Starvest plc : Net Asset Value(s)

Tuesday 2 October 2012

Net asset value at 30 September 2012

At 30 September 2012 the nine core investee companies in our portfolio represented 75% by value of the total.  We have no debt and we continue to value our investee companies on a conservative basis.

However, 2012 has been a tough year in which the share prices of our chosen investee companies have steadily fallen. 

We will set out our thoughts in the annual report which is to be mailed to shareholders in early November.  In the meantime, there can be no doubt that small-cap mineral exploration ventures, in which we are predominantly invested, have been particularly badly hit by current worldwide uncertainties; many are finding it hard to raise new cash to continue with their early stage exploration and other activities so huge patience is required. 

	30  September 2012	30 June 2012	30  September 2011
Company asset value net of tax	£3.66m	£3.87m	£6.62m
Net asset value - fully diluted per share	9.86 pence	10.43 pence	17.57 pence
Share price - mid	6.5 pence	6.38 pence	13.00 pence
Share price discount to net asset value	34%	39%	26%
Market capitalisation	£2.41m	£2.37m	£4.77m

All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2011 annual report and are net of a 10% discount totalling £354,000 applied to substantial holdings. 

The Board expects to announce the full audited results for the year ended 30 September 2012 and to provide an investment commentary by 26 October 2012.

R Bruce Rowan Chairman & Chief Executive 2 October 2012

Enquiries to:

Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 07768 512404; [e-mail]

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

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Source: Starvest plc via Thomson Reuters ONE

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