Baker Steel Resources Trust Ltd Net Asset Value(s) (3548K)
July 07 2017 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 3548K
Baker Steel Resources Trust Ltd
07 July 2017
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 2017
30 June 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 June 2017:
Net asset value per Ordinary Share: 51.4 pence
Since 31 May 2017 the NAV per share has increased by 4.9%
following a recovery in the listed share prices of Ivanhoe Mines
and Metals Exploration, and the mid-year revaluation of certain of
the unlisted investments in the portfolio.
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 June
2017.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 34.2%
Ivanhoe Mines Limited 12.3%
Bilboes Gold Limited 12.1%
Cemos Group plc 7.3%
Metals Exploration plc 6.9%
Black Pearl Limited Partnership 4.5%
Ironstone Resources Limited 4.2%
SME Inc 3.7%
Nussir ASA 3.1%
China Polymetallic Mining Limited 2.3%
Other Investments 2.4%
Net Cash, Equivalents and Accruals 7.0%
Investment Update
The Company has carried out its normal half yearly review of
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. The Investment Manager
maintains an index of comparable listed companies for each unlisted
investment, in order to quantify how the share price of a
particular unlisted stock might have moved during the period had it
been listed. In accordance with this assessment the carrying value
of Cemos has been increased by 10% and that of Gobi Coal decreased
40%.
During March 2017, the Company invested US$500,000 in SME Inc
("SMEI"), which holds a potash exploration licence in the Republic
of Congo. The results of the first exploration well on the project
have been sufficiently encouraging for the largest shareholder in
SMEI to trigger its option to fund the pre-feasibility study for
the project at a cost of approximately US$15 million. The valuation
for the funding of the pre-feasibility is such that the Company's
interest would be valued at US$2.88 million and accordingly the
carrying value has been adjusted to this level. In addition, the
Company has exercised an option to acquire additional shares in
SMEI at a cost of US$250,000 which is expected to be completed
during July 2017. These additional shares would be valued at
US$1.12m on the same basis and will be reflected in the NAV on
completion.
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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