Net Asset Value(s)

12 Dec 2007 10:18

Starvest PLC12 December 2007 Tuesday 12 December 2007 Net asset value at 11 December 2007 In preparation for Starvest's annual general meeting later today, the Directorsreport that the portfolio value at the close of business on 11 December 2007 was£12.68m or 32.75 pence per share fully diluted. The share price discount to netasset value was 12%. This value represents a 16% decrease of £2.42m in the value of the investmentportfolio since 30 September 2007, the Company's last financial year end. Thisis in line with the general decline in sentiment and values of the small-capmineral exploration sector in which the Company is largely invested. The bases of valuation are consistent with those previously used. With oneexception, the net asset value is based on mid-market closing prices and iscalculated on a fully diluted pre tax basis. The exception relates to thevaluation of the investment in Concorde Oil & Gas plc which is valued at theprice of 0.9 pence at which it last issued new shares. Although the current net asset value is disappointing, the Directors continue tobe well satisfied with the progress made during the past year and look forwardto value growth in 2008. Some recent highlights include: • New investments in Alba Mineral Resources plc and Lisungwe plc, both showing value increases since purchase; • Further investments in Agricola Resources plc, Ariana Resources plc, DTT plc, Goliath Resources Inc and Treslow Limited; • In addition, Lotus Resources plc is expecting to be admitted to PLUS on 17 December 2007; • The Company has bought back a further 250,000 shares and now holds 2,300,000 in treasury; • In the past year, the Company share price has risen from 16 pence on 11 December 2006 to 28.75 pence on 11 December 2007, an 80% increase; • Subject the Shareholders' approval at the AGM today, a dividend of 0.5 pence per share will be paid on 11 January 2008. Annual general meeting The 2007 AGM will be held on Wednesday 12 December at 3.00 pm at StEthelburga's, 78 Bishopsgate, London EC2N 4AG Voting rights at Annual General Meeting In accordance with the Disclosure and Transparency Rules, the Company advisesthat for the purpose of the Annual General Meeting today the Chairman, BruceRowan, will hold discretionary proxies for each resolution in addition to8,570,000 Ordinary shares in a personal capacity. Therefore, the Chairman'stotal interest to be disclosed is as follows: Resolution 1 8,817,428 25.25%Resolution 2 8,817,428 25.25%Resolution 3 8,819,928 25.26%Resolution 4 8,817,428 25.25%Resolution 5 8,825,428 25.27%Resolution 6 8,825,428 25.27%Resolution 7 8,825,428 25.27% At the conclusion of the meeting, the Chairman's interest will revert to 24.54%. R Bruce Rowan Chairman & Chief Executive 12 December 2007 Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 01483771992; john@starvest.co.uk Gerry Beaney & 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