Baker Steel Resources Trust Ltd Interim Management Statement (8033B)
April 08 2013 - 7:58AM
UK Regulatory
TIDMBSRT
RNS Number : 8033B
Baker Steel Resources Trust Ltd
08 April 2013
BAKER STEEL RESOURCES TRUST LTD
www.bakersteelresourcestrust.com
March 2013 Quarterly Factsheet
At 28 March 2013 Price / Index Level % Change in Quarter % Change from Inception
------------------------------------------------ -------------------- -------------------- ------------------------
Net Asset Value (pence/share) 109.0 -0.1% +9.0%*
------------------------------------------------ -------------------- -------------------- ------------------------
Diluted Net Asset Value (pence/share) 107.5 -0.1% n/a
------------------------------------------------ -------------------- -------------------- ------------------------
Ordinary Share Price (pence/share) 85.5 1.8% +14.5%**
------------------------------------------------ -------------------- -------------------- ------------------------
Subscription Share Price (pence/share) 0.35 -92.2% n/a
------------------------------------------------ -------------------- -------------------- ------------------------
MSCI World Index 360.06 6.0% +16.8%
------------------------------------------------ -------------------- -------------------- ------------------------
HSBC Global Mining Index 992.61 -13.9% -23.7%
------------------------------------------------ -------------------- -------------------- ------------------------
CRB Index 296.69 0.6% +8.6%
------------------------------------------------ -------------------- -------------------- ------------------------
Chinese Domestic Iron Ore -- Hebei/Tangshan
(US$/t) 177 2.3% -7.8%
------------------------------------------------ -------------------- -------------------- ------------------------
Copper (US$/t) 7509.75 -5.0% +0.8%
------------------------------------------------ -------------------- -------------------- ------------------------
Gold (US$/oz) 1598.75 -4.6% +36.9%
------------------------------------------------ -------------------- -------------------- ------------------------
Source: Bloomberg closing 27/4/10, **Issue price 28/4/10, * NAV
30/4/10
This document constitutes an interim management statement for
the period from 1 January 2013 to 8 April 2013 ("the Period").
Financial information has been drawn up as at 28/03/2013. There
have been no material changes since that date.
Review Investment Objective
At the end of March 2013, Baker Steel Resources To seek capital growth over
Trust Limited ("BSRT" or "the Company") the long term through a focused
was fully invested. During the quarter there global portfolio consisting
has been one realisation, the sale through principally of the equities,
a company buy-back of Copperbelt Minerals or related instruments, of
Limited, following the disposal of its interest natural resources companies.
in the Deziwa copper project in the Democratic
Republic of Congo (DRC) to its joint venture
partner Gécamines. The buy-back offer Investment Strategy
valued Copperbelt at US$14 per share compared
to the Company's carrying value at 31 December Investing predominantly in
2012 of US$7 per share and realised approximately attractively valued private
GBP3.2 million in cash. During the period companies with strong development
the Company also committed GBP1.4 million projects and focused management
to a US$57.7 million equity fundraising and also in listed securities
by Metals Exploration plc, pro rata to its to exploit value inherent in
shareholding. In conjunction with a US$70 market inefficiencies.
million loan being negotiated, Metals Exploration
expects that it will have in place sufficient
capital to complete the construction of Asset Allocation
the mine at its approximately 100,000 ounce Unlisted GBP43.7 60.6
per annum Runruno gold project in the Philippines. Equities M %
During the first quarter 2013, markets for GBP29.7 41.2
mining equities continued last year's weakness Listed Equities M %
with the HSBC Global Mining Index falling Net Cash GBP -1.3 -1.8
a further 13.9%. Commodities also trended & M %
weaker during the quarter although iron Equivalents
ore maintained the strong recovery seen Net Assets GBP72.1
in the second half of 2012. M
Although there was little corporate activity Gearing: -1.8%
in the companies in the portfolio during
the quarter, good progress is generally
being made at their underlying projects. Shares in Issue
In particular, Ivanplats released significantly Trading: The London Stock
increased resource upgrades on both its Exchange
Kamoa copper project in the DRC and its Ordinary: 66,142,533
Platreef platinum group metal project in Code: BSRT
South Africa. ISIN GG00B6686L20
Outlook
Access to capital through debt and equity
markets has become increasingly constrained
over the past few years. While general equity
markets have recently strengthened, mining
equities have underperformed, partially Financial Calendar
due to volatility in prices and uncertainty Year End: 31 December
over the longevity of the commodities cycle.
