Change of accounting date
July 14 2006 - 3:00AM
UK Regulatory
RNS Number:1501G
Starvest PLC
14 July 2006
RNS Announcement: Friday 14 July 2006
Starvest PLC
Change of accounting reference date
The Board has decided to change the accounting reference date from 31 July to 30
September for the coming year end and following years.
The immediate purpose is to facilitate the presentation of a clean balance sheet
at the next accounting year end and so more easily attain a position in which
either the Company can pay a maiden dividend or engage in a programme of share
buy-backs for which the Members' approval was sought and granted at the last
Annual General Meeting on 11 October 2005.
At an Extraordinary General Meeting of Members held on 14 March 2006,
resolutions were passed to endorse the Board's recommendation that a Petition be
submitted to the High Court to have the Company's share premium account reduced
to eliminate the deficiency then standing on the profit and loss account. This
process is in hand, albeit unlikely to be concluded immediately.
On 19 June 2006 at an Extraordinary General Meeting of the Company's former
operating subsidiary, The Web Shareshop Limited, a liquidator was appointed to
conduct a Members' voluntary liquidation at the conclusion of which there will
no longer be a requirement for the Company to prepare group financial
statements. This process is expected to be concluded within three months of the
Liquidator having been appointed.
Consequential changes
Following from the change in accounting date the Board's current expected
timetable is:
* 1 August 2006: Net asset value update at 31 July 2006
* 2 October 2006: Net asset value update at 30 September 2006
* End October 2006: Announcement of results for the 14 months to
30 September 2006
* Mid November 2006: Publication of Directors' report and issue
of AGM notice
* Mid December 2006: Net asset value update and Annual General
Meeting
* 3 January 2007: Chairman's quarterly update as at
31 December 2006
Enquiries to:
* John Watkins, telephone 01483 771992, or to john@starvest.co.uk
* Tony Scutt, telephone 01483 475909, or to tony@starvest.co.uk
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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