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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 : 5804Q
Starvest PLC
07 June 2018
7 June 2018
Starvest Plc
("Starvest" or "the Company")
Half-year report - six months ended 31 March 2018
Chairman's statement
A modest recovery in the mining and resources sector prevailed during the latter half of 2017 but market volatility and a decline in commodity prices impacted share prices through Q1 2018. As a result, we saw an across the board decline in our portfolio share valuations as at the end of the half yearly reporting period of 31 March 2018. Our net asset value decreased from GBP1.88m as at 30 September 2017 to GBP1.38m as at 31 March 2018; this decline being responsible for the majority of the loss for the period of GBP515,618. But market conditions have been better throughout Q2 2018 and we note improved valuations since reporting 31 March 2018. As at 31 May 2018 our Trading Portfolio Value had increased to GBP1.33m, up from GBP1.18m at 31 March 2018 and net asset value increased to GBP1.49m or 2.81 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 looking at new investment areas such as investing directly in projects. Currently we are reviewing several projects with a precious metal focus (gold, silver) and several base metal projects (copper, nickel). These commodities continue to be sought after due to global economic expansion. Niche commodities are also on our radar such as lithium and cobalt which could see significant price increases through changes in everyday technology.
Several of our investee companies remain extremely active and have provided very positive news-flow over the reporting period. Cora Gold plc (AIM:CORA) announced very encouraging gold exploration results from its projects in West Africa. Exciting high-grade results and large gold mineralised structures have been identified over several kilometres in preliminary drilling at the Sanankoro and Tekeledougou areas. Ariana Resources PLC (AIM:AAU) continued to improve efficiency at its gold-silver operation at Kiziltepe having produced over 15,000 oz gold with revenue of more than US$20m since April 2017. Cash costs are less than US$600 per ounce against an average gold price of US$1,377/oz. Significant upside is also apparent from additional resources at Tavsan and exploration work at Salinbas.
Salt Lake Potash (AIM:SO4) continued to develop its potash assets in Western Australia and has identified world class scale potential at its Salt Lakes project. The company has also entered into a MOU for an offtake agreement with a subsidiary of the large Japanese based Mitsubishi Corporation. Greatland Gold PLC (AIM:GGP) has reported positive work from geochemical and geophysical work at its Ernest Giles and Paterson projects. A new target, Black Hills, in the Paterson region shows high grade gold from surface rock chip samples and multiple gold intercepts in broad spaced drilling. Greatland has announced that drilling is planned for several targets in Q2 and Q3 2018, and possibly Q4 2018 also.
Other investee companies push ahead such as Oracle Power (AIM:ORCP) seeing its proposed coal mine and power plant project elevated to a priority list by the local government and an agreement signed with Asian parties which is a step toward securing the required capital to proceed with development. And oil and gas producer Kuwait Energy has released another solid set of annual financial results from its oil and gas operations in the Middle East and North Africa.
Whilst the recovery in the commodities market remains modest the board of Starvest believes the Company is well positioned as the sector accelerates and enters its next cycle. We continue to expect robust demand for energy and metals over the medium and long term and look forward to providing further updates to investors and the market during the coming weeks.
Callum N Baxter
Chairman & Chief Executive
7 June 2018
Income Statement
Hot Features
Premium
6 months 6 months Year ended
to 31 to 31 30 September
March March 2017
2018 2017
Unaudited Unaudited Audited
GBP GBP GBP
Revenue - 58,364 526,595
Cost of sales - (50,013) (266,466)
---------- ---------- --------------
Gross profit - 8,351 260,129
Administrative expenses (128,922) (116,444) (274,506)
Amounts written off against
trade investments (415,421) (198,117) (277,277)
Amounts written back
against trade investments 28,725 160,649 588,398
Operating (loss) / profit (515,618) (145,561) 296,744
Interest receivable 2,945 2,737 5,585
---------- ---------- --------------
(Loss) / profit on ordinary
activities before tax (512,673) (142,824) 302,329
Tax on profit on ordinary - - -
activities
---------- ---------- --------------
(Loss) / profit attributable
to Equity holders of
the Company (512,673) (142,824) 302,329
========== ========== ==============
(Loss) / earnings per
share - see note 3 (0.97) (0.34) 0.64 pence
Basic pence pence 0.54 pence
Diluted (0.83) (0.34)
pence pence
Statement of Financial Position
6 months 6 months Year ended
ended ended 30 September
31 March 31 March 2017
2018 2017
Unaudited Unaudited Audited
GBP GBP GBP
Current assets
Trade and other receivables 18,552 57,540 29,589
Trade investments 1,183,287 1,285,429 1,519,983
Cash and cash equivalents 270,995 8,084 432,782
------------ ------------ --------------
Total current assets 1,472,834 1,351,053 1,982,354
------------ ------------ --------------
Current liabilities
Trade and other payables (104,766) (91,465) (101,613)
