30 March 2012 NAV Statement

RNS Number : 3485B

Baker Steel Resources Trust Ltd

16 April 2012

 



BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

16 April 2012

30 March 2012 NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value and diluted net asset value per share as at 30 March 2012:

Net asset value per Ordinary Share: 127.3 pence

Diluted net asset value per Ordinary Share: 122.7 pence

During the month, the undiluted NAV per share fell by 2.2% with a small increase in the carrying value of Ironstone Resources Limited being outweighed by a decrease in the market share prices of the listed investments in the portfolio. 

The Company has a total of 66,033,061 Ordinary Shares and 13,194,622 Subscription Shares in issue.

Portfolio update

Ironstone Resources Ltd ("Ironstone")

Following a small fundraising by Ironstone at a 13.9% premium to the Company's carrying value, it was decided to uplift the carrying value of the investment.  The effect on the NAV was less than 1%.

The Company is fully invested with top 10 investments as follows as a percentage of NAV:

Ivanplats Limited	25.5%
Gobi Coal & Energy Limited	20.5%
Ferrous Resources Limited	12.8%
China Polymetallic Mining Limited	9.2%
Ironstone Resources Limited	7.1%
Black Pearl	5.2%
Bilboes Holdings	4.5%
Polar Silver	4.3%
Metals Exploration plc	3.7%
South American Ferro Metals Limited	3.0%
Other Investments	6.0%
Net Cash, Equivalents and Accruals	-1.8%

Update on Investments

Forbes & Manhattan Coal Corporation ("Forbes Coal")

During March 2012, Forbes Coal announced its annual production results for its 29 February 2012 fiscal year end from its Magdalena and Aviemore coal operations in South Africa.  Total run of mine production increased 38% year-on-year from 933,900 tonnes to 1,290,800 tonnes.  This result shows that Forbes Coal remains on track to achieve its target of 1.5 million saleable tonnes of coal for the current fiscal 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     [phone]

Francis Johnstone
Trevor Steel

RBC Capital Markets                            [phone]

Martin Eales

Winterflood Investment Trusts               [phone]

James Moseley

Pelham Bell Pottinger

Lorna Spears                                        [phone]

Joanna Boon                                         [phone]

 

END

 

 

NAVBLGDSGDBBGDX