Baker Steel Resources Trust Ltd Edison update on Baker Steel Resources Trust
March 02 2020 - 9:22AM
RNS Non-Regulatory
TIDMBSRT
Baker Steel Resources Trust Ltd
02 March 2020
London, UK, 2 March 2020
Edison issues update on Baker Steel Resources Trust (BSRT)
Baker Steel Resources Trust (BSRT) offers a unique approach to
investment in the natural resources sector, with early-stage
(pre-IPO) engagement and specialist listed opportunities. In FY19,
BSRT posted a solid NAV return of c 30%, driven by the revaluations
of unlisted holdings and Polymetal's share price increase. It
reduced its Polymetal position to finance a share tender offer and
a GBP5m investment in Tungsten West. Management aims to maintain
this momentum in FY20 with handful of potential NAV triggers as
holdings move along the development curve and hence increase in
value.
BSRT has outperformed both global mining and broad market
indices over three years, with a NAV return of c 15.6% pa. However,
the shares currently trade at a c 30% discount to NAV. It opted for
share buybacks to distribute realised gains.
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