Baker Steel Resources Trust Ltd Net Asset Value(s) (2677W)
November 06 2014 - 2:02AM
UK Regulatory
TIDMBSRT
RNS Number : 2677W
Baker Steel Resources Trust Ltd
06 November 2014
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 November 2014
31 October 2014 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 October 2014:
Net asset value per Ordinary Share: 51.5 pence
During the month, the NAV per share decreased by 2.3% largely
due to a 25% fall in the share price of Ivanhoe Mines on the
Toronto Stock Exchange.
At 31 October 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 16.8%
Polar Silver Resources Ltd 14.6%
Ironstone Resources Limited 13.7%
Bilboes Gold Limited 11.6%
Metals Exploration plc 8.2%
Ivanhoe Mines Limited 7.8%
Ferrous Resources Limited 7.2%
Gobi Coal & Energy Limited 7.2%
Global Oil Shale Group plc 5.0%
China Polymetallic Mining Limited 4.3%
Other Investments 2.8%
Net Cash, Equivalents and Accruals 0.8%
Investment Update
Ivanhoe Mines Limited ("Ivanhoe Mines")
Ivanhoe shares fell 25% on the Toronto Stock Exchange during the
month on news that there was a delay in the issue of the Mining
Right for Ivanhoe's Platreef Project. The South African Department
of Mineral Resources ("DMR") had previously indicated to Ivanhoe on
30 May 2014 that the Mining Right would be issued by the end of
September 2014. Ivanhoe escalated the issue by starting a process
that would lead to job cuts at the project unless it received a
more definite indication of when the Mining Right will be executed.
On 5 November 2014 the DMR and Ivanhoe jointly announced that the
Mining Right had been issued. Ivanhoe Mines' Executive Chairman
Robert Friedland stated that the issue of the Mining Right will
enable the immediate resumption of preparations for continued
construction at the Platreef site.
Such delays are not uncommon in licensing for mines globally,
although it is an interesting indication of the current state of
the market that a relatively minor piece of negative news was
seized upon as a signal to sell. It should be noted that Ivanhoe
has three tier one projects which it has generally progressed well
over the two years since its IPO but nevertheless its share price
had fallen 82.1% from C$4.75 per share to C$0.85 at the end of
October 2014. Ivanhoe's market capitalisation fell to C$595 million
despite having net cash and equivalents of approximately C$247
million as at 30 June 2014.
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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