BSRT Baker Steel Resources Trust Limited

 

TIDMBSRT 
 
RNS Number : 6027L 
Baker Steel Resources Trust Ltd 
10 May 2010 
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, 
CANADA, AUSTRALIA OR JAPAN 
 
 
BAKER STEEL RESOURCES TRUST LIMITED 
(Incorporated in Guernsey with registered number 51576 under the provisions of 
The Companies (Guernsey) Law, 2008 as amended) 
 
 
                          30 April 2010 NAV Statement 
Net Asset Values 
Baker Steel Resources Trust Limited ("the Company") announces its net asset 
value per share as at 30 April 2010: 
Net asset value per share - undiluted: 97.9 pence 
Portfolio update 
On 28 April 2010 the Company acquired the majority of the assets of Genus 
Capital Fund as set out in the Prospectus issued by the Company dated 31 March 
2010. Subsequently, the Company acquired additional shareholdings in Ivanhoe 
Nickel and Platinum Limited and Gobi Coal & Energy Limited from Genus Dynamic 
Gold (a fund managed by the same Manager and Investment Manager as that of the 
Company). The acquisition price paid per share by the Company for each of these 
two investments was the same as the price paid per share to Genus Capital Fund 
for these shareholdings. 
As a result of the above transactions the Company is 60% invested with top 5 
shareholdings as follows: 
Ferrous Resources Limited                                           21.7% 
Ivanhoe Nickel and Platinum Limited                            17.3% 
Gobi Coal & Energy Limited                                         7.7% 
Copperbelt Minerals Limited                                         5.4% 
First Coal Corporation                                                  3.4% 
Other Investments                                                         4.8% 
Cash 
39.7% 
 
The Company has a total of 66,023,089 Ordinary Shares and 13,204,594 
Subscription Shares in issue. 
On 7 May 2010 an announcement was made by Zijin Mining Limited, a company listed 
on the Hong Kong Stock Exchange, that it had entered into an agreement to 
acquire all of the assets of Copperbelt Minerals Limited ("Copperbelt") at a 
cash purchase price of approximately US$26.55 per share. Copperbelt's primary 
asset is its interest in the Deziwa copper-cobalt project in the Democratic 
Republic of Congo. The transaction is subject to a number of conditions 
precedent being met and it is expected to close no later than 10 June 2010. 
Assuming the transaction is completed as announced, this represents a 32.75% 
premium to the current carrying value of the Company's investment in Copperbelt 
and would add 1.7 pence (1.78%) to the NAV per share. 
 
 
Enquiries: 
 
Baker Steel Resources Trust Limited 
Trevor Steel                                               +44 20 7389 8290 
 
Winterflood Investment Trusts 
Robert Peel/James Moseley                       +44 20 3100 0291/0250 
 
RBC Capital Markets 
Martin Eales                                               +44 20 7653 4000 
 
 
 
This announcement is not for distribution directly or indirectly in or into the 
United States, Canada, Australia or Japan.  This announcement does not 
constitute an offer to sell or issue or the solicitation of an offer to buy or 
acquire Ordinary Shares or Subscription Shares in the capital of Baker Steel 
Resources Trust Limited in the United States, Canada, Australia or Japan or any 
jurisdiction in which such an offer or solicitation is unlawful.  The Ordinary 
Shares and Subscription Shares in Baker Steel Resources Trust Limited have not 
been and will not be registered under the United States Securities Act and may 
not be offered or sold within the United States absent registration or an 
exemption from registration.  No public offering of securities will be made in 
the United States, Canada or Australia or Japan. 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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