Net asset value update at 31 March 2014

RNS Number : 8438D

Starvest PLC

02 April 2014

 

Tuesday 2 April 2014

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

Net asset value update at 31 March 2014

After a long period of decline in the Company's fortunes, we have seen a modest improvement as previously announced on 3 February 2014.  This is due almost entirely to the market's recognition of Nordic Energy plc (ISDX: NORP), an early stage oil exploration venture with a focus on the Danish North Sea.  It is very early in that company's programme, but we are encouraged by developments and the consequential improvement in the Nordic share price this year. 

Elsewhere, our traditional and long standing mineral exploration ventures have suffered, along with most others in the sector, as there is little investor interest in providing the cash to support development, and the environment remains largely negative.   That stated, a number have made encouraging announcements during the quarter; during the course of the coming weeks, we expect to upgrade our website with the latest developments as announced.

Against this background, the Company announces the net asset values as at the close of business on 31 March 2014 as follows:

	31 March  2014	31 December 2013	30 September 2013	31 March 2013
Trading portfolio value	£3.53m	£1.95m	£2.52m	£2.76m
Company net asset value	£3.90m	£2.36m	£2.73m	£3.08m
Net asset value per share	10.5 pence	6.35 pence	7.44 pence	8.23 pence
Share price - mid	6.25 pence	3.88 pence	5.62 pence	5.00 pence
Share price discount to net asset value	40%	39%	24%	39%
Market capitalisation	£2.32m	£1.44m	£2.09m	£1.9m

All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2013 annual report.  The discounts applied to bid prices at 31 March 2014 totalled £734,824.

Towards the end of April, the Company expects to issue an interim report for the six months ended 31 March 2014.  Otherwise, it will next update the market immediately following 30 June 2014, or in the event of a significant change in valuation during the quarter.

R Bruce Rowan Chairman & Chief Executive 2 April 2014

Enquiries to:

Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 07768 512404; [e-mail]

Colin Aaronson or Ed Thomas - Grant Thornton UK LLP 020 7383 5100.

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