Starvest Share Discussion Threads

[zedder] 21/1/2014 20:22

The following is very unofficial and no investment advice is intended. I've compiled an excel spreadsheet over the last couple of years trying to track SVE investments. The top 6 have been confirmed recently by Rule 26 data from the respective company websites. The next 2 were derived from company websites previously.

Ariana Resources AAU AAU 12,956,000 0.01 129,560
Alba Mineral ALBA ALBA 23,875,000 0.003 71,625
Greatland Gold GGP GGP 35,333,333 0.0079 279,133
Nordic Energy NORP NORP 40,039,360 0.0725 2,177,140
Oracle ORCP ORCP 21,867,333 0.023 502,949
Sunrise Resources SRES SRES 14,183,333 0.005 70,917
Kefi Minerals plc KEFI KEFI 19,000,000 0.017 323,000
Regency Mines RGM RGM 27,840,000 0.0038 105,792
Beowulf BEM BEM 2,000,000 0.0525 105,000
Int Mining IMIC IMIC 250,000 0.28 70,000
Marechale Capital MAC MAC 1,350,000 0.025 33,750
Minera MIRL MIRL 190,476 0.1125 21,429
Red Rock RRR RRR 9,000,000 0.0047 42,300
Agricola Resources AGRI AGRI 14,250,000 0.006 68,400
Equity Resources EQRP EQRP 6,500,000 0.002 10,400
Guild Acquisitions GAQO GAQO 27,400,000 0.0015 32,880
Lisungwe LIS LIS 15,000,000 0.002 24,000
Lotus Resources LOTP LOTP 666,666
Carpathian Res ASX CPN ASX 2,000,000
Gippsland ASX GIP GIP 720,000
Kincora Copper TSX KCC KCC

The value of the NORP holding has been corrected by a factor of 0.75 to account for liquidity.

AGRI, EQRP, GAQO and LIS have similarly been factored by 0.8 also for liquidity.

[ultrapunch] 21/1/2014 20:05

If one excludes the 25m NORP warrants (in the money to the tune of 6.25p per warrant) the current value of the SVE portfolio is £4.84m including the £400k of cash (it's probably a bit more since I haven't inclued some of the shares in the SVE portfolio). On the 10th January the "official" NAV was £3.82m. This equated to 10.29p per share. The current £4.84m+ should equate to 13p per share. At the current 7p the SVE share price is lagging events.

If one includes the 25m NORP warrants then the NAV would be £6.4m, equating to 17.24p per share. SVE is exceedingly cheap if the NORP share price stays at 7.75p (7.25p bid price)

[ultrapunch] 21/1/2014 15:30

SVE Core Portfolio:


Ariana Resources plc (AAU)
Beowulf Mining plc (BEM)
Greatland Gold plc (GGP)
KEFI Minerals plc (KEFI)
Nordic Energy plc (ISDX:NORP)
Oracle Coalfields plc (ORCP)
Regency Mines plc (RGM)
Red Rock Resources plc (RRR)
Sunrise Resources plc (SRES)


zedder
7 Jan'14 - 12:45 - 1031 of 1056 1 0

Their current more valuable holdings:

Ariana Resources AAU 19,666,526 @ 0.0115p = £226,165
Greatland Gold GGP 35,333,333 @ 0.0071p = £250,867
Kefi Minerals plc KEFI 19,000,000 @ 0.019p = £361,000
Regency Mines RGM 27,840,000 @ 0.0042p = £116,928
Oracle ORCP 21,867,333 @ 0.02p = £437,347
Sunrise Resources SRES 14,183,333 @ 0.0045p = £63,825
Nordic NORP 40,000,000 @ 0.025p = £750,000 (discounted for liquidity)

Plus approx. £400k in cash (from recent sale of CEY holding)

Current Mkt Cap = £1.48m @ 4p mid-price

I notice that zedder hasn't given number of shares in 2 of the core holdings: RRR and BEM. Has he got those figures and where did he get the number of shares figures for the other core holdings?

AAU value unchanged since the 7th January. Circa £225k. GGP is up at 0.81p and value is circa £280k. KEFI is down at 1.48p. Value now circa £335k. ORCP is up at 2.40p. Value now circa £520k. RGM is down a tad at 0.39p. Value now circa £108k. SRES is up at 0.53p. Value now circa £75k.

The 40m shares in NORP are worth £2.9m calculated using the bid price of 7.25p (mid price 7.75p).

There are also 25m warrants in NORP priced at 1p. They are not listed, but would have a value of 6.25p if they were converted. That gives a value of £1.56m.

zedder also mention £400k of cash. Adding the above figures gives the following TOTAL value: £4.843m (excluding the NORP warrants) and £6.403m (including the 25m NORP warrants).

At the current 7p share price the SVE Mkt Cap is £2.60m (source SVE web site). Ignoring the warrants that means the SVE share price is currently on a 46.3% discount to NAV. If the warrants are included the discount widens to 59.4%.

