Net asset value update at 30 September 2016

RNS Number : 2518M

Starvest PLC

11 October 2016

 

11 October 2016

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

Net asset value update at 30 September 2016

The Company announces the net asset value as at the close of business on 30 September 2016 as follows:

	30 September 2016	31 March 2016	30 September 2015
Trading portfolio value	£1.37m	£1.04m	£1.04m
Company net asset value	£1.27m	£1.07m	£1.14m
Net asset value per share	3.21 pence	2.83 pence	3.09 pence
Share price - mid	2.25 pence	1.25 pence	2.75 pence
Share price discount to net asset value	31%	56%	11%
Market capitalisation	£0.87m	£0.47m	£1.02m

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 30 September 2016 totalled £130,814 (30 September 2015: £241,750).

Over the past 12 months, our Trading Portfolio Value has improved by more than 30% as a result of investments in several new companies combined with a better operating environment for mining companies.  Compared to late 2015, market conditions are now much improved but valuations remain enticingly low and it is during this time that we believe we can benefit by employing our industry knowledge and market experience in sourcing compelling investments.  Improvement in our portfolio value in the past six months has been reflected, to some extent, in our share price but it remains sluggish due to investor appetite for companies involved in mining focussed investments remaining relatively low.  But we believe interest will follow once markets provide a more clear direction for investors. During this opportune time we continue to evaluate very good investment opportunities and look to enhance our portfolio.

In past years we have published our financial statements and held our AGM before Christmas.  This year, we expect that publication and AGM will take place during the first quarter of 2017.  As usual we expect to issue an update of the Company's net asset value immediately following 31 December 2016.

Callum N Baxter Chairman & Chief Executive 11 October 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  -  020 7383 5100.

Nick Emerson or Andy Thacker - SI Capital Limited  -  01483 413500

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