St Peter Port Capital Limited : St Peter Port Capital Limited : Final Results

St Peter Port Capital Limited : St Peter Port Capital Limited : Final Results

                                                          17 July 2013

Final Results for the Year Ended 31 March 2013



St Peter Port  Capital Limited  (the "Company" or  "St Peter  Port"), the  AIM 
quoted investment  company  whose  aim  is  to  generate  value  by  investing 
predominantly in growth  companies shortly before  an initial public  offering 
("IPO") or other exit event, announces its final results for the year ended 31
March 2013.

Highlights

  *Investments in 39 companies* at year end

  *NAV of 111.8p per  share at 31 March  2013, up 5.5% on  the year and  8.2% 
    since 30 September 2012

  *£2.1 million realised in  the year 2012/13, a  further £1.2 million  since 
    the year end

  *£60.1 million realised since inception, gain of 85% on these investments

  *£3.6 million invested during the year, £1.12 million since year end

  *Significant positive developments in a number of our investments

  *£4.5 million in cash currently available

* excluding companies entirely written down

Bob Morton, Chairman of St Peter Port, said:

"There are many exciting companies  in the portfolio. The investment  climate 
is  changing,  with  a  more  positive  sentiment  towards  fund-raisings   by 
technology-related  and  conventional  companies  and  weaker  sentiment   for 
resources companies. We have a diversity  in our holdings and certain of  our 
resources companies are not  limited to an IPO  as a potential exit.  Several 
are preparing themselves for a potential trade sale."

Tim Childs, Investment Advisor to St Peter Port Investment Management Limited,
said:

"The portfolio continues to develop well and many of the companies in it  have 
added significantly to  their value  during our investment  period. We  fully 
expect that process to  continue. We are encouraged  by the progress made  by 
companies in the  portfolio such  as Red  Flat Nickel,  Astrakhan Oil,  Brazil 
Potash and Global Atomic. These offer the possibility of further large  gains 
if progress continues as it has recently."

For further information:
St Peter Port Capital Limited
Peter Griffin - 01481 751000



St Peter Port Investment Management Limited
Tim Childs - 020 7925 0010/ Graham Shore - 020 7468 7922

Grant Thornton UK LLP - Nominated Adviser
Philip Secrett / Melanie Frean - 020 7383 5100

Shore Capital Stockbrokers Limited - Broker
Dru Danford - 020 7408 4090

Notes for Editors

St Peter Port Capital Limited was admitted to trading on AIM on 16 April 2007,
raising £75  million in  new equity.  The Company  is a  Guernsey  registered 
closed-ended investment  company.  The  Company's  objective  is  to  achieve 
returns from  the uplift  on  or shortly  after IPO,  but  the exit  from  the 
investment could  also  be a  trade  sale.  The universe  for  investment  is 
principally companies across a broad range of sectors and geography  expecting 
to conduct an  IPO or achieve  a trade sale  or other liquidity  event in  the 
months  after  the  Company's   investment.  However,  given  equity   market 
conditions since 2008, it may also include companies which are already  public 
whose value is not properly recognised by stock markets. The principal  focus 
has been on companies targeting UK, US and Commonwealth stock markets although
pre-IPO companies looking to float on other exchanges will also be considered.
The Company appointed St  Peter Port Investment  Management Limited, a  joint 
venture between Broughton Investments  Group Limited, a  company in which  Tim 
Childs is  interested, and  Shore Capital  Limited, the  absolute return  fund 
management specialist which currently  manages approximately £900 million,  to 
act as its investment  manager (the "Investment Manager").  In June 2012  the 
shareholders of the Company approved an extension of the Company's life for  a 
further five years. 

Chairman's Statement

Introduction

I am pleased to report that the year ended 31 March 2013 was a successful year
for the Company in terms of  the development of the Company's portfolio,  with 
several of the companies in the portfolio reporting substantial achievements.

Background and Investment Approach

2012/3 was the  Company's sixth  year of operation.  We are  grateful to  our 
shareholders who supported  an extension of  the Company's life  at a  general 
meeting a year ago.  This extension gives us  the opportunity to harvest  our 
portfolio at the  optimal time and  in an  effective way. We  are pleased  to 
report that the  portfolio continues  to look promising  and offers  excellent 
prospects, albeit on a more extended timeframe than we would all wish.

During the year and  subsequently, the Company  has made further  investments, 
largely as follow-ons into companies already in the portfolio, with one  small 
investment in a new  company. The follow-ons enable  us to take advantage  of 
our knowledge and familiarity with the  investee companies. In most cases  it 
has been on an  opportunistic basis including  taking advantage of  distressed 
sellers.

Investments and Realisations

During the financial  year, the  Company realised or  partly realised  pre-IPO 
investments, generating some  £2.1 million  in cash.  Since the  year end  it 
realised a further £1.2 million.

Since launch,  the  Company  has realised  £60.1  million  through  disposals, 
generating a  gain  on  these  investments  of  85  per  cent.  The  rate  of 
realisations is inevitably  uneven, with major  disposals linked to  liquidity 
events in the investee companies. However,  there have also been disposals  or 
part disposals of  some of the  quoted portfolio when  market conditions  have 
made that appropriate. 

