Starvest PLC
14 November 2005
Monday 14 November 2005
Chairman's update for shareholders - November 2005
As I indicated in my announcement of 30 September, we continue to make good progress. I had not previously expected to
make that announcement but the net asset value had risen to such an extent that the Company's share price was standing
at a discount in excess of 50%; it was time the market was made aware of Starvest's success
During October Shareholders will have received a copy of each of two independent analyst reports. These describe the
Company and its investments in some detail. In particular, they draw attention to the fact that the percentage of the
Company's investments in Afplats has fallen as the impact of new investments begins to have effect. This has continued
so that Afplats now represents approximately 35% of the portfolio. Concorde Oil & Gas and Franchise Investment
Strategies, two recent investments, have performed strongly and both exceed 10% of the portfolio.
We will take profits as opportunities arise so as to provide funds for investment in the new opportunities available to
us.
Although there has been a slight fall in the market during the past month, overall the portfolio value has held up
well. Some key facts are:
The net asset value based on mid-market closing prices on Monday 31 October 2005 was £8.4 million which equates
to 21.5 pence per share calculated on a fully diluted pre tax basis.
This represents a 29% increase of £1.9m on the value of £6.5.m declared in the 31 July 2005 annual report.
The Starvest share price has improved to close at 12 pence, giving a lower discount to net asset value at 31
October 2005 of 44%.
During the past quarter two new investee companies completed successful IPOs: Red Rock Resources plc joined AIM
at the end of July; Concorde Oil & Gas plc joined Ofex during September.
The Company now holds trade investments in the following companies:
African Platinum plc High value minerals in South Africa and Botswana
www.afplats.com
Agricola Resources plc Platinum and uranium exploration
www.agricolaresources.com
Belmore Resources (Holdings) plc Zinc exploration in Eire and Northern Ireland
Beowulf Mining plc Gold and copper exploration in Sweden
www.beowulfmining.com
Black Rock Oil & Gas plc Oil and gas in Southern England and Australia
www.blackrockpertroleum.com.au
Brazilian Diamonds Limited Diamond exploration in Brazil
www.braziliandiamonds.com
Carpathian Resources Limited Oil and gas in the Czech and Slovak Republics
www.carpathian.com.au
Concorde Oil & Gas plc Oil & gas in Russia
Franchise Investment Strategies plc Franchise investment and consultancy
Franconia Minerals Corporation North American minerals
www.franconiaminerals.com
Gippsland Limited Tantulum exploration in Egypt
www.gippslandltd.com.au
Hidefield Gold plc Gold exploration in Brazil
www.hidefield.com
India Star Energy plc Energy investments
Matisse Holdings plc Cash shell
Myhome International plc Domestic cleaning services
www.myhomeplc.com
Red Rock Resources plc Iron ore, manganese and uranium in Australia
www.rrrplc.com
Regency Mines plc Copper & nickel exploration in Australia
www.regency-mines.com
Sheba Exploration (UK) plc Gold exploration in Ethiopia
www.shebagold.com
St Helens Capital plc Corporate finance advisor
www.sthelenscapital.co.uk
Whilst Starvest has no exclusive commitment to the natural resource sector, we remain of the view that this sector has
considerable growth potential for the foreseeable future. With our increased spread, the Board believes Starvest to be
an attractive long term investment for private investors.
Looking forward, the Company continues to seek special situations where its available cash resources may be put to good
use; we will continue to take profits as opportunities arise.
Those 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.
Your Board plans to announce the interim results to 31 January 2006 during late February 2006.
R Bruce Rowan
Chairman & Chief Executive 14 November 2005
Enquiries to:
Bruce Rowan, telephone 020 7486 3997 or to chairman@starvest.co.uk or
Tony Scutt, telephone 01483 475909 (evenings only) or to
tony@starvest.co.uk
END
This information is provided by RNS
The company news service from the London Stock Exchange