REG - Starvest PLC - Final Results
07/02/2023 12:15
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RNS Number : 1946P Starvest PLC 07 February 2023
07 February 2023
Starvest Plc ("Starvest" or "the Company")
Audited results for the year ended 30 September 2022
Chairman's Statement
I am pleased to present my annual statement to Shareholders for the year ended
30 September 2022 and the twenty-second since the Company was formed in 2000.
Results for the year
The continuing impact of the global pandemic and the ongoing war in Eastern
Europe and its effect on energy supplies have dominated the financial news
this year for Starvest and its portfolio companies. Starvest's strategy to
steer its portfolio toward precious metal investments in 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 5.5% for the year ended 30 September 2022. The post-pandemic
global economy and interest rate hikes, particularly in the US, have kept
prices flat recently but we continue to believe that there is a solid
foundation for precious metals going forward.
Our investment portfolio decreased approximately 56% in the year to 30
September 2022 to £6 million. However, the discount to net asset value
narrowed by 5 percentage points, from 34% to 29% as at 30 September 2022,
which is a significant improvement for shareholders.
Greatland Gold plc (AIM:GGP) remains our primary investment, with its Havieron
gold-copper discovery in Australia. Havieron's initial inferred resource
increased from 4.2M oz gold equivalent* to 6.5M oz gold equivalent** during
the year. The company secured funding through to production, expanded its
board, and delivered operational and financial improvements. While the share
price has decreased over the last year, this is not uncommon for a company in
pre-production and we continue to see potential gains here.
Ariana Resources continues to expand its exploration and development footprint
in Europe. As the Kiziltepe mine has continued to meet production
expectations, Ariana has focused on other projects in Turkey, such as Tavsan,
which is scheduled for first production in H2 2023. The alliance with Newmont,
via its West Tethyan holding, allows considerable scope to explore
southeastern Europe over the next five years, and the recently acquired Kosovo
licence shows an interesting start to this US$2.5m agreement. Together with
the Asgard Metals Fund, Ariana's exploration and development projects have
expanded considerably since the company's founding twenty years ago.
Cora Gold continued to de-risk its Sanankoro project as it completed further
drilling and increased its mineral resource estimate by 14% while completing a
feasibility study. After year-end the company announced that it had received
the Environmental Permit required for the project, a significant step forward.
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 3 March 2022
Investing policy
The Company's investing policy is set forth on 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
07 February 2023
Investing policy statement
About us
The previous Board commenced to manage the Company as an investment company in
January 2002, largely investing in the natural resources sector. Following the
appointment of Callum Baxter as Chairman in 2015, the Board 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
AQSE 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, AQSE, 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 served as directors on the boards of
such companies.
Review of trading portfolio
Introduction
During the year to 30 September 2022, 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 throughout 2022 and
investors' desire for traditional safe-haven assets boosted precious metals
stocks at times. However, supply chain issues and European conflict led to
rising energy prices, broader-based inflation and a shift in economic policies
which caused market reactions and precious metal price fluctuations as well as
an overall decline year on year in metal prices when forecasts for growth were
downgraded. 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 2022, the
value of our trading portfolio decreased ~56% due to lower market prices for
major positions. Including our cash position, our net asset value ("NAV") and
NAV per share decreased 53.4% and 53.7%, respectively, over the 12-month
period to 30 September 2022. Given that Starvest's market capitalisation
decreased approximately 49%, the discount to NAV narrowed to 29% compared to
34% 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 Minera IRL during the year, along
with a small portion of its positions in Greatland Gold (3.8m shares at an
average price of 12.83p per share) and Ariana Resources (2.2m shares at an
average price of 4.25p per share).
Trading portfolio valuation
Although gold prices declined slightly (~5%) year on year, this change masked
greater volatility during the 12-month period. The Company's Net Asset Value
decreased approximately 53% during the year to 30 September 2022 to £6.6m and
the Company made a loss before tax of £7,540,842 compared with a loss before
tax of £3,861,014 in 2021.
