Baker Steel Resources Trust Ltd Net Asset Value(s) (1806A)
September 10 2018 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 1806A
Baker Steel Resources Trust Ltd
10 September 2018
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
10 September 2018
31 August 2018 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 August 2018:
Net asset value per Ordinary Share: 54.9 pence
Since 31 July 2018 the NAV per share has decreased by 1.8%
primarily due to falls in the market values of listed companies:
Polymetal International PLC, Metals Exploration plc and Ivanhoe
Mines Limited against a weak market background with the EMIX Global
Mining Index down 8.6% during the month.
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 August
2018.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polymetal International PLC 28.8%
Bilboes Gold Limited 16.3%
Cemos Group plc 10.5%
Polar Acquisition Ltd 10.2%
Futura Resources Ltd 9.1%
Sarmin Mineral Exploration Inc 4.8%
Black Pearl Limited Partnership 4.2%
PRISM Diversified Inc 3.9%
Nussir ASA 3.3%
Metals Exploration plc 3.1%
Other Investments 4.7%
Net Cash, Equivalents and Accruals 1.1%
Investment Update
Polymetal International PLC (Polymetal)
On 21 August 2018 Polymetal announced its financial results for
the six months ended 30 June 2018.
-- Adjusted EBITDA was US$305 million, an increase of 19%
year-on-year, mostly driven by higher production volumes and
commodity prices. The adjusted EBITDA margin increased by 1% to 39%
(1H 2017: 38%).
-- Revenue in 1H 2018 increased by 16%, to US$ 789 million
compared to 1H 2017 primarily driven by gold equivalent (GE)
production growth of 11%.
-- All-in sustaining cash costs amounted to US$893/GE oz,
decreased 1% year-on-year and well within Polymetal's guidance of
US$875-925/GE oz.
-- An interim dividend of US$0.17 per share (1H 2017:US$0.14 per
share), representing 50% of Polymetal Group's underlying net
earnings for 1H 2018, has been declared and is payable on 28
September 2018.
Despite these strong interim figures Polymetal shares fell 3.2%
during August against the weak market background 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NAVMMGGLKNZGRZM
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