Baker Steel Resources Trust Ltd Net Asset Value(s) (6964P)
October 04 2013 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 6964P
Baker Steel Resources Trust Ltd
04 October 2013
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
4 October 2013
30 September 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 September
2013:
Net asset value per Ordinary Share: 70.3 pence
During the month, the NAV per share decreased by 1% with a rise
in the share price of Ivanhoe Mines Limited on the Toronto Stock
Exchange more than outweighed by a strengthening in the exchange
rate of Sterling against the US and Canadian Dollars in which the
majority of the Company's portfolio is denominated.
At 30 September 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 22.0%
Bilboes Gold Limited 12.1%
Ironstone Resources Limited 11.7%
Black Pearl Limited Partnership 11.6%
Gobi Coal & Energy Limited 11.3%
China Polymetallic Mining Limited 8.0%
Polar Silver Resources Ltd 7.9%
Metals Exploration plc 6.6%
Ferrous Resources Limited 5.7%
South American Ferro Metals Limited 1.3%
Other Investments 2.4%
Net Cash, Equivalents and Accruals -0.6%
Investment Update
Ivanhoe Mines Limited ("Ivanhoe")
On 23 September 2013 Ivanhoe announced that it had agreed the
terms for a non-brokered, common share, private-placement financing
with a group of investors (not including the Company) under which
it will issue between 50 million and 54 million new Class A common
shares ("common shares") at C$2.00 per share to raise a total of
C$100-108 million. Robert Friedland, Ivanhoe's Executive Chairman,
will subscribe for C$25 million of the offering, approximately pro
rata to his current holding in Ivanhoe.
The proceeds from the financing will be used to further advance
the development of Ivanhoe's Kamoa copper discovery and its Kipushi
zinc-copper-lead-germanium-precious metals project, and for general
corporate purposes.
Ivanhoe also noted that, as previously disclosed, confidential
discussions and the conduct of due diligence are continuing with a
select number of leading international, private and state-owned
mining companies that have expressed interest in participating in
Ivanhoe's assets, both at the project and corporate levels.
During the month Ivanhoe's share price on the Toronto Stock
Exchange rose 13% from C$1.96 to C$2.22 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, having obtained
government approval, it is proceeding with the sinking of a
bulk-sample shaft to access the underground platinum, palladium,
nickel, copper, gold and rhodium discovery at its Platreef Project
in South Africa's Bushveld Complex. The vertical shaft will extend
to a depth below surface of 800 metres and facilitate the
collection of a mineralised bulk sample in the second half of 2015
to complete Ivanhoe's development assessment of the project. The
shaft is expected to cost around US$80 million and will be funded
from the approximately US$180 million in dedicated funds remaining
in Ivanhoe's treasury from the US$280 million received in 2011 from
the sale of an 8% interest in the Platreef Project to a consortium
of Japanese investors. The bulk-sample shaft will also reduce the
timeline for first production as it will be able to be converted to
a production shaft in due course following a feasibility study and
issue of a mining licence.
Ferrous Resources Limited ("Ferrous")
During September, Ferrexpo plc, the London listed, Ukraine based
iron ore producer, announced that it had acquired a 14.4%
"strategic" stake in Ferrous for approximately US$80 million. This
acquisition is a strong recognition of the quality of Ferrous' iron
ore assets in Brazil and will give Ferrous additional options for
financing the expansion of its Viga mine to 15 million tonnes per
annum. The price paid is in line with the Company's carrying value
of Ferrous.
A further indication of renewed interested in the iron ore
sector, outside the Company's portfolio, is the proposed investment
of US$990 million by Tianjin Materials and Equipment Group
Corporation into African Minerals Limited, valuing its Tonkoli iron
ore project in Sierra Leone at US$6 billion.
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
Numis Securities Limited +44 20 7260 1000
David Benda (corporate)
James Glass (sales)
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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