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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 |
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
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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