30 Nov '11 NAV Statement

RNS Number : 4586T

Baker Steel Resources Trust Ltd

06 December 2011

 



BAKER STEEL RESOURCES TRUST LIMITED

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

 6 December 2011

30 November 2011 NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its net asset value and diluted net asset value per share as at 30 November 2011:

Net asset value per Ordinary share:       115.4 pence

Diluted net asset value per Ordinary share: 112.9   pence

During the month, the undiluted NAV per share rose by 2.0% largely due to an increase in the carrying value of the Company's holding in Copperbelt Minerals and a fall during November in the exchange rate of Sterling against the US Dollar, the denomination of the Company's largest investments.

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

Portfolio update

Copperbelt Minerals Limited ("Copperbelt")

During October 2011, Copperbelt raised US$7.1 million through a deeply discounted rights issue to shareholders at US$8 per unit comprising one share plus two one-year warrants to acquire shares at US$21.50. The Company took advantage of this buying opportunity and subscribed for its entitlement in the rights issue together with additional shares not taken up by other shareholders.   As a result of this transaction, the Company wrote down its carrying value at 28 October 2011 from US$20 per share to US$8 per share. During November 2011, the Company sold a part of its ordinary shareholding (retaining all warrants) to a third party at US$12 per share and accordingly the carrying value has been increased to this level. This has had an effect of increasing the NAV by 1.5% in Sterling terms over the month.

The Company is 98.7% invested with top 10 investments as follows as a percentage of NAV:

Ivanplats Limited	28.6%
Ferrous Resources Limited	14.3%
Gobi Coal & Energy Limited	14.2%
Ironstone Resources Limited	6.8%
Black Pearl	5.8%
China Polymetallic Mining Limited	5.7%
Bilboes Holdings	5.0%
Metals Exploration plc	4.6%
Polar Silver	4.6%
Copperbelt Minerals	3.1%
Other Investments	6.0%
Net Cash and Equivalents	1.3%

China Polymetallic Mining Limited ("CPM")

This investment has until now been disclosed as Silver China, as investors had been precluded from revealing its identity due to an embargo prior to its impending listing on the Hong Kong Stock Exchange. During November 2011, CPM confirmed its intention to list on the Hong Kong Stock Exchange with a planned listing date of 14 December 2011. The Company invested in CPM via a convertible bond which will be automatically converted into equity on the listing into such number of ordinary shares to guarantee a particular minimum return on the listing price.

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

Pelham Bell Pottinger

Lorna Spears                                                    [phone]

Joanna Boon                                                     [phone]

 

END

 

 

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