Baker Steel Resources Trust Ltd Net Asset Value(s) (9728I)
September 06 2016 - 1:01AM
UK Regulatory
TIDMBSRT
RNS Number : 9728I
Baker Steel Resources Trust Ltd
06 September 2016
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 September 2016
31 August 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 August 2016:
Net asset value per Ordinary Share: 40.0 pence
The NAV per share is unchanged from 29 July 2016 with the
increase in the share price of Ivanhoe Mines on the Toronto Stock
Exchange being counterbalanced by a fall in Metals Exploration
share price on the AIM market of the London 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 31 August
2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 28.3%
Bilboes Gold Limited 16.3%
Metals Exploration plc 13.5%
Ivanhoe Mines Limited 12.4%
Cemos Group plc 7.8%
Black Pearl Limited Partnership 5.8%
Ironstone Resources Limited 5.3%
Gobi Coal & Energy Limited 2.8%
Archipelago Metals Limited 2.7%
Nussir ASA 2.5%
Other Investments 2.8%
Net Cash, Equivalents and
Accruals -0.2%
Metals Exploration PLC ("Metals Ex")
During August 2016 the share price of Metals Ex fell by 19% to
5.875 pence per share albeit having risen from 4.125 pence per
share at the beginning of the year. At the end of July 2016 Metals
Ex announced that the discussions to reschedule the Runruno project
debt repayments had taken longer than management had expected but
anticipated this would be completed by the end of August 2016. On
26 August 2016 Metals Ex announced that the debt restructuring
discussions had not been completed and the company was also
suffering delays in realising revenue from Runruno and therefore
requires additional funding for working capital.
Once in full production, the Runruno project is expected to
produce approximately 100,000 ounces of gold per annum.
Ivanhoe Mines Limited ("Ivanhoe")
During August 2016, the share price of Ivanhoe rose a further
43% to C$1.85 per share on the Toronto Stock Exchange having
already risen from C$0.61 pence per share at the beginning of the
year but still well below its IPO price in October 2012 of C$4.85
per share.
During August 2016, Ivanhoe announced additional drilling
results from its new Kakula discovery on the Kamoa joint venture in
the Democratic Republic of Congo including exceptional intercepts
of between 6% to 11% copper over more than 6 metres width. Ivanhoe
has suggested that Kakula is substantially richer, thicker and more
consistent than the mineralisation found elsewhere on the Kamoa
Project and is likely to change its planning for the development of
the Kamoa Project.
An independent Mineral Resource estimate for the Kakula
discovery, expected around the end of the third quarter of 2016,
has the potential to significantly increase resources at Kamoa,
which with approximately 24 million tonnes of contained copper, is
already the world's largest high-grade copper deposit. The Kakula
resource when received would be expected to be incorporated into a
revised feasibility study plan for Kamoa.
On 29 August 2016, Ivanhoe announced that it was planning to
seek strategic advice at the project and corporate levels in
response to unsolicited interest that the company and its projects
have received in recent months.
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
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