Starvest PLC Net Asset Value update at 17 December 2013 (8616V)
December 18 2013 - 6:32AM
UK Regulatory
TIDMSVE
RNS Number : 8616V
Starvest PLC
18 December 2013
Wednesday 18 December 2013
Net asset value update at 17 December 2013
In preparation for the Company's Annual General Meeting to be
held at 3.00 pm today as previously announced, the following is a
brief update of the Company's performance and portfolio value as at
the close of business on 17 December 2013.
17 December 30 September
2013 2013
Trading portfolio value GBP2.13m GBP2.52m
Company asset net value GBP2.54m GBP2.73m
Net asset value per share 6.84 pence 7.44 pence
Share price - mid 4.00 pence 5.62 pence
Share price discount
to net asset value 41.5% 24%
Market capitalisation GBP1.48m GBP2.09m
All valuations are based on the closing market bid prices or
lower directors' valuation as described in the 2013 annual
report.
Investee company values have continued to fall, albeit by much
less than in 2012, continuing the steady decline since the end of
2010 and consistent with the natural resources sector in which we
are predominantly focussed. Although there are now some early signs
of recovery, not least amongst a few of our investee companies, it
remains our belief that the troubled state of the world economy
will continue to dominate markets for some time to come.
On a brighter note, in no particular order, investee companies
have made announcements since 30 September 2013 or others have
commented as follows:
-- Ariana Resources plc, www.arianaresources.com(AIM:AAU) has
announced repeated director buying of stock and a new exploration
strategy at Kizeltepe, Turkey.
-- Beowulf Mining plc, www.beowulfmining.com (AIM:BEM) has
announced that drilling has been recommenced at its copper-gold
prospect in northern Sweden.
-- Greatland Gold plc, www.greatlandgold.com (AIM:GGP) has
announced further drilling at its gold prospect at Derby North.
-- International Mining & Infrastructure Corporation plc,
www.imicplc.com(AIM:IMIC) has announced having received shareholder
approval of its takeover of Afferro Mining Inc.
-- KEFI Minerals plc, www.kefi-minerals.com (AIM: KEFI) has
announced having raised GBP4.5m to facilitate the purchase of a 75%
interest in Ethiopian gold explorer, Nyota Minerals (Ethiopia)
Limited.
-- Nordic Energy plc, www.nordicenergyplc.com (ISDX:NORP) First
Columbus has issued a broker note indicating a target price of 20p
per share based on only a small part of the exploration ground
available to Nordic.
-- Oracle Coalfields plc, www.oraclecoalfields.com (AIM:ORCP)
has announced arrangements for funding the proposed coal mine and
associated power plant in Pakistan.
-- Regency Mines plc, www.regency-mines.com (AIM: RGM) Beaufort
Securities has issued a broker note indicating a target price of
1.5p and featuring the game changing DNi nickel laterite extraction
process in which it has an equity stake.
-- Red Rock Resources plc, www.rrrplc.com (AIM:RRR) has issued
an update on gold targets at Migori, SW Kenya and a further
investment in Jupiter Mines Limited which has itself announced the
successful launch of its manganese mine at Tshipi Borwa,
www.tshipi.co.za.
During the quarter, we sold our holding in Centamin so as to
strengthen our cash resources.
Disclosures for the Annual General Meeting 18 December 2013
In accordance with the Disclosure and Transparency Rules, the
Company advises that for the purpose of the Annual General Meeting
today, the Chairman, Ronald Bruce Rowan, will hold discretionary
proxies for each resolution in addition to 10,170,000 Ordinary
shares in a personal capacity. Therefore, the Chairman's total
interest to be disclosed is as follows:
Resolution
1 12,319,489 33.19%
Resolution
2 12,295,489 33.13%
Resolution
3 12,295,489 33.13%
Resolution
4 12,276,603 33.08%
Resolution
5 12,142,603 32.71%
Resolution
6 12,280,489 33.09%
At the conclusion of the meeting, the Chairman's personal
interest will revert to 27.40%
R Bruce Rowan
Chairman & Chief Executive
18 December 2013
Enquiries to:
Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance
Director 07768 512404; john@starvest.co.uk
Colin Aaronson or Edward Thomas - Grant Thornton UK LLP: 020
7383 5100
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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