However, we are pleased that the Company traded at an improved discount to its
NAV of 29% compared to 34% the previous 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 2022 30 September 2021 Change
at Closing values at Closing values %
· Trading portfolio value £6.2 m £14.0 m -55.7%
· Company net asset value £6.6 m £14.1 m -53.2%
· Net asset value per share 11.3 p 24.4 p -53.7%
· Closing share price 8.0 p 16.0 p -50%
· Share price discount to net asset value 29% 34% 5 percentage points
· Market capitalisation £4.7 m £9.3 m -49.5%
Since the fiscal year end, values have improved. As at the close of business
on 31 December 2022 the Company's Net Asset Value was £7.1m.
Review of the current market
Global markets and gold prices fluctuated throughout the year; with economies
and governments trying to rebalance and adjust to continuing post-pandemic and
energy related uncertainties.
The price of gold fluctuated throughout the year with a peak of US$1,998 per
troy ounce in March 2022 and a low of US$1,629 in September 2022 but has
remained at elevated prices relative to the last decade. Copper, nickel, lead
and zinc are all down year on year based on inflation and forecasted
recessions.
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; long-term natural resources are still vital commodities and demand
is forecast to increase.
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,
represents by far the largest part of the Company's portfolio and 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 increased its Initial Inferred
Mineral Resource estimate, independently of Newcrest, from 4.2Moz AuEq to
6.5Moz AuEq in March 2022. The increased estimate was ratified in August 2022
when Newcrest released its own resource upgrade. Neither resource takes into
account drilling carried out after February 2022, which could yield a
significant increase in resource if included. Drilling to date has not yet
closed off the deposit, with Havieron remaining open at depth and in multiple
directions, allowing for significant resource growth in the future.
In addition, Greatland took several corporate and financial actions this year.
Newcrest boosted its stake in Havieron to 70% but declined to exercise an
option to acquire an additional 5% of the project. Greatland subsequently
raised US$35m in an over-subscribed placing and is well-funded to continue
exploration and funding its part of the Havieron development. In September
2022, the company announced that two former Fortescue Metals Group executives
would join the board in January 2023 and also added a former BHP executive,
all of whom add a new dynamic to Greatland's leadership team and are able to
take the company forward as a significant mid-tier developer in the near term.
Around the same time, the company entered into a significant finance
agreement, with a bank debt facility of A$200m committed through a syndicate
of leading international banks and secured a strategic equity investment of up
to A$120m from Wyloo Metals, which will fund Greatland fully through to
production.
Significant activities since year end: Greatland announced that drilling
permits have been granted on the Ernest Giles licence. Havieron drilling
updates continue to confirm the potential to greatly expand the size of this
deposit with high-grade extensions to mineralisation in the Eastern Breccia,
South East Crescent Zone and Northern Breccia. The mine decline is at over
900m development length and now in more competent rock. The feasibility study
is due during 2023 and will likely include more up to date drilling data once
completed thus further de-risking the project.
Greatland entered into an option agreement to sell its two Tasmania
exploration licences to Flynn Gold for an initial purchase price of A$200,000
with deferred consideration and a royalty equal to 1% net smelter returns from
any future production.
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 and south-east Europe
along with investments in other projects through its metals development fund,
Asgard Metals.
During the year Ariana reported revenue of US$177m at Zenit Madencilik, its
investee company, from continued successful production at the Kilitepe mine.
Through the first half of 2022, with production of 13,378 oz Au, it was on
track to exceed the company's annual guidance of 25,000 oz for the fifth year
running. The company reported that this will allow them to sustain its
business, enable growth and maintain its dividend rate. For the six months to
June 2022 (the latest published but unaudited accounts), Ariana earned £2.5m
in profits before tax.
Elsewhere in Turkey Ariana received a positive Environmental Impact Assessment
at its Tavsan project which they are working to develop as its second gold
mine, with a targeted annual production rate of approximately 30,000 oz Au.
Construction of the mine is underway and scheduled for completion in H2 2023.
The Salinbas project has an inferred resource of 1.5Moz Au and the company is
drilling at the Artvin gold project to develop an understanding of that area.
In Cyprus, Ariana holds a 50% stake in Venus Minerals and the associated joint
venture development of the permitted Apliki coper-gold mine. Venus Minerals
are planning a London listing on AIM. Ariana has a 75% stake in West Tethyan
Resources (WTR), who have a focus on southeastern Europe and are developing
licences primarily in Kosovo. During the year a strategic agreement was signed
with Newmont who will invest US$2.5m to develop an Exploration Alliance
Agreement via WTR focusing on copper and gold in Bosnia and
Herzegovina, Bulgaria, Greece, Kosovo, North Macedonia and Serbia
running for an initial five-year term.
