About us
The Chairman, Bruce Rowan, has managed the Company since January 2002.
Bruce has a wealth of experience over many years of investing primarily in small company new issues and pre-IPO opportunities in the natural resources and mineral exploration sectors.
Bruce is supported by Tony Scutt, non-executive director, and by John Watkins, finance director and company secretary. Tony is an experienced private investor and investment analyst as well as a director of three investee companies; Tony is a qualified Chartered Secretary, a Certified Internal Auditor with the US Institute of Internal Auditors and spent 35 years with Shell. John has been in practice as a Chartered Accountant since 1972, including periods in the City with the accountancy firms of Neville Russell and Ernst & Young. In addition, he is a non-executive director of five Starvest investee companies.
Company objective
The Company is 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
Whilst the Company has no exclusive commitment to the natural resources sector, the Board sees this as having considerable growth potential for the foreseeable future. Investments are generally made immediately prior to an initial public offering on the AIM or PLUS markets, at the offering and in the aftermarket. Investments are for varying amounts but usually in the range £100,000 - £300,000, although sometimes larger with the addition of later market purchases or fundings.
The business is inherently high risk and of a cyclical nature dependent upon fluctuations in world economic activity which impacts on the demand for minerals.
The investee companies, being small, almost invariably lack share market liquidity, even if they are quoted on AIM or PLUS. Therefore, it is rarely possible to sell an investment at anything approaching the quoted market price with the result that extreme patience is required whilst the investee company develops. If and when an explorer finds a large exploitable resource, it may become the object of a third party bid, or otherwise become a much larger entity; either way an opportunity to realise cash is expected to follow.
Of the thirty or so investments held at any one time, it is expected that no more than five will prove to be ‘winners’; the remainder will either become total losses or may generate modest returns. Overall, the expectation is that Shareholder returns will be acceptable if not substantial.
Accordingly, the Board is unable to give any estimate of the quantum of returns. That stated, when profits have been realised and adequate cash is available, it is the intention of the Board to recommend the payment of a modest dividend.
A limited number of investments have been made outside the natural resources sector. In each case, this arose through contacts of the board and the opportunity to support early stage businesses being established by people deemed competent in their field of expertise.
The Company currently has investments in the following companies which themselves are investment companies: Addworth plc, India Star Energy plc, Equity Resources plc, Guild Acquisitions plc.
The Company takes no part in the active management of investee companies, although directors of the Company are also non-executive directors on the boards of seven such companies, with one director being the executive chairman of an eighth.
A brief history
The cash available for investment in January 2002 was £550,000 since when further funds of £827,250 were raised through placings making a total available cash of £1,377,250. After operational costs and the provisions for tax on realised profits, by 30 June 2007, the net asset value had increased to £19.2m. Since that date, the values attributable to many of the mineral exploration ventures in which the Company is invested have fallen substantially. In addition, two non mineral exploration companies have failed. However, the Directors remain confident of a substantial recovery in the medium term.
Company Statistics
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30 September
2009**
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31 March
2009**
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30 September
2008**
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31 March
2008
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Trading portfolio value
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£4.72m
|
£4.25m
|
£3.9m
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£12.6m
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Company asset value net of debt
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£4.02m
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£3.62m
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£3.4m
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£11.5m
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|
Net asset value - fully diluted per share
|
10.72p
|
10.01p
|
9.06p
|
29.9p
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|
Share price
|
11.75p
|
6.25p
|
12.25p
|
16.25p
|
|
Share price discount to fully diluted net asset value
|
9% Premium
|
37%
|
35% Premium
|
45.6%
|
|
Market capitalisation
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£4.10m
|
£2.18m
|
£4.28m
|
£5.67m
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** Up to 31st March 2008, all net asset values were based on mid market prices or the Directors' valuation, if lower. From 30th September 2008, the values are based on closing bid prices or Directors' valuation if lower.
Corporate information
The Company is incorporated in England and Wales.
Click here for the Web Shareshop (Holdings) plc offer for subscription prospectus dated June 2000. The Company has not issued any further admission document.
The Memorandum & Articles of Association were last adopted in general meeting on 14 December 2009 and are available: click here
The Company’s shares are quoted on the Alternative Investment Market of the London Stock Exchange (AIM) under Symbol: SVE. The shares are also traded on PLUS Markets.
There are no restrictions on the transfer of AIM securities.
Starvest, formerly The Web Shareshop, was admitted to AIM in September 2000 having commenced to trade earlier that year.
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Starvest plc
Registered in England & Wales
Company number 3981468
Registered office:
123 Goldsworth Road
Woking, Surrey, GU21 6LR
Telephone: 0148 771992
Facsimile: 01483 772087
Email: email@starvest.co.uk
Registrars:
Share Registrars Limited
Suite E, First Floor,
9 Lion and Lamb Yard
Farnham Surrey, GU9 7LL
Telephone: 01252 821390
Facsimile: 01252 719232
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