Baker Steel Resources Trust Ltd Net Asset Value(s) (0551R)
December 07 2016 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 0551R
Baker Steel Resources Trust Ltd
07 December 2016
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 December 2016
30 November 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 November 2016:
Net asset value per Ordinary Share: 42.8 pence
Since 31 October 2016, the NAV per share has increased by 0.5%.
A rise in the share price of Ivanhoe Mines on the Toronto Stock
Exchange slightly outweighed the movement of the Sterling exchange
rate against the US and Canadian Dollars.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 30 November
2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 27.5%
Bilboes Gold Limited 15.9%
Metals Exploration plc 13.2%
Ivanhoe Mines Limited 12.7%
Cemos Group plc 7.3%
Black Pearl Limited Partnership 5.6%
Ironstone Resources Limited 5.1%
Nussir ASA 3.7%
China Polymetallic Mining Limited 3.2%
Gobi Coal & Energy Limited 2.7%
Other Investments 3.0%
Net Cash, Equivalents and Accruals 0.1%
Polar Silver Resources Limited ("Polar Silver")
At the beginning of December 2016, the reorganisation of the
Polar Silver group, announced in June 2016, was completed. This
entailed a conversion of the debt that the Company held in Polar
Silver and its 100% owned Russian subsidiary, Argentum, which was
immediately followed by the acquisition of Polar Silver for shares
by a newly formed holding company Polar Acquisitions Limited
("PAL"). As a result of this reorganisation, the Company now holds
a 64% interest in PAL which in turn owns 100% of Polar Silver.
Argentum holds a 50 per cent. indirect interest in the Prognoz
silver project, 444km north of Yakutsk in Russia ("Prognoz"). An NI
43-101 compliant report by independent consultants Micon
International Limited ("Micon") in July 2009 estimated an indicated
resource of 5.86 million tonnes of ore grading 773 g/t silver
containing 146 million ounces silver and inferred resources of 9.64
million tonnes of ore grading 473g/t silver containing 147 million
ounces silver. An NI 43-101 compliant preliminary economic
assessment by Micon envisages a mine producing an average of 13
million ounces of silver per annum over a 16-year mine life.
In a separate transaction on 14 November 2016, Nord Gold SE
announced that it had sold its 50% stake in Prognoz for US$30
million in cash plus a royalty over future production revenue from
the Prognoz License Area. The amount receivable under the royalty
is capped at a total of US$40 million. This sale was to a
subsidiary of Baker Steel Capital International Limited (Cayman),
part of the Baker Steel Group, which provides investment management
services to its discretionary clients.
These developments will facilitate the recommencement of
fieldwork on the Prognoz project in the New Year towards the
completion of a bankable feasibility study.
As the reorganisation of the Polar Silver group had not been
completed by November 2016 month end, the carrying value of the
Company's interest in Polar Silver remained unchanged at 30
November 2016. The Company will review the valuation during
December 2016 and any change will be incorporated in the 30
December 2016 NAV.
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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