Ariana's Asgard Metals fund has made investments in Australia-focused Panther
Metals, Kazakhstan-focused Pallas Resources and Indochina-focused Annamite
Resources.
Significant activities since year end: Ariana Resources reported that gold
production at the Kiziltepe mine was in line with guidance and drilling was
completed which was testing extensions of the vein system near mine.
Geophysical programmes are also underway to further aid near mine exploration.
Construction of a second mine at Tavsan is underway and the company has
released an increase in JORC compliant resource for the Tavsan project of
6.6Mt at 1.44g/t Au and 5.6g/t Ag for 307,000oz Au and 1.1M oz Ag, a 22%
increase on the previous resource.
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 on its UK gold projects during the year,
acquiring 100% of the Clogau property, continuing with drill programmes at the
historical mine site and also testing material from a waste tip on site at
Clogau in a pilot plant. The company's application to dewater the Llechfraith
Shaft was rejected by Natural Resources Wales but Alba have submitted
additional supporting data and analysis and have extended the programme of
ecological and species surveys. Regional exploration, with a view to near-mine
resource expansion, is also continuing, with an application for an unmanned
aeromagnetic survey following up on geochemical surveys carried out in 2019.
The Company's UK oil and gas investments at Horse Hill, where they hold a
11.8% stake, remains ongoing with production licences moving through legal
channels and a Production Permit granted by the Environment Agency in May
2022.
The Company's Irish base metal licences have been extended through to May
2024, where they have three principal target areas for follow-up drilling.
Alba holds a 54% majority interest in AIM-listed GreenRoc Mining plc, which
the company spun out in September 2021. GreenRoc hold licences for graphite,
black sands iron and multi-elements in Greenland and announced a maiden JORC
resource at its Amitsoq graphite deposit in March 2022 of 8.28Mt at 19.8%
graphitic carbon. A revised resource at the Thule Black Sands now stands at
19Mt at 8.9% in-situ ilmenite.
With a reported £2 million in cash at its interim report at the end of May
2022 the company is well-funded to move forward this year.
Significant activities since year end: The company spun out GreenRoc to
advance its Greenland graphite project. Metallurgical test work showed that
the material could potentially be used in the electric vehicle battery market.
In addition, the company appointed an adviser to assist in processing, sales
and marketing going forward. On its own projects, primarily the Clogau gold
project in Wales, the company has appointed a gold supply chain expert and
completed a £0.5m placing in November.
Cora Gold Limited (www.coragold.com (http://www.coragold.com/) )
The company's exploration and development activities have continued in Mali on
its flagship Sanankoro project. The company completed a drill programme
converting additional ounces from the inferred to indicated category,
increasing the total Mineral Resource Estimate by 14% and the oxide Indicated
Minerals Resource by 22% in July 2022. Sanankoro comprises 24.9Mt of material
grading at 1.15g/t Au of which 16.1Mt are indicated and 8.7Mt are inferred for
a total 920koz Au.
Drilling also identified two new mineralised areas in close proximity to the
existing resource at Sanankoro and the company carried out field work on a
number of its other permits in southern Mali. The ongoing feasibility study
for Sanankoro is due to be completed by Q4 2022.
With $2m in cash reported at the end of June 2022 in its unaudited interim
report and funding agreements in place, the company is a good position to move
forward with mine development over the next year.
Significant activities since year end: Cora announced in mid-October 2022 that
it had been granted the Environmental Permit for mining at its flagship
Sanankoro project. The project's JORC Exploration Target was released in late
November and contain between 26 and 35.2Mt Au with grades between 0.58 and
1.21g/t Au for potentially 490-1,370k oz Au. This is in addition to the
indicated and inferred mineral resource of 24.9Mt at 1.15g/t Au for 920koz.
The Exploration Target consists of 90% oxide and transitional material.
The company released a maiden reserve and definitive feasibility study in late
November. Figures were based on a gold price of $1,650/oz Au providing 10.1Mt
at 1.3g/t Au for 422koz Au, with 90% recovery rate. Optimised DFS economics
were based on $1,750/oz Au giving a 6.8 year mine life, 1.2 year payback
period, 52.3% IRR, $997/oz AISC, 56,000oz pa average production. $234m free
cash flow over life of mine.
