Baker Steel Resources Trust Ltd Net Asset Value(s) (0838X)
February 05 2013 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 0838X
Baker Steel Resources Trust Ltd
05 February 2013
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 February 2013
31 January 2013 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 January 2013:
Net asset value per Ordinary Share: 112.4 pence
Diluted net asset value per Ordinary Share: 110.3 pence
During the month, the undiluted NAV per share increased by 3.0%,
mainly as a result of the sale of the Company's interest in
Copperbelt Minerals Limited at a 100% premium to carrying
value.
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 35.8%
Gobi Coal & Energy Limited 14.4%
China Polymetallic Mining
Limited 9.0%
Bilboes Gold Limited 8.4%
Ironstone Resources Limited 7.5%
Black Pearl 6.9%
Ferrous Resources Limited 6.1%
Polar Silver Resources Ltd 5.0%
Metals Exploration plc 2.8%
South American Ferro Metals
Limited 2.2%
Other Investments 1.8%
Net Cash, Equivalents and
Accruals 0.1%
Investment Update
Copperbelt Minerals Limited ("Copperbelt")
On 6 November 2012, the Company announced that Copperbelt had
satisfied all conditions precedent under its settlement agreement
with its partner Gécamines. Under the agreement, Copperbelt would
exit its joint venture in the Democratic Republic of Congo for
compensation from Gécamines, which had until 13 February 2013 to
pay the agreed cash consideration to Copperbelt. On 11 January
2013, Copperbelt informed shareholders that it had received the
settlement proceeds and planned a return of capital through a share
buy-back offer. The Company accepted this offer and received the
proceeds on 28 January 2013.
The buy-back offer valued Copperbelt at US$14 per share compared
to the Company's carrying value at 31 December 2012 of US$7 per
share. This transaction has resulted in an increase in the NAV of
the Company of approximately 2.3%.
Ivanplats Limited ("Ivanplats")
On 17 January 2013, Ivanplats announced a significant upgrade to
the independent resource estimate at its Kamoa copper project in
the Democratic Republic of Congo. Kamoa's Indicated Mineral
Resources increased 115% to 739 million tonnes grading 2.67% copper
containing 19.7 million tonnes of copper. The revised resource
statement also included 4.4 million tonnes of copper in Inferred
Mineral Resources so that the combined contained copper of 24.1
million tonnes establishes Kamoa as the largest high-grade copper
discovery in Africa and one of the largest in the world. Ivanplats
intends to use the new resource estimate as the basis for an
updated Preliminary Economic Assessment to be released later in the
first half of 2013.
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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