The Company invested  £3.6 million  in eleven companies  during the  financial 
year. All of these investments were follow-ons. Subsequent to the year  end, 
we have made one further follow-on investment of £619,000 and £500,000 into  a 
company new to the portfolio.  In the case of  the new investment, there  are 
good prospects for an early flotation.

Financial Results

The balance sheet shows pre-IPO investments (including those which now have  a 
listing) of £68.3 million. Net assets were £74.6 million, giving a net  asset 
value of 111.8p per share.  Net assets have increased  by 8.2 per cent  since 
the interim results as at 30September  2012. They have increased by 11.8  per 
cent since the  end of December  2012, partly as  a result of  the decline  in 
sterling against  the dollar  and other  relevant currencies.  The  remaining 
changes result primarily from valuations discussed in the Investment Manager's
Report.

These valuation  changes reflect  positive  developments leading  to  material 
revaluations, together with some significant reductions in other valuations.

At the balance sheet date, the Company  held £5.0 million in cash. As at  the 
close on 9 July 2013, the Company held £4.5 million in cash deposits.

Share Buybacks

On 7 September 2012, the Company bought  back 1,500,000 of its shares at 48  p 
per share,  a large  discount to  the then  prevailing NAV  per share.  These 
shares were subsequently cancelled.

Dividends

There were no net  gains on realisations  during the year  and no dividend  is 
proposed for the year. It remains the Board's policy that, in respect of each
future period of six  months and subject to  the requirements of Guernsey  law 
regarding solvency, it will pay out in cash 50 per cent of the net gains  from 
all realisations made.

Change of Director

Simon Bourge is stepping down from the Board, having served as a Director from
the start  of the  Company  6 years  ago.  On behalf  of  the Board  and  the 
shareholders, I should  to like  to thank Simon  for his  contribution to  the 
Company.

Lynn Bruce is joining the Board in his place. Lynn is a Chartered  Accountant 
(Scotland)  having  trained  at  KPMG  (London).  She  was  the  CFO  of   an 
international wealth management group, Stenham Limited, for 11 years where she
was also a member of both their Risk and Audit Committees. Prior to that  she 
was the CFO for The Leasing  Corporation plc and Financial Controller at  AT&T 
Capital Europe.  She is  a director  of  Shore Capital  Group Limited  and  a 
director in the Bellerive and Earl groups  of companies. Lynn is aged 52  and 
lives in Guernsey.  Further details  of Lynn's background  are set  out in  a 
separate announcement.

Outlook

There are  many exciting  companies  in the  portfolio  (as discussed  in  the 
Investment Manager's report)  and several have  reported significant  progress 
over the last year. 

The investment climate  is changing,  with a more  positive sentiment  towards 
fund-raisings  by  technology-related  and  mainstream  companies  and  weaker 
sentiment for resources companies. We have a diversity in the portfolio,  but 
with a heavier weighting towards resources reflecting not only our  investment 
spending but also  revaluations. Certain  of our resources  companies in  our 
portfolio are  not limited  to an  IPO as  a potential  exit and  several  are 
preparing themselves for a potential trade sale.

It is difficult  for us  to predict  when exits  may occur.  However, we  are 
encouraged that the  vast majority  of the  management teams  of our  investee 
companies are as focused upon the importance of liquidity events as we are. 

When our  pre-IPO investments  do  achieve liquidity  events, we  expect  them 
generally to occur  at a significant  premium to our  current carrying  value. 
The portfolio of high risk/high reward companies includes many prospects  for 
strong returns on our original investment.

Bob Morton
Chairman
Investment Manager's Report

Our portfolio is diversified, with a heavier weighting towards mining and  oil 
and gas, but with other companies across a wide range of activity. These  are 
oil and  gas  (including  enhanced recovery  techniques);  minerals  including 
copper, gold, nickel,  uranium, rarer elements  and coal; and  environmentally 
friendly  technologies  including  cleaner/more  efficient  ways  of   burning 
conventional fuels,  second generation  bio-fuels and  hydrogen  technologies. 
However, we have  also made  investments in  the largest  and highly  dynamic 
farmland owner in Uruguay, in fast-growing  timber in Mozambique, in a  potash 
mine in Brazil  and in a  US food  company. Finally, we  hold investments  in 
several technology companies.

Most of the portfolio companies have their main activity outside of the UK and
a significant  proportion were  sourced from  brokers whose  main business  is 
outside the UK. Some are now listed  in Canada or Australia and we have  been 
disposing of  part  or  all  of  these  holdings  where  there  is  sufficient 
liquidity. Many are now more likely  to seek acquisition by a larger  company 
rather than  an IPO.  Of the  total portfolio,  £5.3 million  (by value)  was 
listed as  at  31  March 2013,  representing  7.8  per cent  of  the  invested 
portfolio at that date. 