Regional exploration has also continued with over 9km of gold structures
identified from three separate zones. Grab samples of up to 6g/t Au have been
reported and future reconnaissance drilling is planned.
Oracle Power plc (www.oraclepower.co.uk
(file:///C%3A/C%3A/Users/gemma/AppData/Local/Packages/Microsoft.Office.Desktop_8wekyb3d8bbwe/AC/C%3A/Users/gemma/C%3A/Users/colin%20p%20aaronson/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/AM4JOYJ1/www.oraclepower.co.uk)
)
Oracle Power was originally focused on developing and operating a coal mine
and a power plant in Pakistan and while those are still progressing it has
recently diversified into green energy technology and gold projects.
In January 2022, Oracle signed a MoU with Aui Southern Gas Company Ltd, a
company listed on the Pakistan Stock Exchange, relating to the buyback and
joint development of a synthetic natural gas project using Thar Block VI coal.
In October 2021 the company signed a non-exclusive cooperation agreement with
PowerChina International Group to jointly develop a green hydrogen production
facility in Pakistan, targeting a 400MW capacity plant. An update in December
2021 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 were being sought and negotiations were underway with
provincial governments regarding infrastructure. In March 2022 the company
entered a joint venture agreement with His Highness Sheikh Ahmed Dalmook Al
Maktoum (represented through Kaheel Energy) on the project and established (a
joint venture company), Oracle Energy. Oracle raised £800,000 in April 2022
and a further £500,000 in August 2022 toward the project and an MoU was
signed with Nuvera Fuel Cells LLC in June 2022 to jointly oversee a pilot
hydrogen bus project. Oracle has also entered into an MoU with a hydrogen
storage company in China to jointly explore storage and infrastructure
development.
In addition to its Pakistan projects, Oracle continued to develop its
Australia gold projects with drilling and metallurgical test work on samples
from its Western Australia ground.
Significant activities since year end: Oracle has continued to focus on the
green hydrogen project in Pakistan. It appointed Thyssenkruoo Uhde to lead a
technical and commercial feasibility study for the project and signed a
Memorandum of Understanding with Blue Carbon to collaborate on a
decarbonisation roadmap.
In addition, it signed a Letter of Intent with TUV SUD to explore green
hydrogen and green ammonia certification and leased a land package of 7,000
acres for 30 years in the Thatta district to locate its flagship green
hydrogen project.
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.
Operation on the Tula Kapi Mine in Ethiopia continued throughout the year. The
Ministry of Mines completed an audit and endorsed historical project costs
incurred through 2020 of circa US$80m which will now be reported to the
Ethiopian central bank and allow for development banks to provide funds once
the Ethiopian government ratifies this report.
While awaiting regulatory permissions to re-activate exploration for near-mine
expansion in Ethiopia, the company has switched its main exploration efforts
to Saudi Arabia. The Hawiah VMS Copper-Gold project has a JORC resource of
24.9Mt at 0.9% Cu and 0.62g/t Au. A preliminary feasibility study is due for
completion by the end of 2022. Jibal Qutman was enlarged this year with a
+500,000oz production plan over ten years with an open pit/carbon-in-leach
process. A mining licence and financing is being sought for the project. The
company received additional exploration licences to bring its total to nine
licences covering over 630km(2).
Significant activities since year end: The Jibal Qutman licence has been
renewed for a five-year term. The company intends to construct a pioneers camp
and carry out environmental baseline studies and geotechnical and
metallurgical diamond drilling going forward. The feasibility study remains on
target for completion in early Q1 2023 with environmental permits targeted for
Q1 2023 also. In January 2023 the company announced an increase in resources
at the Hawiah project by 16% to 29mt as well as an expanded open pit domain to
the project.
Sunrise Resources plc (www.sunriseresourcesplc.com
(http://www.sunriseresourcesplc.com/) )
Sunrise Resources hold ground in Nevada (USA) and Australia with commodities
including precious and base metals as well as industrial minerals. Its main
focus is developing pozzolan-perlite deposits while looking to enter into a JV
or sell its other tenements.
