Tuesday 2 April 2013
Starvest Plc ("Starvest" or "the Company")
Net asset value update at 31 March 2013
The steady decline in the Company's net asset value since early 2011 culminating in a fall of 18% between 30 September and 31 December 2012 has been reversed in the quarter to 31 March 2013; the value closed at £3.05m, a modest improvement of 2%. The scale of the improvement is very disappointing, but not altogether surprising given the lack of readily available liquidity in the market, not helped of late by the Cyprus banking crisis which we know has impacted negatively on at least one of our investee companies.
Against this background, the Company announces the net asset values as at the close of business on 28 March 2013 as follows:
| 28 March 2013 | 31 December 2012 | 30 September 2012 | 31 March 2012 | |
| Trading portfolio value | £2.76m | £2.62m | £3.51m | £4.31m |
| Company net asset value | £3.05m | £3.00m | £3.66m | £4.98m |
| Net asset value per share | 8.23 pence | 8.07 pence | 9.86 pence | 13.33 pence |
| Share price - mid | 5.00 pence | 5.25 pence | 6.5 pence | 10.00 pence |
| Share price discount to net asset value | 39% | 35% | 34% | 25% |
| Market capitalisation | £1.90m | £1.95m | £2.41m | £3.71m |
All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2012 annual report.
Towards the end of April, the Company expects to issue an interim report for the six months ended 31 March 2013. Otherwise, it will next update the market immediately following 30 June 2013, or in the event of a significant change in valuation during the quarter.
| R Bruce Rowan Chairman & Chief Executive 2 April 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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