Baker Steel Resources Trust Ltd Interim Management Statement (2056O)
October 09 2012 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 2056O
Baker Steel Resources Trust Ltd
09 October 2012
BAKER STEEL RESOURCES TRUST LTD
www.bakersteelresourcestrust.com
September 2012 Quarterly Factsheet
At 28 September 2012 Price / Index Level % Change in Quarter % Change in Year % Change from Inception
----------------------------- -------------------- -------------------- ----------------- ------------------------
Net Asset Value
(pence/share) 102.6 -10.7% -21.9% +2.6%*
----------------------------- -------------------- -------------------- ----------------- ------------------------
Diluted Net Asset Value
(pence/share) 102.2 -9.2% -19.0% n/a
----------------------------- -------------------- -------------------- ----------------- ------------------------
Ordinary Share Price
(pence/share) 87.5 -6.4% +13.3% -12.5%**
----------------------------- -------------------- -------------------- ----------------- ------------------------
Subscription Share Price
(pence/share) 12.5 -3.8% -30.6% n/a
----------------------------- -------------------- -------------------- ----------------- ------------------------
MSCI ACWI Index 331.58 +6.2% +10.7% +7.6%%
----------------------------- -------------------- -------------------- ----------------- ------------------------
HSBC Global Mining Index
(Sterling) 689.58 +3.9% -7.3% -18.9%
----------------------------- -------------------- -------------------- ----------------- ------------------------
CRB Index 309.3 +8.8% +1.3% +13.2%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Chinese Domestic Iron Ore
- Hebei/Tangshan (US$/t) 153.00 -13.1% -18.2% -20.3%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Copper (US$/t) 8211.50 +6.8% +8.2% +10.2%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Gold (US$/oz) 1772.10 +10.9% +13.3% +51.7%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Source: Bloomberg closing 27/4/10, **Issue price 28/4/10, * NAV
30/4/10
This document constitutes an interim management statement for
the period from 1 July 2012 to 8 October 2012 ("the Period").
Financial information has been drawn up as at 28/09/2012. There
have been no material changes since that date.
Review Investment Objective
At the end of September 2012, Baker Steel Resources To seek capital growth
Trust Limited ("BSRT" or "the Company") was fully over the long term through
invested. During the quarter there have been no a focused global portfolio
significant changes to the Company's portfolio consisting principally
as it was fully invested at the end of June 2012 of the equities, or related
and there were no realisations during the period. instruments, of natural
Following a weak first half of 2012, markets for resources companies.
mining equities stabilised during the third quarter
of 2012, with the HSBC Global Mining Index rising Investment Strategy
3.9%. The performance of commodities themselves
was mixed with the prices of the steel minerals, Investing predominantly
iron ore and coking coal weakening over fears in attractively valued
of a slowdown in Chinese growth. Conversely the private companies with
prices for precious metals and copper have remained strong development projects
strong albeit volatile. and focused management
During the quarter the net asset value of the and also in listed securities
Company fell 10.7%. This fall was largely due to exploit value inherent
to decisions to decrease the carrying values of in market inefficiencies.
Gobi Coal & Energy Limited ("Gobi") and Ferrous
Resources Limited ("Ferrous") as well as falls Asset Allocation
in the share prices of certain of the listed stocks
in the portfolio, particularly China Polymetallic Unlisted Equities GBP 65.0
Mining Limited. The decision to cut the carrying M 95.8 %
value of Gobi, which reduced overall NAV by 5.3%, Listed Equities GBP 5.4
was made following a fall in coking coal prices M 7.9 %
and a consequent postponement of its proposed Net Cash & GBP -2.5 M -3.7
IPO. %
In August 2012, Copperbelt Minerals signed a conditional Equivalents
Settlement Agreement with its joint venture partner Net Assets GBP67.9 M
Gécamines whereby Copperbelt will exit its Gearing: -3.7%
joint venture in the Democratic Republic of Congo
for deferred compensation. Since then good progress Shares in Issue
appears to have been made on satisfying the numerous
conditions precedent for completion of the transaction, Trading: The London Stock
which is expected to close before the year end. Exchange Ordinary: 66,142,533
Outlook Code: BSRT
At the beginning of October 2012, Ivanplats Limited ISIN GG00B6686L20
launched its roadshow to raise approximately C$300 Subscription: 13,085,150
million from an IPO on the Toronto Stock Exchange. Code: BSRW
Final pricing is expected during the week commencing ISIN GG00B64WLC23
15 October 2012 with the IPO anticipated to close
the following week. Based on the range indicated Financial Calendar
by Ivanplats' brokers, the Net Asset Value of
the Company would rise between approximately 9% Year End: 31 December
and 17%. As the Company will be subject to a lock-up
on its shareholding, the Board may apply a discount Interims: August
in assessing the Company's carrying value of Ivanplats Finals: April
following the IPO.
