Net Asset Value(s)

Starvest PLC
01 October 2007

RNS Announcement:  Monday 1 October 2007


Net asset value update at 30 September 2007

The Directors are pleased to report the net asset value of the Company's
portfolio at 30 September 2007.  The values are based on the lower of mid-market
closing prices or directors' valuation and show:

•   Company net asset value pre tax:      £15m

•   Net asset value per share before tax on unrealised profits: 38.45 pence per 
    share, fully diluted

•   Share price:                          29.75 pence

•   Share price discount to NAV:          22.63%

•   Market capitalisation:                £10.4m

In common with the small-cap natural resources market in which Starvest is
largely invested, the portfolio value has declined in the last quarter from
£19.2m at 30 June but is broadly similar to the value of £15.4m at 30 March
2007.  The Starvest portfolio experienced a similar fall in the summer of 2006.
However, the net asset value of £15 million which is calculated after making a
full provision for tax amounting to £1.5m on the profits taken during the year,
shows a 30% increase since 30 September 2006 when the value was £11.5m.

The share price has shown a 75% increase in the year from 17 pence at 30
September 2006.

During the past quarter, Starvest has added investments in two mineral
exploration ventures, Ariana Resources plc and Treslow Limited, as well as an
investment in Guild Acquisitions plc.  In addition, Starvest has added to its
investments in Agricola Resources plc, Belmore Resources (Holdings) plc and
Beowulf Mining plc and has had its investment in the Durango gold project in
Mexico returned to it.

Notwithstanding the decline in the net asset value, the Board remains satisfied
with the Company's spread of investments of which twenty-four are in the natural
resource sector.  As these companies execute their exploration plans, the Board
is confident of a recovery in the market.  The remaining six investee companies
are in other business sectors.

The Board expects to announce the Company's results for the year to 30 September
2007 before the end of October.  The annual report, expected to be published by
mid November, will contain a commentary on each of the investments held.

Enquiries to:

  • Bruce Rowan, telephone [phone]
  • John Watkins, telephone [phone], or to [e-mail]
  • Gerry Beaney or Colin Aaronson, Grant Thornton Corporate Finance,
    telephone [phone]

1 October 2007

END


                      This information is provided by RNS
            The company news service from the London Stock Exchange