Sunrise continued with development of its pozzolan-perlite project with
discussions with companies in the cement and concrete industries. As natural
pozzolan has a key role in cement decarbonisation strategies towards net-zero
CO2 emissions, it may benefit from California state legislation and
Implementation Priorities under the Biden administration's $1.2 trillion
infrastructure bill.
The company also extended its pozzolan footprint to a new project site at
Hazen with due diligence field visits carried out by interested parties and
sample testing underway. A permit was obtained during the year to extract 500
tons of sample material for commercial trials.
A new Mining Lease application was submitted on the company's Bakers Gold
project in Western Australia to cover high-grade gold mineralisation
intersected in a 2021 drill programme, with a highlight of 2m at 14.36g/t Au
from 64m downhole. The project is available for sale or JV according to the
company's website.
Significant activities since year end: Sunrise announced it has entered into a
collaborative arrangement with an existing pozzolan processor for mining and
test grinding. It also announced funding of £480,000 through issue of equity
with an investment from Towards Net Zero a US based institutional investor
focused on the green economy.
The company's Pioche sepiolite project is advancing under its agreement with
Tolsa USA Inc with new approvals for trenching on the licence received.
Other investments
The remaining non-core investments are available for sale when the conditions
are deemed to be right. These include Block Energy plc
(www.blockenergy.co.uk (http://www.blockenergy.co.uk/) ) and Kendrick
Resources plc (www.kendrickresources.com (http://www.kendrickresources.com/)
). 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 the company's inception in 2002, its principal trading activity has been
to identify and, where appropriate, support small company new issues, pre-IPO
and ongoing fundraising opportunities with a view to realising profit from
disposals as the businesses mature in the medium term. The current directors
have maintained this strategy of seeking out investment opportunities in
small-cap and pre-IPO mining and metals companies.
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 2022 the Company recorded a loss before tax
of £7,540,842, equating to a loss of 12.96 pence per share with net cash
inflow for the year of £327,830. This compares to a loss before tax of
£3,861,014 in the previous year that equated to a loss of 6.69 pence per
share. The Company's cash deposits stood at £406,106 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 AQSE, 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 2022
Note Year ended 30 September 2022 Year ended 30 September 2021
£ £
Administrative expenses (305,944) (290,993)
(Loss)/gain on disposal of financial assets (53,398) 19,339
Movement in fair value of financial assets 10 (7,234,928) (3,645,360)
through profit or loss
Investment income 53,428 56,000
Operating loss 5 (7,540,842) (3,861,014)
Loss on ordinary activities before tax (7,540,842) (3,861,014)
Tax on ordinary activities 7 1,671,086 332,532
Loss for the financial year attributable to (5,869,756) (3,528,482)
Equity holders of the Company
Earnings per share
Basic 8 (10.09 pence) (6.11 pence)
Diluted 8 (10.09 pence) (6.11 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 2022
Note Year ended 30 September 2022 Year ended 30 September 2021
£ £
Non-current assets
Financial assets at fair value through profit or loss 10 6,156,173 14,038,887
Total non-current assets 6,156,173 14,038,887
Current assets
Trade and other receivables 9 77,424 63,539
Cash and cash equivalents 406,106 78,276
Total current assets 483,530 141,815
Current liabilities
Trade and other payables 11 (41,776) (85,627)
Total current liabilities (41,776) (85,627)
Non-current liabilities
Provision for deferred tax 7 - (1,671,086)
Total non-current liabilities - (1,671,086)
Net assets 6,597,927 12,423,989
Capital and reserves
Called up share capital 12 582,824 579,820
Share premium account 1,888,863 1,848,173
Retained earnings 4,126,240 9,995,996
Total equity shareholders' funds 6,597,927 12,423,989
These financial statements were approved and authorised for issue by the Board
of Directors on 7 February 2023.
