Net Asset Value(s)

RNS Number : 9247E

Baker Steel Resources Trust Ltd

08 June 2012

 



BAKER STEEL RESOURCES TRUST LIMITED

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

8 June 2012

31 May 2012 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 May 2012:

Net asset value per Ordinary Share: 119.6 pence

Diluted net asset value per Ordinary Share: 116.3 pence

During the month, the undiluted NAV per share rose by 1.7 %, with a rise in the value of  the US dollar, in which the majority of the portfolio is denominated, against sterling outweighing a fall in the value of the listed portion of the portfolio. 

The Company has a total of 66,140,610 Ordinary Shares and 13,087,073 Subscription Shares in issue.

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

Ivanplats Limited	28.1%
Gobi Coal & Energy Limited	22.7%
China Polymetallic Mining Limited	9.3%
Ironstone Resources Limited	7.5%
Ferrous Resources Limited	7.0%
Black Pearl	6.0%
Bilboes Holdings	4.9%
Polar Silver	4.8%
Metals Exploration plc	3.3%
Copperbelt Minerals Limited	3.1%
Other Investments	5.4%
Net Cash, Equivalents and Accruals	-2.1%

Update on Investments

Forbes and Manhattan Coal Corporation ("Forbes Coal")

On 30 May 2012, Forbes Coal announced its annual results for the year to 29 February 2012. Forbes Coal, one of the Company's smaller investments, representing 1.1% of NAV, is a coal producer listed on the Toronto Stock Exchange and the Johannesburg Stock Exchange with two mines in the Kwa-Zulu Province of South Africa. During the year, Forbes Coal increased revenues by 124%, generating EBITDA of C$22.5 million and continues to increase production at its mines such that analysts forecast EBITDA will increase to over C$50 million for the current financial year. Despite this strong operating performance, the share price of Forbes Coal has fallen 57.5% in the last twelve months giving it a current market capitalisation of around C$51 million. This is symptomatic of the exceptionally low valuations being given to large sections of the mining industry at the current time.

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]

 

END

 

 

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