SVE.L Regulatory News (SVE)

1 Apr 2008 12:35

Starvest PLC01 April 2008 Tuesday 1 April 2008 Net asset value update at 31 March 2008 The past three months have continued to be challenging; especially has this beenso during the last month when market sentiment and small volume selling haveadversely impacted the share prices of most of the companies in which Starvestis invested. The overall asset valuation has fallen to the level declared at 30September 2006, although the tax base has increased substantially given the£1.5m tax liability for the year to 30 September 2007. More importantly, the Board continues to be well satisfied with the investmentscurrently held and has confidence that, as market conditions improve, the priceswill recover. This is particularly true of the majority of investee companieswith mineral exploration activities; these continue to make advances in theirdiscoveries of minerals in high demand by emerging economies. The share price discount to net asset value has widened to 45%, a level ofdiscount not seen since the first quarter of 2007. Company statistics 31 March 2008 Change since 31 31 December 31 March 2007 March 2007 2007 Portfolio net asset value £11. 5m -25% £15.2m £15.4mNet asset value - basic per share 33.01p -21% 43.63p 41.8pNet asset value - fully diluted 29.9p -21% 39.06p 37.7pper shareShare price 16.25p -38% 24.25p 26.5pShare price discount to fully 45.6% +15.9 points 37.92% 29.7%diluted net asset valueMarket capitalisation £5.67m -£4.03 £8.46m £9.7m Other points of note during the quarter: • The net asset values are based on mid-market closing prices on Monday 31 March 2008 or, in two cases, the Directors' lower valuation. • Starvest has added to its investments in two mineral exploration ventures, Lisungwe plc and Ariana Resources plc; in addition, the Company has made a small investment in PLUS quoted CAP Energy plc. On 21 April 2008, the Board expects to announce the Company's interim resultsfor the half year to 31 March 2008. Enquiries to: Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 01483771992; john@starvest.co.uk Gerry Beaney or Colin Aaronson Grant Thornton Corporate Finance 020 7383 5100 This information is provided by RNS The company news service from the London Stock Exchange