30 April 2012 NAV Statement (6218C)
May 03 2012 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 6218C
Baker Steel Resources Trust Ltd
03 May 2012
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
02 May 2012
30 April 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 April 2012:
Net asset value per Ordinary Share: 117.6 pence
Diluted net asset value per Ordinary Share: 114.7 pence
During the month, the undiluted NAV per share fell by 7.6%
primarily due to a reduction in the carrying value of Ferrous
Resources Limited, and to a lesser extent due to a fall in the
dollar against sterling.
The Company has a total of 66,140,610 Ordinary Shares and
13,087,073 Subscription Shares in issue following the exercise of
107,549 Subscription Shares at the end of March 2012.
Portfolio update
Ferrous Resources Limited ("Ferrous")
On 14 February 2012, Bloomberg reported that Harbinger Capital
Partners LLC, the holder of approximately 26% of the shares of
Ferrous, was seeking to sell shares in Ferrous to meet loan
repayments. The Company has been informed that part of this holding
was subsequently sold to Carl Icahn, during April 2012 at US$1.50
per share. Although this trade might be viewed as a "distressed
sale", the Company has nevertheless decided to write down its
carrying value from US$3.00 per share to US$1.50 per share. This
has led to a 6.5% reduction in undiluted NAV per share in sterling
terms.
In February 2012, Ferrous announced the appointment of a new
Chief Executive, Jayme Niccolato Correa, who was previously with
major iron ore producers Vale and CSN. It is understood that Mr
Correa is undertaking a review of the corporate strategy of Ferrous
and is due to report to its Board in June 2012. It is hoped that
the commencement of the removal of the perceived overhang of shares
from Harbinger and an invigorated new strategy from Mr Correa will
allow Ferrous to turn the corner and make progress towards
financing and developing what remain world class iron ore
assets.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 27.1%
Gobi Coal & Energy Limited 21.9%
China Polymetallic Mining
Limited 9.8%
Ironstone Resources Limited 7.7%
Ferrous Resources Limited 6.8%
Black Pearl 5.8%
Bilboes Holdings 4.8%
Polar Silver 4.6%
Metals Exploration plc 3.7%
South American Ferro Metals
Limited 3.5%
Other Investments 6.2%
Net Cash, Equivalents and
Accruals -1.9%
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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