Net Asset Value(s)

RNS Number : 3662Q

Baker Steel Resources Trust Ltd

06 November 2012

 



BAKER STEEL RESOURCES TRUST LIMITED

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

6 November 2012

31 October 2012 Unaudited NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value and diluted net asset value per share as at 31 October 2012:

Net asset value per Ordinary Share: 109.8 pence

Diluted net asset value per Ordinary Share: 108.2 pence

During the month, the undiluted NAV per share rose by 7.0%, primarily as a result of the increase in the carrying value of Ivanplats Limited following its IPO and listing on the Toronto Stock Exchange.

The Company has a total of 66,142,533 Ordinary Shares and 13,085,150 Subscription Shares in issue following the exercise of 1,923 Subscription Shares at the end of September 2012. Holders of Subscription Shares have the right to subscribe for Ordinary Shares at 100 pence in cash on one further occasion being 2 April 2013.

The Company is fully invested with top 10 investments as follows as a percentage of NAV:

Ivanplats Limited	34.9%
Gobi Coal & Energy Limited	18.1%
China Polymetallic Mining Limited	8.4%
Ironstone Resources Limited	8.1%
Black Pearl	6.7%
Ferrous Resources Limited	6.1%
Bilboes Gold	5.5%
Polar Silver	5.0%
Metals Exploration plc	4.2%
South American Ferro Metals Limited	2.6%
Other Investments	4.1%
Net Cash, Equivalents and Accruals	-3.7%

Investment Update

Ivanplats Limited ("Ivanplats")

During October 2012, Ivanplats commenced trading on the Toronto Stock Exchange having raised C$300 million through an IPO at a share price of C$4.75, compared to the Company's carrying value of US$3.50 per share at 28 September 2012. At the end of the month the shares closed at C$4.64. As explained in the Company's announcement on 18 October 2012, the market price of Ivanplats shares will be discounted by 10% in arriving at its carrying value, to take account of the lock-up applying to the holding. The increase in the carrying value of Ivanplats resulted in a 6.1% rise in the NAV for the month.

Copperbelt Minerals Limited ("Copperbelt")

Copperbelt has informed its shareholders that it has satisfied all conditions precedent under its settlement agreement whereby Copperbelt will exit its joint venture in the Democratic Republic of Congo for compensation from its partner Gécamines. Gécamines now has until 13 February 2013 to pay the agreed cash consideration to Copperbelt. Assuming the transaction closes this would result in an increase in the NAV of the Company of approximately 2%.

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

RBC Capital Markets                            [phone]

Martin Eales

Winterflood Investment Trusts                [phone]

James Moseley

Pelham Bell Pottinger

Lorna Spears                                          [phone]

Joanna Boon                                           [phone]

The Net Asset Value ("NAV") figures stated are based on unaudited estimated valuations of the underlying investments and not necessarily based on observable inputs. Such estimates are not subject to any independent verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimated valuations are based on the latest available information which may relate to some time before the date set out above.

Accordingly, no reliance should be placed on such estimated valuations and they should only be taken as an indicative guide. Other risk factors which may be relevant to the NAV figures are set out in the Company's Prospectus dated 31 March 2010.

 

END

 

 

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