Baker Steel Resources Trust Ltd Replacement Net Asset Value(s) (9232N)
October 04 2012 - 4:59AM
UK Regulatory
TIDMBSRT
RNS Number : 9232N
Baker Steel Resources Trust Ltd
04 October 2012
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
Please note that there was an error in the date given for the
pricing of Ivanplats' IPO in today's NAV announcement. This should
have said: "Final pricing is expected during the week commencing 15
October 2012 with the IPO anticipated to close the following week"
rather than November as stated. The full corrected announcement is
shown below.
4 October 2012
28 September 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 28 September 2012:
Net asset value per Ordinary Share: 102.6 pence
Diluted net asset value per Ordinary Share: 102.2 pence
During the month, the undiluted NAV per share fell by 3.3%,
primarily due to a fall in the value of the US dollar, in which the
majority of the portfolio is denominated and a fall in the market
prices of certain listed shares in the portfolio.
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 one further occasion being 2 April 2013.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 31.3%
Gobi Coal & Energy Limited 19.4%
Ironstone Resources Limited 8.9%
China Polymetallic Mining
Limited 8.2%
Black Pearl 7.0%
Ferrous Resources Limited 6.5%
Bilboes Gold 5.9%
Polar Silver 5.4%
Metals Exploration plc 4.1%
South American Ferro Metals
Limited 2.5%
Other Investments 4.5%
Net Cash, Equivalents and
Accruals -3.7%
Investment Update
Ivanplats Limited ("Ivanplats")
On 11 September 2012, Ivanplats filed a preliminary prospectus
with the British Columbia Securities Commission in anticipation of
raising approximately C$300 million from an IPO on the Toronto
Stock Exchange. A range of C$4.50-C$5.40 per share has been
indicated by Ivanplats' brokers compared to the Company's carrying
value of US$3.50 per share. Final pricing is expected during the
week commencing 15 October 2012 with the IPO anticipated to close
the following week.
On 11 September 2012, Ivanplats also completed a
reclassification of all outstanding common shares as Class B common
shares and created a new class of common shares, Common Shares, to
be offered and listed in the IPO. The reclassification preserves
existing shareholders' rights but imposes a restriction on transfer
that inhibits liquidity until such time as the Class B common
shares are converted to Common Shares. Such conversion occurs
automatically 39 months after the IPO. Existing shareholders who
sign a conversion lock-up agreement will have their Class B common
shares converted into Common Shares but these will be subject to a
lock-up of 180 days followed by quarterly releases of 8-9% over the
following 33 months. It is the Company's intention to sign a
conversion lock-up agreement. As a result, the Company will
consider whether it is appropriate to value its Ivanplats shares at
a discount to the listed price in calculating its NAV following the
listing of Ivanplats.
The Company's carrying value of Ivanplats has been left
unchanged as at 28 September 2012. Based on the indicated range,
the Net Asset Value of the Company will rise between approximately
9% and 17% before any discount that might be applied by the Board
as outlined above.
The preliminary prospectus is the first occasion when details of
Ivanplats' projects have been made public. Its 95% owned Kamoa
copper project in the Democratic Republic of Congo ("DRC") has NI
43-101 compliant Mineral Resources of 348 million tonnes at a grade
of 2.64% copper in the indicated category and 462 million tonnes at
a grade of 2.72% copper in the inferred category at a cut-off grade
of 1% copper. The total 21.7 million tonnes of contained copper
already makes it the largest copper project in the world with a
grade of over 2.5% and with the potential to expand this
considerably.
Ivanplats' 90% owned Platreef platinum group metal/nickel copper
project in South Africa has NI 43-101 compliant Mineral Resources
of 175 million tonnes at a grade of 4.60 g/t 3E (platinum,
palladium and gold) containing 25.9 million ounces 3E and in
addition the ore grades 0.41% nickel and 0.20% copper which will
generate useful by-product revenue. The key to the mineralisation
is that the aforementioned Resource occurs over an average
thickness of 16.8 metres compared to the two main reefs mined in
South Africa, the Merensky Reef and UG2 Reef which tend to be
around 1 metre in thickness. This indicates that the Platreef
project will be amenable to bulk mining methods and be highly
mechanised compared to the extremely labour-intensive mining
methods which need to be used on existing mines and bring with them
higher costs and risk of labour unrest.
Interestingly the above Mineral Resources at the Platreef
project were estimated as at 31 March 2011. Since that date, over
200,000 metres of drilling has been undertaken at Platreef as a
result of the US$280m investment by Itochu Corporation in May 2011
in a transaction which valued the project at US$3.5 billion. A
significant resource update is expected before the end of 2012 to
reflect this drilling campaign.
In late 2011, Ivanplats acquired a 68% interest in the Kipushi
zinc/copper mine in DRC which was in production between 1924 and
1993. Ivanplats has not yet performed sufficient work to estimate a
compliant resource but of significant interest is the so called
"Big Zinc Zone", which had been previously estimated at 4.7 million
tonnes grading 38.6% Zinc.
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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