Net Asset Value(s)

RNS Number : 5435L

Baker Steel Resources Trust Ltd

05 September 2012

 



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 2012

31 August 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 August 2012:

Net asset value per Ordinary Share: 106.1 pence

Diluted net asset value per Ordinary Share: 105.1 pence

During the month, the undiluted NAV per share fell by 1.6%, primarily due a fall in the value of the US dollar, in which the majority of the portfolio is denominated.

The Company has a total of 66,140,610 Ordinary Shares and 13,087,073 Subscription Shares in issue. Holders of Subscription Shares have the right to subscribe for Ordinary Shares at 100 pence in cash on two further occasions: 1 October 2012 and 2 April 2013.

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

Ivanplats Limited	30.7%
Gobi Coal & Energy Limited	19.1%
Ironstone Resources Limited	8.7%
China Polymetallic Mining Limited	8.6%
Black Pearl	6.8%
Ferrous Resources Limited	6.4%
Bilboes Holdings	5.6%
Polar Silver	5.3%
Metals Exploration plc	4.0%
South American Ferro Metals Limited	3.4%
Other Investments	4.6%
Net Cash, Equivalents and Accruals	-3.2%

Investment Update

China Polymetallic Mining Limited ("CPM")

During August, CPM announced its interim results to 30 June 2012. Net profit of RMB46 million was in line with expectations as CPM ramps up its Shizishan silver/lead/zinc mine in Yunan Province, China. Shizishan is on course to be in full production in the fourth quarter 2012. In addition CPM released news on its second major development, the Lushan tungsten/tin mine which remains on course to start production in the fourth quarter 2012.

Copperbelt Minerals Limited ("Copperbelt")

Copperbelt has signed a conditional Settlement Agreement with its joint venture partner Gécamines whereby Copperbelt will exit its joint venture in the Democratic Republic of Congo for deferred compensation. The Settlement Agreement is subject to a number of conditions which need to be met before it can be closed, including Copperbelt shareholder approval.  Based on the information received to date it is likely that the Company will support the Settlement Agreement. Due to the conditions precedent and that closure of the Settlement Agreement is expected to take 3-6 months, the Company has not adjusted its carrying value of Copperbelt at this point but will keep it under review as the transaction progresses.

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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