TIDMSVE
RNS Number : 5339O
Starvest PLC
10 February 2021
10 February 2021
Starvest Plc ("Starvest" or "the Company")
Audited results for the year ended 30 September 2020
Chairman's Statement
I am pleased to present my annual statement to Shareholders for
the year ended 30 September 2020 and the twentieth since the
Company was formed in 2000.
It is however with sadness that I and my colleagues acknowledge
the passing of former Chairman Bruce Rowan. Bruce joined the board
in late 2001 and brought his own unique style and personality to
the company and proceedings during his 14-year tenure. His
encouragement and belief in fledgling natural resource companies
allowed many to succeed while also providing returns for our
shareholders. Our condolences go to his family and friends.
Results for the year
After a relatively quiet start to our fiscal year during the
fourth quarter of calendar 2019, the economic shock of the global
pandemic and investors' desire for traditional safe-haven assets
boosted precious metals stocks and certain other natural resources
companies. In this environment, the strategy we have pursued for
several years to focus on investments in gold producers has proven
to be rewarding for our shareholders. Our investment portfolio
appreciated 829% in the year to 30 September 2020 to GBP17.8
million. Our market capitalisation and, in turn, our share price
gained approximately 700% over this same period, although our
shares continued to trade at a significant discount to net asset
value. As at 31 Dec 2020 our Company's Net Asset Value had
increased further to GBP31.4m compared to a Net Asset Value of
GBP2.4m twelve months prior, a gain of more than 1,200% however we
note that the value of the company's publicly traded investments
have declined somewhat since then.
Greatland Gold plc (ticker: GGP), which is by far our largest
investment, remained one of our best-performing investments for a
third consecutive year due to its outstanding Havieron gold-copper
discovery in Australia. Havieron's initial inferred resource of
4.2Moz gold equivalent* was announced in December 2020 and
Greatland has continued to develop its Farm-In and Joint Venture
deals with its major partner Newcrest Mining Ltd. Greatland's share
price increased more than 1,000% in the twelve months to 30 Sept
2020 and has risen further since. Ariana Resources continues to
meet and often exceed forecasted production and revenue at its
50/50 JV Kiziltepe mine. It is also achieving good progress at its
Salinbas exploration property and new Cyprus assets. Cora Gold
continued work on its Sanankoro project, expanding the known
mineralisation along strike and at depth and developing the project
with positive metallurgical and feasibility studies.
We believe that the long-term outlook for the gold price remains
favourable and we remain committed to our strategy.
* GGP RNS dated 10 December 2020
Investing policy
The Company's investing policy is set out below and made
available on our website, www.starvest.co.uk .
Trading portfolio valuation
A brief review of the major portfolio companies follows below.
Other investee companies are listed on the websites from which
further information may be obtained.
Shareholder information
The Company's shares are traded on AIM.
Announcements made to the London Stock Exchange are available
from the Company's website, www.starvest.co.uk , where historical
reports and announcements are also available.
Callum N Baxter
Chairman and Chief Executive
9 February 2021
Investing policy statement
About us
The previous Board managed the Company as an investment company
since January 2002. Following the appointment of Callum Baxter as
Chairman in 2015, the Board has continued to focus the Company's
investment strategy on the natural resources sector.
Collectively, the current Board has significant experience
investing in small-capitalisation new issues and pre-IPO
opportunities in the natural resources and mineral exploration
sectors.
Company objective
The Company was established as a source of early stage finance
to fledgling businesses, to maximise the capital value of the
Company and to generate benefits for Shareholders in the form of
capital growth and modest dividends.
Investing strategy
Natural resources: Whilst the Company's investment mandate is
not exclusively limited to natural resources, the Board sees this
sector as having considerable growth potential in the medium term.
Historically, investments were generally made immediately prior to
an initial public offering on AIM or Aquis (formerly NEX) as well
as in the aftermarket. As the nature of the public market has
changed since 2008, it is more likely that the future investment
portfolio will include companies that have completed an IPO but
remain in the early stages of identifying or, with the appropriate
financial backing, developing a commercial resource.
Direct Project: The Company invests predominantly through
ownership of equity stakes in target companies. However, the
Company believes there may be opportunities to take direct
interests in mining projects and subsequently to acquire equity
positions in target companies on favourable terms in exchange for
these direct project interests. Those companies would therefore
become Starvest investee companies. The projects will be operated
by the investee company; Starvest will not manage any project.
Prior to selling any projects to corporate entities, Starvest may
therefore have an interest in a number of projects. The addition of
the Direct Project strategy to the Company's Investing Policy was
approved by shareholders at the Company's annual general meeting
held 1 December 2017.
Investment size: Initial investments are usually not greater
than GBP100,000. Target companies are invariably not generating
cash, but rather they have a constant need for additional funding
in order to continue exploration and development. Therefore, after
appropriate due diligence, the Company may provide further funding
support and make later market purchases, so that the total
investment may exceed GBP100,000.
High risk: The business is inherently high risk and cyclical,
dependent upon fluctuations in world economic activity which
affects the demand for minerals. However, the Company affords
investors the opportunity to participate in diverse early-stage
ventures, which the Board believes will offer the potential for
significant returns for the foreseeable future.
Lack of liquidity: Shares of investee companies typically trade
in small volumes, even if they are quoted on AIM, Aquis (formerly
NEX), ASX, or TSX-V. Therefore, during the early phase following an
investment, it is rarely possible to liquidate a position at the
quoted market price so investors must remain patient until the
investee company develops and ultimately attracts greater market
interest. If and when an exploration company finds a large
exploitable resource, it typically presents greater liquidity to
patient investors as an acquisition target by a third party or as a
much larger and more actively traded independent entity.
Success rate: Of the 15 to 20 investments held at any one time,
it is expected that no more than five will prove to be 'winners';
from half of the remainder we may expect to see modest share price
improvements. Overall, the expectation is that in time portfolio
returns will be acceptable if not substantial. Accordingly, the
Board is unable to give any estimate of the quantum or timing of
returns.
Profit distribution: When profits have been realised and
adequate cash is available, the Board intends to distribute up to
half the profits realised.
Other matters: The Company currently has an investment in Equity
Resources Limited, which itself is an investment company.
The Company takes no part in the active management of investee
companies, although directors of the Company are, or have been,
directors on the boards of several such companies. Callum Baxter,
Chairman, is currently an Executive Director of one such
company.
Review of trading portfolio
Introduction
During the year to 30 September 2020, the portfolio comprised
interests in the companies discussed below, as well as other active
companies that are not discussed herein.
After a relatively quiet start to our fiscal year during the
fourth quarter of calendar 2019, the economic shock of the global
pandemic and investors' desire for traditional safe-haven assets
boosted precious metals stocks and certain other natural resources
companies. In this environment, the strategy we have pursued for
several years to focus on investments in gold producers has proven
to be rewarding for our shareholders. The value of our trading
portfolio increased 829% over the twelve months to 30 September
2020. Including our cash position, our net asset value ("NAV") and
NAV per share increased 698% and 673%, respectively, over the
12-month period to 30 September 2020. Following a gain of 722% in
market capitalisation, the discount to NAV remained approximately
constant at 42% compared to 44% year on year.
Transactions
During the year the Company did not raise capital through
placing or subscription.
The Company disposed of its full holdings in Marechale Capital
and Salt Lake Potash during the year, along with a portion of its
positions in Oracle Power and Ariana Resources.
Trading portfolio valuation
Greater investor interest in perceived safe-haven assets led to
stronger returns for the natural resources sector generally and for
precious metals producers in particular. Our strategy of focusing
on producers of precious metals, especially gold, benefited
handsomely, as did our progress in restructuring and streamlining
the portfolio investments, Many of our investee companies have
appreciated substantially, leading to a portfolio value increase of
750% in the 12 months to 30 September 2020.
Given the availability of actual trading prices for many of our
portfolio assets, we value our holdings using closing market prices
for the periods shown.
The Company's Net Asset Value increased during the year to 30
September 2020 to GBP17.95m and the Company made a profit before
and after tax of GBP15,749,105 compared with a profit of GBP386,850
in 2019.
In addition, the Company believes it has a strong financial
position as it has no outstanding debt and ensures additional
financial flexibility and liquidity by maintaining a bank overdraft
facility, currently unutilised. Starvest is well-positioned to
benefit from further strength in the natural resources sector
through its exposure to early-stage precious metal producers. We
believe that worldwide economic growth and more affluent consumers
will increasingly demand motor cars, air conditioning, consumer
goods, computers and other items that require the development and
exploitation of natural resources in order both to produce and
power.
Company statistics
The Company considers the following statistics to be its Key
Performance Indicators (KPIs) and is satisfied with the results
achieved in the year given the uncertain market conditions.
30 September 30 September Change
2020 2019 %
at Closing at Closing
values values
GBP17.83
* Trading portfolio value m GBP1.92 m + 829%
GBP17.95
* Company net asset value m GBP2.25 m + 698%
* Net asset value per share 31.17 p 4.03 p + 673%
* Closing share price 18.00 p 2.25 p + 700%
2 percentage
* Share price discount to net asset value 42% 44% points
GBP10.36
* Market capitalisation m GBP1.26 m + 722%
Since the year end values have improved significantly. As at the
close of business on 31 December 2020 the Company's Net Asset Value
was GBP31.38m although the value of the company's publicly traded
investments have declined somewhat since then.
Review of the current market
The end of calendar 2019 continued to be a relatively difficult
market for natural resources. Following the worldwide economic
slowdown caused by the emergence of the COVID-19 virus, investors'
desire for traditional safe-haven assets boosted precious metals
stocks and certain other natural resources companies. The price of
gold increased from a low of US$1,452 per troy ounce in November
2019 to a peak of US$2,067 in August 2020 and has remained at
elevated prices relative to the last decade. Copper, nickel and
zinc also gained over the year, as has lead, following a dip in
late summer.
Oil prices fell over the period with US oil prices diving to
negative figures briefly in April 2020 for the first time in
history as traders sought to offload excess physical inventories in
a world largely shut down by COVID-19. The slow re-opening of
economic activity and production cutbacks have caused prices to
recover somewhat, although they remain below pre-pandemic
levels.
Investors are demonstrating greater interest in the natural
resources sector, as the market looks forward to economic growth
and further government stimulus via major infrastructure
projects.
While the natural resources sector appears to have brighter
prospects, the relative dearth of recent investment in the
exploration and production of world-class mines has shifted
attention to smaller opportunities as junior explorers take
advantage of opportunities to acquire and develop available targets
and as majors seek to replenish diminishing reserves by looking
more towards exploration and development of smaller deposits that
are more viable due to the increase in metal prices.
The current market conditions allow for measured, strategic
investment in undervalued, early-stage, natural resource
projects.
Our primary investments in companies include the following:
Greatland Gold plc ( www.greatlandgold.com )
The AIM-listed exploration company holds six exploration
projects, four in Western Australia and two in Tasmania. Greatland
also has farm-in and joint venture agreements in place with its
major partner Newcrest Mining Ltd.
Greatland carried out ground gravity and induced polarization
(IP) geophysical surveying over its Havieron licence not operated
by Newcrest Mining and, following a few months' delay due to
COVID-19 restrictions, commenced drilling at the Scallywag target.
Newcrest expanded the drill campaign at Havieron and continued with
infill and step-out drilling with very successful results. A mining
lease was also successfully obtained for the Havieron gold-copper
deposit from the Western Australian Department of Mines, Industry
Regulation and Safety ("DMIRS"). The Mining Lease covers the 12
block area within the Havieron licence (E45/4701) that is subject
to the Farm-in Agreement between Greatland and Newcrest dated 12
March 2019. Newcrest aimed to release a resource estimate before
calendar year end 2020.
Drilling was carried out at the Saddle Reefs target on the Black
Hills licence. Results confirmed the presents of high-grade gold
mineralisation. Ground gravity surveys over the rest of the licence
identified an additional three target areas within the licence
area.
In Paterson Range East Greatland carried out aeromagnetic and
ground geophysics surveys which were used for modelling and target
generation, with eight high-priority targets identified. A mobile
metal ion (MMI) geochemical surface soil sampling survey was
subsequently carried out on the Goliath target, which returned
geochemical signatures similar to Havieron.
Greatland Gold carried out drilling at Warrantinna and confirmed
near surface gold mineralisation.
At Panorama surface geochemical work and airborne magnetics were
carried out. Results returned extended a mineralised zone by 1km to
6.1km and magnetics determined a NE-SW oriented anomaly, clearly
identifiable from magnetic derivative images, coincident with an
anomalous gold trend identified from soil geochemistry.
While the company has a large market capitalisation, it does not
yet generate any cash. However, Greatland is well-funded from the
proceeds of exercised warrants and options.
Significant activities since year end : The company has
continued to report excellent drilling results from the Havieron
project and an Initial Inferred Mineral Resource estimate of 52Mt @
2.0g/t Au, 0.31% Cu or 2.5g/t AuEq for 3.4Moz Au, 160Kt Cu or
4.2Moz AuEq. Mineralisation remains open outside of the resource
shell with potential to grow the resource over time.
Greatland have also signed new agreements with Newcrest Mining
covering the mining lease and a US$50million loan agreement to
cover capital costs of establishing early-stage costs of
development of the Havieron deposit through to completion of the
Feasibility Study. A new joint venture agreement was also signed
covering exploration of the Black Hills and Paterson Range East
licence, and the Juri JV further cemented a strong working
relationship between the two companies and provided Greatland with
funds to carry out extensive exploration campaigns over the coming
year.
Ariana Resources plc ( www.arianaresources.com )
Ariana Resources PLC (Ariana) is a United Kingdom-based company
engaged in the exploration development and mining of epithermal
gold-silver and porphyry copper-gold deposits in Turkey and
exploration in Cyprus.
The company is part of a joint venture on the Kiziltepe mine and
has continued to meet and often exceed forecasted production rates.
Despite difficulties and uncertainties during the pandemic
Kiziltepe mine maintained production levels in line with forecasts
and operating costs are averaging below $500 per ounce in the last
reported quarter.
Ariana continued with exploration work on its Red Rabbit and
Kizilcukur projects in Turkey and also undertook additional works
on the Mariner project in Cyprus held by Venus Minerals Ltd
("Venus"), where it completed a required minimum spend of
EUR920,000 in exchange for a 9.24% shareholding in Venus. Ariana
has the right to earn up to 50% by October 2022 upon a minimum
spend of EUR3million.
Ariana has been developing other exploration projects in recent
years and have entered into an MOU to partially dispose of some of
these interests. One such deal will see Ozaltin Holdings acquire
53% of the Salinbas project and 50% of the Zenit, which is itself
held in a 50:50 JV between Ariana and Proccea, for US$30million in
cash.
Significant activities since year end: Ariana released a maiden
resource for the Magellan Project in Cyprus, a Venus-run operation
where Ariana are earning up to a 50% stake. A JORC-compliant
implied resource of 8.5Mt @0.63% Cu with potential for gold, silver
and zinc-rich zones was reported with the known mineralised sectors
open in several directions and down-plunge.
The company also announced the sale of satellite deposits at
Kiziltepe with a conditional agreement to sell its three remaining
satellite deposits to the expanded Zenit JV for US$2m in cash
payable over 20 months. In December the Company announced
completion of the conditional agreement regarding the new JV
between Ozaltin and Proccea for partial disposal of the Turkish
assets, subject to approval by the Competition Authority in Turkey
and by shareholders at Ariana's general meeting.
The Company also released a MRE for the New Sha project in
Cyprus with an implied 1Mt at 0.8% Cu and 0.3% Zn for 8kt Cu and
2.5kt Zn. The resource is open pittable at 50-170m below surface,
adding to the earlier Magellan Project's 8.5Mt resource.
Alba Mineral Resources plc ( www.albamineralresources.com )
Alba Mineral Resource is a diversified mineral exploration
company focused on oil and gas, gold and base metals with holdings
in Greenland (heavy minerals and copper), UK (oil and gas, gold)
and Ireland (base metals).
The Company's UK oil and gas efforts focus on Horse Hill-1
project where Alba hold a stake in the HHDL consortium developing
the project, with a stake of approximately 10% in the project. HHDL
received approval from the UK Oil and Gas authority to start
long-term production from the field. The company is now reviewing
options for the future use of the Horse Hill-2z Well to reduce
future operating costs and improve production rates.
Activities at the UK Clogau Gold Mine (Alba hold a 90% stake)
and Greenland Amitsoq Graphite field, which are undertaken during
the northern hemisphere summer, were curtailed due to the pandemic.
Work was, however, able to progress on planning and consent for
underground drilling and bulk sampling at the gold site and the
Greenland licences have been extended for a year to allow for the
freeze on field work during 2020.
In February the company agreed to issue unsecured zero-coupon
convertible securities to Bergen Asset Management ("Bergen") in
exchange for up to GBP1.054million of funding. In March they issued
the first tranche to Bergen with a nominal value of GBP223,000.
Bergen converted this tranche into Alba shares over a period
commencing in April 2020 through August 2020. The company followed
this by raising over GBP450,000 (before expenses) of equity in
August.
Significant activities since year end: Alba announced that it
has been granted a six-year exploration licence over the Gwyfynydd
Gold Mine in North Wales, a mine which historically produced 45,000
oz gold and which shares many geological and mineralogical
characteristics to the Clogau mine. This licence extends the
Company's land holding in the Dolgellau Gold Belt considerably. The
company also reported drill results from the Clogau mine where over
550m were drilled over 7 holes, each intersecting quartz veining,
the known historical host of prior gold sources.
Alba also announced that it raised GBP1.2m in November through a
share placing at 0.375p as well as additional GBP36,000 generated
through exercise of warrants. As a result, the company are
well-funded for their planned drilling and exploration programmes
over the coming year.
Cora Gold Limited ( www.coragold.com )
The Company's exploration activities have already delineated
significant mineralisation with confirmation of continuous oxide
gold occurrences at Zone A, Zone B and Selin within the Sanankoro
project. A maiden JORC 2012 compliant Inferred Mineral Resource
Estimate ("MRE") of 5.0 million tonnes at 1.6g/t Au for 265,000 oz
gold is supported by an independent JORC 2012 compliant Exploration
Target of between 30-50mt of ore at an average grade of 1.0-1.3g/t
for 1.0-2.0moz gold.
Results at its Bokoro and Dako II targets discovered two new
1.5km long gold zones about 1.5km south of the existing Selin
deposit and 7.5km south of Zone A respectively. The discovery of
two new zones of mineralisation close to the existing Selin deposit
illustrates the potential of the Sanankoro project.
Cora have continued to de-risk this project showing shallow
oxide material with potential for lower cost open pit mining,
together with positive metallurgical test work results. The company
also signed a US$21million term sheet with Lionhead Capital
Advisors to fund construction on completion of a positive
Feasibility Study before the end of 2021.
The company raised GBP2.89million in March and received
GBP1.5million from the exercise of warrants during the year,
leaving them well-funded.
Significant activities since year end: Post year end the company
have announced commencement of a 5,000m air core drill programme
across three of its licences in the Yanfolila Project area. The
programme is targeting expansions to existing discovery holes.
Oracle Power plc ( www.oraclepower.co.uk )
In February Oracle signed a Consortium Agreement with its
partners, China National Coal Development Company Ltd. ("CNCDC")
and Sheikh Ahmed Dalmook Al Maktoum Private Office One Person
Company LLC ("HH Private Office"), the private office of His
Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum.
News through the year then focused on discussions regarding
finance and infrastructure for the Thar coal project.
The company have also announced that they have expanded their
project scope to include a MOU with HH Private Office to look at
mining opportunities in Africa. This in some way may lead to
reducing the company's reliance on the Thar coal project and the
Chinese investment with its protracted timescale.
Significant activities since year end: In November 2020, the
company announced the acquisition of two gold projects in Western
Australia, one located 25km east of the Kalgoorlie Superpit and the
other 9km east of Northern Star's Jundee Gold Mine. Oracle have
already begun field work on the North Zone Gold Prospect east of
Kalgoorlie with the aim of refining drill targeting in advance of a
maiden drilling campaign planned for early 2021.
Kefi Gold and Copper plc ( www.kefi-minerals.com )
The company changed its name during the year to Kefi Gold and
Copper.
Kefi Minerals is an exploration and development company focused
on gold and copper deposits in the Arabian-Nubian Shield. Its main
projects are Tulu Kapi in Ethiopia and the Jibal Qutmanand Hawiah
projects in Saudi Arabia.
Kefi have progressed with project development on their Tulu Kapi
Gold Project in Ethiopia with road and power infrastructure
construction underway. Security on the mine licence has also been
established and the ore processing plant was completed. Funding
requirements were brought down by over $20m from those forecast in
2019. The company are reporting the plans for mine start up in 2022
are still on track.
The company is also progressing with work on the Hawiah
copper-gold exploration licence in Saudi Arabia. Kefi entered into
a JV with Gold and Minerals Ltd in June 2019, with Kefi maintaining
operational control. A maiden implied mineral resource estimate of
19.3m tonnes at 0.9% Cu, 0.8% Zn, 0.6% 0.6g/t Au and 10.3g/t Ag are
reported. Mineralisation remains open at depth with other high
grade target zones undrilled. An internal PEA shows favourable
production rates of 2m tonnes per annum over 7 years with capital
expenditures of approximately $222m and operating expenses of about
$46m. At current metal prices, this project could generate net
operating cash flow of approximately $70m per annum for a total
estimated net cash surplus of $200m before financing costs and
taxes.
Significant activities since year end: The company completed an
equity placing for GBP3m in November 2020 with proceeds slated to
be used for drilling and exploration on the Hawiah copper-gold
project and general working capital.
The company have also released preliminary drilling results on
the Hawiah project where 3,600m were drilled over 6 holes. While
assay results are still pending, mineralisation of chalcopyrite
similar to previous drill holes was reported and sulphide
mineralisation is reported in 5 holes up to 240m away from
previously drilled holes in the Camp Lode zone.
Sunrise Resources plc ( www.sunriseresourcesplc.com )
Sunrise Resources holds ground in Nevada (USA) and Australia
with commodities ranging from precious and base metals as well as
industrial minerals. Its main focus is developing pozzolan-perlite
deposits while looking to JV its other tenements.
The company is currently focusing on the development of its 100%
owned CS Pozzolan-Perlite project in Nevada USA. Sunrise had
targeted first production in Q4 2019 but was hit with permitting
delays. Sunrise has continued to develop the operation throughout
the year and has received numerous mine permit, reclamation and air
quality permits.
Its JV with VR Resources on the copper-silver-gold project in
Nevada is also advancing with plans to advance drilling on the
porphyry system. The company also have plans to drill on gold
projects in Nevada and Western Australia.
Significant activities since year end: The company announced
that the commercial scale plant has been assembled for trial
processing with 100-ton bulk sampling of perlite completed and
20-30 tons of horticultural grade product going to 5 customers
across the USA for further expansion testing and fines to the
prepped for pozzolan tests and concrete pours. First commercial
production is scheduled for Spring 2021.
Other investments
The remaining non-core investments are available for sale when
the conditions are deemed to be right. These include Kincora Copper
plc ( www.kincoracopper.com ), Minera Irl Ltd ( www.minera-irl.com
) and Block Energy plc ( www.blockenergy.co.uk ). In addition,
there are a number of failed or almost failed ventures to which we
attribute no value, although we always hope and seek to crystallise
value where possible.
Strategic report extract
Principal activities and business review
Since Bruce Rowan was appointed Chief Executive on 31 January
2002, the Company's principal trading activity was the use of his
expertise to identify and, where appropriate, support small company
new issues, pre-IPO and on-going fundraising opportunities with a
view to realising profit from disposals as the businesses mature in
the medium term. The current directors have continued this strategy
under the leadership of Callum Baxter, appointed Chief Executive in
September 2015.
The Company's investing policy is stated above.
The Company's key performance indicators and developments during
the year are given in the Chairman's statement and in the trading
portfolio review, all of which form part of the Directors' &
Strategic reports
Finance Review
Over the 12 months to 30 September 2020 the Company recorded a
profit of GBP15,749,105, equating to a profit of 27.76 pence per
share with net cash inflow for the year of GBP60,198. This compares
to a profit of GBP386,850 in the previous year that equated to a
profit of 0.70 pence per share. The Company's cash deposits stood
at GBP120,365 at the period end.
Key risks and uncertainties
This business carries with it a high level of risk and
uncertainty with commensurately high potential returns. The risk
arises from the very nature of early-stage mineral exploration
where there can be no certainty of outcome. In addition, often
there is a lack of liquidity in the Company's trading portfolio,
even for securities quoted on AIM or Aquis (formerly NEX), such
that the Company may have difficulty in realising the full value in
an immediate or rapid sale. Accordingly, a commitment is only made
after thorough research into both the management and the business
of the target, both of which are closely monitored thereafter.
Furthermore, the Company limits the total size of any single
commitment, both as to the absolute amount and percentage ownership
of the target company.