The Ivanplats IPO will not only be an important The final date to subscribe
milestone for the Company, as its largest investment for Subscription Shares
(31.3% NAV), but could also be a significant indicator is 2 April 2013
for the state of the IPO market in general and
therefore the prospects for other IPO's within
the Company's portfolio companies.
------------------------------------------------------------- -----------------------------------------
Top 10 Investments (at 28 September 2012) Investment Manager
Baker Steel Capital Managers
Ivanplats Limited 31.3% NAV LLP
A private company with major copper and zinc projects
in the Democratic Republic of Congo and a platinum/nickel Investment Advisers
project in South Africa. AWR Lloyd Capital Ltd
Gobi Coal & Energy Limited 19.4% NAV Rock Capital Partners Ltd
A private company with three coking coal projects
in Mongolia. Management Fees
Ironstone Resources Limited 8.9% NAV Monthly: 1/12 of 1.75%
A private company with an iron ore/vanadium project of
in Canada. Market Capitalisation
China Polymetallic Mining Limited 8.2% NAV Performance: 15% of NAV
A company listed on the Hong Kong Stock Exchange growth (if over 8% p.a.
with a producing silver/lead/zinc mine and other compound hurdle rate, with
development opportunities in China. high watermark)
Black Pearl Limited Partnership 7.0% NAV
Black Pearl is the private vehicle through which Board
the investment in the Black Pearl beach placer Howard Myles (Chairman)
iron sands project in West Java, Indonesia is Ed Flood
held. Charles Hansard
Ferrous Resources Limited 6.5% NAV Clive Newall
A private company with five iron ore projects Chris Sherwell
in Brazil.
Bilboes Gold Limited 5.9% NAV Joint Brokers
A private company with four previously producing
gold mines in Zimbabwe. RBC Capital Markets
Polar Silver Resources Limited 5.4% NAV +44(0)20 7653 4253
A private company which holds a 50% interest in
a silver project in Russia. Winterflood Investment
Metals Exploration plc 4.1% NAV Trusts
A company listed on the AIM market of the London +44(0)20 3100 0000
Stock Exchange with a gold project in the Philippines.
South American Ferro Metals Limited 2.5% NAV Contact:
A company listed on the Australian Stock Exchange
with a producing iron ore mine in Brazil. Baker Steel Capital Managers
LLP
The remainder of the Portfolio (excluding cash) 86 Jermyn Street,
comprises seven holdings totalling 4.5% NAV. London SW1Y 6JD
Further information is available on BSRT's website: +44 (0) 20 7389 8237
www.bakersteelresourcestrust.com
enquiries@bakersteelresourcestrust.com
Baker Steel Resources Trust
Limited is incorporated
in Guernsey
Registration Number: 51576
Arnold House, St Julian's
Avenue,
St Peter Port, Guernsey
--------------------------------------------------------------- ------------------------------------------
Important Information
This document is issued by Baker Steel Capital Managers LLP (a Limited
Liability Partnership registered in England No OC301191 and authorised
and regulated by the Financial Services Authority). The information contained
in this document is not intended to and does not constitute an offer, solicitation,
inducement, invitation or commitment to purchase, subscribe to, provide
or sell any securities, service or product or to provide any recommendations
which should be relied upon for financial, securities, investment or other
advice or to take any decision based on such information. Individual advice
should be sought from legal, financial, personal and other advisors before
making any investment or financial decision or purchasing any financial,
securities or investment-related service or product. As a registered collective
investment scheme, shares in Baker Steel Resources Trust Ltd are not permitted
to be directly offered to the public in Guernsey but may be offered to
regulated entities in Guernsey or offered to the public by entities appropriately
licensed under the Protection of Investors (Bailiwick of Guernsey) Law
1987 as amended.
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.
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