Net asset value at 30 September 2011

Monday 3 October 2011



Net asset value at 30 September 2011

Investee  company share prices and therefore  valuations have been challenged in
recent  weeks.  The current valuation shows  a 58% increase during the past year
since  30 September 2010; this is  in spite of  the steady fall during 2011 from
the  peak valuation  of £10.44m  at 31 December  2010.  Having taken substantial
profits  as previously  announced, at  30 September 2011 the  valuation includes
cash  of £1.1m net of  creditors and is arrived  at after a full corporation tax
provision on the profit for the year.

                      30 September                30 30  September  Change since
                                  2011 June     2011          2010     September
                                                                            2010
                                                                               %

Company asset value             £6.62m        £8.10m        £4.19m           58%
net of debt

Net asset value -          17.57 pence   21.21 pence   11.28 pence           56%
fully diluted per
share

Share price - mid           13.0 pence   12.50 pence    7.75 pence           68%

Share price                      26.0%         41.1%         31.3%
discount to net
asset value

Market                          £4.77m        £4.59m        £2.84m           68%
capitalisation



All  valuations are based on  the closing market bid  prices or lower directors'
valuation  as described in the 2010 annual report  and are net of a 10% discount
totalling £605,000 applied to substantial holdings.

The  Board expects to announce  the full audited results  for the year ended 30
September 2011 and to provide an investment commentary by 28 October 2011.

 R Bruce Rowan

 Chairman & Chief Executive

 3 October 2011


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
                                                                                                                                                                                                                   and 
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Source: Starvest plc via Thomson Reuters ONE

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