PS. In actual fact the discounts are wider than that because there are 2 core holdings (RRR + BEM) that I haven't included a value for. Also they have 4 other portfolio companies I haven't valued, namely: ALBA, IMIC, MIRL. Plus presumably small stakes in the following:

Agricola Resources plc
CAP Energy Limited
Carpathian Resources Limited
Kincora Copper Limited
Kuwait Energy plc
Silvermere Energy plc
Woburn Energy plc
Alpha Universal Management plc

Silvermere is, I know, bust.

It's possible that the SVE discount to NAV is around 50% (and 65% if NORP warrants included). SVE looks very, very, cheap, unless the NORP share price falls back

[zedder] 21/1/2014 15:23

Mkt Cap still only £2.6m at this price.

[zedder] 21/1/2014 15:22

brando,
It would certainly be nice to have some of the other investments 'perform' but it is not essential.

There is about £400k in cash as best as I can tell from watching the company closely (most from the sale of CEY as stated in a recent RNS).

Currently, the holdings in ORCP, KEFI and GGP are worth over £1m between them.

[brando69] 21/1/2014 14:20

sve rise is nice to see, and obviously driven by NORP - but for it to be taken seriously, it needs to have several of its investments performing like NORP.

[ultrapunch] 20/1/2014 22:06

NORP has increased in value by 40% since SVE issued it's last NAV update on 10th January. We could be getting another unscheduled SVE NAV update very soon if NORP continues to rise.

[ultrapunch] 20/1/2014 22:01

Kombimatec. They haven't been de-listed from AIM. They have never been listed on AIM. They have only recently listed in ISDX (formerly Plus Mkts). Nordic Energy (NORP) is a start up less than 2 years old.

There was another, unrelated, company previously listed on AIM with the epic code of NORP

[kombimatec] 20/1/2014 20:56

Where do you get the price from since NORP are delisted from AIM?

Okay, found it on PLUS.

[ultrapunch] 20/1/2014 13:46

NORP closed at 7.25p on friday. It's now 7.75p. Has it peaked? Who knows? The NORP Mkt Cap is now £7.4m

At 7.25p NORP bid price) SVE's stake (40m shares) is worth £2.9m. The 25m warrants are currently "worth" another £1.56m since they have an exercise price of 1p.

So SVE's stake in NORP is currently worth £4.46m. Yet SVE's Mkt Cap is currently only £2.32m. That £2.32m Mkt Cap is probably covered by SVE's other investments and cash. Even allowing for any potential CGT liability and the normal discount applied to the shares of small investment companies SVE is very cheap.

[ultrapunch] 20/1/2014 13:30

And still NORP continues to rise. Currently Bid 7.25p. Ask 8.25p. Mid 7.75p

[traderabc] 20/1/2014 13:05

Is this one breaking out of a bullish wedgie?

;)

[ultrapunch] 20/1/2014 12:59

full metal alchemist. LOL. Just about sums him up.

[itchycrack] 19/1/2014 20:13

"...I have enough mathematical and scientific qualifications. I bet I'm better qualified than you, you dimwit!!!!..." - errr.........based on what???

Rude, arrogant, stupid dimwit, yet another muppet FILTERED!!!

[ultrapunch] 19/1/2014 19:12

ItchyCrack. I'm no muppet. I have enough mathematical and scientific qualifications. I bet I'm better qualified than you, you dimwit!!!!

However when I was young there were no personal computers and NO smileys. I didn't recognise their significance. If you want we can meet up and I can shove your smileys up your ItchyCrack. LOL.

[ultrapunch] 18/1/2014 23:47

ItchyCrack
7 Jan'14 - 12:30 - 1030 of 1043 0 0

Yep! You must be stark raving mad, 300K shares in this!!!!!!!!!!!!!!!!! :-)
Get the men in white coats!!!


ItchyCrack
7 Jan'14 - 13:35 - 1032 of 1043 0 0

Down again, you'd better get buying some more! :-)

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Yep, he's nearly doubled his money in a week. Who's mad now ItchyCrack? I see he's stopped posting!! A case of opening your big mouth and putting your foot in it!!

[zedder] 16/1/2014 16:31

NORP now at 6.25p bid

[gibrewog] 14/1/2014 08:33

Nordic Energy applied for more Danish North Sea blocks on 13th January .Perhaps this is the reason for the rise in share price as the comments I read suggested that they were optimistic about the potential prospects in these areas.

[zedder] 14/1/2014 08:07

NORP now up to 5.5p bid.

[zedder] 13/1/2014 13:27

Cheers brando.

NORP up another 0.25p today on a 10,000 share trade.

[brando69] 13/1/2014 13:14

well read here zedder. hats off...

[mattboxy] 12/1/2014 19:05

Updated CPR due in this quarter based on analysis of all the 2d data. Is this the likely reason for the rise in Nordic energy - leaking of good news on the data targets etc

[zedder] 11/1/2014 10:34

A 'this is money' view on NORDIC: