REG - Starvest PLC - Audited results for the year end 30 September 2021
15/02/2022 12:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220215:nRSO7525Ba&default-theme=true
RNS Number : 7525B Starvest PLC 15 February 2022
15 February 2022
Starvest Plc ("Starvest" or "the Company")
Audited results for the year ended 30 September 2021
Chairman's Statement
I am pleased to present my annual statement to Shareholders for the year ended
30 September 2021 and the twenty-first since the Company was formed in 2000.
Results for the year
The continuing impact of the global pandemic and governmental stimulus in
response thereto dominated the financial news this year for Starvest and its
portfolio companies. Starvest's strategy to steer its portfolio toward
precious metal investments over recent years has enabled the Company to
position itself attractively for the current environment. Although improved
investor sentiment boosted certain precious metal stocks and those of certain
other natural resource companies, gold prices declined 7% for the year ended
30 September 2021. The post-pandemic global economic recovery has remained
elusive, but we continue to believe that expected quantitative easing, which
remains the favoured tool of major economies, is likely to result in a solid
foundation for precious metals going forward.
Our investment portfolio decreased approximately 21% in the year to 30
September 2021 to £14 million. However, our market capitalisation declined by
only 10% over this same period, and the discount to net asset value narrowed
by 8 percentage points, from 42% to 35% as at 31 December 2021, which is a
significant improvement for shareholders.
Greatland Gold plc (AIM:GGP), which is by far our largest investment, remained
one of our best-performing investments for a fourth 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 the project has continued to develop rapidly with its major partner
Newcrest Mining Ltd. The Havieron project benefited from the grant of a mining
licence over the 12 blocks, a loan facility that is expected to fund Havieron
operations through to the feasibility stage and a pre-feasibility study that
was released post-year end**. While Greatland's share price has declined since
last year, we have significant unrealized gains and expect that continued
expansion will drive further growth at the Havieron project.
Ariana Resources completed a significant deal with Ozaltin Holdings during the
year for part of its Kizilpete project and made the first of three dividend
distributions to shareholders. Its Cyprus assets, a joint venture with Venus
Minerals, have made good progress as well.
Cora Gold continued to de-risk its Sanankoro project as it completed over
40,000m of drilling to convert existing inferred resources to indicated
category as well as to target resource growth.
We believe that the long-term outlook for gold prices remains favourable and
we remain committed to our strategy.
* GGP RNS dated 10 December 2020 ** GGP RNS dated 12 October 2021
Investing policy
The Company's investing policy is set forth below and made available on our
website, www.starvest.co.uk (http://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 (http://www.starvest.co.uk/) , where
historical reports and announcements are also available.
Callum N Baxter
Chairman and Chief Executive
15 February 2022
Investing policy statement
About us
The previous Board commenced to manage the Company as an investment company in
January 2002. Following the appointment of Callum Baxter as Chairman in 2015,
the Board has focused 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 equity markets 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 Projects: The Company's strategy is to invest 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 does not intend to manage any 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 £100,000.
Target companies invariably have an ongoing need for additional funding 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 £100,000.
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 multiple 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, we
expect that over time portfolio returns will be acceptable if not substantial.
Accordingly, the Board is unable to give any estimate of the magnitude 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 have been directors on the boards of such
companies.
Review of trading portfolio
Introduction
During the year to 30 September 2021, the portfolio comprised interests in the
companies discussed below, as well as other active companies that are not
discussed herein.
The economic shock of the global pandemic continued in late 2020 and early
2021 and investors' desire for traditional safe-haven assets boosted precious
metals stocks and certain other natural resources companies. At the same time,
new alternatives such as cryptocurrencies attracted investors seeking
protection from concerns over global instability, fiat currencies and
expansive monetary policies. In this environment, we believe our strategy to
focus on investments in gold producers will prove to be rewarding on a
risk-adjusted basis for our shareholders. However, during the year to 30
September 2021, the value of our trading portfolio decreased ~21% due to lower
market prices for major positions. Including our cash position, our net asset
value ("NAV") and NAV per share decreased 21.4% and 21.7%, respectively, over
the 12-month period to 30 September 2021. Given that Starvest's market
capitalisation decreased approximately 10%, the discount to NAV narrowed to
34% compared to 42% a year ago.
Transactions
During the year the Company did not raise capital through placing or
subscription.
The Company disposed of its full holdings in Kincora Copper during the year,
along with a small portion of its position in Greatland Gold.
Trading portfolio valuation
Although gold prices declined slightly (~7%) year on year, this change masked
greater volatility during the 12-month period. The Company's Net Asset Value
decreased approximately 21% during the year to 30 September 2021 to £14.1m
and the Company made a loss before tax of £3,861,014 compared with a profit
of £15,749,105 in 2020.
However, we are pleased that the Company traded at a smaller discount to its
NAV, as the Company's market capitalisation declined by only 10% over the
year.
As part of routine operations, the Board regularly reviews its portfolio
positions and may make adjustments to its holdings to take advantage of what
it believes to be temporary weakness in prices for precious metals.
Alternatively, the Board may consider strategic opportunities to better align
the Company's stock price with what it regards as the intrinsic value of the
Company's portfolio.
Given the availability of actual trading prices for many of our portfolio
assets, we value our holdings using closing market quotes for the periods
shown.
In addition, the Company believes it has a strong financial position as it has
no outstanding debt and 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 increasingly
affluent consumers will fuel demand for motor cars, air conditioning, consumer
goods, computers, together with materials required in switching to 'greener'
technologies 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 2021 30 September 2020 Change
at Closing values at Closing values %
· Trading portfolio value £14.04 m £17.83 m -21.3%
· Company net asset value £14.10 m £17.95 m -21.4%
· Net asset value per share 24.4 p 31.17 p -21.7%
· Closing share price 16.00 p 18.00 p -11.1%
· Share price discount to net asset value 34% 42% 8 percentage points
· Market capitalisation £9.3 m £10.36 m -10.2%
Since the fiscal year end, values have improved significantly. As at the close
of business on 31 December 2021 the Company's Net Asset Value was £13.9m.
If a full provision for liabilities and deferred taxation at a corporate rate
of 25% effective from 6(th) April 2023 is taken into consideration then the
following is applicable;
· Company net asset value £12.4 m £15.9 m -22.0%
· Net asset value per share 21.4 p 27.6 p -22.5%
· Share price discount to net asset value 25% 35% 10 percentage points
Review of the current market
Global markets and gold prices fluctuated throughout late 2020 and 2021; with
economies and governments rebalancing and adjusting to continuing pandemic
related uncertainties and changes.
The price of gold fluctuated throughout the year with a peak of US$1,943 in
January 2021 and a low of US$1,684 per troy ounce in March 2021 but has
remained at elevated prices relative to the last decade; year on year the
price is relatively flat. Copper, nickel, lead and zinc all made gains over
the year.
Overall, investors are demonstrating greater interest in the natural resources
sector, as the market looks forward to economic growth, 'green' technology
investments, and further government stimulus via major infrastructure
projects.
The current market conditions allow for measured, strategic investment in
undervalued, early-stage natural resource projects.
Portfolio review
Our primary investments in companies include the following:
Greatland Gold plc (www.greatlandgold.com (http://www.greatlandgold.com/) )
Greatland Gold plc ("Greatland"), an AIM-listed exploration company, which
represents substantially the largest part of the Company's portfolio, 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.
The company, in conjunction with Newcrest, 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 significantly grow the resource over time.
Greatland has also signed new agreements with Newcrest covering a mining lease
and a US$50M loan agreement to cover capital costs of establishing early-stage
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.
Greatland also continued exploration work on its wholly owned projects areas
and added over 1,000km(2) of highly prospective ground in the Paterson by
acquiring tenements from Province Resources.
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 and the availability of the loan agreement with Newcrest.
Significant activities since year end: Greatland Gold has released a
Pre-Feasibility Study in conjunction with Newcrest Mining on the Havieron
deposit. The study forecasts low total capex, estimated at US$397m, with
Greatland's portion running to US$73m, net of Greatland's $50m loan facility,
and opex costs of US$643/oz. The study also projects an IRR of 27%, or 16%
after tax and NPV of US$228m, with a 3-year pay back and an initial 9-year
life of mine; with only a small portion of the known mineralised area used in
the study, allowing for significant additional information now available to be
incorporated into future studies and probable expansion of the resource and
reserves. The company has also advanced its Juri JV with Newcrest from stage 1
to stage 2 allowing up to AUD$20m to be invested in the exploration programme
across the ground. In mid-November 2021 Greatland raised £11.9m in an
oversubscribed placing. Greatland continues to update the market with drill
results from Havieron, showing extensive and expanding gold- copper
mineralisation and JV partner Newcrest Mining have issued their intention to
acquire an additional 5% stake in the Havieron project.
Ariana Resources plc (www.arianaresources.com
(http://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.
During the year Ariana sold part of its interests in Zenit and other assets in
Turkey to Ozaltin Holding A.S. and Proccea Construction Co. for US$70.75
million. While this deal reduced Ariana's share to 23.5% it has allowed for
dividend payments to shareholders, the first of which was made on 24 September
2021, following a lengthy capital reorganisation. A second dividend is due in
March 2022, followed by a third and final dividend currently expected in late
2022.
Ariana's share of profits from the Kiziltepe Mine, part of Zenit Madencilik
San. ve Tic. A.S. ("Zenit"), in the six months to June 2021 amounted
to £1.3m, compared to £3.0m in the first half of calendar year 2020, due in
part to the reduction in its holding from 50% to 23.5%. Kiziltepe
Mine production for the first half of 2021
totalled 7,941 ounces of gold (H1 2020: 9,808 oz Au). Ariana expects to meet
guidance for 2021 by year end following increased mill throughput after
completing an expansion of the processing plant.
An exploration and resource drilling campaign has completed approximately
14,000m of diamond drilling across the Kiziltepe Sector, with excellent
results received across various vein systems.
The company expanded exploration into Eastern Europe via a 75% holding
in Western Tethyan Resources Ltd. and also began drilling
in Cyprus through the Company's interest in Venus Minerals Ltd. Ariana's
earn-in on Venus Minerals is currently 37.5%, with 50% expected to be
achieved in early Q4 2021.
The company's last available (unaudited) interim accounts show profit before
tax of £7.1m for the year ended 30 June 2021 (H1 2020 : £2.2m) and profit
for the period of £5.0m (H1 2020 : £1.9m) reflecting the profit realised
on restructuring of group activities.
Significant activities since year end include Ariana's announcement of the
final Zenit working capital loan repayment of US$0.8m to Turkiye Finans
Katilim Bankasi A.S due to be completed in October 2021. The Tavsan
gold-silver project received Environmental Impact Assessment approval for
development of the mine and Ariana's JV partner, Zenit, can now progress with
its development programme with construction scheduled to begin following
receipt of final permits.
Ariana released drill results from its Kokkinoyia project in Cyprus reporting
gold mineralisation in all holes and identifying a copper-gold-zinc mineral
system. A JORC 2021 Maiden Resource Estimate reports circa 12.3 Mt at 0.31 to
2.25% Cu and 0.27 to 0.57g/t Au.
Ariana completed its earn-in to 50% of Venus Minerals, announced in November
2021. Venus have completed a binding Heads of Terms agreement to develop the
Apliki Copper Mine in Cyprus with a leading mining company on a 50:50
basis. Venus also released a Mineral Resource Estimate for the project with
total indicated and inferred resources of c. 11Mt Cu at a grade of 0.25 to
0.69%; with a processing plant currently undergoing due diligence and
pre-installation checks.
Panther Metals listed on ASX in December 2021, with a market capitalisation of
A$10.9m. Ariana hold 3.2% through their Asgard Metals Fund.
Alba Mineral Resources plc (www.albamineralresources.com
(http://www.albamineralresources.com/) )
Alba Mineral Resource is a diversified mineral exploration company focused on
oil and gas, gold and
base metals with holdings in UK (oil and gas, gold) and Ireland
(base metals).
The Company focused activities at the UK gold projects during the year,
completing drilling programmes at Clogau which have potentially extended the
length of the Main Lode target and the depth of a vein system in the
Llechfraith mine area. At Clogau St-David's, the company sampled rock waste
dumps and purchased and installed a pilot gold processing plant. They have
also extended the mineral rights over the Dolgellau Gold Belt for a further
four-years.
The Company's UK oil and gas investments at Horse Hill remains ongoing with
works completed during the year to prepare the operations for 24-hour
production.
Base metal mineral exploration rights in Ireland were renewed for another year
with another three main target areas set for follow-up drilling.
The Company decided during the year to spin-out its Greenland assets, the
Thule Black Sands Ilmenite Project, the Amitsoq Graphite Project, the Melville
Bay Iron Project and the Inglefield Multi-Element Project to a separate
vehicle and list it for trading on AIM. GreenRoc Mining Plc was admitted for
trading on 28 September and raised £5.12m at 9.9p, with a market cap on
listing of £11.1m. Alba is a majority shareholder with 54% of GreenRoc.
Significant activities since year end: Alba have advised that they were
refused permits for water discharge from the Llechfraith shaft into
watercourses in the area, citing potential adverse effects. The company are
working with external consultants on potential grounds for appeal.
Cora Gold Limited (www.coragold.com (http://www.coragold.com/) )
The Company's exploration activities have continued in 2021 with a +40,000m
drill programme at its flagship Sanankoro project. These activities focused on
infill drilling to convert existing inferred resources to indicated category
as well as targeting resource growth. Results to date have been consistent
with generally high-grade, good width and shallow oxide ore.
The company have also engaged consultants to update the Mineral Resource
Estimate during H2 2021 and undertake a Definitive Feasibility Study with
completion targeted for H1 2022.
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.
In September the company also announced that it has signed a US$25m term
sheet with Lionhead Capital to finance the development of Sanankoro on
completion of a positive DFS with US$12.5m Equity Financing
and US$12.5m Convertible Financing. The term sheet requires Cora to deliver
a DFS before the end of H1 2022 with minimum key objectives (together the
'Project Milestone') including; 35% Internal rate of Return ('IRR') based on
a US$1,500/ oz gold price; and 8 years mine life and production of 40,000
ozs/year, or equivalent production over a different time period and delivering
the minimum IRR threshold, in a US$1,700/oz gold price pit shell. Lionhead
are prepared to syndicate +30% of the Term Sheet on the same terms with other
investors.
The company raised £3.13m in June 2021 and reported US$5.7m in cash in its
unaudited interim report at the end of June.
Significant activities since year end: Cora released final results from it
+40,000m drill programme which confirmed a 3.4km long mineralised ore zone in
mostly shallow oxides and which remains open in all directions. An updated
mineral resource estimate (MRE) resulted in a 200% increase in total ounces
from the 2019 calculations with a pit constrained MRE of 21.9 million tonnes
at 1.15g/t Au for 809.3k oz Au and the deposit remaining open in all
directions. Cora completed a fund raise for £4.25m in December 2021, with use
of the funds going towards the ongoing definitive feasibility study at
Sanakoro which saw field work for the study completed in February 2022 and
full completion scheduled for H1 2022.
Oracle Power plc (http://www.oraclepower.co.uk (http://www.oraclepower.co.uk)
)
Oracle are progressing slowly on the Thar coal mining and power projects. The
Pakistan Government stated in late 2020 that it would not approve new coal
power plants and the Chinese Government followed suit in early September 2021
by stating it will not fund new overseas coal projects.
Given the change in policy by both states for coal projects it is encouraging
to see that the project is still in development and the Pakistan authorities
are continuing to work with the Chinese Government through the China-Pakistan
Economic Corridor to provide support for the project. An encouraging
development is the approval granted to expand electricity generation capacity
at the site from 34,776MW to 61,112MW by 2030.
In the meantime, Oracle has changed its focus to early stage exploration gold
projects in Western Australia. The gold exploration projects in Western
Australia have been the company's primary focus during the year, with
geophysics and geochemistry surveys carried out prior to a drilling programme
beginning in September 2021.
Significant activities since year end:In October 2021 the company singed a
non-exclusive co-operation agreement with PowerChina International Group to
jointly develop a green hydrogen production facility in Pakistan, targeting a
400MW capacity plant. An update in December stated that a preliminary
technical study
was completed by PowerChina, establishing key technical and commercial
aspects, targeting a 400MW capacity hydrogen plant with planned hydrogen
production of 150,000kg per day. Technology suppliers are being sought and
negotiations are underway with provincial governments regarding
infrastructure.
Kefi Gold and Copper plc (www.kefi-minerals.com
(http://www.kefi-minerals.com/) )
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.
The company completed an equity placing for £3m in November 2020 with
proceeds slated to be used for drilling and exploration on the Hawiah
copper-gold project and general working capital.
