Baker Steel Resources Trust Ltd Net Asset Value(s) (6549G)
March 05 2015 - 6:08AM
UK Regulatory
TIDMBSRT
RNS Number : 6549G
Baker Steel Resources Trust Ltd
05 March 2015
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 March 2015
27 February 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 27 February 2015:
Net asset value per Ordinary Share: 42.5 pence
Since 31 January 2015, the NAV per share has decreased by 4.3%
largely due to a fall in the price of Ivanhoe on the Toronto Stock
Exchange and the dilution and expenses associated with the
acquisition of assets and the Open Offer completed on 25 February
2015. The NAV per share at 27 February 2015 is 0.2% lower than that
used for the acquisition of assets as calculated on 18 February
2015.
On 25 February 2015, the Company issued a total of 38,819,601
new ordinary shares in relation to the acquisition of additional
assets. In addition the Company issued a total of 3,368,488 new
ordinary shares in respect of cash subscriptions under the Open
Offer to all shareholders. As a result the Company had a total of
113,891,865 Ordinary Shares in issue as at 27 February 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 19.8%
Global Oil Shale Group plc 17.9%
Black Pearl Limited Partnership 13.7%
Bilboes Gold Limited 9.7%
Metals Exploration plc 7.1%
Ivanhoe Mines Limited 6.9%
Gobi Coal & Energy Limited 5.7%
Archipelago Metals Limited 4.5%
China Polymetallic Mining Limited 3.0%
Ironstone Resources Limited 3.0%
Other Investments 7.4%
Net Cash, Equivalents and Accruals 1.3%
Global Oil Shale Group plc ("GOS")
On 1 September 2014, the Company announced that it had agreed to
subscribe GBP585,000 as part of a pre-IPO fundraising being
undertaken by GOS. This commitment has today been satisfied through
the issue of 1,376,470 new Ordinary Shares of the Company at a
price of 42.5 pence per share (equivalent to the latest NAV per
Share of the Company).
GOS is a private oil shale explorer and developer whose key
assets are the Julia Creek oil shale project in Queensland
Australia which has a JORC Compliant Indicated Resource of 240
million barrels published in May 2013 and an Inferred Resource of
1.9 billion barrels of shale oil and the
Tarfaya project in Morocco containing JORC compliant measured
resources of 308 million barrels of shale oil (November 2014). GOS
has undertaken a preliminary economic assessment on Tarfaya which
estimates a first phase development with a capital cost of US$322
million, producing 4,100 barrels of oil equivalent per day at an
operating cost of US$27.9 per barrel. It envisages a second phase
raising total production to 26,500 barrels of oil equivalent per
day.
Application has been made for the 1,376,470 new Ordinary Shares
to be admitted to listing on the premium segment of the Official
List of the FCA and to trading on the London Stock Exchange's main
market for listed securities. It is expected that Admission will
take place at 8.00am on 10 March 2015.
Following the issue the Company will have 115,268,335 Ordinary
Shares in Issue.
Further details of the Company and its investments are available
on the Company's website www.bakersteelresourcestrust.com
Enquiries:
Baker Steel Resources Trust +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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