Baker Steel Resources Trust Ltd Net Asset Value(s) (3662Q)
November 06 2012 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 3662Q
Baker Steel Resources Trust Ltd
06 November 2012
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 November 2012
31 October 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 October 2012:
Net asset value per Ordinary Share: 109.8 pence
Diluted net asset value per Ordinary Share: 108.2 pence
During the month, the undiluted NAV per share rose by 7.0%,
primarily as a result of the increase in the carrying value of
Ivanplats Limited following its IPO and listing on the Toronto
Stock Exchange.
The Company has a total of 66,142,533 Ordinary Shares and
13,085,150 Subscription Shares in issue following the exercise of
1,923 Subscription Shares at the end of September 2012. 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 34.9%
Gobi Coal & Energy Limited 18.1%
China Polymetallic Mining
Limited 8.4%
Ironstone Resources Limited 8.1%
Black Pearl 6.7%
Ferrous Resources Limited 6.1%
Bilboes Gold 5.5%
Polar Silver 5.0%
Metals Exploration plc 4.2%
South American Ferro Metals
Limited 2.6%
Other Investments 4.1%
Net Cash, Equivalents and
Accruals -3.7%
Investment Update
Ivanplats Limited ("Ivanplats")
During October 2012, Ivanplats commenced trading on the Toronto
Stock Exchange having raised C$300 million through an IPO at a
share price of C$4.75, compared to the Company's carrying value of
US$3.50 per share at 28 September 2012. At the end of the month the
shares closed at C$4.64. As explained in the Company's announcement
on 18 October 2012, the market price of Ivanplats shares will be
discounted by 10% in arriving at its carrying value, to take
account of the lock-up applying to the holding. The increase in the
carrying value of Ivanplats resulted in a 6.1% rise in the NAV for
the month.
Copperbelt Minerals Limited ("Copperbelt")
Copperbelt has informed its shareholders that it has satisfied
all conditions precedent under its settlement agreement whereby
Copperbelt will exit its joint venture in the Democratic Republic
of Congo for compensation from its partner Gécamines. Gécamines now
has until 13 February 2013 to pay the agreed cash consideration to
Copperbelt. Assuming the transaction closes this would result in an
increase in the NAV of the Company of approximately 2%.
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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