Net asset value at 31 December 2012

Wednesday 2 January 2013

Starvest Plc

Net asset value update at 31 December 2012

The steady decline in valuations since early 2011 has continued during the quarter, with a further fall of 18% since 30 September 2012.

There are early signs of a slight improvement in market conditions for selected companies, for example those involved in iron ore, but we have a long way to go before we enjoy a full recovery.  Meanwhile, the fundraising challenge continues for the junior companies we support who must raise new capital or secure a cash rich partner to continue their exploration and development plans.

Against this background, the Company announces the net asset values as at 31 December 2012 as follows:

	31 December 2012	30 September 2012	29 June 2012	31 March 2012
Trading portfolio value	£2.62m	£3.51m	£3.41m	£4.31m
Company net asset value	£3.00m	£3.66m	£3.87m	£4.98m
Net asset value per share	8.07 pence	9.86 pence	10.43 pence	13.33 pence
Share price - mid	5.25 pence	6.5 pence	6.38 pence	10.00 pence
Share price discount to net asset value	35%	34%	39%	25%
Market capitalisation	£1.95m	£2.41m	£2.37m	£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 31 March 2013, or in the event of a significant change in valuation during the quarter.

R Bruce Rowan Chairman & Chief Executive 2 January 2013

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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