As well as mining and oil and  gas the portfolio is exposed to soft  commodity 
companies and technology. The following  table shows the breakdown by  sector 
of the pre-IPO investments (including investments which are now quoted) as  at 
31 March 2013:

Investments by Sector as at 31 March 2013

Sector          Number £m Cost Book Value £m Percentage (of value)
Oil and Gas          8    12.7          14.7                  21.5
Mining              19    27.6          39.4                  57.7
Technology           4     4.0           5.0                   7.3
Ag. / Forestry       3     5.5           8.3                  12.2
RenewableEnergy      2     4.7           0.3                   0.5
Other                3     4.0           0.6                   0.8
Total               39    58.5          68.3                 100.0

Investments

During 2012/3  the  Company made  twelve  further investments,  many  of  them 
relatively small and all of them additions to existing holdings. We have made
two further  investments since  the year  end, one  of which  was a  follow-on 
investment and the other a small investment in a new company to the portfolio.
The larger investments were:

  *Brazil Potash, where we invested a further US$1.5 million (£940,000) in  a 
    placing in September 2012. This company is showing strong promise and  we 
    were one  of  the  last  participants  in that  round,  which  held  at  a 
    significant premium to earlier  financings. We have  also, in July  2013, 
    exercised warrants held over shares  in the company which would  otherwise 
    have expired. The company raised US$35 million in this most recent round.
    It is well on the way to  proving a large potash resource and is  working 
    on a trade sale or flotation.

  *Celadon Mining, which is developing a coal and coal-to-liquids project  in 
    Inner Mongolia, China. We invested a further £660,000 by acquiring shares
    from another  investor  in  Celadon,  the  vendor  being  a  fund  with  a 
    requirement to liquidate its holdings. Celadon has since gained a crucial
    further approval for the proposed plant. 

  *Nusantara Energy,  which has  proven  a large  coal resource  in  Sumatra, 
    Indonesia. Nusantara held a rights issue in which we subscribed pro  rata 
    to our existing holding, investing  a further £792,000. The rights  issue 
    has recapitalised the company and  put it in a  good position to fund  the 
    further development of its existing assets.

  *Seven Energy, an oil and gas  producer in Nigeria. We invested a  further 
    £372,000 in  a  rights  issue.  Seven  is  now  supplying  gas  to  large 
    industrial customers through its own  newly constructed pipeline and  aims 
    to IPO  when  it has  demonstrated  the  commercial success  of  this  new 
    business stream.

  *Mincore,  a  copper   exploration  company  in   Mexico.  We   subscribed 
    CDN$330,000 (£209,000)  in  an internal  round,  where the  principal  and 
    largest other subscribers were Mincore's management. 

  *Astrakhan Oil, an oil  explorer on the  shores of the  Caspian Sea in  the 
    delta of the Volga. In February  2013, we purchased a further  US$166,667 
    (£110,000) from a  fund which  was closing down.  Astrakhan is  preparing 
    itself for a trade sale.

  *African  Timber,  an  owner  of   fast  growing  plantations  in   eastern 
    Mozambique, in  which  we  subscribed  a  further  £144,000,  having  also 
    subscribed £144,000 on 2 April 2012.

  *Homeland Uranium, where  we have invested  CDN$250,000 (£162,000) and  now 
    own approximately 24 per cent of the company.

The investments in Brazil  Potash, Celadon Mining and  Nusantara were made  in 
September 2012 and into  Seven Energy, Mincore and  African Timber in  October 
2012. In the  first quarter,  we also invested  a further  £34,000 in  Jordan 
Energy (shale oil)  in an internal  round and  in October 2012  we invested  a 
further CDN$100,000 (£64,000)  in Creso  Exploration (gold  exploration) in  a 
placing and £15,000  in IQur, a  bio-tech company developing  a novel  vaccine 
platform.

In June 2013, we  made our first  investment for some  considerable time in  a 
company new to  the portfolio, Nektan  Limited. Nektan is  a Gibraltar  based 
company specialised in  providing a  software platform to  enable cash  gaming 
over mobile devices (smartphones and tablets). It specialises in lottery  and 
slot machine  games  and  has  contracts with  a  range  of  leading  gambling 
companies. We invested £500,000 in a  pre-IPO round, with an IPO planned  for 
later in 2013.

Realisations

During the  year we  realised  the balance  of  our investment  in  Providence 
Resources when the convertible loan we were holding was redeemed, realising  a 
further £1.93 million  in August  2012. In  addition, we  made further  small 
sales of three quoted holdings.

Since the year  end we  also realised  our entire  holding in  Iona Energy,  a 
Canadian listed company operating  in the North  Sea. Although the  company's 
performance has been good, the weaker  sentiment for the sector meant that  we 
exited with a loss on the holding of 4 per cent, realising £1.19 million.

Portfolio - Detail
The following is a list of the Company's current investments (excluding  those 
of nil value).



