Baker Steel Resources Trust Ltd Net Asset Value(s) (6391T)
July 05 2018 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 6391T
Baker Steel Resources Trust Ltd
05 July 2018
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 2018
29 June 2018 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 29 June 2018:
Net asset value per Ordinary Share: 57.1 pence
Since 31 May 2018 the NAV per share has increased by 1.2%
primarily due to the increase in the carrying value of Bilboes Gold
following the mid year carrying value review of unlisted
investments.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 29 June
2018.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polymetal International plc 29.9%
Bilboes Gold Limited 15.4%
Cemos Group plc 10.0%
Polar Acquisition Ltd 9.6%
Futura Resources Ltd 8.7%
Metals Exploration plc 6.0%
Sarmin Mineral Exploration Inc 4.6%
Black Pearl Limited Partnership 4.0%
PRISM Diversified Inc 3.6%
Ivanhoe Mines Limited 3.0%
Other Investments 4.5%
Net Cash, Equivalents and Accruals 0.7%
Investment Update
Polar Acquisition Limited ("PAL")/ Polymetal International plc
("Polymetal")
During June 2018, PAL distributed the Polymetal shares it had
received as consideration for the sale of its former subsidiary
Polar Silver Resources Limited to Polymetal in April 2018.
Consequently the Company received 2.95 million Polymetal shares
(equivalent to 0.65% of Polymetal), 90% of which are locked-up
until October 2018. As a result, Polymetal has become the Company's
largest investment at almost 30% of NAV, although the Company
intends to reduce this holding over time in order to reduce
concentration risk.
PAL continues to retain a 2-4% royalty over 45% of the future
production from the Prognoz Silver project in Russia. Polymetal is
intending to publish a revised resource statement on Prognoz in the
fourth quarter of 2018, following which the value of the royalty
will be reviewed.
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 18% and that of
Nussir ASA decreased by 12%.
Ivanhoe Mines Limited ("Ivanhoe")
On 11 June 2018, Ivanhoe announced that a subsidiary of CITIC
Limited, China's largest conglomerate, had agreed to acquire a
19.9% stake in Ivanhoe for C$723 million, equivalent to C$3.68 per
share. This financing puts Ivanhoe in a strong financial position
to progress its three Tier 1 projects: the Kamoa-Kakula copper
project in the Democratic Republic of Congo ("DRC"); the Platreef
platinum-palladium-nickel project in South Africa and the Kipushi
zinc mine in DRC. Despite this, Ivanhoe shares fell 17.4% during
June 2018 from C$3.27 to C$2.70 per share on the Toronto Stock
Exchange.
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
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