SVE.L Regulatory News (SVE)

12 Dec 2006 10:53

Starvest PLC12 December 2006 Tuesday 12 December 2006 Net asset value at 11 December 2006 The Directors report a 5% increase of £600,000 in the value of the Starvestportfolio since 30 September 2006, the Company's last financial year end. With one exception, the net asset value is based on mid-market closing prices onMonday 11 December 2006 which was £12.7m and equates to 31 pence per share. Allvalues are calculated on a fully diluted pre tax basis. The exception relates to the valuation of the investment in Concorde Oil & Gasplc which has been determined after making a provision of 50% against theclosing price on 24 November 2006 when the shares were suspended at thecompany's request pending the outcome of an EGM to be held on Monday 18 December2006. With the Starvest share price closing at 16 pence, the discount to net assetvalue at 11 December 2006 was 48%. The Starvest market capitalisation closed at£5.95m. The increase in portfolio value is due to an improvement in the share prices ofseveral of the portfolio investments which in turn reflect positive trading newsfrom these companies and continuing strength in the world's natural resourcemarkets due to high demand levels from China, India and other developingnations. During the period Starvest has completed an investment in KefiMinerals plc which is expected to be admitted to AIM on 18 December. Kefi hasmineral exploration interests in Bulgaria and Turkey. In addition, Starvest hasmade an investment in DTT plc, a company involved in the provision of drivingtraining and recruitment services to the road haulage industry; the company isquoted on PLUS Markets. Annual general meeting The 2006 AGM will be held on Tuesday 12 December at 3.00 pm at Jurys KensingtonHotel, 109-113 Queens Gate, London SW7 5LR. R Bruce RowanChairman & Chief Executive 12 December 2006 Enquiries to Bruce Rowan, telephone 020 7486 3997, to John Watkins 01483 771992or to chairman@starvest.co.uk This information is provided by RNS The company news service from the London Stock Exchange