8 Apr 2015 16:46
Wednesday 8 April 2015
Starvest Plc ("Starvest" or "the Company")
Net asset value update at 31 March 2015
The Company announces the net asset value as at the close of business on 31 March 2015 as follows:
31 March 2015 | 31 December 2014 | 30 September 2014 | 30 June 2014 | |
Trading portfolio value | £2.14m | £1.60m | £4.15m | £3.29m |
Company net asset value | £2.26m | £1.80m | £4.40m | £3.59m |
Net asset value per share | 6.09 pence | 4.85 pence | 11.87 pence | 9.68 pence |
Share price - mid | 3.63 pence | 4.38 pence | 5.25 pence | 5.50 pence |
Share price discount to net asset value | 40% | 10% | 55% | 43% |
Market capitalisation | £1.35m | £1.62m | £1.95m | £1.44m |
With one exception, all valuations are based on the closing market bid prices or lower directors' valuation as described in the 2014 annual report. The exception relates to the Company's holding in Kuwait Energy plc which arose from a holding in Concorde Oil & Gas, first acquired in 2005, which we have valued at 75% of the original cost of the investment in Concorde Oil & Gas; previously, no value has been attributed to Concorde since early 2010.
The modest improvement in net asset value since 31 December 2014 is a small reflection of the market's recognition of real progress being made in several of the Company's investments. As yet, there is a long way to go before we see a return to the values experienced in the recent past.
The Company's website, www.starvest.co.uk, has further details of the portfolio.
R Bruce Rowan Chairman & Chief Executive 8 April 2015 |
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Enquiries to:
Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 07768 512404; john@starvest.co.uk
Colin Aaronson - Grant Thornton UK LLP 020 7383 5100.
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