Baker Steel Resources Trust Ltd Net Asset Value(s) (4926M)
May 08 2015 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 4926M
Baker Steel Resources Trust Ltd
08 May 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 May 2015
30 April 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 April 2015:
Net asset value per Ordinary Share: 44.5 pence
Since 31 March 2015, the NAV per share has risen by 2.8% largely
due to a 26% increase in the price of Ivanhoe Mines on the Toronto
Stock Exchange, an increase in the value of China Polymetallic
Mining Limited on the Hong Kong Stock Exchange and an increase in
the carrying value of Ferrous Resources Limited. The appreciation
of Sterling against the US$ and Canadian Dollar reduced the gain
during the month.
The Company had a total of 115,268,335 Ordinary Shares in issue
as at 30 April 2015.
Portfolio Update
The Company is fully invested with top investments as follows as
a percentage of NAV:
Polar Silver Resources Ltd 18.8%
Global Oil Shale Group plc 18.2%
Black Pearl Limited Partnership 13.2%
Ivanhoe Mines Limited 9.5%
Bilboes Gold Limited 9.3%
Metals Exploration plc 7.2%
Gobi Coal & Energy Limited 5.4%
Archipelago Metals Limited 4.3%
China Polymetallic Mining Limited 3.8%
Ironstone Resources Limited 2.9%
Ferrous Resources Limited 2.6%
Other Investments 4.1%
Net Cash, Equivalents and Accruals 0.7%
Ferrous Resources Limited ("Ferrous")
On 25 April 2015, Ferrous entered into an Implementation
Agreement pursuant to which a wholly-owned subsidiary of Icahn
Enterprises Holdings L.P. ("Icahn") has agreed to launch a tender
offer for any and all Ferrous shares at a price of US$0.36 per
share and to buy up to US$40,000,000 of new shares at US$0.20 per
share.
Following the fall in iron ore prices, Ferrous has suspended
operations at its Santanese and Esperanca iron ore mines. This has
left the Viga mine as Ferrous's only operating mine, which is
reported by Ferrous management to be operating at marginal levels
of profitability that are not able to support Ferrous's care and
maintenance costs at its other mines as well as its corporate
overhead. The outlook for iron ore has also meant Ferrous has
struggled to raise the US$1.2 billion required to increase
production levels from the current 3.8 million tonnes to 17 million
tonnes per annum following its positive feasibility study in
2013.
The agreed tender offer by Icahn represents a 38.5% premium to
the Company's carrying value of US$0.26 per share at 31 March 2015,
which has now been increased to reflect the offer resulting in a
0.7% increase to the Company's Net Asset Value. The Investment
Manager is reviewing the proposals but should the Company decide to
accept the tender, it would result in a realisation of US$2.06
million.
Metals Exploration plc ("Metals Ex")
During April 2015, the Company took the opportunity to acquire
10 million additional shares in Metals Ex at 3.5 pence per share
(representing a market cap GBP48.1 million) from a significant
seller. This compares to the market price at the end of April 2015
of 4.88 pence per share (representing a market cap
GBP67.0million)
Metals Ex is due to start commissioning the Runruno gold project
in the Philippines in June 2015. Once in full production the mine
is forecast by Metals Ex to produce approximately 100,000 ounces
per annum at a cash operating cost of US$474 per ounce and at
current gold prices the mine's operations should generate around
GBP46 million cash 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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