Baker Steel Resources Trust Ltd Net Asset Value(s) (6294Y)
March 07 2017 - 2:02AM
UK Regulatory
TIDMBSRT
RNS Number : 6294Y
Baker Steel Resources Trust Ltd
07 March 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 March 2017
28 February 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 28 February 2017:
Net asset value per Ordinary Share: 50.0 pence
Since 31 January 2017 the NAV per share has decreased by 0.2%
following small falls in certain of the listed positions.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 28 February
2017.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Acquisition Ltd 36.0%
Bilboes Gold Limited 13.0%
Ivanhoe Mines Limited 12.4%
Metals Exploration plc 10.3%
Cemos Group plc 6.5%
Black Pearl Limited Partnership 4.8%
Ironstone Resources Limited 4.4%
Nussir ASA 3.4%
China Polymetallic Mining Limited 2.3%
Gobi Coal & Energy Limited 1.2%
Other Investments 1.5%
Net Cash, Equivalents and Accruals 4.2%
Investment Update
During February 2017, the share price of Ivanhoe Mines Limited
("Ivanhoe") fell 3% to C$3.85 on profit taking following its rise
from C$0.68 over the last year. However, during the month, the
Ivanhoe share price rose above C$5.00 per share and the Company
took the opportunity to sell a portion of its shareholding.
The strategy of the Company is to have significant stakes in 10
to 15 mainly unlisted companies where it can influence their
development and the value creation process, often through board
representation and to local management them through to a listing or
other divestment opportunity. Although the Company was one of the
first investors to recognise the potential of Ivanhoe's copper
discoveries in the Democratic Republic of Congo and then invest
while it was still a private company, Ivanhoe no longer sits in
this core strategy. The Investment Manager continues to have a very
high regard for Ivanhoe's assets and with positive news expected
over the next few months considers there is a strong likelihood
that Ivanhoe's share price will continue to rise. Should this
occur, the Company will consider further realisations so that
Ivanhoe does not become a greater proportion of the Company's net
assets.
Following the turn in the mining market during 2016, the
Investment Manager has been analysing several new opportunities and
has recently made two small "seed" investments in an iron ore
project and a potash project. Should these progress as expected
they have the potential to grow into core investments.
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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