------------ ------------ --------------
Total current liabilities (104,766) (91,465) (101,613)
------------ ------------ --------------
Net current assets 1,368,068 1,259,588 1,880,741
============ ============ ==============
Capital and reserves
Called up share capital 528,982 436,435 528,982
Share premium account 1,640,876 1,554,923 1,640,876
Profit and loss account (804,290) (736,770) (291,617)
Equity reserve 2,500 5,000 2,500
------------ ------------ --------------
Total equity shareholders'
funds 1,368,068 1,259,588 1,880,741
============ ============ ==============
Statement of Cash Flows
6 months 6 months Year ended
ended ended 30 September
31 March 31 March 2017
2018 2017
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating
activities
Operating (loss)/profit (515,618) (145,561) 296,744
Net interest receivable 2,945 2,737 5,585
Share based payment charge - 80,500 46,500
Increase in debtors 11,037 14,127 42,078
Increase/(decrease) in
creditors 3,153 (40,762) 16,886
---------- ---------- --------------
Net cash flows from operating
activities (498,483) (88,959) 407,793
---------- ---------- --------------
Cash flows from investing
activities
Purchase of current asset
investments (50,000) - (100,000)
Sale of current asset
investments - 58,070 523,883
Profit on sale of current
asset investments - (8,351) (260,129)
Increase in investment
provisions 415,421 198,117 277,277
Decrease in investment
provisions (28,725) (160,649) (588,398)
---------- ---------- --------------
Net cash flows from investing
activities 336,696 87,187 (147,367)
---------- ---------- --------------
Cash flows from financing
activities
Proceeds from issue of
shares - - 170,000
Transaction costs of
issue of shares - - (7,500)
Net cash flows from financing
activities - - 162,500
Net (decrease)/increase
in cash and cash equivalents (161,787) (1,772) 422,926
Cash and cash equivalents
at beginning of period 432,782 9,856 9,856
---------- ---------- --------------
Cash and cash equivalents
at end of period 270,995 8,084 432,782
========== ========== ==============
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 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 contribution 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
============= ============= ============== ======================= ======================
At 30 September 2017 528,982 1,640,876 2,500 (291,617) 1,880,741
(Loss)/profit for the
period - - - (512,673) (512,673)
Total recognised income
and expenses for the
period - - - (512,673) (512,673)
------------- ------------- -------------- ----------------------- ----------------------
Shares issued - - - - -
------------- ------------- -------------- ----------------------- ----------------------
Total contributions by - - - - -
and distributions to
owners
At 31 March 2018 528,982 1,640,876 2,500 (804,290) 1,368,068
============= ============= ============== ======================= ======================
Interim report notes
1. Interim report
The information relating to the six month periods to 31 March 2018 and 31 March 2017 is unaudited.
The information relating to the year ended 30 September 2017 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 2017.
The Company will report again for the full year to 30 September 2018.
The Company's investments at 31 March 2018 are stated at the lower of cost and net realisable value or the valuation adopted at 30 September 2017 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 2018.
3. Loss per share
6 months 6 months Year ended
ended ended 31 30 September
31 March March 2017 2017
2018
Unaudited Unaudited Audited
GBP GBP GBP
(Loss)/profit for
the year: (512,673) (142,824) 302,329
------------- ------------- --------------
Weighted average number
of Ordinary shares
of GBP0.01 in issue 52,898,163 41,816,935 47,287,952
(Loss)/earnings per (0.97) (0.34) 0.64 pence
share - basic pence pence
------------- ------------- --------------
Warrants in issue 8,500,000 - 8,500.000
Weighted average number
of Diluted Ordinary
shares of GBP0.01 in
issue 61,398,163 41,816,935 55,787,952
(Loss)/earnings per (0.83) (0.34) 0.54 pence
share - diluted pence pence
------------- ------------- --------------
Investment portfolio
Starvest now holds trade investments in the companies listed below; of these the following companies comprised 95% of the portfolio value as at 31 March 2018:
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 West
Africa
www.coragold.com
* Cora Gold Limited
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 Power plc (formerly Oracle Coalfields plc) www.oraclepower.co.uk
Other direct and indirect mineral exploration companies:
Oil and gas exploration
* Block Energy plc (formerly Goldcrest Resources plc) in Georgia
www.blockenergy.co.uk
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.saltlakepotash.com.au
Exploration for industrial
* Sunrise Resources plc minerals in United States,
and Australia
www.sunriseresourcesplc.com
Other investee companies are listed in the Company's 2017 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, Salisbury House, London Wall, London EC2M 5PS, 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
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke 020 7383 5100
SI Capital Ltd (Appointed Broker)
Nick Emerson or Alan Gunn 01483 413 500
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR UBOARWVANRRR
(END) Dow Jones Newswires
June 07, 2018 04:00 ET (08:00 GMT)
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