Net Asset Value(s)

RNS Number : 1915Z

Baker Steel Resources Trust Ltd

05 March 2013

 



BAKER STEEL RESOURCES TRUST LIMITED

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

5 March 2013

28 February 2013 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 28 February 2013:

Net asset value per Ordinary Share:  109.1 pence

Diluted net asset value per Ordinary Share: 107.6 pence

During the month, the undiluted NAV per share decreased by 2.9%, with an 12.9% fall in the share price of Ivanplats on the Toronto Stock Exchange partially offset by the weakening of Sterling against the United States Dollar and Canadian Dollar in which the Company's largest investments are denominated.

The Company has a total of 66,142,533 Ordinary Shares and 13,085,150 Subscription Shares in issue.

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

Ivanplats Limited	32.7%
Gobi Coal & Energy Limited	15.5%
China Polymetallic Mining Limited	8.9%
Bilboes Gold Limited	8.3%
Ironstone Resources Limited	8.2%
Black Pearl	7.4%
Ferrous Resources Limited	6.5%
Polar Silver Resources Ltd	5.4%
Metals Exploration plc	3.0%
South American Ferro Metals Limited	1.9%
Other Investments	1.9%
Net Cash, Equivalents and Accruals	0.3%

Investment Update

Ivanplats Limited ("Ivanplats")

On 6 February 2013, Ivanplats announced a significant upgrade to the independent resource estimate at its Platreef project in South Africa. Using a 2 grams per tonne (g/t) cut-off grade, total contained 4PE (platinum, palladium, rhodium and gold) almost doubled to 73.2 million ounces 4PE, which included for the first time mineral resources in the "Indicated" category. Indicated Mineral Resources were estimated at 223 million tonnes grading 4.1 g/t 4PE, 0.34% nickel and 0.16% copper, at a 2.0 g/t 4PE cut-off grade and at a cumulative, average true thickness of 24.3 metres.  Inferred Mineral Resources totalled 410 million tonnes grading 3.3 g/t 4PE, 0.32% nickel and 0.18% copper, at an average true thickness of 18.0 metres.

Despite this announcement, the share price of Ivanplats on the Toronto Stock Exchange fell 12.9% in February (albeit on relatively light volume). A Preliminary Economic Assessment, due in the second half of 2013, should be supportive in demonstrating the value of the Platreef project, and it will be important for the market to appreciate how the thickness of the reef differentiates it from the current platinum producers in South Africa, which generally mine around a 1 metre thick reef. Mechanised mining techniques will not only remove the requirement for large numbers of workers underground but also be substantially more cost effective.

Subscription Shares

Holders of subscription shares of no par value in the Company (the Subscription Shares) are reminded that the Subscription Share Rights (the Subscription Rights) carried by the Subscription Shares may be exercised up until Tuesday 2 April 2013. This is the final exercise date of the Subscription Rights carried by the Subscription Shares. Each of the Subscription Shares carries the right (but not the obligation) to subscribe for one ordinary share of no par value at an exercise price of 100 pence.

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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