TIDMBSRT 
 
RNS Number : 6390V 
Baker Steel Resources Trust Ltd 
04 November 2010 
 

 
 
 
                      BAKER STEEL RESOURCES TRUST LIMITED 
 (Incorporated in Guernsey with registered number 51576 under the provisions of 
                 The Companies (Guernsey) Law, 2008 as amended) 
 
                                                                 4 November 2010 
29 October 2010 NAV Statement 
Net Asset Values 
Baker Steel Resources Trust Limited ("the Company") announces its net asset 
value per share as at 29 October 2010: 
Net asset value per Ordinary share:                   92.1 pence 
During the month the NAV per share fell 1.71% largely reflecting the continued 
strength of Sterling, in particular against the US Dollar in which the majority 
of the portfolio's assets are denominated. 
The Company has a total of 66,030,632 Ordinary Shares and 13,197,051 
Subscription Shares in issue following the exercise of 7,543 Subscription Shares 
at the end of September. 
Portfolio update 
During October, the Company made a further investment in South American Ferro 
Metals ("SAFM") as part of the A$15 million placing being undertaken concurrent 
to its reverse takeover by Australian Stock Exchange ("ASX") listed Riviera 
Resources Limited.  The placing was oversubscribed and the new shares together 
with the shares issued as a result of the acquisition of SAFM are due to list on 
the ASX on 8 November 2010 under the symbol SFZ. 
The new shares issued pursuant to the SAFM acquisition comprise ordinary shares 
and three categories of unlisted performance share which will convert to 
ordinary shares on SAFM meeting various project milestones on its Ponto Verde 
iron ore project in Brazil. It is expected that the A$15 million raised will 
provide sufficient funding to enable SAFM to satisfy these project milestones. 
As the performance shares are unlisted and their conversion into ordinary shares 
is conditional, each of the three classes of performance share will be carried 
at discounted values to the ordinary shares. The revaluation of the Company's 
interest in SAFM will result in an increase of approximately 1% in the Company's 
NAV based on the placing price. Thereafter a full unlocking of value will only 
occur on conversion of the performance shares, which is expected over a 6-18 
month period. 
The Company is 67.6% invested with the top shareholdings as follows as a 
percentage of NAV: 
+-------------------------------------+------------+ 
| Ferrous Resources Limited           |      18.9% | 
+-------------------------------------+------------+ 
| Ivanhoe Nickel and Platinum Limited |      17.6% | 
|                                     |            | 
+-------------------------------------+------------+ 
| Gobi Coal & Energy Limited          |      10.6% | 
+-------------------------------------+------------+ 
| Copperbelt Minerals Limited         |       5.5% | 
+-------------------------------------+------------+ 
| First Coal Corporation              |       4.3% | 
+-------------------------------------+------------+ 
| South American Ferro Metals Limited |       4.2% | 
+-------------------------------------+------------+ 
| Forbes & Manhattan Coal Corporation |       3.5% | 
+-------------------------------------+------------+ 
| Other Investments                   |       3.0% | 
+-------------------------------------+------------+ 
| Net Cash and equivalents            |      32.4% | 
+-------------------------------------+------------+ 
 
Update on Investments 
Gobi Coal & Energy Limited ("Gobi") 
During the month Gobi undertook a private placing of shares at US$5 per share 
compared to the Company's carrying value of US$2 per share. However, as this 
placing amounted to less than 2% of Gobi's issued share capital, the Company's 
carrying value remains unchanged in accordance with its valuation policy. 
 
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 
 
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 
 
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