BSRT Baker Steel Resources Trust Limited

 

TIDMBSRT 
 
RNS Number : 8833O 
Baker Steel Resources Trust Ltd 
06 July 2010 
 

 
 
 
BAKER STEEL RESOURCES TRUST LIMITED 
(Incorporated in Guernsey with registered number 51576 under the provisions of 
The Companies (Guernsey) Law, 2008 as amended) 
 
 
30 June 2010 NAV Statement 
Net Asset Values 
Baker Steel Resources Trust Limited ("the Company") announces its Net Asset 
Value per share as at 30 June 2010: 
Net asset value per Ordinary share:                   95.5 pence 
During the month the NAV fell by -5.3% partly as a result of a reduction in the 
carrying value of Ferrous Resources and partly due to a strengthening in the 
value of the pound against the US dollar and Canadian dollar in which the 
majority of the Portfolio's assets are denominated. 
The Company has a total of 66,023,089 Ordinary Shares and 13,204,594 
Subscription Shares in issue. 
Portfolio update 
No sales or purchases were made during the month. 
The Company is 63% invested with the top five shareholdings as follows as a 
percentage of NAV: 
+-------------------------------------+------------+ 
| Ferrous Resources Limited           |      19.5% | 
+-------------------------------------+------------+ 
| Ivanhoe Nickel and Platinum Limited |      18.1% | 
|                                     |            | 
+-------------------------------------+------------+ 
| Gobi Coal & Energy Limited          |      11.0% | 
+-------------------------------------+------------+ 
| Copperbelt Minerals Limited         |       5.7% | 
+-------------------------------------+------------+ 
| First Coal Corporation              |       3.5% | 
+-------------------------------------+------------+ 
| Other Investments                   |       4.8% | 
+-------------------------------------+------------+ 
| Net Cash                            |      37.4% | 
+-------------------------------------+------------+ 
 
 
Update on Investments 
Ferrous Resources Limited ("Ferrous") 
On 2 June 2010, Ferrous announced that it had decided to postpone its Initial 
Public Offering "in the light of unfavourable market conditions". The Board of 
the Company therefore considered it appropriate to review the carrying value of 
Ferrous in the Portfolio. Due to the size and spread of shareholders, "grey 
market" trading in Ferrous is reasonably liquid and the Investment Manager is 
aware of a transaction in a sizeable tranche of shares being executed at 
US$3.00/share subsequent to the news of the postponed IPO. In order to reflect 
the current fair value of Ferrous shares in the Portfolio, it has been decided 
to impair the carrying value from US$3.50/share to US$3.00/share. This is 
reflected in a -3% fall in Net Asset Value of the Company. The Investment 
Manager is engaging with Ferrous management to ascertain their revised plans for 
the company and when a revised liquidity event might be anticipated. 
BacTech Mining Corporation ("BacTech") 
In April 2010, the Company acquired C$500,000 worth of subscription receipts in 
BacTech Gold Corporation, a subsidiary of BacTech formed to exploit gold mining 
opportunities utilising BacTech's proprietary bioleaching technology. During 
June, this transaction was renegotiated and the Company has agreed to convert 
its subscription receipts directly into 10.25 million shares in BacTech with 
associated warrants on a one-for-one basis. BacTech is a Canadian company listed 
on the TSX Venture Exchange which aims to acquire mining projects with difficult 
to treat ore, whose value can be unlocked by the application of BacTech's 
proprietary bioleaching technology. 
Gobi Coal & Energy Limited ("Gobi") 
During the month the Investment Manager visited Gobi's operations in Mongolia. 
Development plans are well advanced and Gobi appears to be on course for a 
listing on the Hong Kong Stock Exchange in the first quarter of 2011. The recent 
site visit, supported by discussions with management, has led to the Investment 
Manager increasing its internal "risk-adjusted value" of Gobi, although an 
external event is required before this might be reflected in the carrying value. 
 
A quarterly report to 30 June 2010 with further information on the Company's 
investments is available on the Company's website 
www.bakersteelresourcestrust.com 
                                      Ends 
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 
 
 NAVKMGGNRVLGGZG 
 

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