Baker Steel Resources Trust Ltd Acquisition (2499L)
July 02 2014 - 9:34AM
UK Regulatory
TIDMBSRT
RNS Number : 2499L
Baker Steel Resources Trust Ltd
02 July 2014
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
2 July 2014
Acquisition of Stake in Global Oil Shale Group plc
Baker Steel Resources Trust Limited (the "Company") announces
that it has acquired a 5.8% interest in Global Oil Shale Group plc
("GOS") valued atGBP1.75 million. The consideration has been
satisfied through the issue of 3,301,886 new Ordinary Shares of the
Company (the "New Shares") to the vendor at a price of 53.0 pence
per share (equivalent to the latest NAV per Share of the Company)
and these shares have subsequently been placed with an
institutional investor in the secondary market.
GOS is a private oil shale explorer and developer whose key
asset is the Julia Creek oil shale project in Queensland,
Australia. The Julia Creek tenements cover an area of 1,041 square
kilometres and contain JORC defined Indicated and Inferred
Resources of 2.18 billion barrels of shale oil at grades of 40 - 90
litres per tonne and average of 61 litres per tonne at zero
moisture. GOS also recently signed a Memorandum of Understanding
with the Moroccan authorities to develop a block containing JORC
resources of 376 million barrels of shale oil.
Oil shale is a fine-grained sedimentary rock containing organic
matter that yields substantial amounts of oil and combustible gas
upon destructive distillation. It is amenable to large scale strip
mining methods.
GOS represents the Company's first investment in the energy part
of the mining sector and in Australia, and provides exposure to a
nascent industry which is yet to be focussed on by mainstream
investors.
Application has been made for the New Shares to be admitted to
the premium segment of the Official List of the Financial Conduct
Authority (the "FCA") and to trading on the main market for listed
securities of the London Stock Exchange (together, "Admission"). It
is expected that Admission will take place at 8.00am on 8 July
2014.
Following Admission, the number of Ordinary Shares that the
Company will have in issue will be 71,703,776.
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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