Signed on behalf of the Board of Directors
Mark
Badros
Gemma M Cryan
Chief Executive
Officer
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 2022
Share capital Share premium Retained earnings Total Equity attributable to shareholders
£ £ £ £
At 1 October 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
Loss for the period - - (5,869,756) (5,869,756)
Total comprehensive income - - (5,869,756) (5,869,756)
Shares issued 3,004 40,690 - 43,694
Total contributions by and distributions to owners 3,004 40,690 - 43,694
At 30 September 2022 582,824 1,888,863 4,126,240 6,597,927
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Note 30 September 2022 30 September 2021
£ £
Cash flows from operating activities
Loss before tax (7,540,842) (3,861,014)
Shares issued in settlement of salary and fees 43,694 72,839
Movement in fair value of financial assets through profit or loss 7,234,928 3,645,360
Loss/(profit) on sale of financial assets through profit or loss 53,398 (19,339)
Increase in debtors (13,885) (32,493)
Decrease in creditors (43,851) (7,587)
Net cash used in operating activities (266,558) (202,234)
Cash flows from investing activities
Proceeds from sale of financial assets through profit of loss 594,388 160,145
Net cash generated from investing activities 594,388 160,145
Net increase/(decrease) in cash and cash equivalents 327,830 (42,089)
Cash and cash equivalents at beginning of period 78,276 120,365
Cash and cash equivalents at end of year 14 406,106 78,276
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 2022
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 07 February 2023 and signed on their behalf by
Mark Badros 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 and,
on occasion, by the part disposal of investments and use of short-term loans.
The Directors are confident that adequate funding can be raised as required to
meet the Company's current and future liabilities, which has been confirmed
within the cash flow forecast prepared by the Board for the 12 months ending
29 February 2024. 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 2022 unlisted shares were valued at
£nil (2021: £nil).
Investments in listed company shares are remeasured to market value at each
balance sheet date under level 1 of the fair value hierachy. Gains and losses
on remeasurement are recognised in the statement of comprehensive income for
the period.
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/(Loss)
Year ended 30 September 2022 Year ended 30 September 2021
£ £
This is stated after charging:
Auditor's remuneration:
- audit services 19,200 18,600
Director's emoluments - note 6 141,321 141,317
There are no employees, other than the Directors of the company (2021: Nil)
6. 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 2022 Salary and Fees Shares issued in settlement of fees - see note Total
£ £ £
Pension
£
C Baxter 42,250 - 15,000 57,250
G Cryan 46,153 1,321 6,847 57,321
M Badros 29,750 - - 29,750
118,153 1,321 21,847 141,321
Year ended 30 September 2021 Salary and Fees Shares issued in settlement of fees - see note Total
£ £ £
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
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 Callum Baxter's total remuneration, £15,000 (2021:
£45,000) was settled in shares in the Company and at 30 September 2022 £nil
(2021: £15,000) of his net salary remained outstanding.
· In respect of Gemma Cryan's total remuneration £6,847 (2021:
£27,839) was settled in shares in the Company and at 30 September 2022 £nil
(2021: £6,847) of her net salary remained outstanding.
· In respect of Mark Badros's total remuneration, at 30 September
2022 £nil (2021: £6,750) of his net salary remained outstanding.
7. Corporation Tax
a) Analysis of credit in the period
Year ended 30 September Year ended 30 September
2022 2021
£ £
United Kingdom corporation tax at 19% (2021: 19%) - -
Deferred taxation at 25% (2021: 25%) (1,671,086) (332,532)
(1,671,086) (332,532)
b) Factors affecting tax charge for the period
The tax assessed on the profit/(loss) 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
2022 2021
£ £
Loss on ordinary activities before tax (7,540,842) (3,861,014)
Loss multiplied by standard rate of tax at 19% (2021: 19%) (1,432,760) (733,593)
Effects of:
Utilised against carried forward losses - -
Losses carried forward not recognised as deferred tax assets 1,432,760 733,593
Deferred tax credit (1,671,086) (332,532)
(1,671,086) (332,532)
c) Deferred tax
Deferred tax liability b/fwd at 30 September 2021 and 2020 1,671,086 2,003,618
Credit for the year (1,671,086) (332,532)
Deferred tax liability c/fwd at 30 September 2022 and 2021 - 1,671,086
Capital losses b/fwd at 30 September 2021 and 2020 (3,515,024) (3,548,493)
Current year capital losses 191,959 33,469
Capital losses c/fwd at 30 September 2022 and 2021 (3,323,065) (3,515,024)
Excess management expenses b/fwd at 30 September (2,249,467) (1,655,253)
Current year excess management expenses (305,944) (290,993)
Adjustments in respect of prior periods - (303,221)
Excess management expenses c/fwd at 30 September (2,555,411) (2,249,467)
Total losses (5,878,476) (5,764,491)
Profits b/fwd 6,684,345 10,545,359
Current year pre-tax loss (7,540,842) (3,861,014)
Profit attributable to deferred tax - 6,684,345
Deferred tax at 25% (2021:25%) - 1,671,086
A deferred tax liability provision of £1,671,086 has been released during the
year (2021: £332,532) on the future tax payable on profits, on disposal of
investments.