Company              Investment                Business
                     (initial terms)
African  Timber  and £1.15 million for         A    Mozambique-based    timber 
Farming              ordinary shares.          company.
AmLib                US$2 million              A    Jersey    based    company 
                     subscription for         established  in  May  2000   to 
                     ordinary shares           explore for gold, diamonds  and 
                                               other  natural   resources   in 
                                               Liberia.   AmLib   holds    one 
                                               mineral  development  agreement 
                                               and seven exploration  licences 
                                               covering a  total surface  area 
                                               of 3,400km².
Astrakhan Oil        US$2.5 million for        An oil development company with
                     ordinary shares. Further  licence interests in the  Volga 
                     US$188,000 purchased from Basin / Caspian Sea, Russia.
                     a fund which was closing.
Brazil Potash        US$2.5 million in         The   company   has    licences 
                     ordinary shares. Further  covering 22.5 million  hectares 
                     US$1.5 million in         in the Amazon  potash basin  to 
                     ordinary                  develop potash mines.
                     shares.US$937,000 to
                     exercise warrants
Buried Hill          US$850,000 subscription   An international  oil  and  gas 
                     for and US$2.7 million    exploration company focused  on 
                     acquisition of ordinary   Caspian  Sea  and  West  Africa 
                     shares                    which  has  struck  a   farm-in 
                                               agreement  with  a  large   oil 
                                               company to develop the  Caspian 
                                               assets.
Caracara Silver      Distribution in specie    A  Canadian  company  exploring 
                     from Homeland Uranium     for silver with mineral  rights 
                                               in the Princesa-Piluani  silver 
                                               district of southern Peru.
Celadon Mining Ltd   £3.7 million subscription Chinese    Government    backed 
                     in two tranches. Further  company  which   has   acquired 
                     £660,000 purchased from a major  coking  coal  mines   in 
                     distressed seller         China.  It  plans  a  coal  to 
                                               liquids plant.
Creso Exploration    CDN$2.2 million           A   gold   and   base    metals 
                     subscription for common   exploration    company     with 
                     stock. Further            prospects in Canada, Mexico and
                     CDN$700,000 subscription  Guatemala. Creso is listed  on 
                     for common stock and      the TSX in Canada.
                     warrants
Cuprum Resources     Acquired in an auction as A  Panamanian   company   which 
                     a result of the default   holds the  exploration  licence 
                     by Dominion Minerals on   (currently    in     suspension 
                     the US$2 million secured  pending a Supreme Court ruling)
                     bond held by the Company  over the  Cerro Chorcha  Copper 
                                               Project in Panama.
Eden Energy          AUS$4.56 million          An Australian diversified clean
                     subscription for ordinary energy company  with  interests 
                     shares                    in hydrogen production, storage
                                               and  transport  fuel   systems, 
                                               together with coal-bed  methane 
                                               licences in  South Wales.  Eden 
                                               is listed in Australia.
Enhanced Oil         CDN$4 million             A  Houston-based  enhanced  oil 
                     subscription and further  recovery   resources    company 
                     subscription of CDN$1.6   which  controls   the   largest 
                     million for common stock  undeveloped natural  helium/CO2 
                     and warrants              resource  in   North   America. 
                                               Enhanced  Oil   has   acquired 
                                               depleted    oilfields     where 
                                               significant    enhanced     oil 
                                               recovery resources  remain  and 
                                               where    CO2    flooding     is 
                                               effective.
First Iron           US$2 million subscription A  Jersey-based   mineral   and 
(formerly        RAM for ordinary shares       asset development company which
Resources)           Further US$1 million loan controls a 100  per cent  owned 
                     stock                     iron ore mining property in the
                                               Kurgan region of Russia.
Global Atomic        CDN$2 million for         A   Canadian    company    with 
                     ordinary shares           exploration interests in Niger,
                                               which    has    discovered    a 
                                               high-grade uranium deposit.
Gourmet Express      US$3 million subscription A  leading  consumer   products 
                     for ordinary shares.      company  specialising  in   the 
                     Further loan with         production,  distribution   and 
                     warrants of US$600,000    marketing of a wide variety  of 
                                               frozen   food   products,    in 
                                               particular the  frozen  skillet 
                                               meal category. 
HaloSource           Acquired in exchange for  US-based company with a leading
                     another investment        technology for purification  of 
                                               water at  point  of  use.  The 
                                               company was admitted to trading
                                               on AIM in October 2010.
Homeland Uranium     CDN$2.45 million          Exploration    company     with 
                     subscription for common   uranium prospects in Niger.
                     stock and warrants
Ilika                £2.5 million subscription A  company  spun  out  of   the 
                     for ordinary shares       University of Southampton which
                                               specialises in the  development 
                                               and   application    of    high 
                                               throughput,  combinatorial  R&D 
                                               techniques for the discovery of
                                               new   materials.   Ilika   was 
                                               admitted to trading  on AIM  in 
                                               May  2010   and   our   holding 
                                               increased by a ratchet.
International        £1 million subscription   IGS  is  an  Australian  quoted 
Goldfields   ("IGS") for ordinary shares in    company  which  controls   gold 
(formerly      Latin Latin Gold. Our interest exploration      assets      in 
Gold)                was acquired by IGS for   Australia. It  purchased  Latin 
                     cash and shares           Gold (our original  investment) 
                                               and  thereby  acquired  mineral 
                                               rights   in    Brazil   to    a 
                                               previously  mined  area   where 
                                               low-tech artisanal miners  have 
                                               produced an  estimated 4.5m  oz 
                                               from soils  over  the  last  11 
                                               years.
