30 March 2012 NAV Statement (3485B)
April 16 2012 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 3485B
Baker Steel Resources Trust Ltd
16 April 2012
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
16 April 2012
30 March 2012 NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value and diluted net asset value per share
as at 30 March 2012:
Net asset value per Ordinary Share: 127.3 pence
Diluted net asset value per Ordinary Share: 122.7 pence
During the month, the undiluted NAV per share fell by 2.2% with
a small increase in the carrying value of Ironstone Resources
Limited being outweighed by a decrease in the market share prices
of the listed investments in the portfolio.
The Company has a total of 66,033,061 Ordinary Shares and
13,194,622 Subscription Shares in issue.
Portfolio update
Ironstone Resources Ltd ("Ironstone")
Following a small fundraising by Ironstone at a 13.9% premium to
the Company's carrying value, it was decided to uplift the carrying
value of the investment. The effect on the NAV was less than
1%.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 25.5%
Gobi Coal & Energy Limited 20.5%
Ferrous Resources Limited 12.8%
China Polymetallic Mining
Limited 9.2%
Ironstone Resources Limited 7.1%
Black Pearl 5.2%
Bilboes Holdings 4.5%
Polar Silver 4.3%
Metals Exploration plc 3.7%
South American Ferro Metals
Limited 3.0%
Other Investments 6.0%
Net Cash, Equivalents and
Accruals -1.8%
Update on Investments
Forbes & Manhattan Coal Corporation ("Forbes Coal")
During March 2012, Forbes Coal announced its annual production
results for its 29 February 2012 fiscal year end from its Magdalena
and Aviemore coal operations in South Africa. Total run of mine
production increased 38% year-on-year from 933,900 tonnes to
1,290,800 tonnes. This result shows that Forbes Coal remains on
track to achieve its target of 1.5 million saleable tonnes of coal
for the current fiscal year.
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
Winterflood Investment Trusts +44 20 3100 0250
James Moseley
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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