Baker Steel Resources Trust Ltd Net Asset Value(s) (4414M)
January 12 2023 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 4414M
Baker Steel Resources Trust Ltd
12 January 2023
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
12 January 2023
LEI: 213800JUXEVF1QLKCC27
31 December 2022 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 December 2022:
Net asset value per Ordinary Share: 82.4 pence.
The NAV per share has increased by 4.2% against the unaudited
NAV at 30 November 2022 following the usual review of unlisted
holdings at the year-end as outlined below. Over the full year
2022, the NAV per share has fallen by 16.3%.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 December
2022.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 December 31 December 2021
2022
Futura Resources Ltd 26.7% 18.1%
Cemos Group plc 22.0% 18.6%
Bilboes Gold Limited 15.6% 13.1%
Kanga Investments Ltd 5.4% 4.1%
Tungsten West Plc 5.2% 14.7%
Silver X Mining Corporation 5.2% 2.8%
Polar Acquisition Ltd 4.9% 7.5%
First Tin plc 4.6% 7.7%
Nussir ASA 4.0% 3.6%
Prism Diversified 1.4% 1.1%
Listed Precious Metal Shares 2.4% 3.3%
Other Investments 2.4% 3.4%
Net Cash, Equivalents and
Accruals 0.2% 1.1%
Full Year Adjustments to Carrying Values
The Company has carried out its normal review of its unlisted
holdings, which it performs at the half-year and full year-ends.
This review takes into account general market movements in mining
equities, as well as specific factors, and an assessment of whether
these should impact the carrying values of the Company's unlisted
holdings. In addition, the Investment Manager updates its royalty
models for the royalty interests it owns through Futura Resources
and Polar Acquisition Limited ("PAL") to take account of the latest
estimated production profiles of the underlying projects and
commodity prices. The net present values produced by these royalty
models are then discounted for development risk to arrive at a
valuation.
The following is a summary of the key results of this review and
the main changes to carrying values of the unlisted investments
since 30 November 2022:
Futura Resources Ltd ("Futura")
Despite increased valuations for the shares of listed steel
making coal producers it was decided to leave valuations of both
the shares and royalty in Futura broadly unchanged pending the
potential financing for Futura's two mines expected during the
first quarter of 2023 following the award of the mining licences on
23 November 2022.
Cemos Group plc ("Cemos")
The valuation of Cemos has increased by 10% from 30 November
2022 which resulted in a 1% fall during 2022. The fall in the
ratings of listed cement stocks was balanced by expected growth
prospects following the purchase by Cemos of a second grinding
line.
Bilboes Gold Ltd ("Bilboes")
At the year end, Bilboes was valued on the basis of the
acquisition by Caledonia Mining Corporation Plc for shares and a 1%
net smelter royalty which closed on 6(th) January 2023. Following
an increase in the share price of Caledonia and a revaluation of
the royalty at the year end gold price, the valuation of Bilboes
rose by approximately 10.6% from 30 November 2022, unchanged during
the year in Sterling terms.
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.
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END
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