Net Asset Value(s)

RNS Number : 7129A

Baker Steel Resources Trust Ltd

04 February 2011

 



BAKER STEEL RESOURCES TRUST LIMITED

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

4 February 2011

31 January 2011 NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited ("the Company") announces its net asset value per share as at 31 January 2011:

Net asset value per Ordinary share:                   101.0 pence

During the month the NAV per share rose 4.2% mainly as result of an increase in the carrying value of Ivanplats albeit partly offset by the strength of Sterling against the US and Canadian Dollars, in which the majority of the portfolio's investments are denominated.

The Company has a total of 66,030,632 Ordinary Shares and 13,197,051 Subscription Shares in issue.

Portfolio update

During January the Company made a US$6 million investment in a company which holds an interest in a Russian silver project with substantial mineral resources under JORC guidelines ("Silver Russian"). The Company is currently under confidentiality provisions whilst Silver Russian progresses towards a listing, anticipated through a reverse takeover.

As a result of placings of new shares by Ivanhoe Nickel and Platinum Ltd ("Ivanplats") in December and January, together with significant trading in the "grey" market in its shares during January, the Board has decided to increase the carrying value of Ivanplats by 37.1%, which after taking into account exchange differences, resulted in a 5.6% increase in the NAV.

The Company is 86.1% invested with the top shareholdings as follows as a percentage of NAV:

Ivanhoe Nickel and Platinum Limited	22.0%
Ferrous Resources Limited	17.2%
Gobi Coal & Energy Limited	9.7%
Ironstone Resources Limited	7.5%
Silver Russian	5.6%
Copperbelt Minerals Limited	5.0%
South American Ferro Metals Limited	4.7%
Forbes & Manhattan Coal Corporation	4.7%
First Coal Corporation	4.0%
Other Investments	5.7%
Net Cash and equivalents	13.9%

Update on Investments

Forbes & Manhattan Coal Corporation ("Forbes Coal")

On 27 January 2011, Forbes Coal announced the raising of C$36 million through at C$4.55 per share. This compares with the C$2.80 per share that the Company subscribed at, in July 2010. Forbes Coal intends to use the proceeds from the offering to repay its outstanding vendor note from the acquisition of its assets, and for expansion capital expenditure at its Magdalena and Aviemore coal mines in South Africa.

Ferrous Resources Limited ("Ferrous")

On 30 December 2010, Ferrous was granted an installation license for the Viga Mine, in Minais Gerais state, Brazil. This is a key step towards the development of the mine.

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

Damian Beeley                                       [phone]

Charles Vivian                                        [phone]

 

END

 

 

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