Baker Steel Resources Trust Ltd Net Asset Value(s) (5435L)
September 05 2012 - 5:41AM
UK Regulatory
TIDMBSRT
RNS Number : 5435L
Baker Steel Resources Trust Ltd
05 September 2012
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 September 2012
31 August 2012 Unaudited 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 August 2012:
Net asset value per Ordinary Share: 106.1 pence
Diluted net asset value per Ordinary Share: 105.1 pence
During the month, the undiluted NAV per share fell by 1.6%,
primarily due a fall in the value of the US dollar, in which the
majority of the portfolio is denominated.
The Company has a total of 66,140,610 Ordinary Shares and
13,087,073 Subscription Shares in issue. Holders of Subscription
Shares have the right to subscribe for Ordinary Shares at 100 pence
in cash on two further occasions: 1 October 2012 and 2 April
2013.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 30.7%
Gobi Coal & Energy Limited 19.1%
Ironstone Resources Limited 8.7%
China Polymetallic Mining
Limited 8.6%
Black Pearl 6.8%
Ferrous Resources Limited 6.4%
Bilboes Holdings 5.6%
Polar Silver 5.3%
Metals Exploration plc 4.0%
South American Ferro Metals
Limited 3.4%
Other Investments 4.6%
Net Cash, Equivalents and
Accruals -3.2%
Investment Update
China Polymetallic Mining Limited ("CPM")
During August, CPM announced its interim results to 30 June
2012. Net profit of RMB46 million was in line with expectations as
CPM ramps up its Shizishan silver/lead/zinc mine in Yunan Province,
China. Shizishan is on course to be in full production in the
fourth quarter 2012. In addition CPM released news on its second
major development, the Lushan tungsten/tin mine which remains on
course to start production in the fourth quarter 2012.
Copperbelt Minerals Limited ("Copperbelt")
Copperbelt has signed a conditional Settlement Agreement with
its joint venture partner Gécamines whereby Copperbelt will exit
its joint venture in the Democratic Republic of Congo for deferred
compensation. The Settlement Agreement is subject to a number of
conditions which need to be met before it can be closed, including
Copperbelt shareholder approval. Based on the information received
to date it is likely that the Company will support the Settlement
Agreement. Due to the conditions precedent and that closure of the
Settlement Agreement is expected to take 3-6 months, the Company
has not adjusted its carrying value of Copperbelt at this point but
will keep it under review as the transaction progresses.
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
The Net Asset Value ("NAV") figures stated are based on
unaudited estimated valuations of the underlying investments and
not necessarily based on observable inputs. Such estimates are not
subject to any independent verification or other due diligence and
may not comply with generally accepted accounting practices or
other generally accepted valuation principles. In addition, some
estimated valuations are based on the latest available information
which may relate to some time before the date set out above.
Accordingly, no reliance should be placed on such estimated
valuations and they should only be taken as an indicative guide.
Other risk factors which may be relevant to the NAV figures are set
out in the Company's Prospectus dated 31 March 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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