NAV Statement

RNS Number : 6027L

Baker Steel Resources Trust Ltd

10 May 2010

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

BAKER STEEL RESOURCES TRUST LIMITED

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

30 April 2010 NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited ("the Company") announces its net asset value per share as at 30 April 2010:

Net asset value per share - undiluted: 97.9 pence

Portfolio update

On 28 April 2010 the Company acquired the majority of the assets of Genus Capital Fund as set out in the Prospectus issued by the Company dated 31 March 2010. Subsequently, the Company acquired additional shareholdings in Ivanhoe Nickel and Platinum Limited and Gobi Coal & Energy Limited from Genus Dynamic Gold (a fund managed by the same Manager and Investment Manager as that of the Company). The acquisition price paid per share by the Company for each of these two investments was the same as the price paid per share to Genus Capital Fund for these shareholdings.

As a result of the above transactions the Company is 60% invested with top 5 shareholdings as follows:

Ferrous Resources Limited                                           21.7%

Ivanhoe Nickel and Platinum Limited                            17.3%

Gobi Coal & Energy Limited                                         7.7%

Copperbelt Minerals Limited                                         5.4%

First Coal Corporation                                                  3.4%

Other Investments                                                         4.8%

Cash                                                                           39.7%

 

The Company has a total of 66,023,089 Ordinary Shares and 13,204,594 Subscription Shares in issue.

On 7 May 2010 an announcement was made by Zijin Mining Limited, a company listed on the Hong Kong Stock Exchange, that it had entered into an agreement to acquire all of the assets of Copperbelt Minerals Limited ("Copperbelt") at a cash purchase price of approximately US$26.55 per share. Copperbelt's primary asset is its interest in the Deziwa copper-cobalt project in the Democratic Republic of Congo. The transaction is subject to a number of conditions precedent being met and it is expected to close no later than 10 June 2010.

Assuming the transaction is completed as announced, this represents a 32.75% premium to the current carrying value of the Company's investment in Copperbelt and would add 1.7 pence (1.78%) to the NAV per share.

Enquiries:

Baker Steel Resources Trust Limited

Trevor Steel                                               [phone]

Winterflood Investment Trusts

Robert Peel/James Moseley                       [phone]/0250

RBC Capital Markets

Martin Eales                                               [phone]

This announcement is not for distribution directly or indirectly in or into the United States, Canada, Australia or Japan.  This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire Ordinary Shares or Subscription Shares in the capital of Baker Steel Resources Trust Limited in the United States, Canada, Australia or Japan or any jurisdiction in which such an offer or solicitation is unlawful.  The Ordinary Shares and Subscription Shares in Baker Steel Resources Trust Limited have not been and will not be registered under the United States Securities Act and may not be offered or sold within the United States absent registration or an exemption from registration.  No public offering of securities will be made in the United States, Canada or Australia or Japan.

 

END

 

 

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