Edison update on Baker Steel Resources Trust

RNS Number : 7353E

Baker Steel Resources Trust Ltd

02 March 2020

 

London, UK, 2 March 2020

Edison issues update on Baker Steel Resources Trust (BSRT)

Baker Steel Resources Trust (BSRT) offers a unique approach to investment in the natural resources sector, with early-stage (pre-IPO) engagement and specialist listed opportunities. In FY19, BSRT posted a solid NAV return of c 30%, driven by the revaluations of unlisted holdings and Polymetal's share price increase. It reduced its Polymetal position to finance a share tender offer and a £5m investment in Tungsten West. Management aims to maintain this momentum in FY20 with handful of potential NAV triggers as holdings move along the development curve and hence increase in value.

BSRT has outperformed both global mining and broad market indices over three years, with a NAV return of c 15.6% pa. However, the shares currently trade at a c 30% discount to NAV. It opted for share buybacks to distribute realised gains. 

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