30 Nov '11 NAV Statement (4586T)
December 06 2011 - 9:33AM
UK Regulatory
TIDMBSRT
RNS Number : 4586T
Baker Steel Resources Trust Ltd
06 December 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 December 2011
30 November 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 30
November 2011:
Net asset value per Ordinary share: 115.4 pence
Diluted net asset value per Ordinary share: 112.9 pence
During the month, the undiluted NAV per share rose by 2.0%
largely due to an increase in the carrying value of the Company's
holding in Copperbelt Minerals and a fall during November in the
exchange rate of Sterling against the US Dollar, the denomination
of the Company's largest investments.
The Company has a total of 66,033,061 Ordinary Shares and
13,194,622 Subscription Shares in issue.
Portfolio update
Copperbelt Minerals Limited ("Copperbelt")
During October 2011, Copperbelt raised US$7.1 million through a
deeply discounted rights issue to shareholders at US$8 per unit
comprising one share plus two one-year warrants to acquire shares
at US$21.50. The Company took advantage of this buying opportunity
and subscribed for its entitlement in the rights issue together
with additional shares not taken up by other shareholders. As a
result of this transaction, the Company wrote down its carrying
value at 28 October 2011 from US$20 per share to US$8 per share.
During November 2011, the Company sold a part of its ordinary
shareholding (retaining all warrants) to a third party at US$12 per
share and accordingly the carrying value has been increased to this
level. This has had an effect of increasing the NAV by 1.5% in
Sterling terms over the month.
The Company is 98.7% invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 28.6%
Ferrous Resources Limited 14.3%
Gobi Coal & Energy Limited 14.2%
Ironstone Resources Limited 6.8%
Black Pearl 5.8%
China Polymetallic Mining
Limited 5.7%
Bilboes Holdings 5.0%
Metals Exploration plc 4.6%
Polar Silver 4.6%
Copperbelt Minerals 3.1%
Other Investments 6.0%
Net Cash and Equivalents 1.3%
China Polymetallic Mining Limited ("CPM")
This investment has until now been disclosed as Silver China, as
investors had been precluded from revealing its identity due to an
embargo prior to its impending listing on the Hong Kong Stock
Exchange. During November 2011, CPM confirmed its intention to list
on the Hong Kong Stock Exchange with a planned listing date of 14
December 2011. The Company invested in CPM via a convertible bond
which will be automatically converted into equity on the listing
into such number of ordinary shares to guarantee a particular
minimum return on the listing price.
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
RBC Capital Markets +44 20 7653 4000
Martin Eales
Pelham Bell Pottinger
Lorna Spears +44 20 7861 3883
Joanna Boon +44 20 7861 3867
This information is provided by RNS
The company news service from the London Stock Exchange
END
NAVFSEFLMFFSEDE
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Jul 2023 to Jul 2024