Baker Steel Resources Trust Ltd Net Asset Value(s) (5356U)
January 19 2017 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 5356U
Baker Steel Resources Trust Ltd
19 January 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
19 January 2017
30 December 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 December 2016:
Net asset value per Ordinary Share: 47.9 pence
Since 30 November 2016, the NAV per share has increased by 11.9%
primarily as a result of the reorganisation of the Polar Silver
Group and subsequent revaluation.
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 December
2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Acquisition Ltd 37.9%
Bilboes Gold Limited 13.6%
Ivanhoe Mines Limited 11.4%
Metals Exploration plc 10.0%
Cemos Group plc 6.8%
Black Pearl Limited Partnership 5.1%
Ironstone Resources Limited 4.5%
Nussir ASA 3.5%
China Polymetallic Mining
Limited 2.4%
Archipelago Metals Limited 2.4%
Other Investments 1.5%
Net Cash, Equivalents and
Accruals 0.9%
Polar Acquisition Limited ("PAL")/ Polar Silver Resources
Limited ("Polar Silver")
As announced in the November NAV statement, the reorganisation
of the Polar Silver Group was completed in early December 2016.
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 issued by a newly formed holding company Polar Acquisition
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 owns 50% of the Prognoz silver project.
Following this conversion into equity, the Investment Manager
and the Board have considered the carrying value of the Company's
interest in PAL, with reference to recent transactions including
the sale by Nord Gold of the other 50% of Prognoz, announced in
November 2016. The resulting carrying value of PAL has caused an
approximately 54% increase in the valuation of the Company's
indirect interest in the Prognoz silver project in Sterling
terms.
The interest in PAL now represents 37.9% of the Company's net
assets although it is the intention to reduce this percentage over
time.
Full Year Adjustments to Carrying Values
The Company has carried out its normal review of its unlisted
holdings, which it performs at the half-year and year-end. This
review takes into account general market movements in mining
equities, as well as specific factors, and an assessment of whether
these should impact the carrying values of its unlisted holdings.
In order to quantify how the share price of a particular unlisted
stock might have moved during the period had it been listed, the
Investment Manager maintains an index of comparable listed
companies for each unlisted investment.
As a result of the movement in its index, the carrying value of
Bilboes Gold has been reduced by 7.3% albeit Bilboes is still up
72% on the year in US Dollar terms following the 86% increase at
the end of June 2016. In addition, following recent transactions,
the carrying value of Gobi Coal was reduced by 50% in US Dollar
terms and Nussir was increased 6% in Norwegian Krone.
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
NAVMMGMMVRZGNZM
(END) Dow Jones Newswires
January 19, 2017 02:00 ET (07:00 GMT)
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Apr 2024 to May 2024
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From May 2023 to May 2024