Iona Energy          CDN$2 mllion for ordinary A   Canadian    company    with 
                     shares                    development  interests  in  the 
                                               North Sea,  now listed  on  the 
                                               TSX in Canada.
iQur                 £0.5 million subscription A medical research company that
                     for ordinary shares.      is developing  a novel  vaccine 
                     Further £21,000 for      platform.
                     convertible loan notes
Jordan Energy        US$1.05 million           A  company   with   rights   to 
                     subscription for ordinary extract   large    shale    oil 
                     shares                    deposits in Jordan.
Macusani Yellowcake  Distribution in specie    Explorer   and   developer   of 
                     from Homeland Uranium     uranium projects  in Peru.  The 
                                               company is listed on the TSX in
                                               Canada.
Manabi Minerals      US$2 million for ordinary A    Brazilian     iron     ore 
                     shares                    development  company   with   a 
                                               resource of 3.5 billion  tonnes 
                                               of high-grade iron  ore in  the 
                                               Minas   Gerais   province    of 
                                               Brazil.
Mediatainment        US$2 million subscription A US developer of 3D TV without
including Stream  TV for common shares         glasses   in   a   very    high 
(formerly STV)                                 resolution (4k).
MinCore              CDN$2.34 million          Has large  base metal  deposits 
                     subscription for ordinary in Mexico  -  both  copper  and 
                     shares in two tranches    molybdenum.
Mongolian Minerals   CDN$1 million and a       A  Canadian   exploration   and 
                     further CDN$2 million for development   company   focused 
                     common shares             exclusively  on  Mongolia.  The 
                                               company is currently developing
                                               a  high-quality  thermal   coal 
                                               asset called  Khotgor,  in  the 
                                               north western  portion  of  the 
                                               country. Current  resources  at 
                                               Khotgor are 575 million tonnes.
Nusantara Energy     £3.15 million             Nusantara is developing a large
                     subscription for shares   deposit (at  least 490  million 
                     and warrants, in several  tonnes)  of  thermal  coal   in 
                     tranches                  Sumatra,  Indonesia.  Following 
                                               an      extensive      drilling 
                                               programme,    Nusantara     has 
                                               confirmed that the resource  is 
                                               good quality  thermal  coal  in 
                                               thick seams very  close to  the 
                                               surface.
EastSiberian         US$2 million and further  A Canadian  based oil  and  gas 
(formerly      Petro US$1.875 million          exploration company which  owns 
Kamchatka Resources) subscription of equity    interests  in  two  exploration 
                                               licences in Eastern Russia. It
                                               is  traded  on  the  TSXV   in 
                                               Canada.
Red Flat Nickel      US$4.2 million investment The company controls two nickel
                     in loan notes in a        laterite  deposits  in  Oregon. 
                     complex deal              The St  Peter  Port  loan  has 
                                               partly funded some  exploration 
                                               of deposits  on the  two  fully 
                                               owned tenements. Following the
                                               loan reaching its term in 2011,
                                               the  Company  has  acquired   a 
                                               majority  equity  interest   as 
                                               well as improving the  security 
                                               of the loan.
Royal Nickel         CDN$4 million             A  Canadian  nickel   developer 
                     subscription for ordinary with   a   world-class   nickel 
                     shares                    deposit  in  northern   Quebec. 
                                               The company floated on the TSX
                                               in Canada in December 2010.
Royal Resources      A$2 million subscription  A   mineral   exploration   and 
                     for shares                development  company  operating 
                                               in South and Western Australia,
                                               focused  on  iron  ore.   Their 
                                               flagship   project    is    the 
                                               Razorback  iron  ore   deposit, 
                                               240km from Adelaide. Listed  on 
                                               the ASX in Australia.
Seven Energy         US$5 million subscription A Nigerian  company with  major 
                     for ordinary shares       gas interests planning to serve
                                               the local  heavy  industry  and 
                                               utility market.
Specialist    Energy £500,000 subscription for Specialist     Energy     Group 
Group                ordinary shares           reversed  into  Nviro,  an  AIM 
(Formerly Nviro)                               listed clean tech company. SEG
                                               specialises   in   engineering, 
                                               particularly boiler pumps,  for 
                                               the power sector.
TMO Renewables       £2.5 million subscription A world leader in novel ethanol
                     for ordinary shares       fermentation  technology  which 
                                               produces    bio-ethanol    from 
                                               low-grade sugar by  means of  a 
                                               new fermentation technique with
                                               significantly higher yields and
                                               lower investment cost.
Tuscany Energy       CDN$1.4 million           A Canadian development  company 
                     subscription for shares   focused on horizontal  drilling 
                                               of heavy  oil  in  Alberta  and 
                                               Saskatchewan. Listed on the TSX
                                               in Canada.
Tuscany              US$2.25 million           A   Brazilian   oil    drilling 
International        subscription for ordinary services company listed on  the 
Drilling             shares                    TSX in Canada. 
Union Agriculture    US$2 million subscription Uruguayan farming company which
                     for ordinary shares.      is now  the  largest  owner  of 
                     Further US$1m in ordinary agricultural  land  in  Uruguay 
                     shares                    and   applying   capital    and 
                                               agronomy expertise  to  enhance 
                                               its value. Union is  currently 
                                               planning to list in the USA.
Union Minerals       US$1 million subscription Uruguayan  mineral  exploration 
                     for ordinary shares       company  and   holder  of   the 
                                               largest  minerals   exploration 
                                               portfolio in Uruguay  including 
                                               iron   ore,   gold,   titanium, 
                                               ferrochrome and diamonds.