The Company has not recognised a deferred tax asset due to the inherent
uncertainty that future investment gains will offset such a tax asset.
In May 2021, the UK Government enacted a budget that increased the corporation
tax rate to 25% from the current rate of 19%. The deferred tax liabilities in
these accounts have been adjusted to reflect these enacted tax rates.
8. 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 2022
30 September 2021
£ £
(Loss) for the year (5,869,756) (3,528,482)
Weighted average number of Ordinary shares of £0.01 in issue 58,181,646 57,755,713
(Loss) per share - basic and diluted (10.09 pence) (6.11 pence)
There are no potential dilutive shares in issue.
9. Trade and Other Receivables
Year ended Year ended
30 September 2022
30 September 2021
£ £
Prepayments 49,904 61,548
Funds held on account 3,720 1,991
Dividends receivable 23,800 -
77,424 63,539
Short term loans to related parties
· At 30 September 2022 loans to Equity Resources Ltd ("EQR"), an
associate of the company, totalling £20,000 (2021: £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.
10. Financial assets at fair value through profit or loss
Listed equity securities 30 September 2022 30 September 2021
£
£
Fair value of investments at 1 October 14,038,887 17,825,053
Additions - -
Disposals (647,786) (140,806)
Fair value (loss) on financial assets through profit or loss (7,234,928) (3,645,360)
Fair value at 30 September 6,156,173 14,038,887
The fair value carrying values of the investments above were as follows:
Quoted on AIM 6,156,173 14,029,001
Quoted on foreign stock exchanges - 9,886
6,156,173 14,038,887
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 (Loss) 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% (£2,181) (£39,918) 31 May 2022
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
2022 is £11,341. 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.
11. Trade and Other Payables: Amounts falling due within one year
30 September 2022 30 September 2021
£ £
Trade creditors 19,792 33,143
Accruals 21,470 21,633
Employment and social security costs 514 30,841
Other payables - 10
41,776 85,627
12. 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 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
Issued 16 November 2021 in lieu of fees at 16.5p 132,407 21,847
Issued 7 April 2022 in lieu of fees at 13p 168,055 21,847
As at 30 September 2022 58,282,493 692,273
Share Warrants
The Company currently has no unexercised warrants in issue.
13. Share options
During the year ended 30 September 2022 no new options were granted and the
Company currently has no unexercised options in issue.
14. Cash and Cash Equivalents
Year ended 30 September 2021 Cash flow Year ended 30 September 2022
£
£
£
Cash at bank 78,276 327,830 406,106
Net cash and cash equivalents 78,276 327,830 406,106
15. Capital Commitments
As at 30 September 2022 and 30 September 2021, the Company had no commitments
other than for expenses incurred in the normal course of business.
16. Contingent Liabilities
There were no contingent liabilities at 30 September 2022 (2021: £nil).
17. 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 £950 payable to Greatland Gold plc for October 2022 rent (2021:
£1,908). This amount was settled in full on 27 October 2022.
There were no other related party transactions during the year other than
those disclosed in notes 6 and 9.
The key management of the Company are considered to be the Directors, the
compensation for whom was £141,321 (2021: £141,317). Refer to note 6 for
more information.
18. 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 2022 there were no loans outstanding (2021: £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 2022 Year ended 30 September 2021
£ £
Financial assets
Trade investments at fair value through profit and loss 6,156,173 14,038,887
Dividends receivable at amortised cost 23,800
Cash and cash equivalents at amortised cost 406,106 78,276
Investment funds held on account at amortised cost 3,720 1,991
6,589,799 14,119,154
Financial liabilities at amortised cost
Accruals and payables 41,776 83,640
41,776 83,640
19. 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.
20. Events After the End of the Reporting Period
There are no events after the end of the reporting period to disclose.
21. 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 8 February 2023 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
Mark Badros 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 Sam Lomanto 01483 413
500
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