Statement of directors' responsibilities
Directors' responsibilities for the financial statements
The Directors are responsible for preparing the Directors'
report, the Strategic report and the financial statements in
accordance with applicable law and regulations.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the Directors
have elected to prepare financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). Under company law
the directors must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of
affairs and profit or loss of the company for that period. In
preparing those financial statements, the directors are required
to:
-- select suitable accounting policies and then apply them consistently;
-- make judgments and estimates that are reasonable and prudent;
-- state whether applicable UK accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will
continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Corporate governance statement
The board of Starvest plc are committed to the principles of
good corporate governance and believe in the importance and value
of robust corporate governance and in our accountability to our
shareholders and stakeholders.
The AIM Rules for companies require AIM companies to apply a
recognised corporate governance code. Starvest has chosen to adhere
to the Quoted Company Alliance's Corporate Governance Code for
Small and Mid-Size Quoted Companies (the "QCA Code").
The Chairman's Statement on Corporate Governance, which is
included in the Annual Report and which is also available on the
website, provides more details on how the board itself operates as
well as the steps taken to ensure that its staff adhere to
principles such as compliance with the UK anti-bribery
legislation.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 30 SEPTEMBER 2020
Year ended
Year ended 30 September
30 September 2019
Note 2020 restated
GBP GBP
Administrative expenses (303,259) (251,225)
Gain/(loss) on disposal of financial
assets 11 59,146 53,213
Amounts written off against financial
assets 11 (104,116) (383,612)
Movement in fair value of financial
assets
through profit and loss 11 16,097,296 968,387
------------- -------------
Operating profit 5 15,749,067 386,763
Interest receivable 6 38 87
Profit on ordinary activities before
tax 15,749,105 386,850
Tax on profit on ordinary activities 8 (2,003,618) -
Profit for the financial year attributable
to
Equity holders of the Company 13,745,487 386,850
============= =============
Earnings per share
Basic 9 24.22 pence 0.70 pence
Diluted 9 24.22 pence 0.70 pence
There are no other recognised gains and losses in either year
other than the result for the year.
All operations are continuing.
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2020
Year ended
Year ended 30 September
30 September 2019
Note 2020 restated
GBP GBP
Fixed assets
Financial assets through profit
and loss 11 17,825,053 1,916,398
------------- -------------
Total fixed assets 17,825,053 1,916,398
------------- -------------
Current assets
Trade and other receivables 10 31,047 114,537
Cash and cash equivalents 120,365 60,167
------------- -------------
Total current assets 151,412 174,704
------------- -------------
Current liabilities
Trade and other payables 12 (93,215) (66,003)
Total current liabilities (93,215) (66,003)
------------- -------------
Non-current liabilities
Provision for deferred tax 8 (2,003,618) -
------------- -------------
Total non-current liabilities (2,003,618) -
------------- -------------
Net assets 15,879,632 2,025,099
============= =============
Capital and reserves
Called up share capital 13 575,740 559,279
Share premium account 1,779,414 1,686,829
Retained earnings 13,524,478 (221,009)
------------- -------------
Total equity shareholders' funds 15,879,632 2,025,099
============= =============
These financial statements were approved and authorised for
issue by the Board of Directors on 9 February 2021.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30 SEPTEMBER 2020
Equity reserve Total Equity attributable
Share capital Share premium Retained earnings to shareholders
GBP GBP GBP GBP GBP
At 1 October 2018 539,649 1,654,209 2,500 (607,859) 1,588,499
============= ============= ============== ================= =========================
Profit for the period - - - 386,850 386,850
Total recognised income
and expenses for the
period - - - 386,850 386,850
------------- ------------- -------------- ----------------- -------------------------
Shares issued 19,630 32,620 - - 52,250
Cost of issue - - - - -
Equity component of
convertible loan - - (2,500) - (2,500)
------------- ------------- -------------- ----------------- -------------------------
Total contributions by and
distributions to owners 19,630 32,620 - - 49,750
At 30 September 2019 559,279 1,686,829 - (221,009) 2,025,099
============= ============= ============== ================= =========================
Profit for the period - - - 13,745,487 13,745,487
Total recognised income
and expenses for the
period - - - 13,745,487 13,745,487
------------- ------------- -------------- ----------------- -------------------------
Shares issued 16,461 92,585 - - 109,046
Cost of issue - - - - -
Equity component of - - - - -
convertible loan
------------- ------------- -------------- ----------------- -------------------------
Total contributions by and
distributions to owners 16,461 92,585 - - 109,046
At 30 September 2020 575,740 1,779,414 - 13,524,478 15,879,632
============= ============= ============== ================= =========================
STATEMENT OF CASH FLOWS
FOR THE YEARED 30 SEPTEMBER 2020
Note 30 September 30 September
2020 2019
GBP GBP
Cash flows from operating activities
Operating profit 15,749,066 386,763
Net interest receivable 38 87
Reversal of bad debt provision - (20,000)
Shares issued in lieu of fees 109,046 52,250
Increase in investment provisions 104,116 383,612
Movement in fair value of investments (16,097,296) (968,387)
Profit on sale of current asset investments (59,290) (53,213)
Decrease/(increase) in debtors 83,491 (58,545)
Increase/(decrease) in creditors 27,212 (5,897)
Net cash generated in operating activities (83,617) (283,330)
------------ ------------
Cash flows from investing activities
Purchase of current asset investments 11 - (47,000)
Sale of current asset investments 143,815 286,648
Net cash (used) in investing activities 143,815 239,648
------------ ------------
Cash flows from financing activities
Transaction costs of issue of shares - -
Loan repayment - (50,000)
Net cash flows from financing activities - (50,000)
------------ ------------
Net increase in cash and cash equivalents 60,198 (93,682)
Cash and cash equivalents at beginning of period 60,167 153,849
Cash and cash equivalents at end of year 15 120,365 60,167
============ ============
The accompanying notes and accounting policies form an integral
part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 30 SEPTEMBER 2020
1. Company Information
Starvest plc is a Public Limited Company incorporated in England
& Wales. The registered office is Salisbury House, London Wall,
London, EC2M 5PS. The Company's shares are listed on the AIM market
of the London Stock Exchange. These Financial Statements (the
"Financial Statements") have been prepared and approved by the
Directors on 9 February 2021 and signed on their behalf by Callum
Baxter and Gemma Cryan.
2. Basis of Preparation
These financial statements have 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. The financial
statements have been prepared on the historical cost basis. There
are no fair value adjustments other than to the carrying value of
the Company's trade investments. The financial statements are
presented in pounds sterling, which is also the functional currency
of the company.
