Baker Steel Resources Trust Ltd Net Asset Value(s) (5454J)
April 08 2015 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 5454J
Baker Steel Resources Trust Ltd
08 April 2015
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
8 April 2015
31 March 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 March 2015:
Net asset value per Ordinary Share: 43.3 pence
Since 27 February 2015, the NAV per share has risen by 1.9%
largely due to an increase in the price of Ivanhoe Mines on the
Toronto Stock Exchange and appreciation of the US Dollar against
Sterling.
On 5 March 2015, the Company issued 1,376,470 new Ordinary
Shares for the acquisition of 1,462,500 ordinary shares in Global
Oil Shale Group plc. As a result the Company had a total of
115,268,365 Ordinary Shares in issue as at 31 March 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 20.0%
Global Oil Shale Group plc 18.5%
Black Pearl Limited Partnership 13.9%
Bilboes Gold Limited 9.8%
Ivanhoe Mines Limited 7.6%
Metals Exploration plc 5.9%
Gobi Coal & Energy Limited 5.7%
Archipelago Metals Limited 4.5%
Ironstone Resources Limited 3.0%
China Polymetallic Mining Limited 2.8%
Other Investments 7.2%
Net Cash, Equivalents and Accruals 1.1%
Ivanhoe Mines Limited ("Ivanhoe")
During March 2015 Ivanhoe announced that China's largest gold
producer and second largest copper producer, Zijin Mining Group,
had agreed to acquire a 9.9% stake in Ivanhoe by investing
approximately C$105 million to help advance Ivanhoe's three
mine-development projects in Africa. Under the terms of the
agreement, Ivanhoe will issue 76,817,020 common shares to Zijin
through a private placement at a price of C$1.36 per share.
Importantly, Ivanhoe also disclosed that it is in detailed
discussions with Zijin about the strategic co-development of
Ivanhoe's Kamoa copper discovery in the Democratic Republic of
Congo. The financing of Kamoa will be the key to unlocking a
significant portion of the latent value within Ivanhoe.
Red 5 Limited ("Red 5")
As part of the Acquisition of Assets transaction which closed in
February 2015, the Company acquired a 1.8% interest in Australian
Stock Exchange listed Red 5, whose principal asset is the Siana
gold project situated on the island of Mindanao in the
Philippines.
Red 5 announced in March 2015 that commissioning of the new
thickener and re-commissioning
of the process plant are progressing well, with 64,902 tonnes of
ore being processed up to 28 February 2015. Once in full production
the Siana mine is expected to produce approximately 65,000-75,000
ounces of gold per annum.
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 26 January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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