March 2012 Quarterly Factsheet - Correction (7427B)
April 20 2012 - 3:55AM
UK Regulatory
TIDMBSRT
RNS Number : 7427B
Baker Steel Resources Trust Ltd
20 April 2012
BAKER STEEL RESOURCES TRUST LTD
www.bakersteelresourcestrust.com
March 2012 Quarterly Factsheet - correction
The description of Black Pearl Limited Partnership on the second
page of the March 2012 Quarterly Factsheet released on 17 April
2012 is not correct and should read as follows:
"Black Pearl is the vehicle through which the investments in the
Black Pearl beach placer iron sands project in West Java, Indonesia
is held"
At 30 March 2012 Price/ Index Level % Change in Quarter % Change from Inception
------------------------------------------------- ------------------- -------------------- ------------------------
Net Asset Value (pence/share) 127.3 -3.0% +27.3%*
------------------------------------------------- ------------------- -------------------- ------------------------
Diluted Net Asset Value (pence/share) 122.7 -2.1% n/a
------------------------------------------------- ------------------- -------------------- ------------------------
Ordinary Share Price (pence/share) 115.3 +49.2% +15.3%**
------------------------------------------------- ------------------- -------------------- ------------------------
Subscription Share Price (pence/share) 27.0 +50.0% n/a
------------------------------------------------- ------------------- -------------------- ------------------------
MSCI World Index 333.30 +11.3% +8.1%
------------------------------------------------- ------------------- -------------------- ------------------------
HSBC Global Mining Index 1199.63 +4.0% -7.7%
------------------------------------------------- ------------------- -------------------- ------------------------
CRB Index 308.46 +1.0% +12.9%
------------------------------------------------- ------------------- -------------------- ------------------------
Chinese Domestic Iron Ore - Hebei/Tangshan
(US$/t) 192 +2.7% 0.0%
------------------------------------------------- ------------------- -------------------- ------------------------
Copper (US$/t) 8474.50 +11.7% +13.7%
------------------------------------------------- ------------------- -------------------- ------------------------
Gold (US$/oz) 1668.35 +6.7% +42.9%
------------------------------------------------- ------------------- -------------------- ------------------------
Source: Bloomberg closing 27/4/10, **Issue price 28/4/10, * NAV
30/4/10
This document constitutes an interim management statement for
the period from 1 January 2012 to 17 April 2012 ("the Period").
Financial information has been drawn up as at 30/03/2012. There
have been no material changes since that date.
Review Investment Objective
At the end of March 2012, Baker Steel Resources To seek capital growth
Trust Limited ("BSRT" or "the Company") was fully over the long term through
invested. During the quarter there have been no a focused global portfolio
significant changes to the Company's portfolio consisting principally
as it was fully invested at the end of 2011 and of the equities, or related
there have been no realisations during the period. instruments, of natural
Following a weak second half of 2011, markets resources companies.
for mining equities have recovered some of their
equilibrium in 2012 with the HSBC Global Mining Investment Strategy
Index rising 4.0% during the first quarter 2012.
The performance of commodities themselves was Investing predominantly
stronger with iron ore and copper prices recovering in attractively valued
some of the falls seen in the second half of 2011 private companies with
and gold prices becoming increasingly volatile strong development projects
but generally remaining strong. and focused management
Although there was little corporate activity in and also in listed securities
the companies in the portfolio during the quarter, to exploit value inherent
good progress is generally being made at their in market inefficiencies.
underlying projects. In particular, Ivanplats
is due to complete an NI 43-101 Preliminary Economic Asset Allocation
Assessment on its Kamoa copper project in the
Democratic Republic of Congo (DRC) and an updated Unlisted Equities GBP77.8
NI 43-101 resource report on its Platreef platinum M 92.6 %
group metal project in South Africa following Listed Equities GBP 7.7
its major drilling programme in 2011. These reports M 9.2 %
should enable Ivanplats to consider a listing Net Cash & GBP -1.4 M -1.8
this year. Gobi Coal & Energy (Gobi) has started %
development of its Shinejinst coking coal project Equivalents
in Mongolia following its successful US$91 million Net Assets GBP84.1 M
fundraising at the end of 2011. Gobi expects to Gearing: -1.8%
commence production in the middle of 2012, which
will enhance prospects for an IPO. Shares in Issue
Outlook
Continued growth in China and other developing Trading: The London Stock
markets is likely to support most commodity prices Exchange Ordinary: 66,033,061
during 2012. Fears of a major slowdown of growth Code: BSRT
in China seem to be misplaced with the economy ISIN GG00B6686L20
having grown by an annual equivalent rate of 8.1% Subscription: 13,194,622
during the first quarter 2012. Code: BSRW
The weak performance of equity markets, including ISIN GG00B64WLC23
mining shares, in the latter half of 2011 compared
to a solid outlook for most commodity prices,
together with strong cash balances for producers
is likely to result in increasing mergers and
acquisition activity in the sector. This in turn
should mean increased IPO activity as investors
seek to recycle the proceeds of takeovers.
