Baker Steel Resources Trust Ltd Net Asset Value(s) (5490G)
August 09 2016 - 1:01AM
UK Regulatory
TIDMBSRT
RNS Number : 5490G
Baker Steel Resources Trust Ltd
09 August 2016
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
9 August 2016
29 July 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 29 July 2016:
Net asset value per Ordinary Share: 40.0 pence
Since 30 June 2016, the NAV per share has increased by 3.4%,
largely due to the 41% increase in the share price of Ivanhoe Mines
on the Toronto Stock Exchange.
The Company had a total of 114,568,335 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 30 June
2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 28.0%
Metals Exploration plc 16.6%
Bilboes Gold Limited 16.1%
Ivanhoe Mines Limited 9.5%
Cemos Group plc 7.8%
Black Pearl Limited Partnership 5.7%
Ironstone Resources Limited 5.3%
Gobi Coal & Energy Limited 2.8%
Archipelago Metals Limited 2.7%
China Polymetallic Mining 2.7%
Other Investments 2.8%
Net Cash, Equivalents and Accruals 0.0%
Metals Exploration PLC ("Metals Ex")
During July 2016 the Company participated in a US$5 million
equity placing by Metals Ex at 5 pence per share to provide working
capital. The start of commissioning to Metals Ex's Runruno Gold
Mine in Indonesia was delayed by the damage from a super typhoon in
2015 and the necessary rehabilitation work. This had the knock on
effect that Metals Ex was unable to meet the original loan schedule
which it is in the process of renegotiating with the project
lenders. Metals Ex had originally hoped to conclude these
negotiations by the end of June 2016 when the first tranche of loan
repayment and interest was due. However the discussions to
reschedule the debt repayments have taken longer than Metals Ex
management expected and although the debt repayment was deferred by
the lenders, Metals Ex was still required to pay the interest due.
This drained the project of the required working capital during the
Project's commissioning. Metals Ex anticipates the debt
restructuring to be completed by the end of August 2016 and the
Runruno project to have ramped up to design specification by the
end of October 2016.
Once in full production, the Runruno project is expected to
produce approximately 100,000 ounces of gold per annum.
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 is set
out in the Company's Prospectus dated 26 January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NAVKMGGRGRVGVZM
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