4 Jul 2016 14:06
4 July 2016
Starvest Plc ("Starvest" or "the Company")
Investment
Starvest PLC (LON:SVE) the London Stock Exchange AIM quoted investment company is pleased to announce that is has bought 340,000 shares in AIM quoted Diamondcorp plc (AIM: DCP) ("Diamondcorp"), an emerging diamond producer operating in the long established diamondiferous regions of southern Africa, for approximately £25,000 (the "Investment"). The shares were paid for in cash and, following the Investment, Starvest will hold 0.08% of Diamondcorp's issued share capital. Starvest may follow up with additional acquisitions of Diamondcorp stock to increase its holding following recent diamond stone sales at, or above, reserve prices.
Diamondcorp reported a loss of £2.41 million for the year ended 31 December 2015 but had net assets of £7,571,434 at that date and Starvest believe the recent revenue from sales is a significant milestone for Diamondcorp.
Callum Baxter, Chairman/CEO of Starvest commented, "Under very tough market conditions Diamondcorp have managed to establish themselves as an early stage producer of extremely marketable parcels of stones. We look forward to further information from this very exciting Company as they build their sales into key markets."
Callum N Baxter
Chairman & Chief Executive
4 July 2016
Enquiries to:
Callum Baxter, Chairman cbaxter@starvest.co.uk or John Watkins, Finance Director 07768 512 404; jwatkins@starvest.co.uk
Colin Aaronson or Harrison Clarke - Grant Thornton UK LLP 02073 835 100
Nick Emerson or Andy Thacker - SI Capital Limited 01483 413 500