Net Asset Value(s) (7129A)
February 04 2011 - 6:59AM
UK Regulatory
TIDMBSRT
RNS Number : 7129A
Baker Steel Resources Trust Ltd
04 February 2011
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
4 February 2011
31 January 2011 NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited ("the Company") announces
its net asset value per share as at 31 January 2011:
Net asset value per Ordinary share: 101.0 pence
During the month the NAV per share rose 4.2% mainly as result of
an increase in the carrying value of Ivanplats albeit partly offset
by the strength of Sterling against the US and Canadian Dollars, in
which the majority of the portfolio's investments are
denominated.
The Company has a total of 66,030,632 Ordinary Shares and
13,197,051 Subscription Shares in issue.
Portfolio update
During January the Company made a US$6 million investment in a
company which holds an interest in a Russian silver project with
substantial mineral resources under JORC guidelines ("Silver
Russian"). The Company is currently under confidentiality
provisions whilst Silver Russian progresses towards a listing,
anticipated through a reverse takeover.
As a result of placings of new shares by Ivanhoe Nickel and
Platinum Ltd ("Ivanplats") in December and January, together with
significant trading in the "grey" market in its shares during
January, the Board has decided to increase the carrying value of
Ivanplats by 37.1%, which after taking into account exchange
differences, resulted in a 5.6% increase in the NAV.
The Company is 86.1% invested with the top shareholdings as
follows as a percentage of NAV:
Ivanhoe Nickel and Platinum
Limited 22.0%
Ferrous Resources Limited 17.2%
Gobi Coal & Energy Limited 9.7%
Ironstone Resources Limited 7.5%
Silver Russian 5.6%
Copperbelt Minerals Limited 5.0%
South American Ferro Metals
Limited 4.7%
Forbes & Manhattan Coal Corporation 4.7%
First Coal Corporation 4.0%
Other Investments 5.7%
Net Cash and equivalents 13.9%
Update on Investments
Forbes & Manhattan Coal Corporation ("Forbes Coal")
On 27 January 2011, Forbes Coal announced the raising of C$36
million through at C$4.55 per share. This compares with the C$2.80
per share that the Company subscribed at, in July 2010. Forbes Coal
intends to use the proceeds from the offering to repay its
outstanding vendor note from the acquisition of its assets, and for
expansion capital expenditure at its Magdalena and Aviemore coal
mines in South Africa.
Ferrous Resources Limited ("Ferrous")
On 30 December 2010, Ferrous was granted an installation license
for the Viga Mine, in Minais Gerais state, Brazil. This is a key
step towards the development of the mine.
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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