Baker Steel Resources Trust Ltd Net Asset Value(s) (2200E)
May 05 2017 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 2200E
Baker Steel Resources Trust Ltd
05 May 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 May 2017
28 April 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 28 April 2017:
Net asset value per Ordinary Share: 49.7 pence
Since 31 March 2017 the NAV per share has increased by 1.0%. A
rise in the carrying value of Polar Acquisition Limited was largely
offset by the strengthening of Sterling against the US Dollar and
Canadian Dollar in which the majority of the Company's investments
are denominated, and by a fall in the share price of Metals
Exploration on the AIM market of the London 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 28 April
2017.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 35.5%
Ivanhoe Mines Limited 13.9%
Bilboes Gold Limited 12.6%
Cemos Group plc 6.9%
Metals Exploration plc 6.1%
Black Pearl Limited Partnership 4.7%
Ironstone Resources Limited 4.1%
Nussir ASA 3.2%
China Polymetallic Mining Limited 2.0%
Gobi Coal & Energy Limited 1.2%
Other Investments 2.1%
Net Cash, Equivalents and Accruals 7.7%
Investment Update
During April 2017, Polar Acquisition Limited ("PAL") undertook a
buy-back of its own shares, as forecast in the Company's
announcement of 3 April 2017, following an investment by clients of
Sprott Inc. in a US$4.75 million zero coupon convertible loan to
PAL. The Company sold 10.35% of its holding in PAL for US$3.06
million. The Company has reviewed its carrying value of PAL based
on these recent transactions and has decided to raise its carrying
value of PAL by the equivalent of 10.0% in Sterling terms. A
further sale of PAL by the Company on similar terms is under
negotiation with the aim of further reducing its weighting in the
portfolio.
On 24 April 2017, Metals Exploration plc ("Metals Ex") announced
that its Runruno Gold project in the Philippines remained in the
"test running and debugging" phase with various unit--operations
having achieved design throughput while others continue to
ramp--up. Gold production of 8,366 ounces was achieved in the first
quarter of 2017 against a design target of approximately 100,000
ounces per annum. Although the project is now making steady
progress, this has been considerably slower than originally planned
and the greatest concern is whether Metals Ex will have sufficient
working capital during the ramp-up period without having to raise
further finance. During April 2017 Metals Ex shares fell 15% on the
AIM market of the London Stock Exchange.
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
NAVFMGGKZDLGNZM
(END) Dow Jones Newswires
May 05, 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