Net Asset Value(s) (1304G)
May 06 2011 - 9:59AM
UK Regulatory
TIDMBSRT
RNS Number : 1304G
Baker Steel Resources Trust Ltd
06 May 2011
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 May 2011
28 April 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
April 2011:
Net asset value per Ordinary share: 102.1 pence
Diluted net asset value per Ordinary share: 101.7 pence
During the month, the undiluted NAV per share fell by 3.9%
largely attributable to the increase in the exchange rate of
Sterling against both the US Dollar (3.8%) and Canadian Dollar
(1.5%), in which the majority of the Company's holdings are
denominated, and a decrease in the share price of some of the
listed companies in the portfolio.
The Company has a total of 66,033,061 Ordinary Shares and
13,194,622 Subscription Shares in issue following the exercise of
2,429 Subscription Shares at the end of March.
Portfolio update
'Silver China'
During the month, the Company made a US$7million investment in
'Silver China'. 'Silver China' is a private company, which has an
interest in a significant silver-lead-zinc deposit in Southwest
China, where a mine is under construction with first production
expected later this year. The Company is precluded from disclosing
the identity of 'Silver China' or providing further details, until
a prospectus is issued, as 'Silver China' is currently considering
a listing.
Ferrous Resources Limited ("Ferrous")
During April, the Company completed the sale of 410,000 shares
of Ferrous. As announced on 26 May 2010, this sale was required as
on the acquisition of the initial portfolio of assets immediately
following the Company's listing, the position in Ferrous
represented 20.95% of gross assets, above the 20% limit set out in
the Company's prospectus. The sale was agreed last year but
completion was delayed due to the purchaser requiring certain
approvals from the Chinese authorities.
First Coal Corporation ("First Coal")
The Company exercised its warrants in First Coal which were due
to expire shortly. Following this exercise the Company holds an
8.6% interest in First Coal.
The Company is 92.5% invested with top 10 shareholdings as
follows as a percentage of NAV:
Ivanhoe Nickel and Platinum
Limited 25.3%
Ferrous Resources Limited 15.3%
Gobi Coal & Energy Limited 9.3%
Ironstone Resources Limited 7.9%
Silver China 6.2%
South American Ferro Metals
Limited 5.6%
Copperbelt Minerals Limited 4.8%
First Coal Corporation 4.8%
Silver Russian 4.5%
Forbes & Manhattan Coal Corporation 3.3%
Other Investments 5.5%
Net Cash and Equivalents 7.5%
The Company has therefore achieved its 90% target level of
investment as set out in the Company's prospectus. This is in line
with the Company's objective of achieving this within a year of
listing. A further investment in a private gold mining company is
planned to be completed shortly, which will further reduce the cash
holding.
Update on Investments
Ironstone Resources Ltd ("Ironstone")
Ironstone has recently completed a drilling programme at its
Clear Hills iron ore / vanadium project in Alberta, Canada, aimed
at extending the current NI 43-101 resource of 203 million tonnes
of iron ore. A total of 144 holes for 12,000 metres have been
drilled on 400 metre by 400 metre spacing and the core sent to the
laboratory for analysis. An updated NI 43-101 resource report has
been commissioned with SRK Consultants for completion in the third
quarter of 2011. In addition, excavation of a bulk sample pit has
successfully been completed with 10,000 tonnes of ore extracted for
pilot process trials under a management agreement with a global
process engineering firm.
South American Ferro Metals Limited ("SAFM")
SAFM has announced the appointment of Mr Philip Hopkins as Chief
Executive Officer. Mr Hopkins has over 30 years' experience in
senior operational, project and corporate roles. He was previously
General Manager of the Leonora Operations of St Barbara Limited in
Western Australia and prior to that worked for eight years at BHP
Billiton, most recently as Mine Manager of the 50Mtpa Yandi Iron
Ore Operation. This is a key appointment for SAFM as it moves
forward with a planned expansion of its Ponto Verde iron ore mine
in Brazil.
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
Lorna Spears +44 20 7861 3883
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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