Net Asset Value(s)

RNS Number : 6327P

Baker Steel Resources Trust Ltd

05 October 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^th October 2011

30 September 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 September 2011:

Net asset value per Ordinary share:       118.7 pence

Diluted net asset value per Ordinary share: 115.6 pence

During the month, the undiluted NAV per share was unchanged. An appreciation in the exchange rate for the US Dollar, the denomination of the Company's largest investments, balanced a fall in the share prices of the listed holdings in the Company's portfolio during the recent market turbulence and a tax charge in Canada following the realisation of the Company's investment in First Coal Corporation.

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")

As previously reported, the acquisition of First Coal by Xstrata Coal was completed during August 2011. Following the receipt of preliminary tax advice it appears that the Company has a Canadian tax liability totalling approximately 13.25% of the realised gains (approximately 0.8% of total NAV) and accordingly a provision has been made. The after tax profit on the investment in First Coal is C$6.75 million representing a post-tax return on investment for the Company of 129%.

The Company is 92.8% invested with top 10 shareholdings as follows as a percentage of NAV:

Ivanplats Limited	27.9%
Ferrous Resources Limited	14.0%
Gobi Coal & Energy Limited	13.9%
Ironstone Resources Limited	6.5%
Silver China	5.6%
Metals Exploration plc	4.9%
Bilboes Holdings	4.9%
Copperbelt Minerals Limited	4.4%
Polar Silver	4.4%
South American Ferro Metals	2.6%
Other Investments	3.7%
Net Cash and Equivalents	7.2%

South American Ferro Metals Limited ("SAFM")

During September 2011, SAFM announced that it had raised its production level to 125,000 run of mine ("ROM") tonnes per month, equivalent to 1.5 million ROM tonnes per annum. This "ramp up" of production was achieved four months ahead of forecast and is almost double the rate of 800,000 tonnes per annum required for the conversion of SAFM's "C" performance shares which comprise part of the Company's holding in SAFM and which are held at a discount to the ordinary share price listed on the Australian Stock Exchange.

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

Robin Archibald

James Moseley

RBC Capital Markets                                      [phone]

Martin Eales

Pelham Bell Pottinger

Lorna Spears                                                   [phone]

Charles Vivian                                                  [phone]

 

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