Wednesday 3 July 2013
Starvest Plc ("Starvest" or "the Company")
Net asset value update at 30 June 2013 and Website update
Net asset value:
The steady decline in the Company's net asset value since early 2011 continues; a fall of 18% between 30 September and 31 December 2012 was followed by a small improvement at 31 March 2013 but the decline resumed in the quarter just ended. The value closed at £2.51m, a decline since 31 December 2012 of 16%.
This result is not at all surprising given the dire state of the small-cap natural resource sector. Realistically, we do not see much improvement over the next year to eighteen months. There is little we can add to the Chairman's statement of 25 April 2013 accompanying the interim results. We wait for the recovery.
Meanwhile, we have added modestly to the investment in Goldcrest Resources plc, previously Rare Earths and Metals plc.
Against this background, the Company announces the net asset values as at the close of business on 28 June 2013 as follows:
| 28 June 2013 | 28 March 2013 | 30 September 2012 | 31 March 2012 | |
| Trading portfolio value | £2.25m | £2.76m | £3.51m | £4.31m |
| Company net asset value | £2.51m | £3.05m | £3.66m | £4.98m |
| Net asset value per share | 6.77 pence | 8.23 pence | 9.86 pence | 13.33 pence |
| Share price - mid | 5.38 pence | 5.00 pence | 6.5 pence | 10.00 pence |
| Share price discount to net asset value | 21% | 39% | 34% | 25% |
| Market capitalisation | £1.99m | £1.90m | £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.
The Company will next update the market immediately following 30 September 2013, or in the event of a significant change in valuation during the quarter.
Website:
Recently, the Company re-launched its website, www.starvest.co.uk and in doing so provided a facility to update the Company's comments on investee companies on a more regular basis than was hitherto possible; it is the Company's intention to issue updates as significant developments occur.
During June 2013, updates have been made to the comments on the following companies: Ariana Resources plc, Equity Resources plc, Goldcrest Resources plc, International Mining and Infrastructure Corporation plc, Nordic Energy plc and Regency Mines plc.
Updates to other investee companies will be implemented from time to time; otherwise the comments are taken from the 2012 annual report issued in October 2012.
| R Bruce Rowan Chairman & Chief Executive 3 July 2013 |
Enquiries to:
Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 07768 512404; john@starvest.co.uk
Colin Aaronson or David Hignell - Grant Thornton Corporate Finance 020 7383 5100
END