Baker Steel Resources Trust Ltd Net Asset Value(s) (1070J)
August 02 2012 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 1070J
Baker Steel Resources Trust Ltd
02 August 2012
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
2 August 2012
31 July 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 July 2012:
Net asset value per Ordinary Share: 107.8 pence
Diluted net asset value per Ordinary Share: 106.5 pence
During the month, the undiluted NAV per share fell by 6.2%,
predominantly due to a reduction in the carrying values of Gobi
Coal & Energy Limited and Ferrous Resources Limited.
The Company has a total of 66,140,610 Ordinary Shares and
13,087,073 Subscription Shares in issue.
Portfolio update
Gobi Coal & Energy Limited ("Gobi")
The recent weakness in global coking coal prices has translated
into a significant reduction in the price of coal delivered to the
Chinese border. This combined with current equity market conditions
indicates a reduced likelihood of Gobi achieving its planned IPO in
the near future and therefore funding the Phase 2 expansion of its
Shinejinst Mine in Mongolia. The Company has reviewed its carrying
value of Gobi and taken the decision to reduce it by approximately
23%, which is consistent with the decline in share prices of
comparable listed coal companies operating in the same area. This
decrease in carrying value has reduced the Company's NAV by
approximately 5.3%.
Ferrous Resources Limited ("Ferrous")
Further to significant "grey market" trades in Ferrous during
July 2012, the Company has taken the decision to reduce its
carrying value by 16.7% in line with these trades. This decrease in
carrying value has reduced the Company's NAV by approximately
1.2%.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 30.6%
Gobi Coal & Energy Limited 19.0%
China Polymetallic Mining
Limited 8.8%
Ironstone Resources Limited 8.6%
Black Pearl 6.7%
Ferrous Resources Limited 6.4%
Bilboes Holdings 5.5%
Polar Silver 5.3%
South American Ferro Metals
Limited 3.9%
Metals Exploration plc 3.8%
Other Investments 4.3%
Net Cash, Equivalents and
Accruals -2.9%
Investment Update
Metals Exploration plc ("Metals Ex")
Metals Ex, quoted on the AIM market of the London Stock
Exchange, announced on 31 July 2012 that it had obtained
commitments from certain existing to raise approximately US$25
million via the issue of new ordinary shares at a price of 13 pence
per share, shareholders and has also agreed with its largest
shareholder, Solomon Capital Limited, subject to contract, for the
provision of loan facilities totalling US$105 million.
This financing is an important milestone for Metals Ex as it
will enable it to proceed with development of its Runruno gold mine
in the Philippines, which is scheduled to produce at a rate of
approximately 100,000 ounces of gold per 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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