Baker Steel Resources Trust Ltd Net Asset Value(s) (1763S)
March 08 2023 - 2:05AM
UK Regulatory
TIDMBSRT
RNS Number : 1763S
Baker Steel Resources Trust Ltd
07 March 2023
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 March 2023
LEI: 213800JUXEVF1QLKCC27
28 February 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 28 February 2023.
Net asset value per Ordinary Share: 79.7 pence.
The NAV per share has decreased by 5.0% versus the unaudited NAV
at 31 January 2023 largely as a result of falls in the share prices
of First Tin plc and Tungsten West plc on the AIM Market and the
London Stock Exchange respectively.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 28 February
2023.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
28 February 31 December 2022
2023
Futura Resources Ltd 27.4% 26.7%
Cemos Group plc 22.6% 22.0%
Caledonia Mining Corporation 9.9% 8.9%*
Plc
Bilboes Royalty 6.9% 6.7%*
Kanga Investments Ltd 5.6% 5.4%
Polar Acquisition Ltd 5.1% 4.9%
Silver X Mining Corporation 4.4% 5.2%
Tungsten West Plc 4.2% 5.2%
Nussir ASA 3.9% 4.0%
First Tin plc 3.6% 4.6%
Listed Precious Metal Shares 2.7% 2.4%
Other Investments 3.5% 3.8%
Net Cash, Equivalents and
Accruals 0.2% 0.2%
* pro forma
Cemos Group plc ("Cemos")
Cemos has reported that cement sales for 2022 amounted to
202,000 tonnes, around 14% lower than 2021 due to difficulty in
sourcing local clinker (the main raw material for cement
production) earlier in the year and lower demand in the local
market.
EBITDA for 2022 is estimated to be around EUR8 million
approximately 17% lower than the previous year. Whilst Cemos
expects sales in 2023 to be similar to that of 2022, during 2022 it
acquired a second grinding line which will enable it to double
production from 2024 once it has selected the optimum site to
locate it.
Whilst a sufficient supply of clinker has been contracted for
2023, Cemos is also currently investigating the installation of a
plant to produce its own clinker, which will not only provide
security of supply but has the potential to further increase
margins.
On full conversion of its convertible loan, the Company would
own approximately 32% of Cemos.
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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