Portfolio update and potential issue of equity (6424G)
May 16 2011 - 5:00AM
UK Regulatory
TIDMBSRT
RNS Number : 6424G
Baker Steel Resources Trust Ltd
16 May 2011
BAKER STEEL RESOURCES TRUST LIMITED ("the Company")
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
16 May 2011
Portfolio update and potential issue of equity
As at 28 April, the Company was 92.5% invested. A further
investment to which the Company has recently committed would take
this to approximately 97% invested.
In addition it is noted that Ivanhoe Nickel and Platinum Limited
("Ivanplats") which represented 25.3% of the Company's NAV at the
end of April, has convened a shareholder meeting to approve a
reorganisation ahead of a planned IPO. Speculation in the media has
suggested that a potential IPO for Ivanplats could be at a
substantial premium to the Company's current carrying value. This
would increase further the percentage of the Company's portfolio
represented by Ivanplats.
As part of the proposed reorganisation of Ivanplats, the
Company's holding would be subject to a lock-up period. The Company
is therefore considering the possibility of an issue of equity in
order to facilitate portfolio diversification as well as to take
advantage of a pipeline of new investment opportunities currently
being considered by the Investment Manager.
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
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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