Baker Steel Resources Trust Ltd Net Asset Value(s) (2799Y)

TIDMBSRT

RNS Number : 2799Y

Baker Steel Resources Trust Ltd

08 September 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 September 2015

31 August 2015 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 August 2015:

Net asset value per Ordinary Share: 41.0 pence

Since 31 July 2015, the NAV per share has risen by 1.5% largely due to a 12.7% recovery in the share price of Ivanhoe Mines on the Toronto Stock Exchange and also an enhancement as a result of the start of the share buyback programme.

The Company had a total of 114,568,335 Ordinary Shares in issue with 700,000 shares held in treasury as at 31 August 2015.

Portfolio Update

The Company is fully invested with top 10 investments as follows as a percentage of NAV:

 
 Polar Silver Resources Ltd            20.5% 
 Global Oil Shale Group plc            17.6% 
 Black Pearl Limited Partnership       15.0% 
 Bilboes Gold Limited                  10.1% 
 Metals Exploration plc                 6.9% 
 Ivanhoe Mines Limited                  6.5% 
 Gobi Coal & Energy Limited             5.9% 
 Archipelago Metals Limited             4.7% 
 Ironstone Resources Limited            4.2% 
 China Polymetallic Mining Limited      3.2% 
 Other Investments                      3.7% 
 Net Cash, Equivalents and Accruals     1.7%

Share Buyback

There was little corporate news of significance in the portfolio although during the month the Company commenced the repurchase of shares under the share buyback policy set out in the Company's prospectus dated 26 January 2015. Under the 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.

During August 2015, the Company repurchased 700,000 Ordinary Shares at 20 pence per share, representing a discount of over 50% to the NAV per share at 31 July 2015. To date less than 20% of the funds allocated to the buyback have been utilised and the programme will recommence following the release of this NAV Statement.

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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September 08, 2015 02:01 ET (06:01 GMT)

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