Baker Steel Resources Trust Ltd Net Asset Value(s) (2904V)
August 06 2020 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 2904V
Baker Steel Resources Trust Ltd
06 August 2020
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 August 2020
31 July 2020 Unaudited NAV Statement
Net Asset Value ("NAV")
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 July 2020:
Net asset value per Ordinary Share: 75.5 pence
The NAV per share decreased by 2.2% against the NAV per share at
30 June 2020, primarily due to Sterling rising over 6% against the
US Dollar in which around half the Company's investments are
denominated, outweighing some strong rises in the listed precious
metals portion of the portfolio which rose approximately 28% during
the month.
Th e Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 July 2020
.
Portfolio Update
The Company's top 12 investments at 31 July 2020 were as follows
as a percentage of NAV:
Bilboes Gold Limited 20.7%
Futura Resources Ltd 16.2%
Polar Acquisition Ltd 11.0%
Cemos Group plc 9.0%
Tungsten West Limited 8.2%
Anglo Saxony Mining Limited 4.4%
Azarga Metals Corp 4.2%
Nussir ASA 4.0%
Mines & Metals Trading Peru PLC 3.9%
Black Pearl Limited Partnership 3.3%
Sarmin Minerals Exploration 2.6%
PRISM Diversified 1.9%
Listed Precious Metal Shares 7.6%
Other Investments 1.4%
Net Cash, Equivalents and Accruals 1.6%
Investment Update
Cemos Group PLC ("Cemos")
Despite the COVID19 pandemic, Cemos achieved a new monthly sales
record of 22,912 tonnes (t) of cement in June 2020, representing
92% of installed capacity at its Tarfaya plant in Morocco. In
addition, June Quarter sales of 51,484t of cement beat the previous
quarterly record. To date Cemos' operations have been largely
unaffected by the COVID19 pandemic with no cases recorded amongst
its staff, subcontractors or clients. However, in light of recent
increases in the reported infection levels in the Saharan regions
of Morocco, Cemos has implemented protocols aimed at minimising the
COVID19 risk.
Cemos is targeting 200,000t in cement sales and approximately
EUR25 million revenue for 2020, an increase of more than 60% over
2019. The company is continuing its investment program with the
installation of two additional 150t capacity cement silos in July
which will allow it to expand its product range to differing
strength cements, as well as preparations for the installation of a
second bag-packing unit, and expansion of the cement grinding
capacity. In addition, Cemos is considering the installation of a
clinker plant which will allow it to replace the currently imported
clinker, which is the main raw material for cement production, with
its own locally produced clinker. The company will also be pursuing
new resources licenses for limestone and oil shale in Tarfaya as
part of these developments and as part of its previous Letter of
Intent with the government for Tarfaya oil shale licenses.
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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