We also  held securities  in Rock  Well Petroleum,  Bio-thermal  Technologies, 
Develica  Asia  Pacific,  Continental  Petroleum,  Royal  Coal,  Puma  Hotels, 
Dominion Minerals and China Molybdenum;  these investments are carried at  nil 
or negligible amounts.
Top Ten Investments as at 31 March 2013

The following table  lists our top  ten investments  by value as  at 31  March 
2013: Where we hold more than one instrument in a company, the holdings  have 
been aggregated.

                                                  Gain/
Company                         Cost    Valuation (Loss)  Status
                                £ 000's   £000's  £ 000's
Red Flat Nickel Corp              2,271   11,205    8,934 Unquoted
Brazil Potash Corp                2,466    4,631    2,165 Unquoted
Buried Hill Energy (Cyprus) Plc   1,749    4,441    2,692 Unquoted
Homeland Uranium Inc.             1,204    4,355    3,151 Unquoted
Seven Energy Ltd                  3,492    4,214      722 Unquoted
Cuprum Resources Corp             1,211    3,969    2,758 Unquoted
Nusantara Energy Plc              3,153    3,450      297 Unquoted
Celadon Mining Ltd                4,410    3,317  (1,093) Unquoted
Astrakhan Oil Corporation Ltd     1,661    3,285    1,624 Unquoted
Mincore Inc.                      1,228    3,123    1,895 Unquoted
Total                            22,845   45,990   23,145

Commentary on Other Significant Developments

There are many companies  in the portfolio which  look promising and which  we 
believe should show significant  uplifts on exit. We  highlight here some  of 
the larger investments where there has  been specific relevant news and  other 
significant developments.



Red Flat Nickel
We hold an 80  per cent equity stake  and a secured loan  in Red Flat  Nickel, 
following a restructuring of the company's balance sheet and management.  The 
company has licences over two nickel laterite deposits in Oregon.

Since taking control, we  have progressed the  development of the  substantial 
nickel laterite  deposits  by  recruiting a  specialist  management  team  and 
funding some further  surface exploration  work. This showed  the presence  of 
potentially economically  attractive percentages  of  scandium in  the  nickel 
bearing rock, which  should considerably enhance  the commercial potential  of 
the nickel deposits. The team are now progressing with deeper drilling  which 
requires  US  Forestry  Department  approval  and  improving  the  Preliminary 
Economic Assessment to enable  the required competent  persons' report for  an 
AIM flotation. We  have revalued  our loan  to Red  Flat Nickel  to be  fully 
recoverable  and  given  a  modest  value  to  our  equity  to  reflect  these 
developments.



Astrakhan Oil
Astrakhan Oil is an oil explorer on the shores of the Caspian Sea in the delta
of the Volga. During the year it concluded a further round of financing at  a 
premium to our holding value and is progressing to a possible trade sale  next 
year. We have re-valued our investment accordingly.



Global Atomic and Homeland Uranium
Global Atomic has found large deposits  of high grade uranium in Niger,  close 
to the surface. Since our initial investment in 2011, the estimated  resource 
has increased  to  350  per cent  of  the  estimate at  investment.  We  have 
therefore written up our holding value accordingly, but by a lesser percentage
increase.

Homeland Uranium has deposits in the same area which are also very substantial
but less explored.  We have  revalued our holding  in Homeland  Uranium as  a 
small percentage of the value of Global Atomic. 

Other valuation changes

We have also for the last quarter increased the holding values of Cuprum  (100 
per cent owned copper  resource in Panama) and  Mincore (copper in Mexico)  to 
reflect positive  developments and  reduced the  holding values  of  Mongolian 
Minerals, Buried Hill and First Iron  Group. The reduction in Buried Hill  is 
precautionary only to reflect a recent funding round and we do not expect  the 
value to persist at this level for long. 



Other holdings
There have been many  other significant developments  in the portfolio  during 
the year. Each of  Astrakhan Oil, Brazil Potash,  Buried Hill, Global  Atomic 
Fuels, Manabi, Seven Energy, and Union  Agriculture look ripe for exit in  the 
near future.  These  seven holdings  are  currently being  carried  at  £23.7 
million. If they were to achieve exits for us, we would expect them to be  at 
a premium to current carrying values.

