Baker Steel Resources Trust Ltd Net Asset Value(s) (3652V)
August 07 2015 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 3652V
Baker Steel Resources Trust Ltd
07 August 2015
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 August 2015
31 July 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 July 2015:
Net asset value per Ordinary Share: 40.4 pence
Since 30 June 2015, the NAV per share has fallen by 6.3% largely
due to significant falls in the share prices of China Polymetallic
Mining Limited on the Hong Kong Stock Exchange, Ivanhoe Mines on
the Toronto Stock Exchange and Metals Exploration plc on the AIM
market of the London Stock Exchange. Sentiment for listed mining
shares was weak during July 2015, particularly for precious metal
shares with the FTSE Gold Mines Index falling 21.3% during the
month as a reaction to a 5.9% fall in the price of gold in Sterling
terms.
The Company had a total of 115,268,335 Ordinary Shares in issue
as at 31 July 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 20.3%
Global Oil Shale Group plc 17.8%
Black Pearl Limited Partnership 14.7%
Bilboes Gold Limited 10.0%
Metals Exploration plc 7.0%
Ivanhoe Mines Limited 5.8%
Gobi Coal & Energy Limited 5.8%
Archipelago Metals Limited 4.6%
Ironstone Resources Limited 4.2%
China Polymetallic Mining Limited 4.1%
Other Investments 3.5%
Net Cash, Equivalents and Accruals 2.2%
Ironstone Resources Limited ("Ironstone")
During July 2015, Ironstone undertook a C$3 million rights issue
to fund a Preliminary Economic Study ("PEA") on its Clear Hills,
Hot Briquetted Iron ("HBI") project in Alberta. The rights issue
was undertaken at a 26.9% discount to the Company's carrying value
at 30 June 2015 and the Company subscribed for its approximately
10.5% rights entitlement in full.
As a consequence of the rights issue the Company revised its
carrying value in line with the rights issue price. However, the
rights issue triggered a price protection mechanism that the
Company has in place regarding its previous subscriptions for
shares in Ironstone, which entitled it to acquire additional shares
at a nominal value. The net effect of these two issues resulted in
an approximate 0.7% increase in the Company's NAV in Sterling
terms.
The PEA, which will be prepared by independent consultants, will
be an important document for Ironstone, allowing it to demonstrate
the economic viability of the Clear Hills HBI project and attract a
strategic partner. The PEA is expected to be completed before the
end of 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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