Wednesday 2 January 2013
Starvest Plc
Net asset value update at 31 December 2012
The steady decline in valuations since early 2011 has continued during the quarter, with a further fall of 18% since 30 September 2012.
There are early signs of a slight improvement in market conditions for selected companies, for example those involved in iron ore, but we have a long way to go before we enjoy a full recovery. Meanwhile, the fundraising challenge continues for the junior companies we support who must raise new capital or secure a cash rich partner to continue their exploration and development plans.
Against this background, the Company announces the net asset values as at 31 December 2012 as follows:
| 31 December 2012 | 30 September 2012 | 29 June 2012 | 31 March 2012 | |
| Trading portfolio value | £2.62m | £3.51m | £3.41m | £4.31m |
| Company net asset value | £3.00m | £3.66m | £3.87m | £4.98m |
| Net asset value per share | 8.07 pence | 9.86 pence | 10.43 pence | 13.33 pence |
| Share price - mid | 5.25 pence | 6.5 pence | 6.38 pence | 10.00 pence |
| Share price discount to net asset value | 35% | 34% | 39% | 25% |
| Market capitalisation | £1.95m | £2.41m | £2.37m | £3.71m |
All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2012 annual report.
The Company will next update the market immediately following 31 March 2013, or in the event of a significant change in valuation during the quarter.
| R Bruce Rowan Chairman & Chief Executive 2 January 2013 |
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 Corporate Finance 020 7383 5100
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