SVE.L Regulatory News (SVE)

1 Oct 2007 16:45

Starvest PLC01 October 2007 RNS Announcement: Monday 1 October 2007 Net asset value update at 30 September 2007 The Directors are pleased to report the net asset value of the Company'sportfolio at 30 September 2007. The values are based on the lower of mid-marketclosing prices or directors' valuation and show: • Company net asset value pre tax: £15m • Net asset value per share before tax on unrealised profits: 38.45 pence per share, fully diluted • Share price: 29.75 pence • Share price discount to NAV: 22.63% • Market capitalisation: £10.4m In common with the small-cap natural resources market in which Starvest islargely invested, the portfolio value has declined in the last quarter from£19.2m at 30 June but is broadly similar to the value of £15.4m at 30 March2007. The Starvest portfolio experienced a similar fall in the summer of 2006.However, the net asset value of £15 million which is calculated after making afull provision for tax amounting to £1.5m on the profits taken during the year,shows a 30% increase since 30 September 2006 when the value was £11.5m. The share price has shown a 75% increase in the year from 17 pence at 30September 2006. During the past quarter, Starvest has added investments in two mineralexploration ventures, Ariana Resources plc and Treslow Limited, as well as aninvestment in Guild Acquisitions plc. In addition, Starvest has added to itsinvestments in Agricola Resources plc, Belmore Resources (Holdings) plc andBeowulf Mining plc and has had its investment in the Durango gold project inMexico returned to it. Notwithstanding the decline in the net asset value, the Board remains satisfiedwith the Company's spread of investments of which twenty-four are in the naturalresource sector. As these companies execute their exploration plans, the Boardis confident of a recovery in the market. The remaining six investee companiesare in other business sectors. The Board expects to announce the Company's results for the year to 30 September2007 before the end of October. The annual report, expected to be published bymid November, will contain a commentary on each of the investments held. Enquiries to: • Bruce Rowan, telephone 07956 941503 • John Watkins, telephone 01483 771992, or to john@starvest.co.uk • Gerry Beaney or Colin Aaronson, Grant Thornton Corporate Finance, telephone 020 7383 5100 1 October 2007 END This information is provided by RNS The company news service from the London Stock Exchange