Net Asset Value(s)

RNS Number : 6109N

Baker Steel Resources Trust Ltd

05 September 2011

 



BAKER STEEL RESOURCES TRUST LIMITED

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

5 September 2011

31 August 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 31 August 2011:

Net asset value per Ordinary share:                   118.7 pence

Diluted net asset value per Ordinary share:        115.5 pence

During the month, the undiluted NAV per share fell by 1.7%, largely due to a fall in the share prices of the listed part of the Company's portfolio during the recent market turbulence.

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

Portfolio update

First Coal Corporation ("First Coal")

During August, the acquisition of First Coal by Xstrata Coal was completed as expected.  The Company made a profit of C$7.78 million on its total investment in First Coal of C$5.22 million.  This represents a 149% return on investment for the Company over a 16 month period.

The Company held 8.3% of net assets in cash and equivalents at the end of August, due to the realisation of the First Coal investment.  The cash balance is expected to be reduced shortly due to a planned new investment, where the Company is currently in the process of documentation.

The Company is 91.7% invested with top 10 shareholdings as follows as a percentage of NAV:

Ivanplats Limited	26.9%
Ferrous Resources Limited	13.5%
Gobi Coal & Energy Limited	13.3%
Ironstone Resources Limited	6.7%
Metals Exploration plc	5.5%
Silver China	5.4%
Bilboes Holdings	4.7%
Copperbelt Minerals Limited	4.2%
Polar Silver	4.2%
South American Ferro Metals	3.0%
Other Investments	4.3%
Net Cash and Equivalents	8.3%

Ferrous Resources Limited ("Ferrous")

On 29 August 2011, Ferrous was awarded an Installation Licence for a railway loading terminal at its Viga iron ore mine in Brazil.  The terminal will enable initial production from the Viga mine to be transported to port and will later be augmented by the construction of a pipeline to its own port.

During 2011, Ferrous has made a series of positive announcements regarding the permitting requirements for its planned integrated mine, pipeline and port development in Brazil with a targeted production of 62 million tonnes of iron ore by 2016.  The project appears to have good momentum on the ground although we await an announcement of how the development will be financed.

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

Winterflood Investment Trusts                          [phone]/0250

Robert Peel

James Moseley

RBC Capital Markets                                       [phone]

Martin Eales

Pelham Bell Pottinger

Lorna Spears                                                    [phone]

Charles Vivian                                                   [phone]

 

END

 

 

NAVZMGGLLKKGMZG