Baker Steel Resources Trust Ltd Net Asset Value(s) (8091L)
October 06 2016 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 8091L
Baker Steel Resources Trust Ltd
06 October 2016
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 October 2016
30 September 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 September 2016:
Net asset value per Ordinary Share: 41.7 pence
Since 31 August 2016, the NAV per share has increased 4.25%
largely as a result of the further increase in the share price of
Ivanhoe Mines on the Toronto Stock Exchange.
During the month, the Company issued 1,561,645 new Ordinary
Shares at the 31 August 2016 unaudited NAV per share of 40.0 pence,
as consideration for the acquisition of a further interest in
Nussir ASA. As a result, the Company had a total of 116,139,980
Ordinary Shares in issue with a further 700,000 shares held in
treasury as at 30 September 2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 27.0%
Bilboes Gold Limited 15.6%
Metals Exploration plc 14.1%
Ivanhoe Mines Limited 13.2%
Cemos Group plc 7.4%
Black Pearl Limited Partnership 5.5%
Ironstone Resources Limited 5.1%
Nussir ASA 3.8%
China Polymetallic Mining
Limited 2.7%
Gobi Coal & Energy Limited 2.7%
Other Investments 2.9%
Net Cash, Equivalents and
Accruals 0.0%
Metals Exploration PLC ("Metals Ex")
During September 2016 Metals Ex raised US$6.4 million through a
placing at 5.0 pence per share to its major shareholders including
the Company. This fundraising was undertaken to provide Metals Ex
with sufficient working capital whilst it negotiates with its
project lenders to reschedule its loans following the delays
experienced in bringing the Runruno Gold Mine on stream. It is
expected that this negotiation will be completed by the end of
October 2016.
During the month, the share price of Metals Ex rose 4% to 6.125
pence per share on the AIM market of the London Stock Exchange.
Once in full production, the Runruno project is expected to
produce approximately 100,000 ounces of gold per annum.
Ivanhoe Mines Limited ("Ivanhoe")
During September 2016 Ivanhoe was added to the S&P/TSX
Composite Index, which would have resulted in buying support from
Index tracker funds. In addition, Ivanhoe announced completion of
the first step of its programme to increase the power generating
capacity from three local hydropower plants in the Democratic
Republic of Congo, which will be key to the proposed operations at
Kamoa.
The share price of Ivanhoe on the Toronto Stock Exchange rose
22.6% in September 2016 to C$2.28 per share.
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 is set
out in the Company's Prospectus dated 26 January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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