TIDMBSRT 
 
RNS Number : 5992M 
Baker Steel Resources Trust Ltd 
26 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) 
 
 
Update to Shareholders regarding Ferrous Resources: 
 
As highlighted at launch, substantially all the non-cash assets of Baker Steel 
Resources Trust Limited (the "Company") were acquired as a package, pursuant to 
a reorganisation of Genus Capital Fund, defined in the Company's Prospectus 
dated 31 March 2010 as the "Initial Portfolio". The Initial Portfolio included a 
holding in Ferrous Resources Limited ("Ferrous") which represented 20.95% of the 
Company's gross assets at 30 April 2010, immediately following the transaction. 
The Company's 30 April 2010 NAV Statement detailed the Company's top 
shareholdings, including the Ferrous position at 21.7% of net asset value. 
 
As set out in the Prospectus, individual investments are limited to no more than 
20% of the Company's gross assets at the time of acquisition. As such the 
Investment Manager will reduce the position in Ferrous to no more than 20% of 
gross assets as soon as is reasonably practicable. 
 
Ferrous has formally announced its intention to float on the London Stock 
Exchange (Ferrous press release dated 17 May 2010). Ferrous stated that it 
intends to raise gross proceeds of approximately US$350m to US$400m from the 
issue of new shares.  Subject to market conditions, the Ferrous float is 
expected to take place in June 2010. 
 
The proposed IPO of Ferrous should facilitate the reduction of the Company's 
holding in the stock. The holding in Ferrous is not subject to any holding 
period or other selling restrictions associated with the proposed listing. 
 
Updates on the Company's holding in Ferrous will be provided in the normal 
course of business in the Monthly NAV Statement, although any significant 
changes will be reported promptly. 
 
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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