SVE.L Regulatory News (SVE)

14 Jul 2006 07:00

Starvest PLC14 July 2006 RNS Announcement: Friday 14 July 2006 Starvest PLC Change of accounting reference date The Board has decided to change the accounting reference date from 31 July to 30September for the coming year end and following years. The immediate purpose is to facilitate the presentation of a clean balance sheetat the next accounting year end and so more easily attain a position in whicheither the Company can pay a maiden dividend or engage in a programme of sharebuy-backs for which the Members' approval was sought and granted at the lastAnnual General Meeting on 11 October 2005. At an Extraordinary General Meeting of Members held on 14 March 2006,resolutions were passed to endorse the Board's recommendation that a Petition besubmitted to the High Court to have the Company's share premium account reducedto eliminate the deficiency then standing on the profit and loss account. Thisprocess is in hand, albeit unlikely to be concluded immediately. On 19 June 2006 at an Extraordinary General Meeting of the Company's formeroperating subsidiary, The Web Shareshop Limited, a liquidator was appointed toconduct a Members' voluntary liquidation at the conclusion of which there willno longer be a requirement for the Company to prepare group financialstatements. This process is expected to be concluded within three months of theLiquidator having been appointed. Consequential changes Following from the change in accounting date the Board's current expectedtimetable is: • 1 August 2006: Net asset value update at 31 July 2006 • 2 October 2006: Net asset value update at 30 September 2006 • End October 2006: Announcement of results for the 14 months to 30 September 2006 • Mid November 2006: Publication of Directors' report and issue of AGM notice • Mid December 2006: Net asset value update and Annual General Meeting • 3 January 2007: Chairman's quarterly update as at 31 December 2006 Enquiries to: • John Watkins, telephone 01483 771992, or to john@starvest.co.uk • Tony Scutt, telephone 01483 475909, or to tony@starvest.co.uk END This information is provided by RNS The company news service from the London Stock Exchange