SVE.L Regulatory News (SVE)

3 Jan 2008 10:22

Starvest PLC03 January 2008 Chairman's update for shareholders - January 2008 Investment performance The past three months have been challenging. Since publishing our 2007 annualreport in which we declared a net asset value of £15.1m, the markets havedrifted lower taking with them many of the small cap mineral exploration andother stocks in which your Company is invested. However, this is not true ofall our investments so that the net asset value at 31 December 2007 wasmarginally ahead at £15.2m. The closing valuations of Oracle Coalfields, Lisungwe and Lotus Resources, threenew PLUS market investments, moved ahead during the quarter and closed wellabove cost. Company statistics 31 December 2007 Change since 31 30 September 31 December December 2006 2007 2006Portfolio net asset value £15.2m +15% £15.1m £13.2mNet asset value - basic per share 43.63p +22% 42.89p 35.54pNet asset value - fully diluted per 39.06p +21% 38.45p 32.26pshareShare price 24.25p +42% 29.75p 17pShare price discount to fully diluted 37.92% -9.39 points 22.63% 47.31%net asset valueMarket capitalisation £8.46m +33% £10.46m £6.32m Other points of note during the quarter: • With one exception, the net asset values are based on mid-market closing prices on Monday 31 December 2007 and after making a full provision for tax on realised investment profits and the dividend payable on 11 January 2008. The exception relates to the valuation of the investment in Concorde Oil & Gas plc which, as a matter of prudence, has been set at 0.9 pence as explained in the last annual report. • The Company has made further investments in AIM quoted Ariana Resources plc, in PLUS quoted Agricola Resources plc and DTT plc and in Goliath Resources Inc. • The Company has completed its investment in Lotus Resources plc, a company with mineral interests in China. Lotus was admitted to PLUS in December 2007. • Also, the Company has made new investments in: • AIM quoted Alba Mineral Resources plc, a company with a variety of mineral interests including nickel, uranium and gold in Scotland, Mauritania, Sweden and Ireland; and • PLUS quoted Lisungwe plc which has nickel and other mineral exploration interests in Malawi, eastern Africa. • The Company purchased a total of 250,000 of its own shares in November at an average price of 29.1 pence per share; the Company now holds 2,300,000 shares in treasury. • At the AGM on 12 December 2007, the Members approved the payment of a final dividend of 0.5 pence per share for the year to 30 September 2007, making 1.5 pence per share for the year. This dividend is payable on 11 January 2008. Conclusion: The Board continues to be pleased with the 33 investments now held, isencouraged by the overall investment performance during the quarter and expectsexciting growth in the medium term. The positive trading news from thesecompanies, coupled with the continuing strength in the world's natural resourcemarkets where high demand levels from China, India and other developing nationscontinue, encourages your Board to view 2008 with optimism. The Company now holds trade investments in the following companies: • Addworth plc - Active capital investment company - www.addworth.co.uk • Agricola Resources plc - Platinum and uranium exploration -www.agricolaresources.com • Alba Mineral Resources plc - Portfolio of mineral explorationinterests - www.albamineralresources.com • Ariana Resources plc - Gold exploration in Turkey -www.arianaresources.com • Belmore Resources (Holdings) plc - Zinc exploration in Ireland -www.belmoreresources.com • Beowulf Mining plc - Gold and copper exploration in Sweden -www.beowulfmining.com • Black Rock Oil & Gas plc - Oil and gas in Southern England, Columbia- www.blackrockpertroleum.com.au • Brazilian Diamonds Limited - Diamond exploration in Brazil -www.braziliandiamonds.com • Carpathian Resources Limited - Oil and gas in the Czech and SlovakRepublics - www.carpathian.com.au • Concorde Oil & Gas plc - Operational oil & gas projects in theRussian Federation - www.concordeoilandgas.com • The Core Business plc - Personal care and beauty products -www.thecorebusiness.co.uk • DTT plc - driver training and recruitment services to the roadhaulage industry - www.drivertransporttraining.co.uk • Equity Resources plc, formerly Franchise Investment Strategies plc -Investment company • Franconia Minerals Corporation - North American minerals -www.franconiaminerals.com • Fundy Minerals Limited - Gold and base metal exploration in Canadaand West Africa - www.fundyminerals.com • Gippsland Limited - Tantalum exploration in Egypt -www.gippslandltd.com.au • Goliath Resources Inc. - Copper, gold and molybdenum in Canada andZambia - www.goliathresources.com • Greatland Gold Limited - Gold exploration in Western Australia andTasmania - www.greatlandgold.com • Guild Acquisitions plc - Fledgling investment company • Hidefield Gold plc - Gold exploration in North and South America -www.hidefield.co.uk • India Star Energy plc - Gold, platinum group metals and uranium -www.indiastarenergy.co.uk • Kefi Minerals plc - Mineral exploration in Turkey -www.kefi-minerals.com • Lisungwe plc - Nickel and other minerals in Malawi - www.lisungwe.com • Lotus Resources plc - Mineral exploration in China -www.lotus-resources.com • Matisse Holdings plc - Cash shell • Myhome International plc - Home services franchiser -www.myhomeplc.com • Oracle Coalfields plc - Coal in Pakistan - www.oraclecoalfields.com • Red Rock Resources plc - Iron ore and manganese exploration inAustralia and Zambia. - rrrplc.com • Regency Mines plc - Copper & nickel exploration in Australia andPapua New Guinea - www.regency-mines.com • Sheba Exploration (UK) plc - Gold exploration in Ethiopia -www.shebagold.com • St Helen's Capital plc - Corporate finance advisor -www.sthelenscapital.co.uk • Sunrise Diamonds plc - Diamond exploration in Finland -www.sunrisediamonds.com • Treslow Limited - Copper-nickel in Canada Shareholders who wish to receive electronic copies of announcements are invitedto register their email address on the home page of the Company website:www.starvest.co.uk. R Bruce Rowan Chairman & Chief Executive 3 January 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 END This information is provided by RNS The company news service from the London Stock Exchange