Operation on the Tula Kapi Mine in Ethiopia were delayed in September 2021 due
to security concerns, just ahead of the company's planned launch of the
development phase of the project. The company still remain optimistic that the
security issue will be resolved, and the project will be back on track before
the end of 2021 with production beginning in 2023.
The company have made progress on the Hawiah copper-gold and Jibal Qutman gold
projects in Saudi Arabia, and have fast-tracked to produce an upgraded and
expanded Mineral Resource Estimate and Preliminary Feasibilty Study for
development at Hawiah; Maiden Mineral Resources currently JORC 2012 1.9M oz
gold equivalent; Jibal Qutman 733koz gold.
Significant activities since year end: A security issue arose where several
employees were taken hostage for a brief time but thankfully safely released.
While the security of the project was re-assessed and re-organised the
schedule of the project has been pushed back by approximately three months.
Kefi announced the issuance of two additional exploration licences in Saudi
Arabia in December 2021. The licences are 12km south-west of the Company's
Hawiah project and issued to the Kefi-operated joint venture Gold and Minerals
Limited. In January 2022 Kefi completed a placing for £6.2m, its first in two
years, with funds being used for the development of the Tulap Kapi mine and to
clear accrued debts and directors fees.
Sunrise Resources plc (www.sunriseresourcesplc.com
(http://www.sunriseresourcesplc.com/) )
Sunrise Resources hold 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 or sell its
other tenements.
The company has maintained
its focus on the development of the 100% owned CS Pozzolan-Perlite project
in Nevada USA. During the year Sunrise completed assembly of a
commercial-scale plant for trial processing. A 500-ton pozzolan sample was
extracted and in collaboration with a large cement and ready-mix company
(CRMC) underwent test grinding. A further 200-ton perlite sample has been
mined and awaits processing. The company is still focused on commercial
production in 2021 with mine permitting approvals completed for mine plans,
reclamation, air quality control and water use.
Exploration on the company's precious metal claims has also continued with
soil sampling outlining an gold-in-soil anomaly on its Sundance project in the
Walker Lane Mineral Belt and diamond drilling at the Clayton Silver-Gold
project showing 303g/t Ag and 0.2g/t Ag over 7.92m. Completion of an
aboriginal heritage survey at the Baker's Gold Project in Western Australia,
allowed an RC drill programme to be completed; best results show 2m @11.5g/t
Au from 64m on 50g fire assay; which was upgraded to 14.4g/t after bulk
cyanide leaching and leach tail fire assay was carried out.
In line with its announced strategy, during the year Sunrise also entered into
joint-ventures in connection with several of its gold and copper-gold Nevada
claims while retaining potential future royalty rights.
Significant activities since year end: The company has announced an agreement
with Kinross for its Jackson Wash mining claims in Nevada. Under the terms of
the Agreement Kinross has been granted a 9-year mining lease over the claims
and an option to purchase the Claims at any time during the term of the Lease
for US$500,000 and the grant to Sunrise of a 2.5% Net Smelter Royalty, while
Sunrise retain the rights to mine perlite on the claims so long as this does
not hinder any Kinross exploration or future mining operations.
Other investments
The remaining non-core investments are available for sale when the conditions
are deemed to be right. These include Minera Irl Ltd (www.minera-irl.com
(http://www.minera-irl.com/) ) and Block Energy plc (www.blockenergy.co.uk
(http://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
While Bruce Rowan was Chief Executive beginning 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 2021 the Company recorded a loss before tax
of £3,861,014, equating to a loss of 6.69 pence per share with net cash
outflow for the year of £42,089. This compares to a profit before tax of
£15,749,105 in the previous year that equated to a profit of 24.22 pence per
share. The Company's cash deposits stood at £78,276 at the period end.
Key risks and uncertainties
This business carries 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 forced
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.
The Company is compliant with AIM Rule 26 regarding the Company's website.
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 YEAR ENDED 30 SEPTEMBER 2021
Note Year ended 30 September 2021 Year ended 30 September 2020
£ £
Administrative expenses (290,993) (303,259)
Gain on disposal of financial assets 11 19,339 59,146
-
Movement in fair value of financial assets 11 (3,645,360) 15,993,180
through profit or loss
Investment income 56,000 -
Operating (loss)/profit 5 (3,861,014) 15,749,067
Interest receivable 6 - 38
(Loss)/Profit on ordinary activities before tax (3,861,014) 15,749,105
Tax on (loss)/profit on ordinary activities 8 332,532 (2,003,618)
(Loss)/Profit for the financial year attributable to (3,528,482) 13,745,487
Equity holders of the Company
Earnings per share
Basic 9 (6.11 pence) 24.22 pence
Diluted 9 (6.11 pence) 24.22 pence
There are no other recognised gains and losses in either year other than the
result for the year.
