BSRT Baker Steel Resources Trust Limited

 

TIDMBSRT 
 
RNS Number : 0010N 
Baker Steel Resources Trust Ltd 
03 June 2010 
 

 
 
 
BAKER STEEL RESOURCES TRUST LIMITED 
(Incorporated in Guernsey with registered number 51576 under the provisions of 
The Companies (Guernsey) Law, 2008 as amended) 
 
 
28 May 2010 NAV Statement 
Net Asset Values 
Baker Steel Resources Trust Limited ("the Company") announces its net asset 
value per share as at 28 May 2010: 
Net asset value per Ordinary share - undiluted: 100.8 pence 
Net asset value per Ordinary share - diluted: 100.7 pence 
During the month the NAV rose by 3.0% mainly as a result of the weakness of 
Sterling against the US Dollar and Canadian Dollar in which the majority of the 
portfolio is denominated. 
The Company has a total of 66,023,089 Ordinary Shares and 13,204,594 
Subscription Shares in issue. 
Portfolio update 
 
 
During May 2010, the Company acquired a further 2.2% stake in Gobi Coal and now 
holds 8.2% of that company. 
As a result of the above transaction the Company is 64.6% invested with the top 
5 shareholdings as follows as a percentage NAV: 
+-------------------------------------+------------+ 
| Ferrous Resources Limited           |     22.30% | 
+-------------------------------------+------------+ 
| Ivanhoe Nickel and Platinum Limited |     17.80% | 
|                                     |            | 
+-------------------------------------+------------+ 
| Gobi Coal & Energy Limited          |     10.70% | 
+-------------------------------------+------------+ 
| Copperbelt Minerals Limited         |      5.60% | 
+-------------------------------------+------------+ 
| First Coal Corporation              |      3.50% | 
+-------------------------------------+------------+ 
| Other Investments                   |      4.70% | 
+-------------------------------------+------------+ 
| Net Cash                            |     39.30% | 
+-------------------------------------+------------+ 
 
The Investment Manager continues to evaluate a number of new private investment 
opportunities and in addition, the recent "pull back" in the prices of listed 
equities has increased potential opportunities in the listed space. Further 
information on any significant new investments will be made following 
acquisition. 
 
 
Update on Investments 
Ferrous Resources Limited ("Ferrous") 
On 17 May 2010 Ferrous formally announced its intention to list its shares on 
the London Stock Exchange with a raising of US$350-$400 million sponsored by 
J.P. Morgan Cazenove. On 2 June 2010, Ferrous subsequently announced that it had 
decided to postpone the Initial Public Offering "in the light of unfavourable 
market conditions." It should be noted that the Company is holding its position 
in Ferrous at US$3.50 per share compared to its last fund raising in July 2008 
in which it raised US$451 million at US$4.50 per share. 
On 24 May 2010, Ferrous announced that the Minas Gerais state government has 
published a decree that the iron ore slurry pipeline which is planned to connect 
Ferrous' Viga property to its planned port in Espfrito Santo is 'in the public 
interest'. This is an important step in the development of Ferrous' pipeline 
infrastructure as it effectively allows the company to compulsorily acquire 
rights of way along the proposed pipeline route. 
On 24 May 2010, Ferrous also announced the signing of two non-binding Memoranda 
of Understanding covering the off-take of iron ore concentrate, bringing the 
total number of offtake MOUs it has signed in recent months to eight. 
Copperbelt Minerals Limited ("Copperbelt") 
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 at a cash purchase price of US$26.55 per 
share compared to the Company's current carrying value of US$20 per share. The 
transaction is subject to a number of conditions precedent being met, in 
particular the consent of the government of the Democratic Republic of Congo 
which is required to be obtained by 30 July 2010. 
Further information on the Company and its investments can be found on the 
Company's website www.bakersteelresourcestrust.com 
Enquiries: 
 
Baker Steel Resources Trust Limited +44 20 7389 8290 
Francis Johnstone 
 Trevor Steel 
 
Winterflood Investment Trusts +44 20 3100 0291/0250 
Robert Peel 
James Moseley 
 
RBC Capital Markets +44 20 7653 4000 
Martin Eales 
 
Pelham Bell Pottinger 
Damian Beeley +44 20 7861 3139 
Charles Vivian +44 20 7861 3126 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 NAVLIFVTRTIVIII 
 

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