Net asset value update at 26 August 2016

RNS Number : 4409I

Starvest PLC

30 August 2016

 

30 August 2016

Starvest Plc ("Starvest" or "the Company")

Net asset value update at 26 August 2016

The Company announces that, as at the close of business on 26 August 2106, the net asset value had increased since the close of business on 30 June 2016 as follows:

	26 August 2016	30 June 2016
Trading portfolio value	£1.39m	£1.29m
Company net asset value	£1.34m	£1.19m
Net asset value per share	3.38 pence	3.09 pence
Share price - mid	1.88 pence	2.12 pence
Share price discount to net asset value	44%	31%
Market capitalisation	£0.74m	£0.82m

All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2015 annual report.  The discounts applied to bid prices at 26 August 2016 totalled £133,624 (30 June 2016: £113,322).

A sustained recovery in the sector is apparent with continued improvements in portfolio companies such as Oracle Coalfields, BMR Group, Greatland Gold, Ariana Resources, Kefi Minerals, Sunrise Resources and Alba Minerals. Other investments such as Salt Lake Potash and Diamondcorp are also performing well.

Callum Baxter, Chairman and Chief Executive commented, "I am delighted to see continued improvement in the performance of our portfolio stocks and Starvest remains committed to investing at this stage of the commodities cycle where many cost effective opportunities exist. It is apparent that in this acquisitive phase many good companies will require funding to explore new projects and develop their exciting resources. We remain focussed on evaluating new opportunities in the sector but we also look to our existing portfolio companies, many in which we retain a significant stake, who will benefit greatly in this improved trading environment."

Callum N Baxter Chairman & Chief Executive 30 August 2016

Enquiries to:

Callum Baxter, Chairman [e-mail] or John Watkins, Finance Director 07768 512 404; [e-mail]

Colin Aaronson or Harrison Clarke - Grant Thornton UK LLP 02073 835 100

Nick Emerson or Andy Thacker - SI Capital Limited 01483 413 500

 

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