Net Asset Value(s) (7785L)
August 04 2011 - 9:48AM
UK Regulatory
TIDMBSRT
RNS Number : 7785L
Baker Steel Resources Trust Ltd
04 August 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 August 2011
29 July 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 29
July 2011:
Net asset value per Ordinary share: 120.7 pence
Diluted net asset value per Ordinary share: 117.2 pence
During the month, the undiluted NAV per share rose by 3.2%,
largely due to an increase in the carrying value of First Coal
following its takeover offer by Xstrata.
The Company has a total of 66,033,061 Ordinary Shares and
13,194,622 Subscription Shares in issue.
Portfolio update
First Coal Corporation ("First Coal")
During July 2011, shareholders of First Coal received a cash
offer from Xstrata Coal Canada Limited ("Xstrata") to acquire 100%
of First Coal. The offer had limited conditions, was unanimously
recommended by the Board of First Coal and Xstrata had agreements
with over 50% of shareholders to accept the offer. It is therefore
considered highly likely that the offer will complete during August
2011, and accordingly the Company has increased its carrying value
of First Coal to the offer price.
The offer values the Company's interest in First Coal at C$13
million compared to a cost of C$5.22 million, representing a 149%
return on investment for the Company assuming the transaction
completes.
Metals Exploration plc ("Metals Exploration")
During July 2011, the Company invested GBP3.75 million in Metals
Exploration, an AIM listed company which owns the Runruno gold
project in the Philippines. This was part of a larger strategic
interest totalling approximately 25% of Metals Exploration acquired
by the Company and other funds managed by Baker Steel Capital
Managers LLP.
A feasibility study has been completed into a mine producing
approximately 100,000 ounces of gold per annum at Runruno and
following a period of significant corporate uncertainty, Metals
Exploration is now well positioned to finalise the financing of the
mine and commence development.
Gobi Coal & Energy Limited ("Gobi Coal")
Following the recent uplift in carrying value of Gobi Coal, the
Company has sold 19% of its position, representing a 111% return on
investment for the Company. Although Gobi Coal remains a core
holding of the Company as it moves towards an anticipated listing
later this year, increased investor interest provided an
opportunity to realise some profits and invest into other
opportunities.
The Company is fully invested with top 10 shareholdings as
follows as a percentage of NAV:
Ivanplats Limited 26.1%
Ferrous Resources Limited 13.1%
Gobi Coal & Energy Limited 12.9%
First Coal Corporation 10.4%
Ironstone Resources Limited 6.7%
Metals Exploration plc 6.5%
Silver China 5.3%
Bilboes Holdings 4.6%
Copperbelt Minerals Limited 4.1%
Polar Silver 3.9%
Other Investments 8.5%
Net Cash and Equivalents -2.1%
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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