Investment Performance

14 October 2009


Chairman's update for shareholders - 14 October 2009
Investment performance
I am pleased to report an 11% increase in your Company's asset  value
net of  debt in  the quarter  to 30  September 2009  to make  an  18%
increase for  the year  since the  low point  of 30  September  2008;
conditions in our  chosen investment field  have stabilised a  little
after the shocks of the latter half of 2008.
A year ago, we took a long hard look at the values attributed to  our
investment portfolio as  a result  of which  we wrote  down the  book
values of many, but not all, of our investments by a total of £3.5m.
We  believed  this   to  be  prudent   and  subsequent  events   have
demonstrated this to be so. We expect to announce our audited results
for the year to 30 September 2009, by the end of October when we will
comment in greater detail.
Company statistics

                       30 September     30 June   31 March         30
                               2009        2009       2009  September
                          unaudited                 at BID       2008
                             At BID      At BID     values     at BID
                            values,      values               values,
                           adjusted                          adjusted
Trading portfolio            £4.72m       £4.3m     £4.25m      £3.9m
value
Company asset value          £4.02m      £3.62m     £3.62m      £3.4m
net of debt
Net asset value -       10.72 pence 10.01 pence      10.01 9.06 pence
fully diluted per                                    pence
share
Share price - mid       11.75 pence   9.5 pence 6.25 pence     12.25p
Share price premium or           9%          5%        37%        35%
discount to fully           premium    discount   discount    premium
diluted net asset
value
Market capitalisation         £4.1m      £3.31m     £2.18m     £4.28m


The net asset values at 30 September  2008 and 2009 are based on  bid
prices or the  Directors' valuation,  if lower; the  values at  other
dates are at bid prices.
The Board  continues to  believe  that it  has within  its  portfolio
investments with considerable potential and  is hoping for an  upturn
during 2010, possibly earlier for some.
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.

R Bruce Rowan
Chairman & Chief Executive
13 October 2009



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

Gerry Beaney or Colin Aaronson Grant Thornton Corporate Finance 020
7383 5100
                                                                                                  s 
solely responsible for the content of this announcement.