Baker Steel Resources Trust Ltd Net Asset Value(s) (1778S)
July 06 2015 - 3:32AM
UK Regulatory
TIDMBSRT
RNS Number : 1778S
Baker Steel Resources Trust Ltd
06 July 2015
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 July 2015
30 June 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 June 2015:
Net asset value per Ordinary Share: 43.1 pence
Since 29 May 2015, the NAV per share has fallen by 5.3% with a
70% rise in the price of China Polymetallic Mining Limited on the
Hong Kong Stock Exchange being outweighed by a write down in the
carrying value of Global Oil Shale Group plc following a
fundraising at a 11% discount to the previous carrying value; a 25%
fall in the price of Ivanhoe Mines on the Toronto Stock Exchange
and an appreciation in the exchange rates of Sterling against the
US and Canadian Dollars in which the majority of the Company's
investments are denominated.
The Company had a total of 115,268,335 Ordinary Shares in issue
as at 30 June 2015.
Portfolio Update
The Company is fully invested with top investments as follows as
a percentage of NAV:
Polar Silver Resources Ltd 18.9%
Global Oil Shale Group plc 16.7%
Black Pearl Limited Partnership 13.6%
Bilboes Gold Limited 9.3%
Metals Exploration plc 8.8%
Ivanhoe Mines Limited 7.2%
China Polymetallic Mining Limited 6.2%
Gobi Coal & Energy Limited 5.4%
Archipelago Metals Limited 4.3%
Ironstone Resources Limited 2.9%
Other Investments 3.4%
Net Cash, Equivalents and Accruals 3.3%
China Polymetallic Mining Limited ("CPM")
During June 2015, CITIC Dameng Holdings Limited ("CITIC Dameng")
announced that it had acquired 442 million shares in CPM
(equivalent to approximately 22.2% of CPM's issued share capital)
through a series of transactions on the open market and off market.
On 29 June 2015 CITIC Dameng further announced that it had
conditionally agreed to acquire an additional 150.7 million CPM
shares (approximately 7.6%) through a share exchange with another
CPM shareholder.
CITIC Dameng is a Hong Kong listed company with four manganese
mines in China, whose ultimate major shareholder is CITIC Group
Corporation, a company wholly owned by the Chinese state with total
assets of RMB 3.6 trillion at the end of 2012.
Black Pearl Limited Partnership ("Black Pearl")
Black Pearl holds an exchangeable loan note issued by a holding
company of the mine group, Rui Tong Limited, which is mining the
Black Pearl beach placer iron sands project in West Java,
Indonesia. As previously reported, the repayment date of the note
was extended from November 2014 to March 2015 while negotiations
continued with a potential partner for the development of a steel
plant in Indonesia. Processing the concentrate in Indonesia became
mandatory on the passing of new laws in Indonesia at the beginning
of 2014.
On 9 June 2015, Rui Tong signed a framework agreement with
Anshan Iron & Steel Group Corporation ("Anshan") for a
significant investment into the Black Pearl project and the
development of a large scale steel plant in Indonesia. Anshan is
one of China's largest steel companies with an annual production
capacity of approximately 40 million tonnes. Unlike many of its
competitors, Anshan has extensive experience of dealing with
vanadium and titanium; both part of Black Pearl's product
focus.
The finalisation of agreements with Anshan, government and local
organisations will necessarily take some time and therefore Rui
Tong has requested a further extension of the loan notes for up to
a further six months.
Ferrous Resources Limited ("Ferrous")
During June the Company accepted the previously reported tender
offer from Icahn Enterprises Holdings L.P. for all its Ferrous
shares at a price of US$0.36 per share and the Company received the
proceeds of US$2.06 million at the end of June 2015.
Following the publication of the the Company's Net Asset Value
as at 31 July 2015, the Board intends to implement a Discount
Management Policy, as outlined in the Company's prospectus dated 26
January 2015. Under this policy, the Company will calculate the
aggregate net cash proceeds of realisation over the immediately
preceding six month period. If the Ordinary Shares are trading at a
discount in excess of 15 per cent. to their Net Asset Value, the
Board intends to allocate at least 50% of such realisation proceeds
(less the aggregate value of any Ordinary Shares already bought
back during the preceding six month period) to buy back its own
Ordinary Shares. In accordance with this policy, at least 50% of
the proceeds from the sale of the Ferrous investment will be
earmarked for the buy-back programme to commence in August
2015.
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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