Net Asset Value(s)

RNS Number : 2483N

Baker Steel Resources Trust Ltd

05 September 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 September 2013

30 August 2013 Unaudited NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share as at 30 August 2013:

Net asset value per Ordinary Share: 71.0 pence

During the month, the NAV per share increased by 2.5% largely as a result of the increase in the share price of Ivanhoe Mines Limited (previously Ivanplats Limited) on the Toronto Stock Exchange.

At 30 August 2013, the Company had a total of 66,142,533 Ordinary Shares in issue.

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

Ivanhoe Mines Limited		20.4%
Bilboes Gold Limited		12.6%
Ironstone Resources Limited		11.9%
Black Pearl Limited Partnership		11.9%
Gobi Coal & Energy Limited		11.7%
China Polymetallic Mining Limited		8.3%
Polar Silver Resources Ltd		8.2%
Metals Exploration plc		6.7%
Ferrous Resources Limited		5.9%
South American Ferro Metals Limited		1.2%
Other Investments		2.5%
Net Cash, Equivalents and Accruals	-1.3%

Investment Update

Ivanhoe Mines Limited ("Ivanhoe")

With effect from 28 August 2013, Ivanplats Limited changed its name to Ivanhoe Mines Limited to reflect its evolution over the past few years from a singularly focused platinum group metals company into a multi-commodity mine development company.

During August 2013, Ivanhoe announced that key elements had been established for a new study to help set the stage for the cost-effective development of a mine and processing plant at the Kamoa copper discovery in the Democratic Republic of Congo. The key elements for the refocused development study will involve lower initial capital cost and significant smelting capacity.

During the month Ivanhoe's share price on the Toronto Stock Exchange rose 35% from C$1.45 to C$1.96 per share. The majority of the Company's holding is restricted by lock-up arrangements introduced on Ivanhoe's IPO and is carried at a 10% discount to the market price. During the month Ivanhoe also announced that it had obtained regulatory approval for a transaction structure that it contemplates would provide locked up shareholders with a right to release and sell locked up shares to a designated purchaser. Ivanhoe is in the process of discussions and negotiations with potential third party participants in the transaction, with any such transaction subject to finalisation of definitive commercial terms with one or more of those third parties.

China Polymetallic Mining Limited ("CPM")

On 28 August 2013, CPM announced its interim results for the six months ended 30 June 2013. Revenues were up 69.7% and net profits up 96.7% against the same period in 2012 as CPM continues to ramp up its Shizishan silver lead zinc mine. The results also include an initial contribution from the newly commissioned Dakuangshan silver lead zinc. It is of particular note that despite ongoing capital development commitments, CPM has decided to pay a maiden dividend demonstrating its confidence in the cash generation of its mines.

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") figure stated is 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 figure is set out in the Company's Prospectus dated 31 March 2010.

 

END

 

 

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