Baker Steel Resources Trust Ltd Net Asset Value(s) (1915Z)
March 05 2013 - 2:02AM
UK Regulatory
TIDMBSRT
RNS Number : 1915Z
Baker Steel Resources Trust Ltd
05 March 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 March 2013
28 February 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 28 February 2013:
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 2.9%,
with an 12.9% fall in the share price of Ivanplats on the Toronto
Stock Exchange partially offset by the weakening of Sterling
against the United States Dollar and Canadian Dollar in which the
Company's largest investments are denominated.
The Company has a total of 66,142,533 Ordinary Shares and
13,085,150 Subscription Shares in issue.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 32.7%
Gobi Coal & Energy Limited 15.5%
China Polymetallic Mining
Limited 8.9%
Bilboes Gold Limited 8.3%
Ironstone Resources Limited 8.2%
Black Pearl 7.4%
Ferrous Resources Limited 6.5%
Polar Silver Resources Ltd 5.4%
Metals Exploration plc 3.0%
South American Ferro Metals
Limited 1.9%
Other Investments 1.9%
Net Cash, Equivalents and
Accruals 0.3%
Investment Update
Ivanplats Limited ("Ivanplats")
On 6 February 2013, Ivanplats announced a significant upgrade to
the independent resource estimate at its Platreef project in South
Africa. Using a 2 grams per tonne (g/t) cut-off grade, total
contained 4PE (platinum, palladium, rhodium and gold) almost
doubled to 73.2 million ounces 4PE, which included for the first
time mineral resources in the "Indicated" category. Indicated
Mineral Resources were estimated at 223 million tonnes grading 4.1
g/t 4PE, 0.34% nickel and 0.16% copper, at a 2.0 g/t 4PE cut-off
grade and at a cumulative, average true thickness of 24.3 metres.
Inferred Mineral Resources totalled 410 million tonnes grading 3.3
g/t 4PE, 0.32% nickel and 0.18% copper, at an average true
thickness of 18.0 metres.
Despite this announcement, the share price of Ivanplats on the
Toronto Stock Exchange fell 12.9% in February (albeit on relatively
light volume). A Preliminary Economic Assessment, due in the second
half of 2013, should be supportive in demonstrating the value of
the Platreef project, and it will be important for the market to
appreciate how the thickness of the reef differentiates it from the
current platinum producers in South Africa, which generally mine
around a 1 metre thick reef. Mechanised mining techniques will not
only remove the requirement for large numbers of workers
underground but also be substantially more cost effective.
Subscription Shares
Holders of subscription shares of no par value in the Company
(the Subscription Shares) are reminded that the Subscription Share
Rights (the Subscription Rights) carried by the Subscription Shares
may be exercised up until Tuesday 2 April 2013. This is the final
exercise date of the Subscription Rights carried by the
Subscription Shares. Each of the Subscription Shares carries the
right (but not the obligation) to subscribe for one ordinary share
of no par value at an exercise price of 100 pence.
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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