Activity and Prospects
Our principal focus is to keep close  to the companies in our portfolio  where 
we can assist  in bringing  forward the  crystallisation of  value. Where  we 
consider further  investment,  it is  almost  always in  companies  which,  as 
existing  shareholders,  we  know  well,  and  where  the  terms  are   highly 
attractive. 

The portfolio continues to develop well and  many of the companies in it  have 
added significantly to  their value  during our investment  period. We  fully 
expect that process  to continue. The  timing of our  exits will depend  upon 
market conditions  and opportunities  arising, but  we are  encouraged by  the 
progress made by companies in the portfolio such as Red Flat Nickel, Astrakhan
Oil, Brazil Potash and Global Atomic. These offer the possibility of  further 
large gains if progress continues as it has recently.

Tim Childs as Investment Advisor to
St Peter Port Investment Management Limited

St Peter Port Capital Limited

Consolidated Statement of Financial Position

As at 31 March 2013

                                                           As at 31 March 2012
                                       As at 31 March 2013          (restated)
Assets                                               £ 000               £ 000
Current Assets
Financial assets at fair value through
profit or loss                                      68,289              59,877
Trade and other receivables                          1,462               1,262
Cash and cash equivalents                            4,967              11,609
                                                   _______             _______
Total assets                                        74,718              72,748
                                                   _______             _______
Liabilities
Current liabilities
Trade and other payables                           126             438
                                                  ________            ________
Total liabilities                                  126             438
                                                  ________            ________
Net assets                                        74,592            72,310
                                                   =======             =======
Equity
Capital and reserves attributable to
equity holders of the Company
Share capital                                            -                   -
Share premium                                            -                   -
Special reserve                                     67,741              68,461
Revenue reserve                                      6,851               3,849
                                                   _______             _______
Total Equity                                        74,592              72,310
                                                   =======             =======
Net asset value per Ordinary Share
(pence per share)                                   111.80              105.99

The accompanying notes 1 to 7 form an integral part of these financial
statements
St Peter Port Capital Limited

Consolidated Statement of Comprehensive Income

For the year ended 31 March 2013

                                                      Year ended    Year ended
                                                        31 March 31 March 2012
                                                            2013    (restated)
                                                         £ 000's       £ 000's
Income
Net changes in fair value on financial assets through
profit or loss                                             7,222       (5,959)
Gains on foreign exchange                                     63           169
Interest income                                               91           179
Other income                                                  53           417
                                                        ________      ________
Net investment income /(loss)                              7,429       (5,194)
Administrative expenses                                  (2,380)       (2,595)
                                                        ________      ________
Net income/(loss) from operations before finance
costs                                                      5,049       (7,789)
Interest expense                                               -             -
                                                        ________      ________
Total finance costs                                            -             -
                                                        ________      ________
Profit /(loss) for the year                                5,049       (7,789)
                                                         =======       =======
Basic and diluted return per Ordinary Share (pence)       0.0749      (0.1130)

The accompanying notes 1 to 7 form an integral part of these financial
statements
St Peter Port Capital Limited

Consolidated Statement of Changes in Equity

For the year ended 31 March 2013

                                           Special   Revenue
                                           Reserve   Reserve   Total
                                           £ 000's   £ 000's £ 000's
Opening balance at 1 April 2012             68,461     3,849  72,310
Profit for the year                              -     5,049   5,049
Dividends paid                                   -   (2,047) (2,047)
Ordinary shares repurchased                  (720)         -   (720)
                                           _______   _______ _______
Balance at 31 March 2013                    67,741     6,851  74,592
                                           =======   ======= =======
FOR THE YEAR ENDED 31 MARCH 2012 (restated)
                                           Special Treasury   Revenue
                                           Reserve  Reserve   Reserve   Total
                                           £ 000's  £ 000's   £ 000's £ 000's
Opening balance at 1 April 2011 (as
previously reported)                        68,498    2,733    13,749  84,980
Restatement as at 1 April 2011               2,733  (2,733)         -       -
                                           _______  _______   _______ _______
Restated opening balance as at 1 April
2011                                        71,231        -    13,749  84,980
Loss for the year                                -        -   (7,789) (7,789)
Dividends paid                             (1,407)        -   (2,111) (3,518)
Ordinary shares repurchased                (1,363)        -         - (2,128)
                                           _______  _______   _______ _______
Balance at 31 March 2012                    68,461        -     3,849  72,310
                                           =======  =======   ======= =======

The accompanying notes 1 to 7 form an integral part of these financial
statements
St Peter Port Capital Limited

