Information  X 
Enter a valid email address

Starvest plc (SVE)

  Print      Mail a friend       Annual reports

Tuesday 06 December, 2011

Starvest plc

Starvest plc : Net asset value update

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

Enquiries to:

Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 07768 512404; john@starvest.co.uk

Gerry Beaney, Colin Aaronson or David Hignell, Grant Thornton UK LLP Corporate Finance 020 7383 5100

END





This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Starvest plc via Thomson Reuters ONE

HUG#1569432