Starvest PLC Net asset value update at 30 June 2016 (3031D)

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RNS Number : 3031D

Starvest PLC

06 July 2016

6 July 2016

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

Net asset value update at 30 June 2016

The Company announces the net asset value as at the close of business on 30 June 2016 as follows:

 
                             30 June   31 December   30 September 
                                2016          2015           2015 
 Trading portfolio          GBP1.29m      GBP1.11m       GBP1.04m 
  value 
 Company net                GBP1.19m      GBP1.12m       GBP1.14m 
  asset value 
 Net asset value          3.09 pence    3.02 pence     3.09 pence 
  per share 
 Share price              2.12 pence    2.38 pence     2.75 pence 
  - mid 
 Share price 
  discount to 
  net asset value                31%           21%            11% 
 Market capitalisation      GBP0.82m      GBP0.88m       GBP1.02m 
 

All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2015 annual report. The discounts applied to bid prices at 30 June 2016 totalled GBP113,322 (31 December 2015: GBP248,248).

A renewed interest in metals and basic resources are apparent with significant improvements in portfolio companies Greatland Gold, Ariana Resources and Kefi Minerals as an example. Recent additions such as Salt Lake Potash and Diamandcorp are also holding their own and considerable gains in Oracle Coalfields reflect advancement of their abundant assets.

Callum Baxter, Chairman and Chief Executive commented, "We are likely to have seen the bottom of the commodities cycle recently and this ever present sector is coming back into favour. Gold is up and base metals are following. As a result we are making solid gains with several of our investments in an improving environment. Further acquisitions will be announced in the coming weeks."

 
 Callum N Baxter 
  Chairman & Chief Executive 
  6 July 2016 
 

Enquiries to:

Callum Baxter, Chairman [e-mail] or John Watkins, Finance Director 07768 512 404; [e-mail]

Colin Aaronson or Harrison Clarke - Grant Thornton UK LLP 020 7383 5100.

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This information is provided by RNS

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July 06, 2016 02:00 ET (06:00 GMT)