Baker Steel Resources Trust Ltd Net Asset Value(s) (3558E)
July 07 2021 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 3558E
Baker Steel Resources Trust Ltd
07 July 2021
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 July 2021
30 June 2021 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 June 2021:
Net asset value per Ordinary Share: 99.8 pence
The NAV per share has increased by 1.2% against the unaudited
NAV at 28 May 2021, partly due to an increase in the valuation of
Nussir ASA following the mid-year review of unlisted positions
discussed below.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 30 June 2021
.
Investment Update
The Company's top 12 investments were as follows as a percentage
of NAV:
30 June 2021 31 December 2020
Bilboes Gold Limited 18.7% 19.5%
Futura Resources Ltd 15.4% 16.2%
Tungsten West Limited 15.1% 13.2%
Cemos Group plc 13.6% 14.5%
Polar Acquisition Ltd 8.4% 8.9%
Anglo Saxony Mining Limited 5.1% 3.9%
Mines & Metals Trading
Peru PLC 4.1% 4.5%
Azarga Metals Corp 4.0% 2.7%
Nussir ASA 3.8% 3.4%
Kanga Potash (formerly
Sarmin Mineral Exploration) 2.6% 2.7%
Metals Exploration plc 2.3% 1.9%
Prism Diversified 1.5% 1.5%
Listed Precious Metal Shares 2.7% 3.9%
Other Investments 2.0% 2.4%
Net Cash, Equivalents and
Accruals 0.7% 0.8%
Half Year Review of Unlisted Investments
The Company has carried out its semi-annual review of general
market movements in mining equities, taking into consideration
company-specific factors, as well as an assessment of whether these
should impact the carrying values of its unlisted holdings.
A number of investments raised further funds during the half
year including Tungsten West and Anglo Saxony and their carrying
values had been adjusted accordingly in previous months. This is a
reflection of the increased activity in the mining sectors.
The Investment Manager maintains an index of listed analogue
companies for each unlisted investment for comparison purposes and
as a benchmark against which the valuation of a particular unlisted
stock might have moved during the period had it been listed. The
only investment that has been adjusted on this basis during the
period is Nussir ASA which was increased by 16% in Norwegian Krone
terms on the back of a strong market for copper companies.
In the 2020 Annual Report we reported that BSRT and the other
shareholders of Bilboes Gold were negotiating to sell the Company's
and the other independent shareholder's interests in Bilboes to a
major gold mining company. Negotiations have been protracted as the
potential purchaser has demanded that a number of post transaction
conditions be met by the vendors, which are considered unusual and
excessively onerous for a transaction of this type. Whilst we
continue to be optimistic that we can find solutions to satisfy
these conditions in a way that is mutually acceptable to all
parties, there may come a point where we and the other Bilboes
shareholders decide to look for an alternative buyer or to raise
the required development capital via an IPO.
In June, Mines and Metals Trading Peru PLC (MMTP) completed its
merger with Oro X Mining and commenced trading as Silver X Mining
on the Toronto Stock Exchange (TSV.AGX). The Company's convertible
loan to MMTP will now be convertible into Silver X Mining shares
and there has only been a minimal change in carrying value of MMTP
as the transaction had already been taken into account.
Further details of the Company and its investments are available
on the Company's website www.bakersteelresourcestrust.com
Enquiries:
Baker Steel Resources Trust Limited +44 20 7389 8237
Francis Johnstone
Trevor Steel
Numis Securities Limited +44 20 7260 1000
David Benda (corporate)
James Glass (sales)
The Net Asset Value ("NAV") figure stated is based on unaudited
estimated valuations of the underlying investments and not
necessarily based on observable inputs. Such estimates are not
subject to any independent verification or other due diligence and
may not comply with generally accepted accounting practices or
other generally accepted valuation principles. In addition, some
estimated valuations are based on the latest available information
which may relate to some time before the date set out above.
Accordingly, no reliance should be placed on such estimated
valuations and they should only be taken as an indicative guide.
Other risk factors which may be relevant to the NAV figure are set
out in the Company's Prospectus dated 26 January 2015.
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END
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