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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Starvest Plc | LSE:SVE | London | Ordinary Share | GB0009619817 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 11.70 | 9.00 | 20.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSVE
RNS Number : 1797J
Starvest PLC
26 June 2017
26 June 2017
Starvest Plc
("Starvest" or "the Company")
Half-year report - six months ended 31 March 2017
Chairman's statement
A modest recovery in the mining and resources sector continued during the six month period to 31(st) March 2017. This improvement was reflected in our net asset value increasing from GBP1.16m as at 31 December 2016 to GBP1.24m as at 31 March 2017 and has continued to improve since period end; at the close of business on 16 June the value had increased to GBP1.67m or 3.34 pence per share on a discounted basis.
The Company continues its historic policy of investing in early stage mining resource projects, but we are also pursuing new investment areas.
Several of our investee companies have achieved significant milestones in the recent past. Ariana Resources PLC (AIM:AAU) moved from being an explorer to producer early in the year targeting considerable annual gold-silver production along with a major resource upgrade. Salt Lake Potash (AIM:SO4) confirmed positive production potential from its potash operation and expansion of landholdings. Greatland Gold PLC (AIM:GGP) announced the discovery of a new gold province followed by execution of a deal with global gold giant Newmont plus exciting news from the Paterson region in Western Australia.
Other investee companies remain active such as Oracle Coalfields (AIM:ORCP) seeing its coal project elevated to a priority list by the local government and BMR Group (AIM:BMR) proceeding with plant construction at its lead-zinc operation. Kefi Minerals (AIM:KEFI) secured significant funding in its move toward gold production and, since the quarter end, oil and gas producer Kuwait Energy announced its intention to list on the London Stock Exchange which is likely to attract a significant valuation.
Whilst the recovery in the commodities market remains modest Starvest has benefitted from the increased activity and is well positioned as the sector accelerates and enters its next cycle. We continue to expect an increase in demand for energy and metals over the medium and long term, and short term improvements are already notable.
During May 2017 Starvest completed a placing of stock for cash which was pleasingly oversubscribed and secured at the prevailing market price. Gross proceeds were GBP170,000 with the bulk to be used for expansion of the current investment portfolio where we are likely to focus on copper, gold, lithium and cobalt opportunities. Additional cash was also generated from share sales post period end without impacting our portfolio valuation. We look forward to providing further updates to investors and the market during the coming weeks.
Callum N. Baxter
Chairman & Chief Executive
26 June 2017
Income Statement
Hot Features
Premium
6 months 6 months Year ended
to 31 to 31 30 September
March March 2016
2017 2016
Unaudited Unaudited Audited
GBP GBP GBP
Revenue 58,364 53,390 117,920
Cost of sales (50,013) (39,868) (72,670)
---------- ---------- --------------
Gross profit 8,351 13,522 45,250
Administrative expenses (116,444) (109,246) (231,499)
Amounts written off against
trade investments (198,117) (315,513) (382,594)
Amounts written back
against trade investments 160,649 304,542 643,561
Operating (loss) / profit (145,561) (106,695) 74,718
Interest receivable 2,737 2,941 6,395
---------- ---------- --------------
(Loss) / profit on ordinary
activities before tax (142,824) (103,754) 81,113
Tax on profit on ordinary - - -
activities
---------- ---------- --------------
(Loss) / profit attributable
to Equity holders of
the Company (142,824) (103,754) 81,113
========== ========== ==============
(Loss) / earnings per
share - see note 3 (0.34) (0.27) 0.21 pence
Basic and diluted pence pence
Statement of Financial Position
6 months 6 months Year ended
ended ended 30 September
31 March 31 March 2016
2017 2016
Unaudited Unaudited Audited
GBP GBP GBP
Current assets
Trade and other receivables 57,540 62,544 71,667
Trade investments 1,285,429 1,035,703 1,372,616
