Baker Steel Resources Trust Ltd Interim Management Statement (8300G)
May 12 2014 - 5:47AM
UK Regulatory
TIDMBSRT
RNS Number : 8300G
Baker Steel Resources Trust Ltd
12 May 2014
BAKER STEEL RESOURCES TRUST LTD
www.bakersteelresourcestrust.com
April 2014 Interim Factsheet
At 30 April 2014 Price / Index Level % Change in Period % Change in Period
------------------------------------------------------ -------------------- ------------------- -------------------
Net Asset Value (pence/share) 60.2 -2.9% -38.5%*
------------------------------------------------------ -------------------- ------------------- -------------------
Ordinary Share Price (pence/share) 43.25 -8.7% -56.8%**
------------------------------------------------------ -------------------- ------------------- -------------------
MSCI World Index - GBP 414.09 -0.5% +21.9%
------------------------------------------------------ -------------------- ------------------- -------------------
Euromoney Global Mining 100 Index - GBP 530.37 +0.6% -37.5%
------------------------------------------------------ -------------------- ------------------- -------------------
CRB Index 309.53 +10.5% +13.3%
------------------------------------------------------ -------------------- ------------------- -------------------
Chinese Domestic Iron Ore - Hebei/Tangshan (US$/t) 153.0 -15.5% -20.3%
------------------------------------------------------ -------------------- ------------------- -------------------
Copper (US$/t) 6659.50 -9.7% -10.6%
------------------------------------------------------ -------------------- ------------------- -------------------
Gold (US$/oz) 1291.55 +7.1% +10.6%
------------------------------------------------------ -------------------- ------------------- -------------------
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 2014 to 12 May 2014 ("the Period").
Financial information has been drawn up as at 30/04/2014. There
have been no material changes since that date.
Review Investment Objective
At the end of April 2014, Baker Steel Resources To seek capital growth
Trust Limited ("BSRT" or "the Company") was fully over the long term through
invested. During the first four months of the a focused global portfolio
year there have been no realisations or acquisition consisting principally
of new assets. of the equities, or related
During the first part of 2014, markets for mining instruments, of natural
equities have consolidated after a weak 2013, resources companies.
with the Euromoney Global Mining 100 Index rising
0.6% in Sterling terms in the four months to 30
April 2014. The Company's Net Asset Value per Investment Strategy
share slightly underperformed the general mining
market falling 2.9% during the period, largely Investing predominantly
due to weakness in the share price of China Polymetallic in attractively valued
Mining on the Hong Kong Stock Exchange. In line private companies with
with the its policy, in the absence of significant strong development projects
events, the Company reviews the carrying value and focused management
of the unlisted investments relative to comparable and also in listed securities
market movements, only at the half year and full to exploit value inherent
year ends. in market inefficiencies.
Commodity prices during the period were mixed
with base metal and bulk commodities weakening
further as markets continued to be concerned over Asset Allocation
the growth rate in China in particular although
gold recovered some of its 2013 losses and was Unlisted Equities GBP26.4
up 7.1% in the first four months of 2014. M 33.8 %
Although there was little corporate activity in Listed Equities GBP13.5
the companies in the portfolio during the period, M 66.3 %
good progress is generally being made at their Net Cash & GBP -0.1 M -0.1
underlying projects. In particular, Ivanhoe released %
the results of its positive Preliminary Economic Equivalents
Assessment for its Platreef platinum/palladium/nickel Net Assets GBP39.8 M
project in South Africa; Black Pearl commenced Gearing: -0.1%
production at its iron ore beach sands project
in Indonesia; and Metals Exploration confirmed
that it remained on budget and on time for a first Shares in Issue
gold pour at its Runruno Gold Project in the Philippines
by the end of the year. Trading: The London Stock
Outlook Exchange Ordinary: 66,142,533
2014 appears to be a year of consolidation for Code: BSRT
mining shares with the bulk of the poor sentiment ISIN GG00B6686L20
towards the sector factored into prices after
the weak markets of the past two years. That there
is clearly value in the sector is evidenced by
the increasing numbers of private equity vehicles
being formed in order to exploit the historically Financial Calendar
low valuations. The Company will continue to look
for attractive opportunities but with the quality Year End: 31 December
of its existing portfolio, the Company is well
placed for when sentiment towards the sector turns. Interims: August
There is already evidence of a change in sentiment Finals April
in the gold sector with increasing M&A activity
and selective fund raisings.
------------------------------------------------------------ -----------------------------------------
Top 10 Investments (at 30 April 2014) Investment Manager
Ivanhoe Mines Limited 18.1% NAV Baker Steel Capital Managers
A company listed on the Toronto Stock Exchange LLP
with major copper and zinc projects in the Democratic
Republic of Congo and a platinum/nickel project Investment Advisers
in South Africa. AWR Lloyd Capital Ltd
Black Pearl Limited Partnership 13.9% NAV Rock Capital Partners Ltd
Black Pearl is the private vehicle through which
the investment in the Black Pearl beach placer Management Fees
iron sands project in West Java, Indonesia is Monthly: 1/12 of 1.75%
held. of
Gobi Coal & Energy Limited 12.6% NAV Market Capitalisation
A private company with three coking coal projects Performance: 15% of NAV
in Mongolia. growth (if over 8% p.a.
Ironstone Resources Limited 12.6% NAV compound hurdle rate, with
A private company with an iron ore/vanadium project high watermark)
in Canada.
Bilboes Gold Limited 10.2% NAV Board
A private company with producing gold mines in Howard Myles (Chairman)
Zimbabwe. Ed Flood
Polar Silver Resources Limited 9.0% NAV Charles Hansard
A private company which holds a 50% interest in Clive Newall
a silver project in Russia. Chris Sherwell
Metals Exploration plc 8.2% NAV
A company listed on the AIM market of the London StockBrokers
Stock Exchange with a gold project in the Philippines.
Ferrous Resources Limited 6.4% NAV Numis Securities Liimited
A private company with five iron ore projects +44(0)20 7260 1000
in Brazil.
China Polymetallic Mining Limited 5.5% NAV
A company listed on the Hong Kong Stock Exchange Contact:
with a producing silver/lead/zinc mine and other
development opportunities in China. Baker Steel Capital Managers
South American Ferro Metals Limited 1.4% NAV LLP
A company listed on the Australian Stock Exchange 86 Jermyn Street,
with a producing iron ore mine in Brazil. London SW1Y 6JD
The remainder of the Portfolio (excluding cash) +44 (0) 20 7389 8237
comprises five holdings totalling 2.2% NAV.
Further information is available on BSRT's website: enquiries@bakersteelresourcestrust.com
www.bakersteelresourcestrust.com
Baker Steel Resources Trust
Limited is incorporated
in Guernsey
Registration Number: 51576
Arnold House, St Julian's
Avenue,
St Peter Port, Guernsey
-------------------------------------------------------------- ------------------------------------------
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 Conduct 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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