Net Asset Value(s) (7881H)
June 03 2011 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 7881H
Baker Steel Resources Trust Ltd
03 June 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 June 2011
31 May 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 31
May 2011:
Net asset value per Ordinary share: 116.4 pence
Diluted net asset value per Ordinary share: 113.7 pence
During the month, the undiluted NAV per share rose by 14%
largely attributable to increases in the carrying values of Gobi
Coal, Ivanplats Limited and First Coal Corporation.
The Company has a total of 66,033,061 Ordinary Shares and
13,194,622 Subscription Shares in issue.
Portfolio update
Gobi Coal & Energy Limited ("Gobi")
Following recent significant "grey" market trading activity, the
Directors have increased the carrying value of Gobi adding
approximately 8.2% to the Company's NAV. There is increasing
interest in Gobi following the completion of a positive feasibility
study on the first of its Mongolian coking coal projects and as
Gobi moves towards production and a prospective listing later this
year.
Ivanplats Limited ("Ivanplats")
On 26 May 2011, the shareholders of Ivanplats approved a
reorganisation in anticipation of an IPO on a major international
stock exchange. The reorganisation included a change of name from
Ivanhoe Nickel & Platinum Limited to Ivanplats Limited, and an
effective "lock-up" of all existing shares of Ivanplats until after
its IPO. The "grey" market for trading Ivanplats shares therefore
essentially closed on 26 May 2011, although earlier in the month
there had been significant trades in Ivanplats shares.
The Company has increased its carrying value of Ivanplats by
20.7% to reflect the price at which the significant trades were
transacted prior to the closure of the "grey" market.
First Coal Corporation ("First Coal")
The Directors have reviewed the carrying value of the holding in
First Coal in the light of recent corporate activity on the same
coal district as First Coal's properties. Accordingly the Company's
carrying value has been increased by 77% adding approximately 3.1%
to the NAV.
The Company is 94.8% invested with top 10 shareholdings as
follows as a percentage of NAV:
Ivanplats Limited 27.1%
Gobi Coal & Energy Limited 16.6%
Ferrous Resources Limited 13.6%
First Coal Corporation 7.4%
Ironstone Resources Limited 6.8%
Silver China 5.5%
Copperbelt Minerals Limited 4.3%
Polar Silver 4.0%
South American Ferro Metals
Limited 3.8%
Forbes & Manhattan Coal Corporation 2.8%
Other Investments 2.9%
Net Cash and Equivalents 5.2%
Update on Investments
Copperbelt Minerals Limited ("Copperbelt")
In September 2010, Copperbelt signed a sale deed with China
Africa Development Fund ("CAD Fund") whereby CAD Fund would
purchase substantially all the assets of Copperbelt for US$281.9
million. This transaction was subject to a number of conditions
precedent, including consent by the government of the Democratic
Republic of Congo, which needed to be satisfied by 31 May 2011.
Prior to 31 May 2011, Copperbelt informed CAD Fund that they did
not intend to renew the sale deed on the same terms beyond 31 May
2011 if the relevant approvals were not forthcoming, given the
significant increase in valuations for Central African copper
projects seen during the past 9 months.
Copperbelt has stated that it has a commitment from one
potential new investor to an investment of US$35 million, such
investment being at a premium to the CAD Fund transaction price,
subject to the successful outcome of ongoing discussions between
Copperbelt and its joint venture partner, Gecamines.
The Company currently holds Copperbelt at a discount to the CAD
Fund transaction price and will keep the carrying value of the
investment under review pending developments and conclusion of any
funding.
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
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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