Net Asset Value(s)

Starvest PLC
01 April 2008


Tuesday 1 April 2008


Net asset value update at 31 March 2008

The past three months have continued to be challenging; especially has this been
so during the last month when market sentiment and small volume selling have
adversely impacted the share prices of most of the companies in which Starvest
is invested.  The overall asset valuation has fallen to the level declared at 30
September 2006, although the tax base has increased substantially given the
£1.5m tax liability for the year to 30 September 2007.

More importantly, the Board continues to be well satisfied with the investments
currently held and has confidence that, as market conditions improve, the prices
will recover.  This is particularly true of the majority of investee companies
with mineral exploration activities; these continue to make advances in their
discoveries of minerals in high demand by emerging economies.

The share price discount to net asset value has widened to 45%, a level of
discount not seen since the first quarter of 2007.

Company statistics
                                     31 March 2008  Change since 31     31 December 31 March 2007
                                                         March 2007            2007

Portfolio net asset value                  £11. 5m             -25%          £15.2m        £15.4m
Net asset value - basic per share           33.01p             -21%          43.63p         41.8p
Net asset value - fully diluted              29.9p             -21%          39.06p         37.7p
per share
Share price                                 16.25p             -38%          24.25p         26.5p
Share price discount to fully                45.6%     +15.9 points          37.92%         29.7%
diluted net asset value
Market capitalisation                       £5.67m           -£4.03          £8.46m         £9.7m



Other points of note during the quarter:

  • The net asset values are based on mid-market closing prices on Monday 31
    March 2008 or, in two cases, the Directors' lower valuation.
  • Starvest has added to its investments in two mineral exploration ventures,
    Lisungwe plc and Ariana Resources plc; in addition, the Company has made a
    small investment in PLUS quoted CAP Energy plc.

On 21 April 2008, the Board expects to announce the Company's interim results
for the half year to 31 March 2008.



Enquiries to:

Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 01483
771992; [e-mail]



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





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