update - 5 December 2011
In preparation for the Company's Annual General Meeting to be held at 3.00 pm today as previously announced, the following is a brief update of the Company's performance and portfolio value as at the close of business on 5 December 2011.
|5 December 2011|| 30 September 2011 |
| Trading portfolio value ||£4.99m|| £5.47m |
| Company asset value net of debt ||£5.85m|| £6.62m |
| Net asset value - fully diluted per share ||15.65 pence|| 17.57 pence |
| Share price - mid ||12.25 pence|| 13.0 pence |
| Share price discount to fully diluted net asset value ||21.7%|| 26.0% |
| Market capitalisation ||£4.49m|| £4.77m |
All valuations are based on the closing market bid prices or lower Directors' valuation as described in the 2011 annual report.
Values have fallen by 11.6% since 30 September 2011, reflecting the challenging environment in which we live today. It remains our belief that the troubled state of the world economy will continue to dominate markets for some time to come. Given the Company's current cash resources, we can afford to wait patiently for a recovery.
Disclosures for Annual General Meeting 6 December 2011
In accordance with the Disclosure and Transparency Rules, the Company advises that for the purpose of the Annual General Meeting today the Chairman, Ronald Bruce Rowan, will hold discretionary proxies for each resolution in addition to 10,170,000 Ordinary shares in a personal capacity. Therefore, the Chairman's total interest to be disclosed is as follows:
Resolution 1 10,250,500 26.27%
Resolution 2 10,243,500 26.25%
Resolution 3 10,243,500 26.25%
Resolution 4 10,243,500 26.25%
Resolution 5 10,353,500 26.54%
Resolution 6 10,363,500 26.56%
Resolution 7 10,263,500 26.30%
At the conclusion of the meeting, the Chairman's personal interest will revert to 26.07%.
|R Bruce Rowan|
Chairman & Chief Executive
6 December 2011
Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 07768 512404; firstname.lastname@example.org
Gerry Beaney, Colin Aaronson or David Hignell, Grant Thornton UK LLP Corporate Finance 020 7383 5100
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Source: Starvest plc via Thomson Reuters ONE