Baker Steel Resources Trust Ltd Net Asset Value(s) (7305O)
October 04 2019 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 7305O
Baker Steel Resources Trust Ltd
04 October 2019
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
4 October 2019
30 September 2019 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 September 2019:
Net asset value per Ordinary Share: 69.8 pence
The NAV per share has decreased by 1.3% against the NAV at 30
August 2019, primarily due to a fall in the share price of
Polymetal International Plc on the London Stock Exchange despite
entering the FTSE 100 share index.
The Company has a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 30 September
2019.
Portfolio Update
The Company's top 12 investments are as follows as a percentage
of NAV:
Futura Resources Ltd 16.5%
Bilboes Gold Limited 14.8%
Polymetal International Plc 13.8%
Cemos Group plc 10.6%
Polar Acquisition Ltd 9.1%
Sarmin Minerals Exploration 4.8%
Nussir ASA 4.5%
Mines & Metal Trading Peru PLC 4.4%
Anglo Saxony Mining Limited 3.8%
Black Pearl Limited Partnership 3.8%
Azarga Metals Corp 3.1%
Prism Diversified Ltd 3.0%
Other Investments 5.8%
Net Cash, Equivalents and Accruals 2.0%
Investment Update
Cemos Group PLC ("Cemos")
Cemos has reported the continued successful ramp up of its
Tarfaya cement plant in Morocco, reaching around 70% of its nominal
280,000 tonnes per year capacity. The operation is already
producing significant positive cashflow and Cemos expects to attain
full capacity by year end, at which point it is expected to be
generating EUR8-10 million EBITDA on an annual basis. On designing
its site infrastructure, Cemos left space for a second production
line which could double capacity, and this is already under
consideration.
The Company's interest in Cemos is held through a combination of
equity and convertible loan stock, on conversion of which the
Company would own approximately 31% of Cemos on a fully diluted
basis.
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 are set
out in the Company's Prospectus dated 26 January 2015.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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