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Starvest proposes cancelling shares and distributing assets

27th Oct 2023 12:35

(Alliance News) - AIM-listed Starvest PLC on Friday proposed cancelling its London listing, frustrated by its shares trading at a "substantial discount".

Shares in the company traded 37% higher at 6.83 pence each in London on Friday afternoon.

The mineral exploration investor said its shares trade at a discount to the value of its underlying investments, including Greatland Gold PLC, which makes up a large majority of its assets.

Starvest recommended returning its interests in Greatland Gold and fellow London listing Ariana Resources PLC to its shareholders through a capital distribution.

Greatland Gold owns precious and base metals assets in Western Australia. Ariana is focused on the Tethyan Metallogenic Belt, which stretches from Europe to Asia.

Shareholders will vote on the proposal at a general meeting on November 21. If backed, its shares will be cancelled on November 29.

By Eric Cunha, Alliance News news editor

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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