All operations are continuing.
The accompanying accounting policies and notes form an integral part of these
financial statements.
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2021
Note Year ended 30 September 2021 Year ended 30 September 2020
£ £
Non-current assets
Financial assets at fair value through profit or loss 11 14,038,887 17,825,053
Total fixed assets 14,038,887 17,825,053
Current assets
Trade and other receivables 10 63,539 31,047
Cash and cash equivalents 78,276 120,365
Total current assets 141,815 151,412
Current liabilities
Trade and other payables 12 (85,627) (93,215)
Total current liabilities (85,627) (93,215)
Non-current liabilities
Provision for deferred tax 8 (1,671,086) (2,003,618)
Total non-current liabilities (1,671,086) (2,003,618)
Net assets 12,423,989 15,879,632
Capital and reserves
Called up share capital 13 579,820 575,740
Share premium account 1,848,173 1,779,414
Retained earnings 9,995,996 13,524,478
Total equity shareholders' funds 12,423,989 15,879,632
These financial statements were approved and authorised for issue by the Board
of Directors on 15 February 2022.
Signed on behalf of the Board of Directors
Callum N
Baxter
Gemma M Cryan
Chairman and Chief
Executive Executive
Director
Company No. 03981468
The accompanying accounting policies and notes form an integral part of these
financial statements.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Share capital Share premium Retained earnings Total Equity attributable to shareholders
£ £ £ £
At 1 October 2019 559,279 1,686,829 (221,009) 2,025,099
Profit for the period - - 13,745,487 13,745,487
Total comprehensive income - - 13,745,487 13,745,487
Shares issued 16,461 92,585 - 109,046
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
Loss for the period - - (3,528,482) (3,528,482)
Total comprehensive income - - (3,528,482) (3,528,482)
Shares issued 4,080 68,759 - 72,839
Total contributions by and distributions to owners 4,080 68,759 - 72,839
At 30 September 2021 579,820 1,848,173 9,995,996 12,423,989
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Note 30 September 30 September
2021 2020
£ £
Cash flows from operating activities
Operating (loss)/profit (3,861,014) 15,749,066
Net interest receivable - 38
Shares issued in settlement of salary and fees 72,839 109,046
Movement in fair value of investments 3,645,360 (15,993,180)
Profit on sale of current asset investments (19,339) (59,290)
(Increase)/decrease in debtors (32,493) 83,491
(Decrease)/increase in creditors (7,587) 27,212
Net cash used in operating activities (202,234) (83,617)
Cash flows from investing activities
Sale of current asset investments 160,145 143,815
Net cash generated from investing activities 160,145 143,815
Net (decrease)/increase in cash and cash equivalents (42,089) 60,198
Cash and cash equivalents at beginning of period 120,365 60,167
Cash and cash equivalents at end of year 15 78,276 120,365
The accompanying notes and accounting policies form an integral part of these
financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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 15 February 2022 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 part disposal of investments and use
of short-term loans. The continuation of the Company's formal overdraft
facility may be reviewed going forward.
The Directors are confident that adequate funding can be raised as required to
meet the Company's current and future liabilities without resorting to the
overdraft facility, which has been confirmed within the cash flow forecast
prepared by the Board for the 12 months ending 28 February 2023. In the
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 the date of this report, 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.
Foreign Currencies
Transactions in foreign currencies are recorded at the rate of exchange ruling
at the date of the transaction. Monetary assets and liabilities denominated in
a foreign currency are translated into the functional currency at the exchange
rate ruling at the reporting date, unless specifically covered by foreign
exchange contracts whereupon the contract rate is used.
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 2021 unlisted shares were valued at
£nil (2020: £nil).
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.
Dividend income is recognised in the income statement when the right to
receive payment is established from investee companies.
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.
Share premium
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.
Retained Earnings
Retained earnings is the cumulative profit or loss that is held or retained
and saved for future use as recognised in the statement of comprehensive
income.
