Baker Steel Resources Trust Ltd Net Asset Value(s) (2877B)

TIDMBSRT

RNS Number : 2877B

Baker Steel Resources Trust Ltd

06 June 2019

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

6 June 2019

31 May 2019 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 May 2019:

Net asset value per Ordinary Share: 59.1 pence

The NAV per share has increased by 4.0% against the NAV at 30 April 2019, primarily due to a 5.4% rise in the share price of Polymetal International plc on the London Stock Exchange despite paying a 3.5% dividend during the month, together with the effect of the Company's tender offer during the month.

During May 2019 a Tender Offer by Numis Securities Limited was completed. As announced on 28 May 2019, the Tender Offer was oversubscribed and accordingly 9,677,478 Ordinary Shares were purchased at 51 pence per share and have been cancelled.

As the Tender Offer was undertaken at a discount to the NAV per share, it had the effect of increasing the NAV per share by approximately 0.7% after expenses.

Following the Tender Offer and cancellation, as at 31 May 2019 the Company had a total of 106,453,335 Ordinary Shares and 9,167 Management Ordinary Shares in issue with a further 700,000 shares held in treasury.

Portfolio Update

The Company's top 10 investments are as follows as a percentage of NAV:

 
 Polymetal International Plc           20.5% 
 Futura Resources Ltd                  14.7% 
 Bilboes Gold Limited                  14.4% 
 Cemos Group plc                       11.3% 
 Polar Acquisition Ltd                  9.9% 
 Sarmin Minerals Exploration            5.6% 
 Black Pearl Limited Partnership        4.4% 
 Anglo Saxony Mining Limited            3.6% 
 Nussir ASA                             3.5% 
 PRISM Diversified Ltd                  3.3% 
 Other Investments                      6.8% 
 Net Cash, Equivalents and Accruals     2.0%

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.

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June 06, 2019 02:01 ET (06:01 GMT)

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