The upward trend in the equities market Interims: August
is expected to continue as investors shift Finals April
asset allocation away from bonds and into
equities. As risk appetite increases this
could potentially increase allocation into
the mining sector. Increasing equity market
activity would give opportunities for the
privately held companies in the portfolio
to seek an IPO and also be positive for
the planned secondary listing for Ivanplats.
The outlook for copper and platinum group
metals appears positive; Ivanplats is well
placed to benefit from any uplift in the
price of these metals.
---------------------------------------------------- ------------------------------------------
Ivanplats Limited 34.4% NAV Investment Manager
A company listed on the Toronto Stock Baker Steel Capital Managers
Exchange with major copper and zinc projects LLP
in the Democratic Republic of Congo and
a platinum/nickel project in South Africa. Investment Advisers
Gobi Coal & Energy Limited 15.5% NAV AWR Lloyd Capital Ltd
A private company with three coking coal Rock Capital Partners Ltd
projects in Mongolia.
Bilboes Gold Limited 8.4% NAV Management Fees Monthly: 1/12 of 1.75%
A private company which owns four previously of
producing gold mines in Zimbabwe. Market Capitalisation
China Polymetallic Mining Limited 8.2% NAV
A company listed on the Hong Kong Stock Performance: 15% of NAV growth
Exchange with a producing silver/lead/zinc (if over 8% p.a. compound hurdle
mine and other development opportunities rate, with high watermark)
in China.
Ironstone Resources Limited 8.2% NAV Board
A private company with an iron ore/vanadium Howard Myles (Chairman)
project in Canada. Ed Flood
Black Pearl Limited Partnership 7.5% NAV Charles Hansard
Black Pearl is the private vehicle through Clive Newall
which the investment in the Black Pearl Chris Sherwell
beach placer iron sands project in West
Java, Indonesia is held. Joint Brokers
Ferrous Resources Limited 6.5% NAV RBC Capital Markets
A private company with five iron ore projects +44(0)20 7653 4253
in Brazil.
Polar Silver Resources Limited 5.4% NAV Winterflood Investment Trusts
A private company which holds a 50% interest +44(0)20 3100 0000
in a silver project in Russia.
Metals Exploration plc 3.9% NAV Contact:
A company listed on the AIM market of
the London Stock Exchange with a gold Baker Steel Capital Managers
project in the Philippines. LLP
South American Ferro Metals Limited 1.9% NAV 86 Jermyn Street,
A company listed on the Australian Stock London SW1Y 6JD
Exchange with a producing iron ore mine +44 (0) 20 7389 8237
in Brazil.
The remainder of the Portfolio (excluding enquiries@bakersteelresourcestrust.com
cash) comprises five holdings totalling
1.9% NAV. Baker Steel Resources Trust
Limited is incorporated in
Further information is available on BSRT's Guernsey
website: www.bakersteelresourcestrust.com
Registration Number: 51576
Arnold House, St Julian's Avenue,
St Peter Port, Guernsey
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Important Information
This document is issued by Baker Steel Capital Managers LLP (a Limited
Liability Partnership registered in England No OC301191 and authorised
and regulated by the Financial Services Authority). The information contained
in this document is not intended to and does not constitute an offer, solicitation,
inducement, invitation or commitment to purchase, subscribe to, provide
or sell any securities, service or product or to provide any recommendations
which should be relied upon for financial, securities, investment or other
advice or to take any decision based on such information. Individual advice
should be sought from legal, financial, personal and other advisors before
making any investment or financial decision or purchasing any financial,
securities or investment-related service or product. As a registered collective
investment scheme, shares in Baker Steel Resources Trust Ltd are not permitted
to be directly offered to the public in Guernsey but may be offered to
regulated entities in Guernsey or offered to the public by entities appropriately
licensed under the Protection of Investors (Bailiwick of Guernsey) Law
1987 as amended.
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.
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