Going concern
The Company's day to day financing is from its available cash
resources or via a bank overdraft and, on occasion, by the use of
short-term loans. The continuation of the Company's formal
overdraft facility was last confirmed by the bank in early
2020.
Whilst the Directors fully expect a sufficient overdraft
facility to remain in place for the foreseeable future, they are
confident that adequate funding can be raised as required to meet
the Company's current and future liabilities without resorting to
this facility, which has been confirmed within the cash flow
forecast prepared by the Board for the 12 months ending 28 February
2022. In the very unlikely event that such finance could not be
raised, the Directors could raise sufficient funds by disposal of
certain of its current asset trade investments.
As at 30 September 2020, the Company has no Borrowings.
For the reasons outlined above, the Directors are satisfied that
the Company will be able to meet its current and future
liabilities, and continue trading, for the foreseeable future and,
in any event, for a period of not less than twelve months from the
date of approving the financial statements. The preparation of the
financial statements on a going concern basis is therefore
considered to remain appropriate.
3. Principal Accounting Policies
Administrative expenses
All administrative expenses are stated inclusive of VAT, where
applicable, as the company is not eligible to reclaim VAT incurred
on its costs.
Taxation
Corporation tax payable is provided on taxable profits at the
current rates enacted or substantially enacted at the balance sheet
date.
Under FRS102, investments are valued on a mark-to-market basis
using publicly quoted trading prices at year end irrespective of
whether they are classified as fixed or current assets. However,
pursuant to Part 3, Chapter 3, Corporation Tax Act 2009, any
increase in the value of a current asset is recognised as a trading
profit and immediately subject to Corporation Tax when a company is
classified as a trading company under HMRC rules and regulations,
whereas an increase in the value of a fixed asset is not subject to
taxation until the asset is disposed of when a company is
classified as an investment company. Reported profit under UK GAAP
is unaffected.
Historically, the Company's previous board had filed as a
trading company and described its investment portfolio as a current
asset. Following a comprehensive review of various factors related
to the Company's investment portfolio and strategy, including,
among others, the frequency, timing, liquidity, trading activities,
development stage and investment horizon of such investments
individually and the portfolio as a whole, the Company's current
board have determined the Company is appropriately classified as an
investment company, and the investment portfolio is properly
accounted for among the Company's fixed assets. The Board do not
consider this to be a change in accounting policy; rather, it is a
correction in presentation to reflect more accurately the factual
position.
Deferred tax
Deferred tax is provided on an undiscounted full provision basis
on all timing differences which have arisen but not reversed at the
balance sheet date using rates of tax enacted or substantively
enacted at the balance sheet date.
Deferred tax assets are only recognised to the extent that it is
probable that they will be recovered against the reversal of
deferred tax liabilities or other future taxable profits, and are
recognised within debtors. The deferred tax assets and liabilities
all relate to the same legal entity and being due to or from the
same tax authority are offset on the balance sheet.
FRS 102 requires that investments are valued each year on the
mark-to-market basis and the revaluation differences are reflected
in the profit and loss account. However, the tax on any unrealised
profit is calculated and shown in the accounts as if the profit had
been realised, but there is then an adjustment in the deferred tax
to move the tax that relates to the unrealised profit to the
balance sheet.
Investments
Current investments are stated at mid-market publicly quoted
prices.
Investments in unlisted company shares are remeasured to
available market values, or directors' valuations at each balance
sheet date. Gains and losses on remeasurement are recognised in the
statement of comprehensive income for the period. As at 30
September 2020 unlisted shares were valued at GBP0, (2019:
GBP0).
Investments in listed company shares are remeasured to market
value at each balance sheet date. Gains and losses on remeasurement
are recognised in the statement of comprehensive income for the
period.
Investments have been reclassified from current assets to
non-current assets in these financial statements to reflect the
principal activity of the company and the long term nature of these
assets.
Financial instruments:
Trade and other receivables
Trade and other receivables are not interest bearing and are
recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method less provision
for impairment.
Cash and cash equivalents
Cash and cash equivalents include cash on hand and deposits held
at call with banks.
Trade and other payables
Trade and other payables are not interest bearing and are
recognised initially at fair value and subsequently measured at
amortised cost.
Financial liabilities
All financial liabilities are recognised initially at fair value
and are subsequently measured at amortised cost. There are no
financial liabilities classified as being at fair value through the
statement of comprehensive income.
Share capital
The Company's ordinary shares are classified as equity.
The share premium account
Represents premiums received on the initial issuing of the share
capital. Any transaction costs associated with the issuing of
shares are deducted from share premium, net of any related income
tax benefits.
4. Segmental Analysis
Segmental information
An operating segment is a distinguishable component of the
Company that engages in business activities from which it may earn
revenues and incur expenses, whose operating results are regularly
reviewed by the Company's chief operating decision maker to make
decisions about the allocation of resources and assessment of
performance and about which discrete financial information is
available.
The Company is to continue to operate as a single UK based
segment with a single primary activity to invest in businesses so
as to generate a return for the shareholders. No segmental analysis
has been disclosed as the Company has no other operating segments.
The Directors will review the segmental analysis on a regular basis
and update accordingly.
The Company has not generated any revenues from external
customers during the period.
5. Operating Profit
Year ended Year ended
30 September 30 September
2020 2019
GBP GBP
This is stated after charging:
Reversal of bad debt provision - (20,000)
Auditor's remuneration:
- audit services 18,000 14,400
- other services - -
Director's emoluments - note 7 141,058 141,738
============= =============
There are no employees, other than the Directors of the company
(2019: Nil)
6. Interest receivable
Year ended Year ended
30 September 30 September
2020 2019
GBP GBP
------------------------- ------------- --------------------
Bank interest receivable 38 87
38 87
------------------------- ------------- --------------------
7. Directors' Emoluments
There were no employees during the period apart from the
directors. No directors had benefits accruing under money purchase
pension schemes.
