Baker Steel Resources Trust Ltd Net Asset Value(s) (5605E)
July 05 2019 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 5605E
Baker Steel Resources Trust Ltd
05 July 2019
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 July 2019
28 June 2019 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 28 June 2019:
Net asset value per Ordinary Share: 66.8 pence
The NAV per share has increased by 13.0% against the NAV at 31
May 2019, primarily due to a 17% rise in the share price of
Polymetal International plc on the London Stock Exchange and the
usual half yearly revaluation review of the unlisted investments in
the portfolio, in particular the increase in the carrying value of
the royalty over Futura's mines acquired at the beginning of the
year.
The Company has a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 28 June
2019.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Futura Resources Ltd 17.6%
Polymetal International Plc 15.4%
Bilboes Gold Limited 14.6%
Cemos Group plc 11.1%
Polar Acquisition Ltd 9.2%
Sarmin Minerals Exploration 4.9%
Mines & Metal Trading Peru PLC 4.4%
Anglo Saxony Mining Limited 4.0%
Black Pearl Limited Partnership 3.9%
Ivanhoe Mines Ltd 3.5%
Other Investments 9.3%
Net Cash, Equivalents and Accruals 2.1%
Half Year Review of Unlisted Investments
The Company has carried out its normal half yearly review of
general market movements in mining equities, as well as specific
factors, and an assessment of whether these should impact the
carrying values of its unlisted holdings. The Investment Manager
maintains an index of comparable listed companies for each unlisted
investment, in order to quantify how the share price of a
particular unlisted stock might have moved during the period had it
been listed. In accordance with this assessment the carrying value
of Bilboes Gold Limited has been increased by 14.7% and that of
CEMOS Group plc increased by 14.3%. The carrying value of Anglo
Saxony Mining Limited has been increased by 44% in line with a
recent issue of new shares in that company.
In addition the valuation of the gross revenue royalty over
Futura's two coking coal mines in Australia, acquired earlier this
year, has been reassessed in the light of the progress of the
projects and the Company's royalty model. As a result, the carrying
value of the royalty has been increased by 98%.
Mines & Metals Trading Peru PLC ("MMTP")
During June 2019 the Company invested US$4 million in a
convertible debenture with MMTP, a private Isle of Man company with
operations in Peru. The debenture has an interest rate of 10% per
annum and is repayable within 3 years and is convertible at the
Company's option into 20% of MMTP.
MMTP's Recuperada project in Peru comprises 11,261 Ha of mining
concessions centered around a 600 tonne per day processing plant
acquired from Compañia de Minas Buenaventura S.A.A in 2017. MMTP is
currently treating silver/lead/zinc ore from third party miners but
is moving towards processing ore from its concessions during the
second half of 2019. The Recuperada project is located within the
Huachocolpa quadrangle, in the Huancavelica region within the
central zone of the Western Andean Cordillera of Peru.
From historic exploration at Recuperada, total mineral resources
for the project have been estimated at 7,336,633 of ore grading
4.77 oz silver per tonne, 3.91% lead, and 2.53% zinc for the 54
vein systems identified. Significant additional exploration work is
required to further delineate these resources on the properties
with drilling underway.
In January 2019, MMTP signed a letter of intent with Zincore
Metals Inc. (NEX: ZNC.H) ("Zincore") whereby Zincore will acquire
all of the issued and outstanding securities of MMTP and
shareholders in MMTP will hold 95% of the enlarged group. Upon
successful completion of the transaction it is anticipated that the
combined company will be listed on the TSX Venture Exchange under
the name of Latitude Base Metals Inc.
Interim Accounts
In accordance with the change in regulations for the publishing
of interim financial statements from two months after the period
end to three months, the Company will in future send to
shareholders a copy of its interim report for the six months to 30
June by the end of September each year.
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
NAVDMGGNDDKGLZM
(END) Dow Jones Newswires
July 05, 2019 02:00 ET (06:00 GMT)
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Apr 2023 to Apr 2024