Net Asset Value Update (0658U)
December 15 2011 - 7:20AM
UK Regulatory
TIDMBSRT
RNS Number : 0658U
Baker Steel Resources Trust Ltd
15 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)
15 December 2011
Net Asset Value Update
Baker Steel Resources Trust Limited (the "Company") announces
recent events at Gobi Coal & Energy Limited and China
Polymetallic Mining Limited, two of the companies in which it is
invested, which could have a significant positive impact on the
Company's net asset value.
Gobi Coal & Energy Limited ("Gobi Coal")
On 9 December 2011, Gobi Coal informed shareholders that it had
completed a placing of 14 million new shares (15% of the enlarged
issued share capital) to two sovereign wealth funds raising US$91
million. This placing was undertaken at US$6.50 per share compared
to the Company's carrying value of US$4.00 per share at 30 November
2011. The funds will enable Gobi Coal to construct Phase 1 of the
Shinejinst Mine, and bring it into production, in anticipation of
an IPO during 2012.
At 30 November 2011, Gobi Coal represented 14.2% of the NAV of
the Company. In the absence of unforeseen events prior to the
end-December valuation, it is expected that the carrying value of
Gobi will be raised to the level of the placing. This would have
the effect of increasing the NAV by approximately 7.5% from the 30
November 2011 value.
China Polymetallic Mining Limited ("CPM")
On 14 December 2011, CPM listed on the Hong Kong Stock Exchange.
As at the close of trading on 15 December the midmarket share price
was HK$1.59 per share. In future the Company's investment in CPM
will be valued with reference to market price.
At 30 November 2011, CPM represented 5.7% of the NAV of the
Company. The current share price of HK$1.59 represents a 52 %
uplift in the carrying value at 30 November 2011, which in turn
represents approximately a 2.6% increase in the NAV of the
Company.
Summary
The cumulative effect of the two above events could result in an
increase in NAV of approximately 10%, to give an undiluted NAV for
the Company of approximately 127 pence per share (compared to 115.5
pence at 30 November 2011). The unaudited NAV statement for 30
December 2011 is expected to be released during the first week of
January 2012.
Further details of the Company and its investments are available
on the Company's website www.bakersteelresourcestrust.com
Enquiries:
Baker Steel Resources Trust Limited
Francis Johnstone +44 20 7389 8237 Trevor Steel
RBC Capital Markets
Martin Eales +44 20 7653 4000
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
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