Baker Steel Resources Trust Ltd Net Asset Value(s) (8100U)
January 04 2013 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 8100U
Baker Steel Resources Trust Ltd
04 January 2013
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
04 January 2013
31 December 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 December 2012:
Net asset value per Ordinary Share: 109.1 pence
Diluted net asset value per Ordinary Share: 107.6 pence
During the month, the undiluted NAV per share decreased by 1.1%,
with a write down in the carrying value of Gobi Coal & Energy
Limited and Ironstone Resources Limited largely balanced by
increases in the values of Bilboes Gold Limited and the market
values of the listed investments in the portfolio, in particular
Ivanplats Limited.
The Company has a total of 66,142,533 Ordinary Shares and
13,085,150 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 on 2 April 2013.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 37.7%
Gobi Coal & Energy Limited 14.5%
China Polymetallic Mining
Limited 9.0%
Bilboes Gold 8.4%
Ironstone Resources Limited 7.5%
Black Pearl 6.8%
Ferrous Resources Limited 6.1%
Polar Silver 5.1%
Metals Exploration plc 3.5%
Copper Minerals Limited 2.2%
Other Investments 3.6%
Net Cash, Equivalents and
Accruals -4.4%
Investment Update
Gobi Coal & Energy Limited ("Gobi")
In considering the carrying value of each of the Company's
investments at the year end, where there has been no significant
corporate transaction during the year, amongst other factors the
Company's Board takes into account how the prices of listed
comparable companies have performed during the year. In July 2012,
the Company decided to reduce its carrying value of Gobi by
approximately 23% and at the year end has decided to reduce it by a
further 20%. It is not considered that there is a permanent
reduction in value of Gobi's projects, however the current poor
trading conditions for Mongolian coal companies and the prices they
are currently able to achieve for their product on the Chinese
border has had a particular adverse impact on their market
valuations. It should be noted that despite this 38% reduction in
the Company's carrying value of Gobi during the year, the
investment continues to be valued at almost double its acquisition
cost in Sterling terms.
Bilboes Gold Limited ("Bilboes")
As stated in the November 2012 NAV statement, following its
drilling campaign during the year, Bilboes defined a JORC compliant
resource at its Isabella/McCays/Bubi complex containing 3,964,000
ounces of gold. Agreement in principle has been reached for a new
investor to subscribe US$10 million in new equity to fund a
definitive feasibility study into a mine producing 100,000 to
200,000 ounces per annum from open pit.
It was also mentioned in the November 2012 NAV statement that
Bilboes had signed a facility agreement with The Industrial
Development Corporation of South Africa for the provision of a US$7
million loan to redevelop the previously producing oxide heap leach
operations at the Isabella/McCays/Bubi complex. All conditions
precedent to drawdown were satisfied during December and the first
drawdown took place during December 2012. The mines are scheduled
to be producing at a rate of approximately 12,000 ounces per annum
by the end of 2013, at an operating cost of around US$750 per ounce
which should provide useful cashflow for the further development of
Bilboes.
The subscription by the new investor is due to take place at an
approximate 50% premium to the Company's carrying value at the end
of November 2012. Due to the progress made by Bilboes during the
year and the subscription expected to close imminently, the
carrying value at the end of December 2012 has been increased to
the subscription price. At the placing price, Bilboes' enterprise
value will be approximately US$8 per ounce of JORC compliant
resource.
Ironstone Resources Limited ("Ironstone")
Following promising results from its metallurgical testwork
during 2012, Ironstone is currently in the process of raising cash
to fund the next stage of testwork at an approximate 7% discount to
the Company's carrying value at the end of November 2012. This
discount has been reflected at the year end carrying value.
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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