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 30 September 2021 Year ended 30 September 2020
£ £
This is stated after charging:
Auditor's remuneration:
- audit services 18,600 18,000
- other services - -
Director's emoluments - note 7 141,317 141,058
There are no employees, other than the Directors of the company (2020: Nil)
6. Interest receivable
Year ended Year ended
30 September 2021
30 September 2020
£ £
Bank interest receivable - 38
- 38
7. Directors' Emoluments
There were no employees during the period apart from the directors. No
directors had benefits accruing under money purchase pension schemes.
Year ended 30 September 2021 Salary and Fees Amounts Shares issued in settlement of fees - see note Total
paid to
£
third parties - see note £ £
£
Pension
£
C Baxter 15,000 - - 45,000 60,000
G Cryan 25,161 1,317 - 27,839 54,317
M Badros 27,000 - - - 27,000
67,161 1,317 - 72,839 141,317
Year ended 30 September 2020 Salary and Fees Amounts Shares issued in settlement of fees - see note Total
paid to
£
third parties - see note £ £
£
Pension
£
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
Amounts paid to third parties and shares issued in settlement of fees
Included in the above are the following amounts paid to third parties:
· In respect of the management services of Callum Baxter, £nil
(2020: £38,000) was payable to Baxter Geological, a company of which he is a
director and shareholder. Of his total remuneration, £45,000 (2020: £53,000)
was settled in shares in the Company and at 30 September 2021 £15,000 (2020:
£15,000) of his net salary remained outstanding.
· In respect of Gemma Cryan's total remuneration £27,839 (2020:
£18,046) was settled in shares in the Company and at 30 September 2021
£6,847 (2020: £10,380) of her net salary remained outstanding.
· In respect of the professional services of Mark Badros, £nil
(2020: £5,000) was payable to Timberlake Capital Management, a company of
which he is a director and shareholder. At 30 September 2021 £6,750 (2020:
£6,750) of his net salary remained outstanding.
8. Corporation Tax
a) Analysis of (credit)/charge in the period
Year ended 30 September Year ended 30 September
2021 2020
£ £
United Kingdom corporation tax at 19% (2020: 19%) - -
Deferred taxation at 25% (2020: 19%) (332,532) 2,003,618
(332,532) 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% (2020: 19%). The
differences are explained below:
Year ended 30 September Year ended 30 September
2021 2020
£ £
(Loss)/profit on ordinary activities before tax (3,861,014) 15,749,105
(Loss)/profit multiplied by standard rate of tax at 19% (2020: 19%) (733,593) 2,992,330
Effects of:
Utilised against carried forward losses - (2,992,330)
Losses carried forward not recognised as deferred tax assets 733,593 -
Deferred tax (credit)/charge (332,532) 2,003,618
(332,532) 2,003,618
c) Deferred tax
Deferred tax liability b/fwd at 30 September 2020 and 2019 2,003,618 -
Charge/(credit) for the year (332,532) 2,003,618
Deferred tax liability c/fwd at 30 September 2021 and 2020 1,671,086 2,003,618
Capital losses b/fwd at 30 September 2020 and 2019 (3,548,493) (3,505,488)
Current year capital gains (losses) 33,469 (43,005)
Capital losses c/fwd at 30 September 2021 and 2020 (3,515,024) (3,548,493)
Excess management expenses b/fwd at 30 September (1,655,253) (1,655,253)
Current year excess management expenses (290,993) -
Adjustments in respect of prior periods (303,221) -
Excess management expenses c/fwd at 30 September (2,249,467) (1,655,253)
Total losses (5,764,491) (5,203,746)
Profits b/fwd 10,545,359
Current year pre-tax (loss)/profit (3,861,014) 15,749,105
Profits attributable to deferred tax 6,684,345 10,545,359
Deferred tax at 25% (2020:19%) 1,671,086 2.003,618
A deferred tax liability provision of £332,532 has been released during the
year (2020 provision: £2,003,618) 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 2021
30 September 2020
£ £
(Loss)/profit for the year (3,528,482) 13,745,487
Weighted average number of Ordinary shares of £0.01 in issue 57,755,713 56,742,071
(Loss)/profit per share - basic and diluted (6.11 pence) 24.22 pence
There are no potential dilutive shares in issue.
