Net Asset Value(s) (9247E)
June 08 2012 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 9247E
Baker Steel Resources Trust Ltd
08 June 2012
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
8 June 2012
31 May 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 31 May 2012:
Net asset value per Ordinary Share: 119.6 pence
Diluted net asset value per Ordinary Share: 116.3 pence
During the month, the undiluted NAV per share rose by 1.7 %,
with a rise in the value of the US dollar, in which the majority of
the portfolio is denominated, against sterling outweighing a fall
in the value of the listed portion of the portfolio.
The Company has a total of 66,140,610 Ordinary Shares and
13,087,073 Subscription Shares in issue.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 28.1%
Gobi Coal & Energy Limited 22.7%
China Polymetallic Mining
Limited 9.3%
Ironstone Resources Limited 7.5%
Ferrous Resources Limited 7.0%
Black Pearl 6.0%
Bilboes Holdings 4.9%
Polar Silver 4.8%
Metals Exploration plc 3.3%
Copperbelt Minerals Limited 3.1%
Other Investments 5.4%
Net Cash, Equivalents and
Accruals -2.1%
Update on Investments
Forbes and Manhattan Coal Corporation ("Forbes Coal")
On 30 May 2012, Forbes Coal announced its annual results for the
year to 29 February 2012. Forbes Coal, one of the Company's smaller
investments, representing 1.1% of NAV, is a coal producer listed on
the Toronto Stock Exchange and the Johannesburg Stock Exchange with
two mines in the Kwa-Zulu Province of South Africa. During the
year, Forbes Coal increased revenues by 124%, generating EBITDA of
C$22.5 million and continues to increase production at its mines
such that analysts forecast EBITDA will increase to over C$50
million for the current financial year. Despite this strong
operating performance, the share price of Forbes Coal has fallen
57.5% in the last twelve months giving it a current market
capitalisation of around C$51 million. This is symptomatic of the
exceptionally low valuations being given to large sections of the
mining industry at the current time.
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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