------------------------------------------------------------ -----------------------------------------
The opening up of the IPO market could have a
significant effect on the net asset value of BSRT;
several of the Company's top holdings are at the Financial Calendar
appropriate stage of their development potentially
to seek a listing in 2012. Year End: 31 December
Interims: August
Finals April
------------------------------------------------------------ -----------------------------------------
TOP 10 Investment (at 30 March 2012) Investment Manager
Ivanplats Limited 25.5% NAV Baker Steel Capital Managers
A private company with a major copper and zinc LLP
projects in the Democratic Republic of Congo and
a platinum/nickel project in South Africa. Investment Advisers
Gobi Coal & Energy Limited 20.5% NAV AWR Lloyd Capital Ltd
A private company with three coking coal projects Rock Capital Partners Ltd
in Mongolia with a JORC- compliant resource of
322 million tonnes. Management Fees
Ferrous Resources Limited 12.8% NAV Monthly: 1/12 of 1.75%
A private company with five iron ore projects of
in Brazil, containing Joint Ore Resource Committee Market Capitalisation
("JORC") resources of 5.1 billion tonnes of iron
ore. Performance: 15% of NAV
China Polymetallic Mining Limited 9.2% NAV growth (if over 8% p.a.
A company listed on the Hong Kong Stock Exchange compound hurdle rate, with
with a producing silver/lead/zinc mine and other high watermark)
development opportunities in China.
Ironstone Resources Limited 7.1% NAV Board
A private company with an iron ore/vanadium project Howard Myles (Chairman)
in Canada. It has an NI 43-101-compliant resource Ed Flood
of 643 million tonnes of iron ore. Charles Hansard
Black Pearl Limited Partnership 5.2% NAV Clive Newall
Black Pearl is the vehicle through which the investment Chris Sherwell
in the Black Pearl beach placer iron sands project
in West Java, Indonesia is held. Joint Brokers
Bilboes Holdings (Pvt) Limited 4.5% NAV
A private company which owns four previously producing RBC Capital Markets
gold mines in Zimbabwe. +44(0)20 7653 4253
Polar Silver Resources Limited 4.3% NAV
A private company which holds a 50% interest in Winterflood Investment
the Prognoz silver project in Russia which has Trusts
JORC resources containing 293 million ounces of +44(0)20 3100 0000
silver.
Metals Exploration plc 3.7% NAV Contact:
A company listed on the AIM market of the London
Stock Exchange whose main asset is the Runruno Baker Steel Capital Managers
gold project in the Philippines. LLP
South American Ferro Metals Limited 3.0% NAV 86 Jermyn Street,
A company listed on the Australian Stock Exchange London SW1Y 6JD
whose main asset is the Ponto Verde iron ore mine +44 (0) 20 7389 8237
in Brazil which is producing at a rate of 1.5
million ROM tonnes per annum. enquiries@bakersteelresourcestrust.com
The remainder of the Portfolio (excluding cash) Baker Steel Resources Trust
comprises seven holdings totalling 6.0% NAV. Limited is incorporated
Further information is available on BSRT's website: in Guernsey
www.bakersteelresourcestrust.com
Registration Number: 51576
Arnold House, St Julian's
Avenue,
St Peter Port, Guernsey
-------------------------------------------------------------- ------------------------------------------
Important Information
This document is issued by Baker Steel Capital Managers LLP (a Limited
Liability Partnership registered in England No OC301191 and authorised
and regulated by the Financial Services Authority). The information contained
in this document is not intended to and does not constitute an offer, solicitation,
inducement, invitation or commitment to purchase, subscribe to, provide
or sell any securities, service or product or to provide any recommendations
which should be relied upon for financial, securities, investment or other
advice or to take any decision based on such information. Individual advice
should be sought from legal, financial, personal and other advisors before
making any investment or financial decision or purchasing any financial,
securities or investment-related service or product. As a registered collective
investment scheme, shares in Baker Steel Resources Trust Ltd are not permitted
to be directly offered to the public in Guernsey but may be offered to
regulated entities in Guernsey or offered to the public by entities appropriately
licensed under the Protection of Investors (Bailiwick of Guernsey) Law
1987 as amended.
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