Net Asset Value(s) (2865C)
March 03 2011 - 7:39AM
UK Regulatory
TIDMBSRT
RNS Number : 2865C
Baker Steel Resources Trust Ltd
03 March 2011
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
3 March 2011
28 February 2011 NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited ("the Company") announces
its net asset value and diluted net asset value per share as at 28
February 2011:
Net asset value per Ordinary share: 101.4 pence
Diluted net asset value per Ordinary share: 101.2 pence
During the month the NAV per share rose 0.4% with strong
performance from Australian Stock Exchange listed South American
Ferro Metals Limited being partially offset by the continued
strength of Sterling against the US Dollar (which appreciated
1.5%), in which the largest 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
Silver Russian
During February, the Company sold US$900,000 of its recently
acquired interest in Silver Russian to a Russian investor who it is
anticipated will be able to assist in optimising value realisation
from the investment. The sale was transacted at the same US dollar
price at which the Company invested, in January 2011, resulting in
a current net investment of US$5.1million.
Prospective Investments
A number of prospective investments are in the final stages of
negotiation and it is expected that the Company will be close to
being fully invested by the first anniversary of the listing of the
Company in April.
The Company is 85.8% invested with the top shareholdings as
follows as a percentage of NAV:
Ivanhoe Nickel and Platinum
Limited 21.6%
Ferrous Resources Limited 16.9%
Gobi Coal & Energy Limited 9.5%
Ironstone Resources Limited 7.8%
South American Ferro Metals
Limited 6.0%
Copperbelt Minerals Limited 4.9%
Silver Russian 4.7%
Forbes & Manhattan Coal Corporation 4.7%
First Coal Corporation 4.0%
Other Investments 5.7%
Net Cash and equivalents 14.2%
Update on Investments
Ivanhoe Nickel & Platinum ("Ivanplats")
During February, the Investment Manager made a site visit to
Ivanplats' Turfspruit, nickel, platinum, palladium, copper and gold
project on the northern limb of the Bushveld Igneous Complex in
South Africa. Drilling during 2010 has intersected high-grade
mineralisation over substantial widths and a flattening of the
Platreef mineralisation at depth. A NI 43-101 compliant resource
and technical report has been produced by independent consultants,
AMEC. Previously, the Investment Manager's emphasis with respect to
valuation has been on Ivanplats' world class copper discovery,
Kamoa, in the Democratic Republic of Congo but it is clear that
Turfspruit also has the potential to be a major project with
substantial value. Ivanplats is planning to expand and upgrade the
current resource at Turfspruit substantially, with 14 drill rigs on
site during February.
The Wall Street Journal reported in February that Ivanplats is
considering an IPO during 2011 with a possible valuation of around
US$5 billion. The Company increased its carrying value of Ivanplats
at the end of January 2011, in view of recent private placements
and significant secondary trading in the "grey market. The
Company's current carrying value would imply an enterprise value
for the whole of Ivanplats at just over US$1 billion.
South American Ferro Metals Ltd ("SAFM")
On 14 February 2011, SAFM announced that the commissioning of
the beneficiation plant at its Ponto Verde Iron Ore Mine in Brazil
had reached an advanced stage following the completion of its
refurbishment. Production is increasing steadily towards its design
rate of 60,000 tonnes per month.
On 28 February 2011, SAFM announced that the production
milestone for the A Class performance shares had been achieved and
accordingly these shares had been converted into ordinary shares.
This conversion, together with a 17% rise in the ordinary share
price, contributed to a 27.5% rise in the value of the Company's
position in SAFM and a 1.3% increase in NAV.
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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