Cash and cash equivalents 8,084 160,759 9,856
------------ ------------ --------------
Total current assets 1,351,053 1,259,006 1,454,139
------------ ------------ --------------
Current liabilities
Trade and other payables (91,465) (154,961) (132,227)
------------ ------------ --------------
Total current liabilities (91,465) (154,961) (132,227)
------------ ------------ --------------
Net current assets 1,259,588 1,104,045 1,321,912
============ ============ ==============
Capital and reserves
Called up share capital 436,435 337,301 396,185
Share premium account 1,554,923 1,540,556 1,514,673
Profit and loss account (736,770) (778,812) (593,946)
Equity reserve 5,000 5,000 5,000
------------ ------------ --------------
Total equity shareholders'
funds 1,259,588 1,104,045 1,321,912
============ ============ ==============
Statement of Cash Flows
6 months 6 months Year ended
ended ended 30 September
31 March 31 March 2016
2017 2016
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating
activities
Operating (loss)/profit (145,561) (106,695) 74,718
Net interest receivable 2,737 2,941 6,395
Share based payment charge 80,500 16,500 49,500
Increase/(decrease) in
debtors 14,127 (7,505) (16,627)
(Decrease)/increase in
creditors (40,762) 29,807 7,072
---------- ---------- --------------
Net cash used in operating
activities (88,959) (64,952) 121,058
---------- ---------- --------------
Cash flows from investing
activities
Purchase of current asset
investments - (53,125) (140,390)
Sale of current asset
investments 58,070 53,069 117,300
Loan converted into shares - - (10,000)
Profit on sale of current
asset investments (8,351) (13,522) (45,463)
Increase in investment
provisions 198,117 315,513 382,594
Decrease in investment
provisions (160,649) (304,542) (643,561)
---------- ---------- --------------
Net cash used in investing
activities 87,187 (2,607) (339,520)
---------- ---------- --------------
Net (decrease) in cash
and cash equivalents (1,772) (67,559) (218,462)
Cash and cash equivalents
at beginning of period 9,856 228,318 228,318
---------- ---------- --------------
Cash and cash equivalents
and end of period 8,084 160,759 9,856
========== ========== ==============
Statement of Changes in Equity
Equity reserve Total Equity
attributable to
Share capital Share premium Profit and loss account shareholders
GBP GBP GBP GBP GBP
At 30 September 2015
(restated) 394,173 2,118,396 5,000 (1,326,270) 1,191,299
============= ============= ============== ======================= ======================
(Loss)/profit for the
period - - - (103,754) (103,754)
------------- ------------- -------------- ----------------------- ----------------------
Total recognised income
and expenses for the
period - - - (103,754) (103,754)
------------- ------------- -------------- ----------------------- ----------------------
Shares issued 8,250 8,250 - - 16,500
Cancellation of
treasury shares (65,122) (586,090) - 651,212 -
------------- ------------- -------------- ----------------------- ----------------------
Total contribution by
and distributions to
owners (56,872) (577,840) - 651,212 16,500
At 31 March 2016 337,301 1,540,556 5,000 (778,812) 1,104,045
============= ============= ============== ======================= ======================
At 30 September 2016 396,185 1,514,673 5,000 (593,946) 1,321,912
(Loss)/profit for the
period - - - (142,824) (142,824)
Total recognised income
and expenses for the
period - - - (142,824) (142,824)
------------- ------------- -------------- ----------------------- ----------------------
Shares issued 40,250 40,250 - - 80,500
------------- ------------- -------------- ----------------------- ----------------------
Total contributions by
and distributions to
owners 40,250 40,250 - - 80,500
At 31 March 2017 436,435 1,554,923 5,000 (736,770) 1,259,588
============= ============= ============== ======================= ======================
During the period 1,525,000 shares were issued to directors in lieu of fees for the period 30 September 2016 and 31 December 2016 respectively.
On 5 January 2017 2,500,000 shares were issued to Mr Bruce Rowan in part settlement of the loan he provided to the Company.
Interim report notes
1. Interim report
The information relating to the six month periods to 31 March 2017 and 31 March 2016 is unaudited.
