Baker Steel Resources Trust Ltd Net Asset Value(s) (7214G)
March 06 2018 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 7214G
Baker Steel Resources Trust Ltd
06 March 2018
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 March 2018
28 February 2018 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 28 February 2018:
Net asset value per Ordinary Share: 56.3 pence
Since 31 January 2018 the NAV per share has increased by 5.4%,
primarily due to an increase in the carrying value of Polar
Acquisition Limited following the agreement to sell its subsidiary
Polar Silver Resources Limited.
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
2018.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 41.0%
Bilboes Gold Limited 12.7%
Cemos Group plc 9.3%
Futura Resources Ltd 8.7%
Metals Exploration plc 6.6%
Ivanhoe Mines Limited 4.8%
SME Inc 4.4%
Black Pearl Limited Partnership 3.9%
PRISM Diversified Inc 3.7%
Nussir ASA 3.2%
Other Investments 1.8%
Net Cash, Equivalents and
Accruals -0.1%
Investment Update
Polar Acquisition Limited ("PAL")
On 19 February 2018 PAL announced that it had agreed to sell its
90% interest in Polar Silver Resources Limited to Polymetal
International plc ("Polymetal") for a consideration of US$72
million to be satisfied in new Polymetal shares, with 90% of the
consideration shares subject to a lock-up period of 180 days. In
addition PAL will retain a 2-4% royalty on its 45% pro rata share
of production from the Prognoz silver project.
The transaction is expected to close during March 2018 at which
point the number of shares receivable by PAL will be calculated
based on the average share price of Polymetal on the London Stock
Exchange over the previous 6 months. During 2018, the price of
Polymetal shares has fallen approximately 17.4% so that, although
PAL will receive a greater number of Polymetal shares due to a
lowering of the average, the value of such shares would have
equated to approximately US$61 million based on the closing share
price of Polymetal on 28 February 2018.
The carrying value of PAL has increased by 11% during February
2018 and will continue to be adjusted in line with the Polymetal
share price.
Futura Resources Limited ("Futura") (formerly Queensland Coal
Investment Holdings Limited)
During February 2018, the Company completed the final tranche of
its A$10,000,000 investment into Futura following the first tranche
in December 2017. Futura owns the Wilton and Fairhill coking coal
projects which together hold estimated resources of 2.6 billion
tonnes of coal in the Bowen Basin in Queensland, Australia, which
is well known for its high-quality coking mines. The forecast low
capital costs to bring the projects into production together with
excellent local infrastructure means Futura is targeting first
production within 2018. A key near-term milestone would be an
agreement to use a nearby wash plant, which is expected in the next
few months.
Ivanhoe Mines Limited ("Ivanhoe")
On 26 February 2018 Ivanhoe announced a 58% increase in
Indicated Mineral Resources at its Kakula discovery, part of the
Kamoa-Kakula project in the Democratic Republic of Congo. The new
resource estimate increases the total Indicated Mineral Resource at
the Kamoa-Kakula Project to 1.34 billion tonnes grading 2.72%
containing 36.6 million tonnes of copper at a 1% cut-off grade,
with a further 5.9 million tonnes of copper in the Inferred Mineral
Resource category. This makes Kamoa-Kakula the fourth largest
copper deposit in the world and the largest one which is yet to be
developed.
During February Ivanhoe shares fell 22% to C$2.76 on the Toronto
Stock Exchange, following the proposed changes to the mining code
in DRC, which if implemented would entail increased royalties and a
super profits tax. However, following the assurance of a detailed
consultation process with the mining industry in DRC and the
resource upgrade at Kakula, Ivanhoe shares recovered to C$3.23, a
fall of 8.2% during the month.
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 are 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
NAVGMGGFDKNGRZM
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