Baker Steel Resources Trust Ltd Net Asset Value(s) (1145X)
January 08 2014 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 1145X
Baker Steel Resources Trust Ltd
08 January 2014
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
8 January 2014
31 December 2013 Unaudited NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share as at 31 December 2013:
Net asset value per Ordinary Share: 62.0 pence
During the month, the NAV per share decreased by 6.2% largely
due to a mark down in the value of Bilboes Gold Limited to reflect
the weakness in listed gold equities during the year coupled with a
fall in the share price of Ivanhoe Mines Limited on the Toronto
Stock Exchange.
At 31 December 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 18.9%
Black Pearl Limited Partnership 13.3%
Ironstone Resources Limited 12.6%
Gobi Coal & Energy Limited 12.5%
Bilboes Gold Limited 10.1%
Polar Silver Resources Ltd 8.7%
China Polymetallic Mining Limited 7.1%
Ferrous Resources Limited 6.3%
Metals Exploration plc 5.9%
South American Ferro Metals Limited 1.5%
Other Investments 2.3%
Net Cash, Equivalents and Accruals 0.8%
Investment Update
Review of the Year
2013 was a difficult year for the mining sector with the
Euromoney Mining 100 Index falling 25.7% and the FTSE Gold Mines
Index falling 54.1%. The Company's investments were not immune to
this headwind, with the NAV falling 43.2% during the year. A
significant portion of this fall reflects the Company's valuation
policy which takes into consideration the price movements of
similar publicly listed shares when arriving at the value of the
unlisted equities at the half and full year, where there has not
been a relevant pricing transaction in the previous 6 months. At 30
June 2013, Ferrous Resources and Gobi Coal & Energy were
written down by 40% and 50% respectively and at 31 December 2013,
the carrying value of Bilboes Gold was reduced by 25%. This mark
down was not a reflection of the performance of Bilboes itself
which during the year successfully re-commissioned its previously
producing heap leach operations and made good progress on the
feasibility study for the underlying sulphide mineralisation, but
rather to take into account the de-rating of listed gold equities
during the period.
Ivanhoe Mines Limited ("Ivanhoe")
On 18 December 2013 Ivanhoe announced that its dewatering
programme at the historic, high-grade Kipushi
copper-zinc-germanium-lead mine in the Democratic Republic of Congo
had achieved its key initial objective of restoring access to the
main underground working level.
Ivanhoe is now in a position to begin a 100 hole, 20,000-metre,
underground diamond-drilling program early in 2014, designed to
confirm the mine's estimated, remaining high-grade resources and to
seek to further expand the resources on strike and at depth.
To reflect the decreased timetable for release of the majority
of its Ivanhoe shares from the lock-up arrangements put in place on
listing, the Company has reduced the discount to the listed price
on the Toronto Stock Exchange it uses to value the locked-up
Ivanhoe shares from 10% to 6%.
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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