Baker Steel Resources Trust Ltd Net Asset Value(s) (7000B)
April 06 2017 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 7000B
Baker Steel Resources Trust Ltd
06 April 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 April 2017
31 March 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 March 2017:
Net asset value per Ordinary Share: 49.2 pence
Since 28 February 2017 the NAV per share has decreased by 1.6%
with the fall in the share price of Metals Exploration plc on the
AIM market of the London Stock Exchange, outweighing the rise in
the share price of Ivanhoe Mines Limited on the Toronto Stock
Exchange.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 March
2017.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Acquisition Ltd 36.4%
Ivanhoe Mines Limited 15.0%
Bilboes Gold Limited 13.1%
Metals Exploration plc 7.3%
Cemos Group plc 7.0%
Black Pearl Limited Partnership 4.9%
Ironstone Resources Limited 4.4%
Nussir ASA 3.3%
China Polymetallic Mining
Limited 2.1%
Gobi Coal & Energy Limited 1.2%
Other Investments 2.3%
Net Cash, Equivalents and
Accruals 3.0%
Investment Update
On 3 April 2017, the Company announced that its largest
investment, Polar Acquisition Limited ("PAL"), had agreed to issue
a US$4.75 million zero coupon convertible loan to clients of Sprott
Inc. It is intended that the proceeds of the convertible loan will
be used by PAL to buy back its own shares during April 2017. The
Company intends to tender shares into the buy-back opportunity, in
order to reduce the concentration of PAL in the Company's
portfolio. Although the conversion price of the convertible loan is
at a premium to the Company's current carrying value of PAL, this
transaction has not been incorporated in the NAV as at 31 March
2017. Following completion of the PAL share buy-back and
potentially a further sale transaction currently under negotiation,
the carrying value of PAL will be reviewed at the end of April
2017.
During March 2017, Metals Exploration plc ("Metals Ex")
announced that mining and processing operations at its Runruno Gold
Project in the Philippines are ramping up more slowly than had been
expected, due to a prolonged period of incessant rainfall and other
factors that have restricted the effective mining of waste
materials. Although this is a further disappointment for a project
that seems to have had more than its fair share of problems outside
its control, when the Investment Manager met the management of
Metals Ex following the announcement, they seemed reasonably
confident that the situation could be turned around. During the
month the share price of Metals Ex fell 31%.
During March 2017, Ivanhoe Mines Limited ("Ivanhoe") announced
that a new discovery hole had intersected a shallow, 3.8-kilometre
extension of the Kakula Copper Discovery at the Kamoa-Kakula
Project, in the Democratic Republic of Congo. This new discovery
hole essentially doubles the presently-defined length of the
copper-rich mineralised system at Kakula, to more than 10
kilometres. Following the slight set-back to its share price in
February 2017, it increased 21% in March 2017 and has risen a total
81% in the first quarter 2017 in Sterling terms.
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
NAVGMGGDDKZGNZM
(END) Dow Jones Newswires
April 06, 2017 02:01 ET (06:01 GMT)
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Jul 2023 to Jul 2024