Baker Steel Resources Trust Ltd Net Asset Value(s) (2255H)
April 05 2022 - 01:01AM
UK Regulatory
TIDMBSRT
RNS Number : 2255H
Baker Steel Resources Trust Ltd
05 April 2022
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 April 2022
31 March 2022 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 March 2022:
Net asset value per Ordinary Share: 97.5 pence
The NAV per share has increased by 7.1% against the unaudited
NAV at 28 February 2022, largely due to increases in the listed
portion of the portfolio (in particular that of Tungsten West Plc)
as well as partly due to the fall in the exchange rates of Sterling
during the month.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 28 February
2022.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 March 2022 31 December 2021
Futura Resources Ltd 19.4% 18.1%
Cemos Group plc 18.7% 18.6%
Tungsten West Plc 17.2% 14.7%
Bilboes Gold Limited 13.6% 13.1%
First Tin plc 7.8% 7.7%
Kanga Potash 4.2% 4.1%
Polar Acquisition Ltd 3.9% 7.5%
Nussir ASA 3.7% 3.6%
Silver X Mining Corporation 2.6% 2.8%
Azarga Metals Corp 1.4% 2.1%
Listed Precious Metal Shares 3.1% 3.2%
Other Investments 3.5% 3.3%
Net Cash, Equivalents and
Accruals 0.9% 1.1%
First Tin plc ("First Tin")
On 30 March 2022 First Tin plc published its Prospectus and
issued a formal Intention to Float on the London Stock Exchange.
The date of admission has been set for 8th April 2022 and the
company will trade under the ticker 1SN.
The Listing is to be accompanied by an Initial Public Offering
(IPO) totalling GBP20 million gross at a price of 30 pence per
share. This compares to the Company's current carrying value of
22.5p and an average cost of approximately 8 pence per share. As
the Company is the largest shareholder in First Tin with
approximately 25.8% of the shares prior to the IPO, our shares will
be locked-up for one year and accordingly they will be held at a
discount to the market price in the NAV at the end of April 2022 in
a similar way to our holding in Tungsten West Plc.
The listing and IPO are the key conditions precedent to the
acquisition by First Tin of the Taronga Tin Project in Australia
from ASX listed Aus Tin Mining Limited. The acquisition of Taronga
will add a third advanced tin project to First Tin's two advanced
stage tin projects in south-eastern Germany: Tellerhauser and
Gottesberg. The consideration for Taronga will be 60 million First
Tin shares, equivalent to 22.6% of First Tin following the IPO. The
proceeds of the IPO will be used to complete Definitive Feasibility
Studies on Tellerhauser and Taronga and further exploration on
Gottesburg.
Following the IPO and the acquisition of Taronga, there will 265
million First Tin Shares giving a market capitalisation at the IPO
of GBP79.5 million. The Company will be the second largest
shareholder with a 13.5% interest.
The IPO of First Tin will be an important step towards its aim
to become a leading western supplier of fully traceable and
verifiable tin units into those global industries which have a high
requirement for tin. Those industries include the electric vehicle,
renewable energy, energy storage, mobile telephony and
semi-conductor sectors which are currently experiencing strong
demand growth. The requirement for new sources of tin has become of
increasing interest to investors as evidenced recently by Cornish
Metals Inc's recent raising of GBP4 0.5 million, including a GBP25
million strategic investment by Sir Mick Davis' Vision Blue
Resources, to investigate the potential restart of the South Crofty
tin mine in Cornwall which closed in 1998.
Russian Interests
Following the 50% reduction in the carrying value of the
Company's interests in Russia no further adjustments to the
carrying values of Polar Acquisition Limited (PAL) and Azarga
Metals have been made at this time. Polymetal International plc
which will be due to start paying a royalty to PAL in around two
years time has not been the subject of targeted sanctions and
continues to operate normally. The interest in Azarga is held at a
value that is approximately the market value of the shares it would
receive should the Company exercise its option to convert its
convertible loan.
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.
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