Baker Steel Resources Trust Ltd Net Asset Value(s) (2483N)
September 05 2013 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 2483N
Baker Steel Resources Trust Ltd
05 September 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 September 2013
30 August 2013 Unaudited NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share as at 30 August 2013:
Net asset value per Ordinary Share: 71.0 pence
During the month, the NAV per share increased by 2.5% largely as
a result of the increase in the share price of Ivanhoe Mines
Limited (previously Ivanplats Limited) on the Toronto Stock
Exchange.
At 30 August 2013, the Company had a total of 66,142,533
Ordinary Shares in issue.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanhoe Mines Limited 20.4%
Bilboes Gold Limited 12.6%
Ironstone Resources Limited 11.9%
Black Pearl Limited Partnership 11.9%
Gobi Coal & Energy Limited 11.7%
China Polymetallic Mining Limited 8.3%
Polar Silver Resources Ltd 8.2%
Metals Exploration plc 6.7%
Ferrous Resources Limited 5.9%
South American Ferro Metals Limited 1.2%
Other Investments 2.5%
Net Cash, Equivalents and Accruals -1.3%
Investment Update
Ivanhoe Mines Limited ("Ivanhoe")
With effect from 28 August 2013, Ivanplats Limited changed its
name to Ivanhoe Mines Limited to reflect its evolution over the
past few years from a singularly focused platinum group metals
company into a multi-commodity mine development company.
During August 2013, Ivanhoe announced that key elements had been
established for a new study to help set the stage for the
cost-effective development of a mine and processing plant at the
Kamoa copper discovery in the Democratic Republic of Congo. The key
elements for the refocused development study will involve lower
initial capital cost and significant smelting capacity.
During the month Ivanhoe's share price on the Toronto Stock
Exchange rose 35% from C$1.45 to C$1.96 per share. The majority of
the Company's holding is restricted by lock-up arrangements
introduced on Ivanhoe's IPO and is carried at a 10% discount to the
market price. During the month Ivanhoe also announced that it had
obtained regulatory approval for a transaction structure that it
contemplates would provide locked up shareholders with a right to
release and sell locked up shares to a designated purchaser.
Ivanhoe is in the process of discussions and negotiations with
potential third party participants in the transaction, with any
such transaction subject to finalisation of definitive commercial
terms with one or more of those third parties.
China Polymetallic Mining Limited ("CPM")
On 28 August 2013, CPM announced its interim results for the six
months ended 30 June 2013. Revenues were up 69.7% and net profits
up 96.7% against the same period in 2012 as CPM continues to ramp
up its Shizishan silver lead zinc mine. The results also include an
initial contribution from the newly commissioned Dakuangshan silver
lead zinc. It is of particular note that despite ongoing capital
development commitments, CPM has decided to pay a maiden dividend
demonstrating its confidence in the cash generation of its
mines.
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") figure stated is 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 figure is 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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