Baker Steel Resources Trust Ltd Net Asset Value(s) (3921G)
May 07 2014 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 3921G
Baker Steel Resources Trust Ltd
07 May 2014
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 May 2014
30 April 2014 Unaudited NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 April 2014:
Net asset value per Ordinary Share: 60.20 pence
During the month, the NAV per share decreased by 0.8%,
predominantly due to fall in the share price of China Polymetallic
Metals listed on the Hong Kong Stock Exchange and an appreciation
of Sterling against the US and Canadian Dollars in which the
majority of the Company's investments are denominated.
At 30 April 2014, 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 18.1%
Black Pearl Limited Partnership 13.9%
Gobi Coal & Energy Limited 12.6%
Ironstone Resources Limited 12.6%
Bilboes Gold Limited 10.2%
Polar Silver Resources Ltd 9.0%
Metals Exploration plc 8.2%
Ferrous Resources Limited 6.4%
China Polymetallic Mining Limited 5.5%
South American Ferro Metals Limited 1.4%
Other Investments 2.2%
Net Cash, Equivalents and Accruals -0.1%
Investment Update
South American Ferro Metals Limited ("SAFM")
On 30 April 2014, SAFM reported good progress on its Bankable
Feasibility Study to expand the existing operations at its Ponte
Verde iron ore mine in Brazil from 1.5 million tonnes of Run of
Mine ("ROM") ore to 8 million tonnes of ROM ore. The collation of
all final study schedules from the various principal consultants
and contractors was received in March 2014 and it is planned for
all requisite licences to have been awarded by the time of
completion of the Feasibility Study scheduled for September 2014.
SAFM is concurrently evaluating various financing alternatives,
including debt, equity, state subsidies and prepayment of
offtake.
SAFM also reported quarterly beneficiated production of 192,820
tonnes of iron ore product which was down on the previous quarter
due to the season rains. However they were able to sell down a
majority of the stockpile that had built up which resulted in a
record quarterly sales volume of 317,046 tonnes of iron ore
product. Net operating cashflow for the quarter ended 31 March 2014
amounted to A$2.67 million.
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)
Bell Pottinger
Lorna Cobbett +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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