Starvest PLC Net Asset Value(s) (2960V)

TIDMSVE

RNS Number : 2960V

Starvest PLC

01 November 2017

1 November 2017

Starvest Plc ("Starvest" or "the Company")

Net Asset Value at 31 October 2017

Starvest PLC (LON:SVE), the London Stock Exchange AIM listed specialist mining and resources investment business, is pleased to announce a Net Asset Value update as at 31 October 2017.

Highlights

   --     Monthly Increase in Portfolio Value of 55% to GBP2.36m, 
   --     Net Asset Value over 5p per share, 
   --     Improving market conditions and increased mining sector activity. 

Callum Baxter, Chairman and CEO commented: "Management have been positioning the Company to take advantage of a recovery in the exploration and mining sector. Now we are seeing a much improved market and many share prices are benefitting from the positive sentiment. The value of our investment portfolio has increased markedly over the past month by more than 55% and our net asset value is over 5p per share. We are experiencing an increased interest in our portfolio positions and upside potential from the improving market."

The net asset value as at the close of business on 31 October 2017 is as follows:

 
                              31 Oct  30 Sept 2017    30 Sept 
                                2017                    2016 
 Trading portfolio          GBP2.36m    GBP1.52m      GBP1.37m 
  value 
 Company net asset          GBP2.67m    GBP1.88m      GBP1.27m 
  value 
 Net asset value          5.05 pence   3.56 pence    3.21 pence 
  per share 
 Share price - mid        3.50 pence   4.62 pence    2.25 pence 
 Share price discount 
  to net asset value             30%      -30%          30% 
 Market capitalisation      GBP1.85m    GBP2.44m      GBP0.89m 
 

All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2016 annual report. The discounts applied to bid prices at 31 October 2017 totalled GBP234,741.

A recovery in the exploration and mining sector continues and our portfolio value has increased markedly. From the lows of 30 September 2015 where our portfolio value was GBP1.04m we are now seeing a portfolio value of GBP2.36m representing an increase of more than 225%. Over the month to 31 Oct 2016 the increase in portfolio value was more than 55%.

The recent increase in value can be largely attributed to the rise in the share price of Greatland Gold plc (LON:GGP) ('Greatland'). Greatland's hard work and valuable gold projects have been recognised by the market, and significant cash generation through exercise of warrants sees Greatland in a strong position to accelerate exploration activities going into 2018. Greatland are also currently co-operating with global gold major Newmont Mining Corporation (NYSE:NEM), via Australian subsidiary Newmont Exploration Pty Ltd, over a large gold prospective region in central Western Australia. Greatland also has licences prospective for conglomerate hosted gold in the very active Pilbara region of Western Australia.

Currently we are experiencing an increased interest in our Starvest portfolio positions and upside potential from the improving market. We look forward to adding further significant opportunities in the coming weeks.

Starvest is a specialist mining and resource investment company and has the industry knowledge and market exposure to select compelling opportunities early in the investment cycle.

Investors are encouraged to view our RNS feed on the Starvest web site www.starvest.co.uk/announcements

 
 Callum N Baxter 
  Chairman & Chief Executive 
  1 November 2017 
 

Enquiries to:

Starvest PLC

Callum Baxter Chairman/CEO [phone] [e-mail]

Grant Thornton UK LLP (Nomad)

Colin Aaronson or Harrison Clarke [phone]

SI Capital Ltd (Appointed Broker)

Nick Emerson [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

NAVBBBITMBAMBIR

(END) Dow Jones Newswires

November 01, 2017 10:57 ET (14:57 GMT)