Baker Steel Resources Trust Ltd Net Asset Value(s) (9078Q)
September 05 2014 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 9078Q
Baker Steel Resources Trust Ltd
05 September 2014
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 September 2014
29 August 2014 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 29 August 2014:
Net asset value per Ordinary Share: 55.2 pence
During the month, the NAV per share increased by 0.5% largely
due to a fall in the exchange rate of Sterling against the US$ and
C$ in which the majority of the Company's investments are
denominated.
At 29 August 2014, the Company had a total of 71,703,776
Ordinary Shares in issue.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Black Pearl Limited Partnership 14.8%
Ivanhoe Mines Limited 13.8%
Polar Silver Resources Ltd 13.1%
Ironstone Resources Limited 12.9%
Bilboes Gold Limited 10.4%
Metals Exploration plc 9.6%
Ferrous Resources Limited 6.5%
Gobi Coal & Energy Limited 6.5%
Global Oil Shale Group plc 4.7%
China Polymetallic Mining Limited 4.5%
Other Investments 3.2%
Net Cash, Equivalents and Accruals 0.0%
Investment Update
Global Oil Shale Group plc ("GOS")
During the month the Company made a further investment of
GBP200,000 to acquire new shares in GOS following the initial
investment during July 2014. This investment allowed GOS to
commence a confirmatory resource drilling programme at its Tarfaya
oil shale project in Morocco in ahead of GOS's pre-IPO fundraising
to which the Company has committed a further GBP585,000 as
announced on 1 September 2014. Tarfaya currently has a non
compliant historic resource estimate containing 376 million barrels
of shale oil. The drilling programme has been planned to allow the
deposit to be defined in accordance with the standards of the JORC
Code as produced by the Australasian Joint Ore Reserves
Committee.
Ivanhoe Mines Limited ("Ivanhoe")
During August 2014, Ivanhoe announced the appointment of BMO
Capital Markets Limited and Morgan Stanley & Co. International
plc as financial advisers to conduct a strategic review of its
Kamoa and Kipushi projects in the Democratic Republic of Congo
(DRC). The strategic review will initially focus on the potential
introduction of third-party strategic investors and/or
joint-venture parties for the Kamoa and Kipushi projects. Ivanhoe
will also continue to examine other corporate and project-level
options such as a corporate reorganisation; project spin-offs
(including potentially separating its South African platinum assets
and its DRC copper and zinc assets into separately listed public
companies); sales or joint-ventures; project- or corporate-level
debt and/or equity investments; and additional and/or alternative
stock-exchange listings for certain of Ivanhoe's projects.
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)
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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