Baker Steel Resources Trust Ltd Net Asset Value(s) (0299N)
August 04 2017 - 1:01AM
UK Regulatory
TIDMBSRT
RNS Number : 0299N
Baker Steel Resources Trust Ltd
04 August 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
4 August 2017
31 July 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 July 2017:
Net asset value per Ordinary Share: 53.0 pence
Since 30 June 2017 the NAV per share has increased by 3.1%
largely following a recovery in the listed share price of Ivanhoe
Mines on the Toronto Stock Exchange and the exercise of the
Company's option to acquire a further stake in SME Inc. as
explained in the June 2017 NAV statement.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 July
2017.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 29.0%
Ivanhoe Mines Limited 14.4%
Bilboes Gold Limited 11.6%
Cemos Group plc 7.1%
Metals Exploration plc 6.7%
SME Inc 4.9%
Black Pearl Limited Partnership 4.3%
Ironstone Resources Limited 4.1%
Nussir ASA 3.6%
China Polymetallic Mining Limited 2.2%
Other Investments 2.3%
Net Cash, Equivalents and Accruals 9.8%
Investment Update
Polar Acquisition Limited ("PAL")
During the month the Company sold 11% of its holding in PAL for
proceeds of GBP2.2 million. This sale was undertaken at the same
price as the carrying value at the end of June 2017 and therefore
had no effect on NAV. The sale enabled the Company to reduce its
investment in PAL to less than 30% of NAV and its shareholding in
PAL to 49.6% on a fully diluted basis, in line with its previously
announced intention. The Company expects to retain its current
holding in PAL until the time when Polymetal International plc's
option to acquire PAL's 90% interest in Polar Silver Resources
Limited can be exercised in March 2019.
Ivanhoe Mines Limited ("Ivanhoe")
On 31 July 2017 Ivanhoe released the results of an independent
definitive feasibility study for the planned first phase of its
Platreef platinum-group metal mine in South Africa. The first phase
of development envisages an annual throughput rate of four million
tonnes a year, producing 476,000 ounces of platinum, palladium,
rhodium and gold, plus 33 million pounds of nickel and copper for
32 years. The feasibility study envisages pre-production capital
costs of US$1.5 billion with an operating cost of US$739 /oz, which
falls to US$326/oz after taking into account nickel and copper
bi-product credits. The economic results of the feasibility study
give a post-tax net present value (8%) of US$916 million and an
internal rate of return of 14.2%.
Although the projected operating cost would put the Platreef
mine at the bottom of the cost curve, the loading of the bulk of
capital costs onto the first phase of development has adversely
affected the headline economic results. Should Ivanhoe proceed with
expansion up to a throughput of 12 million tonnes per annum, this
should lead to much greater capital efficiency and accordingly
enhanced financial returns.
During July 2017 the share price of Ivanhoe increased 18% on the
Toronto Stock Exchange.
Nussir ASA ("Nussir")
During July 2017, Nussir undertook a rights issue of NOK12
million (GBP1.2 million) to fund the next stage of feasibility work
at its Nussir/Ulveryggen copper project in Norway following its
positive pre-feasibility study published in December 2016. The
Company participated in the rights issue, which was undertaken at
an 8% premium to the Company's carrying value at the end of June
2017 and accordingly this has been adjusted at 31 July 2017.
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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