Consolidated Statement of Cash Flows

For the Year Ended 31 March 2013

                                                                 Year ended
                                                   Year ended 31 March 2012
                                                31 March 2013    (restated)
Cash flows from operating activities                  £ 000's       £ 000's
Interest and investment income received                   243           576
Income from legal settlement                                -           395
Operating expenses paid                               (2,566)       (2,640)
                                                     ________      ________
Net cash utilised in operating activities             (2,323)       (1,669)
                                                     ________      ________
Cash flows from investing activities
Sale of investments                                     1,833         2,803
Redemption of loan notes                                  285             -
Purchase of investments                               (3,644)       (9,274)
                                                     ________      ________
Cash outflow from investing activities              (1,526)     (6,471)
                                                     ________      ________
Cash flows from financing activities
Dividends paid                                        (2,047)       (3,518)
(Loans to)/repayments from subsidiaries                  (26)        11,991
Purchase of own shares                                  (720)       (1,363)
                                                     ________      ________
Cash (outflow)/inflow from financing activities     (2,793)       7,110
                                                     ________      ________
Cash outflow for the year                             (6,642)       (1,030)
Exchange losses during the year                             -          (10)
Opening cash and cash equivalents                      11,609        12,649
                                                     ________      ________
Closing cash and cash equivalents                       4,967        11,609
                                                      =======       =======

The accompanying notes 1 to 7 form an integral part of these financial
statements
1.  General Information

St  Peter  Port  Capital  Limited  is  a  Guernsey  registered,  closed  ended 
investment company, admitted to trading on the AIM Market of the London  Stock 
Exchange. St  Peter Port's  investment  strategy is  primarily to  invest  in 
unquoted companies which are close to  a liquidity event. The funds  invested 
by St Peter Port will often provide the working capital to make such an  event 
possible. The event could be  an IPO, trade sale  or repayment of a  bridging 
loan  (typically  with  warrants  or  other  form  of  participation)  from  a 
fund-raising achieved by  the investee at  a higher price  after the  bridging 
event has occurred.

The universe for investment is principally  companies across a broad range  of 
sectors and geography  expecting to achieve  a liquidity event  in the  months 
after the Company's investment. However,  in current conditions, it may  also 
include companies which are already publicly quoted but where the equity value
has been heavily eroded by the current market malaise. The initial focus  has 
been on  companies  targeting  UK,  US and  Commonwealth  stock  markets,  but 
companies looking to float on other exchanges will also be considered.

The company's website is www.stpeterportcapital.gg.

2.  Financial Information

The report on the full financial statements  for the year ended 31 March  2013 
has been  signed  and the  financial  information presented  in  this  results 
announcement is an extract  of these audited  accounts. Whilst the  financial 
information included in this final  results announcement has been computed  in 
accordance with IFRS,  this announcement  does not  itself contain  sufficient 
information to comply with IFRS.

3.Earnings Per Share

The calculation of basic (loss)/earnings per share is based on the net  profit 
from continuing operations for  the year of  £5,049,000 (2012: £7,789,000  net 
loss) and on 67,374,925 (2012:  68,948,050) shares being the weighted  average 
number of shares  in issue during  the year. There  is no difference  between 
basic earnings per share and diluted earnings per share.

4. Net Asset Value per Share 

                                                 31 March 2012
                                   31 March 2013    (restated)
                                         £ 000's       £ 000's
Net Asset Value                           74,592        72,310
Ordinary Shares in issue                  66,722        68,222
Net Asset Value per Ordinary Share
(pence per share)                         111.80        105.99

The Net Asset Value per Ordinary Share is based on the Net Asset Value at  the 
end of  the reporting  period and  on 66,721,500  (2012: 68,221,500)  Ordinary 
Shares being the shares in issue at the year end.

5. Taxation 

The Company has not suffered corporate income taxation.

6. Subsequent Events 

Grant Thornton UK LLP were appointed as nominated adviser to the Company on  3 
April 2013, replacing the Company's previous nominated adviser.

3,250,000 shares  in  Iona  Energy Inc  were  sold  post year  end  for  total 
consideration of CDN$1,891,323. In addition, 412,531 shares in Nektan Limited
were purchased post year end for  total consideration of £500,000 and  375,000 
shares in Brazil Potash were purchased following the exercise of warrants  for 
a total consideration of USD$937,500.

Simon Bourge is stepping down from the Board, having served as a Director from
the start of the Company 6 years ago. Lynn Bruce is joining the Board in  his 
place. Lynn  is a  Chartered  Accountant (Scotland)  having trained  at  KPMG 
(London). She  was  the CFO  of  an international  wealth  management  group, 
Stenham Limited, for 11 years where she  was also a member of both their  Risk 
and Audit  Committees.  Prior  to  that  she was  the  CFO  for  The  Leasing 
Corporation plc and  Financial Controller at  AT&T Capital Europe.  She is  a 
director of Shore Capital  Group Limited and a  director in the Bellerive  and 
Earl groups of companies. Lynn is aged 52 and lives in Guernsey.

7. 2013 Report and Accounts

Copies of the  2013 accounts  will be posted  to shareholders  in due  course. 
Copies of  this  announcement (and  the  2013  accounts in  due  course)  are 
available from the  Company at PO  Box 119, Martello  Court, Admiral Park,  St 
Peter Port, Guernsey, GY1  3HB or alternatively on  the Company's website  at: 
www.stpeterportcapital.gg.

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: St Peter Port Capital Limited via Thomson Reuters ONE
HUG#1716831
 
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