Net Asset Value(s) (6109N)
September 05 2011 - 5:26AM
UK Regulatory
TIDMBSRT
RNS Number : 6109N
Baker Steel Resources Trust Ltd
05 September 2011
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 September 2011
31 August 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
August 2011:
Net asset value per Ordinary share: 118.7 pence
Diluted net asset value per Ordinary share: 115.5 pence
During the month, the undiluted NAV per share fell by 1.7%,
largely due to a fall in the share prices of the listed part of the
Company's portfolio during the recent market turbulence.
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 August, the acquisition of First Coal by Xstrata Coal was
completed as expected. The Company made a profit of C$7.78 million
on its total investment in First Coal of C$5.22 million. This
represents a 149% return on investment for the Company over a 16
month period.
The Company held 8.3% of net assets in cash and equivalents at
the end of August, due to the realisation of the First Coal
investment. The cash balance is expected to be reduced shortly due
to a planned new investment, where the Company is currently in the
process of documentation.
The Company is 91.7% invested with top 10 shareholdings as
follows as a percentage of NAV:
Ivanplats Limited 26.9%
Ferrous Resources Limited 13.5%
Gobi Coal & Energy Limited 13.3%
Ironstone Resources Limited 6.7%
Metals Exploration plc 5.5%
Silver China 5.4%
Bilboes Holdings 4.7%
Copperbelt Minerals Limited 4.2%
Polar Silver 4.2%
South American Ferro Metals 3.0%
Other Investments 4.3%
Net Cash and Equivalents 8.3%
Ferrous Resources Limited ("Ferrous")
On 29 August 2011, Ferrous was awarded an Installation Licence
for a railway loading terminal at its Viga iron ore mine in Brazil.
The terminal will enable initial production from the Viga mine to
be transported to port and will later be augmented by the
construction of a pipeline to its own port.
During 2011, Ferrous has made a series of positive announcements
regarding the permitting requirements for its planned integrated
mine, pipeline and port development in Brazil with a targeted
production of 62 million tonnes of iron ore by 2016. The project
appears to have good momentum on the ground although we await an
announcement of how the development will be financed.
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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