Baker Steel Resources Trust Ltd Net Asset Value(s) (6342B)
April 05 2013 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 6342B
Baker Steel Resources Trust Ltd
05 April 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 April 2013
28 March 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 March 2013:
Net asset value per Ordinary Share: 109.0 pence
Diluted net asset value per Ordinary Share: 107.5 pence
During the month, the undiluted NAV per share decreased by 0.1%,
with a partial recovery in the share price of Ivanplats on the
Toronto Stock Exchange balanced by falls in certain of the other
listed shares in the portfolio.
At 28 March 2013, the Company had a total of 66,142,533 Ordinary
Shares and 13,085,150 Subscription Shares in issue. Holders of
Subscription Shares had the final right to subscribe for Ordinary
Shares at 100 pence per share in cash on 2 April 2013.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanplats Limited 34.4%
Gobi Coal & Energy Limited 15.5%
Bilboes Gold Limited 8.4%
China Polymetallic Mining Company
Limited 8.2%
Ironstone Resources Limited 8.2%
Black Pearl Limited Partnership 7.5%
Ferrous Resources Limited 6.5%
Polar Silver Resources Ltd 5.4%
Metals Exploration plc 3.9%
South American Ferro Metals Limited 1.9%
Other Investments 1.9%
Net Cash, Equivalents and Accruals -1.8%
Investment Update
Metals Exploration plc ("Metals Exploration")
On 26 March 2013, Metals Exploration announced that it had
obtained commitments to raise approximately US$57.7 million (before
expenses) via a placing of new ordinary shares at a price of 7
pence per new ordinary share from certain existing shareholders
including the Company. In addition Metals Exploration has entered
into discussions to raise approximately US$70 million in debt
funding for the purposes of constructing its Runruno gold mine in
the Philippines. As part of these arrangements, the Company has
committed to invest a further GBP1.4 million over the next seven
months, approximately pro rata to its shareholding in Metals
Exploration.
Following receipt of funds from the placing and the proposed
debt funding, Metals Exploration expects that it will have
sufficient capital in place to complete the construction of the
mine at Runruno and finance the acquisition of a mining fleet for
post construction operations. Once in full production, Runruno is
planned to produce approximately 100,000 ounces of gold per
annum.
China Polymetallic Mining Company Limited ("CPM")
On 25 March 2013, CPM, the Hong Kong Stock Exchange listed
silver, lead and zinc mining company announced its final results
for the year to 31 December 2012 which included a gross profit of
RMB 390 million, a 623% increase on 2011, largely as a result of
the ramp-up of the Shizishan Mine which reached its full production
capacity of 2,000 tonnes per day in December 2012. With its second
mine, Dakuangshan, planned to reach capacity in the third quarter
2013, and Shizishan at full capacity throughout 2013, a further
increase in profitability is anticipated for 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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