SVE Starvest Plc

 
TIDMSVE 
 
Thursday 2 April 2009 
 
 
Chairman's update for shareholders - 2 April 2009 
Investment performance 
I am pleased to report that  the modest recovery in the Starvest  net 
asset value enjoyed during the quarter  to 31 December 2008 has  been 
maintained and enhanced during the quarter to 31 March 2009 when  the 
closing portfolio net asset value was GBP4.25m, a 7.9% increase in  the 
half year since 30 September 2008. 
The prudent  valuation  basis  adopted when  preparing  the  Starvest 
annual financial statements  at 30  September 2008 has  proved to  be 
fully  justified;  Starvest  now  uses  closing  bid  prices  or  the 
Directors' lower valuation, if deemed appropriate. 
Company statistics 
 
                            31 March 31 December 30 September 30 June 
                                2009        2008         2008    2008 
                              at BID      at BID       at BID  at MID 
                              values      values       values  market 
                                                               values 
Trading portfolio value       GBP4.25m      GBP3.92m        GBP3.9m  GBP10.5m 
Company asset value net       GBP3.62m      GBP3.23m        GBP3.4m  GBP11.9m 
of debt 
Net asset value - fully        10.01  8.98 pence   9.06 pence   27.46 
diluted per share              pence                            pence 
Share price - mid         6.25 pence     6 pence       12.25p  17.75p 
Share price discount to          37%         33%  35% premium     35% 
fully diluted net asset 
value 
Market capitalisation         GBP2.18m      GBP2.09m       GBP4.28m   GBP6.2m 
 
 
Comment 
During the quarter, Starvest added to its investment in Regency Mines 
plc, a commitment entered into during October 2008. 
Market conditions remain fragile, so I  can do no better than  repeat 
the comments I made  when issuing the last  update as at 31  December 
2008: 
"The speculation of which I wrote  in July that the crises  impacting 
the financial  markets  would lead  to  world-wide recession  with  a 
consequential reduction in demand for natural resources and  services 
has proven to be well founded and  as a result many of the  companies 
in which  Starvest is  invested  have seen  their share  prices  fall 
during the past year. 
"It remains  the view  of  the Starvest  board  that demand  for  raw 
materials will  return  as  current stocks  are  exhausted  and  that 
commodity prices  must return  to levels  at which  it again  becomes 
economic to mine newly discovered deposits." 
"Conclusion: 
"Whilst disappointed that  our fears  have been  realised, the  Board 
continues to believe  that it  has within  its portfolio  investments 
with considerable  potential  and is  looking  forward to  an  upturn 
during 2010, possibly earlier for some." 
Shareholders who wish to  receive electronic copies of  announcements 
are invited to register their email  address on the home page of  the 
Company website: www.starvest.co.uk. 
 
R Bruce Rowan 
Chairman & Chief Executive 
2 April 2009 
 
 
 
Enquiries to: 
Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 
01483 771992; john@starvest.co.uk 
Gerry Beaney or Colin Aaronson Grant Thornton Corporate Finance 020 
7383 5100 
END 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

Starvest (LSE:SVE)
Historical Stock Chart
From Oct 2024 to Nov 2024

Starvest (LSE:SVE)
Historical Stock Chart
From Nov 2023 to Nov 2024