Shares
issued
Amounts in lieu
paid to of fees
Pension third parties - see
Year ended 30 September Fees GBP - see note note Total
2020 GBP GBP GBP GBP
------------------------ ------ ---------- --------------- -------- -------
C Baxter 17,000 - - 53,000 70,000
G Cryan 28,454 1,058 - 18,046 47,558
M Badros 18,500 - 5,000 - 23,500
------------------------ ------ ---------- --------------- -------- -------
63,954 1,058 5,000 71,046 141,058
------------------------ ------ ---------- --------------- -------- -------
Shares
issued
Amounts in lieu
Pension paid to of fees
GBP third parties - see
Year ended 30 September Fees - see note note Total
2019 GBP GBP GBP GBP
------------------------ ------ ---------- --------------- -------- -------
C Baxter 4,000 - 29,000 47,000 80,000
G Cryan 30,000 238 7,500 2,500 40,238
ACR Scutt (resigned
12 March 2019) 6,000 - - - 6,000
M Badros (appointed
21 December 2018) 12,750 - - 2,750 15,500
------------------------ ------ ---------- --------------- -------- -------
52,750 238 36,500 52,250 141,738
------------------------ ------ ---------- --------------- -------- -------
Amounts paid to third parties and shares issued in lieu of
fees
Included in the above are the following amounts paid to third
parties:
-- In respect of the management services of Callum Baxter,
GBP38,000 (2019: GBP76,000) was payable to Baxter Geological, a
company of which he is a director and shareholder. Of his total
remuneration, GBP53,000 (2019: GBP47,000) was settled in shares in
the Company and GBP17,000 (2019: GBP4,000) was payable under PAYE.
At 30 September 2020, GBP15,000 (2019: GBP38,000) was
outstanding.
-- In respect of the professional services of Gemma Cryan,
GBPnil (2019: GBP10,000) was payable to her personal business. Of
her total remuneration GBP18,046 (2019: GBP2,500) was settled in
shares in the Company. At 30 September 2020 GBP10,380 (2019:
GBP3,654) of her net salary remained outstanding.
-- In respect of the professional services of Mark Badros,
GBP5,000 (2019: GBP15,500) was payable to Timberlake Capital
Management, a company of which he is a director and shareholder. At
30 September 2020 GBP6,750 (2019: GBP5,000) of his net salary
remained outstanding was outstanding.
8. Corporate Taxes
a) Analysis of charge in the period
Year ended Year ended
30 September 30 September
2020 2019
GBP GBP
United Kingdom corporation tax at 19%
(2019: 19%) - -
Deferred taxation 2,003,618 -
2,003,618 -
============== ==============
b) Factors affecting tax charge for the period
The tax assessed on the profit on ordinary activities for the
year differs from the standard rate of corporation tax in the UK of
19% (2019: 19%). The differences are explained below:
Year ended Year ended
30 September 30 September
2019
2020 (restated)
GBP GBP
Profit on ordinary activities before
tax 15,749,105 386,850
============= =============
Profit multiplied by standard rate of
tax 2,992,330 73,502
Effects of:
Utilised against carried forward losses (2,992,330) (73,502)
Losses carried forward not recognised
as deferred tax assets - -
- -
------------- -------------
c) Deferred tax
Capital losses b/fwd at 30 September
2019 & 2018 (3,505,488) (630,324)
Current year capital losses (43,005) (2,875,164)
----------- -----------
Capital losses c/fwd at 30 September
2020 & 2019 (3,548,493) (3,505,488)
----------- -----------
Excess Management expenses b/fwd at 30
September 2019 & 2018 (1,655,253) (1,404,115)
----------- -----------
Total losses (5,203,746) (4,909,603)
----------- -----------
Pre-tax profit 15,749,105 386,850
----------- -----------
Profits after losses 10,545,359 (4,522,753)
----------- -----------
Deferred tax 2,003,618 -
----------- -----------
A provision for a deferred tax liability has been recognised
during the year (2019: GBPnil) on the future tax payable on
profits, on disposal of investments.
9. Earnings Per Share
The basic earnings per share is derived by dividing the profit
for the year attributable to ordinary shareholders by the weighted
average number of shares in issue.
Year ended Year ended
30 September 30 September
2020 2019
GBP GBP
------------------------------------------- ------------- -------------
Profit for the year 13,745,487 386,850
------------------------------------------- ------------- -------------
Weighted average number of Ordinary shares
of GBP0.01 in issue 56,742,071 55,057,197
Profit per share - basic and diluted 24.22 pence 0.70 pence
------------------------------------------- ------------- -------------
10. Trade and Other Receivables
Year ended Year ended
30 September 30 September
2020 2019
GBP GBP
---------------------- ------------- --------------------
Prepayments 28,895 26,030
Funds held on account 2,152 88,507
31,047 114,537
---------------------- ------------- --------------------
Short term loans to related parties
-- At 30 September 2020 loans to Equity Resources Ltd ("EQR")
totalling GBP20,000 remain unpaid. The purpose of the loans was to
assist EQR meet its necessary operational costs during a period
when it seemed inappropriate that EQR should realise cash from its
investments. The advances were approved at 0% interest with no
formal agreement as to repayment date. The Company holds 28.41% of
the equity in EQR. However, the Company has made a full provision
for these loans, totalling GBP20,000.
-- At 30 September 2019, the loans and interest totalling
GBP44,653 advanced to Block Energy plc ("BEP") (formerly Goldcrest
Resources plc ("GCRP")) was settled in full by way of an agreement
signed on 28(th) February 2019 to issue 500,000 shares in Block
Energy plc at 0.04 pence per share to the Company for a total sum
of GBP20,000. These shares were sold in April 2019 for net proceeds
of GBP30,533.
11. Investments
30 September 30 September
2020 2019
GBP GBP
--------------------------------------- ------------ ------------
Fair value of investments at 1 October
2019 & 2018 1,916,398 1,498,059
Additions - 67,000
Disposals (84,525) (233,436)
Fair value gain/(loss) on investments 15,993,180 (585,775)
Fair value at 30 September 2020 & 2019 17,825,053 1,916,398
--------------------------------------- ------------ ------------
The fair value carrying values of the
investments above were as follows:
Quoted on AIM 17,805,782 1,916,275
Quoted on foreign stock exchanges 19,271 123
17,825,053 1,916,398
--------------------------------------- ------------ ------------
The Company has holdings in the companies described in the
review of portfolio. Of these, the Company has holdings amounting
to 20% or more of the issued share capital of the following
companies:
Capital
and reserves
Loss for at last
Class Percentage the last balance
Country of shares of issued financial sheet Accounting
Name of incorporation held capital year date year end
Equity Resources
Limited -
see note England 31 May
[1] & Wales Ordinary 28.41% (GBP2,478) (GBP39,414) 2020
Note [1]: Equity Resources Limited is considered to be an
associated undertaking. Equity accounting has not been used as
Equity Resources Limited has a written down value of GBPnil.