The information relating to the year ended 30 September 2016 is extracted from the audited accounts of the Company which have been filed at Companies House and on which the auditors issued an unqualified audit report.
2. Basis of preparation
This report has been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS102'), and with the Companies Act 2006. Although the information included herein does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006, the accounting policies that have been applied are consistent with those adopted for the statutory accounts for the year ended 30 September 2016.
The financial statements for the year ended 30 September 2016 were prepared in accordance with FRS 102 which included comparatives for the year ended 30 September 2015 being re-stated in accordance with FRS 102 and a reconciliation between the old and new GAAP was included in the notes. Refer to the financial statements for the year ended 30 September 2016 for an explanation of the transition.
The Company will report again for the full year to 30 September 2017.
The Company's investments at 31 March 2017 are valued at the lower of cost or the valuation adopted at 30 September 2016 or the current market value based on bid prices at the close of business. The Chairman's statement includes a valuation based on bid prices at 31 March 2017.
3. Loss per share
6 months 6 months Year ended
ended ended 31 30 September
31 March March 2016 2016
2017
Unaudited Unaudited Audited
GBP GBP GBP
These have been calculated
on a (loss)/profit
of: (142,824) (103,754) 81,113
------------- ------------- --------------
The weighted average
number of shares used
was: 41,816,935 38,341,234 38,876,323
------------- ------------- --------------
Basic (loss)/earnings (0.34) (0.27) 0.21 pence
per share: pence pence
------------- ------------- --------------
Investment portfolio
Starvest now holds trade investments in the companies listed below; of these the following companies comprised 89% of the portfolio value as at 31 March 2017:
Exploration for oil in England,
* Alba Mineral Resources plc lead-zinc in Ireland, uranium
in Mauritania and graphite
in Greenland www.albamineralresources.com
Gold-silver production and
* Ariana Resources plc exploration in Turkey
www.arianaresources.com
Lead and zinc in Zambia
* BMR Group plc www.bmrplc.com
Gold exploration in Australia
* Greatland Gold plc www.greatlandgold.com
Gold and copper exploration
* Kefi Minerals plc in Ethiopia and Saudi Arabia
www.kefi-minerals.com
Oil exploration and operations
* Kuwait Energy plc in Middle East and North
Africa
www.kec.com
Coal mining in Pakistan
* Oracle Coalfields plc www.oraclecoalfields.com
Other direct and indirect mineral exploration companies:
Oil and gas exploration
* Block Energy plc (formerly Goldcrest Resources plc) in Bulgaria
www.goldcrestresourcesplc.com
Investment banking and corporate
* Marechale Capital plc finance www.marechalecapital.com
Gold exploration in South
* Minera IRL Limited America
www.minera-irl.com
Copper & nickel exploration
* Regency Mines plc in Australia and Papua New
Guinea and investments in
Red Rock Resources plc,
and Direct Nickel Limited
www.regency-mines.com
Potash in Australia
* Salt Lake Potash Limited www.saltlaketpotash.com.au
Exploration for industrial
* Sunrise Resources plc minerals in United States,
Finland, Australia and Ireland
www.sunriseresourcesplc.com
Other investee companies are listed in the Company's 2016 annual report available on request as below or downloaded from www.starvest.co.uk.
Copies of this interim report are available free of charge by application in writing to the Company Secretary at the Company's registered office, 55 Gower Street, London WC1E 6HQ, by email to info@starvest.co.uk or from the Company's website at www.starvest.co.uk.
Enquiries to:
Starvest PLC
Callum Baxter, Chairman/CEO 07922 255 933 cbaxter@starvest.co.uk
John Watkins, Finance Director 07768 512 404 jwatkins@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke 02073 835 100
SI Capital Ltd (Appointed Broker)
Nick Emerson or Andy Thacker 01483 413 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UNOURBNANUAR
(END) Dow Jones Newswires
June 26, 2017 08:40 ET (12:40 GMT)
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