10. Trade and Other Receivables
Year ended Year ended
30 September 2021
30 September 2020
£ £
Prepayments 61,548 28,895
Funds held on account 1,991 2,152
63,539 31,047
Short term loans to related parties
· At 30 September 2021 loans to Equity Resources Ltd ("EQR")
totalling £20,000 (2020: £20,000) 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 made prior to appointment of the current board and approved by
former directors at 0% interest with no formal agreement as to repayment date.
The Company holds 28.41% of the equity in EQR. The Company has made a full
provision for these loans, totalling £20,000.
11. Financial assets at fair value through profit or loss
Listed equity securities 30 September 2021 30 September 2020
£
£
Fair value of investments at 1 October 17,825,053 1,916,398
Additions - -
Disposals (140,806) (84,525)
Fair value (loss)/gain on investments (3,645,360) 15,993,180
Fair value at 30 September 14,038,887 17,825,053
The fair value carrying values of the investments above were as follows:
Quoted on AIM 14,029,001 17,805,782
Quoted on foreign stock exchanges 9,886 19,271
14,038,887 17,825,053
The Company has holdings in the companies described in the review of portfolio
above. Of these, the Company has holdings amounting to 20% or more of the
issued share capital of the following companies:
Name Country of incorporation Class of shares held Percentage of issued capital Profit for the last financial year Capital and reserves at last balance sheet date Accounting year end
Equity Resources Limited - see note 1 England & Wales Ordinary 28.41% £1,677 (£37,737) 31 May 2021
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 £nil.
The Company's share of the net liabilities of its Associates at 30 September
2021 is £10,721. 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 2021 30 September 2020
£ £
Trade creditors 33,143 39,926
Accruals 21,633 19,855
Employment costs 30,841 33,434
Other payables 10 -
85,627 93,215
13. Share Capital
The called up share capital of the Company was as follows:
Called up, allotted, issued and fully paid
Number of Shares £
As at 30 September 2019 55,927,832 559,279
Issued 6 April 2020 in lieu of fees at 4.25p 1,107,057 11,070
Issued 14 July 2020 in lieu of fees at 11.5p 539,097 5,391
As at 30 September 2020 57,573,986 575,740
Issued 2 June 2021 in lieu of fees at 18.5p 275,635 50,992
Issued 27 July 2021 in lieu of fees at 16.5p 132,410 21,847
As at 30 September 2021 57,982,031 648,579
Share Warrants
The Company currently has no unexercised warrants in issue.
14. Share options
During the year ended 30 September 2021 no new options were granted and the
Company currently has no unexercised options in issue.
15. Cash and Cash Equivalents
Year ended 30 September 2020 Cash flow Year ended 30 September 2021
£
£
£
Cash at bank 120,365 (42,089) 78,276
Net cash and cash equivalents 120,365 (42,089) 78,276
16. Capital Commitments
As at 30 September 2021 and 30 September 2020, 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 2021 (2020: £nil).
18. Related Party Transactions
During the year Greatland Gold plc, a company which Callum Baxter was formerly
a director of, provided shared office space to the Company. At the year end
there was £1,908 payable to Greatland Gold plc for October and
November 2021 rent (2020: £1,217). These amounts were settled in full on 1
October and 29 October 2021 respectively.
There were no other 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 £141,317 (2020: £141,058). 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 2021 there were no loans outstanding (2020: £nil).
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
2021 2020
£ £
Financial assets
Trade investments at fair value through profit and loss 14,038,887 17,825,053
Cash and cash equivalents at amortised cost 78,276 120,365
Investment funds held on account at amortised cost 1,991 2,152
14,119,154 17,947,570
Financial liabilities at amortised cost
Accruals and payables 83,640 92,167
83,640 92,167
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 16 February 2022 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 retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.
Enquiries to:
Starvest PLC
Callum Baxter or Gemma Cryan 02077 696 876 info@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson, Harrison Clarke or Ciara Donnelly 02073 835 100
SI Capital Ltd (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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END FR BKPBNDBKDQBDRecent news on Starvest
See all newsREG - AIM Starvest PLC - Cancellation - STARVEST Plc
AnnouncementREG - Starvest PLC - Update on Second General Meeting
AnnouncementREG - FTSE Russell Starvest PLC - Starvest
AnnouncementREG - Starvest PLC - Result of General Meeting
AnnouncementREG - Starvest PLC - Proposed AIM Cancellation and Notice of GM
Announcement