The Company's share of the gross assets of its Associates at 30
September 2020 is GBP884. The share of gross assets has been
derived from the latest available financial information in respect
of the Associates. The company's share of the items making up the
profit and loss account and cash flow statements of its Associates
has not been disclosed as the numbers are not considered
material.
12. Trade and Other Payables: Amounts falling due within one year
30 September 30 September
2020 2019
GBP GBP
----------------- ------------ ------------
Trade creditors 39,926 20,348
Accruals 19,855 40,893
Employment costs 33,434 4,762
93,215 66,003
----------------- ------------ ------------
In September 2015, the Company received a loan of GBP100,000
from a shareholder repayable in 12 months with an interest rate of
0% and with a conversion option at 3 pence per share. On 5 January
2017, GBP50,000 of the loan was satisfied by the issue of 2,500,000
new Ordinary shares at a price of 2 pence per share. In September
2017 the Company agreed with the shareholder to extend the existing
loan term to 1 November 2018. On 11 December 2018 the remaining
balance of GBP50,000 was fully repaid by way of a cash
settlement.
13. Share Capital
The Called up share capital of the Company was as follows:
Called up, allotted, issued and fully
paid
Number of Shares GBP
--------------------------------------- ---------------- --------
As at 30 September 2018 53,964,829 539,649
--------------------------------------- ---------------- --------
Issued 22 January 2019 in lieu of fees 1,327,869 13,279
Issued 19 June 2019 in lieu of fees 635,134 6,351
--------------------------------------- ---------------- --------
As at 30 September 2019 55,927,832 559,279
--------------------------------------- ---------------- --------
Issued 6 April 2020 in lieu of fees 1,107,057 11,070
Issued 14 July 2020 in lieu of fees 539,097 5,391
--------------------------------------- ---------------- --------
As at 30 September 2020 57,573,986 575,740
--------------------------------------- ---------------- --------
Share Warrants
On 11 May 2017, as part of the Placing, the Company issued
8,500,000 warrants to subscribe for new Ordinary Shares in Starvest
at an exercise price of 4.0p per warrant, within a 24 month
exercise period. On 11 May 2019 these warrants expired
unexercised.
14. Share options
The Company's share option scheme, established on 14 February
2005, expired on 31 January 2015. During the year ended 30
September 2020 no new options were granted.
15. Cash and Cash Equivalents
Year ended Year ended
30 September Cash flow 30 September
2019 GBP 2020
GBP GBP
------------------------------ ------------- ---------- -------------
Cash at bank 60,167 60,198 120,365
------------------------------ ------------- ---------- -------------
Net cash and cash equivalents 60,167 60,198 120,365
------------------------------ ------------- ---------- -------------
16. Capital Commitments
As at 30 September 2020 and 30 September 2019, the Company had
no commitments other than for expenses incurred in the normal
course of business.
17. Contingent Liabilities
There were no contingent liabilities at 30 September 2020 (2019:
GBPnil).
18. Related Party Transactions
There were no related party transactions during the year other
than those disclosed in notes 7 and 10.
The key management of the Company are considered to be the
Directors, the compensation for whom was GBP141,058 (2019:
GBP141,738). Refer to note 7 for more information.
19. Financial Instruments
The Company's financial instruments comprise investments, cash
at bank and various items such as other debtors, loans and
creditors. The Company has not entered into derivative transactions
nor does it trade financial instruments as a matter of policy.
Credit Risk
The Company's credit risk arises primarily from short term loans
to related parties and the risk the counterparty fails to discharge
its obligations. At 30 September 2020 there were no loans
outstanding (2019: GBPnil).
Liquidity Risk
Liquidity risk arises from the management of cash funds and
working capital. The risk is that the Company will fail to meet its
financial obligations as they fall due. The Company operates within
the constraints of available funds and cash flow projections are
produced and regularly reviewed by management.
Interest rate risk profile of financial assets
The only financial assets (other than short term debtors) are
cash at bank and in hand, which comprises money at call. The
interest earned in the year was negligible. The directors believe
the fair value of the financial instruments is not materially
different to the book value.
Foreign currency risk
The Company has no material exposure to foreign currency
fluctuations.
Market risk
The Company is exposed to market risk in that the value of its
investments would be expected to vary depending on trading activity
of its shares.
Categories of financial instruments
Year ended 30 September Year ended 30 September
2020 2019
GBP GBP
Financial assets
Trade investments at fair value through profit and loss 17,825,053 1,916,398
Loans and receivables at amortised cost 31,047 114,537
17,856,100 2,030,935
======================= =======================
Financial liabilities at amortised cost
Loans and payables 93,215 66,003
93,215 66,003
======================= =======================
20. Capital Management
The Company's objective when managing capital is to safeguard
the entity's ability to continue as a going concern and develop its
investment activities to provide returns for shareholders. The
Company's funding comprises equity and debt. The directors consider
the Company's capital and reserves to be adequate. When considering
the future capital requirements of the Company and the potential to
fund specific investment activities, the directors consider the
risk characteristics of all of the underlying assets in assessing
the optimal capital structure.
21. Events After the End of the Reporting Period
There are no events after the end of the reporting period to
disclose.
22. Ultimate controlling party
There is no ultimate controlling party.
Copies of the annual report and financial statements are being
posted to Shareholders shortly and will be available for a period
of one month thereafter from the Company's registered office:
Salisbury House, London Wall, London EC2M 5PS or by email at
info@starvest.co.uk
Alternatively, from 10th February 2021 the report may be
downloaded from the Company's website at www.starvest.co.uk
The information contained within this announcement is deemed to
constitute inside information as stipulated under the UK Market
Abuse Regulation. Upon publication of this announcement, this
inside information is now considered to be in the public
domain.
Enquiries to:
Starvest PLC
Callum Baxter Chairman/CEO 07922 255 933
cbaxter@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson, Harrison Clarke and Seamus Fricker 02073 835
100
SI Capital Ltd (Broker)
Nick Emerson and 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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR DKCBBFBKDOBK
(END) Dow Jones Newswires
February 10, 2021 02:00 ET (07:00 GMT)
Starvest (LSE:SVE)
Historical Stock Chart
From Oct 2024 to Nov 2024
Starvest (LSE:SVE)
Historical Stock Chart
From Nov 2023 to Nov 2024
