Net Asset Value(s)

RNS Number : 6342B

Baker Steel Resources Trust Ltd

05 April 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 April 2013

28 March 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 March 2013:

Net asset value per Ordinary Share:  109.0 pence

Diluted net asset value per Ordinary Share: 107.5 pence

During the month, the undiluted NAV per share decreased by 0.1%, with a partial recovery in  the share price of Ivanplats on the Toronto Stock Exchange balanced by falls in certain of the other listed shares in the portfolio.  

At 28 March 2013, the Company had a total of 66,142,533 Ordinary Shares and 13,085,150 Subscription Shares in issue. Holders of Subscription Shares had the final right to subscribe for Ordinary Shares at 100 pence per share in cash on 2 April 2013.

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

Ivanplats Limited		34.4%
Gobi Coal & Energy Limited		15.5%
Bilboes Gold Limited		8.4%
China Polymetallic Mining Company Limited		8.2%
Ironstone Resources Limited		8.2%
Black Pearl Limited Partnership		7.5%
Ferrous Resources Limited		6.5%
Polar Silver Resources Ltd		5.4%
Metals Exploration plc		3.9%
South American Ferro Metals Limited		1.9%
Other Investments		1.9%
Net Cash, Equivalents and Accruals	-1.8%

Investment Update

Metals Exploration plc ("Metals Exploration")

On 26 March 2013, Metals Exploration announced that it had obtained commitments to raise approximately US$57.7 million (before expenses) via a placing of new ordinary shares at a price of 7 pence per new ordinary share from certain existing shareholders including the Company. In addition Metals Exploration has entered into discussions to raise approximately US$70 million in debt funding for the purposes of constructing its Runruno gold mine in the Philippines. As part of these arrangements, the Company has committed to invest a further £1.4 million over the next seven months, approximately pro rata to its shareholding in Metals Exploration.

Following receipt of funds from the placing and the proposed debt funding, Metals Exploration expects that it will have sufficient capital in place to complete the construction of the mine at Runruno and finance the acquisition of a mining fleet for post construction operations. Once in full production, Runruno is planned to produce approximately 100,000 ounces of gold per annum.

China Polymetallic Mining Company Limited ("CPM")

On 25 March 2013, CPM, the Hong Kong Stock Exchange listed silver, lead and zinc mining company announced its final results for the year to 31 December 2012 which included a gross profit of RMB 390 million, a 623% increase on 2011, largely as a result of the ramp-up of the Shizishan Mine which reached its full production capacity of 2,000 tonnes per day in December 2012. With its second mine, Dakuangshan, planned to reach capacity in the third quarter 2013, and Shizishan at full capacity throughout 2013, a further increase in profitability is anticipated for 2013.

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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