Net Asset Value(s)

RNS Number : 9078Q

Baker Steel Resources Trust Ltd

05 September 2014

 



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 2014

29 August 2014 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 29 August 2014:

Net asset value per Ordinary Share:  55.2 pence

During the month, the NAV per share increased by 0.5% largely due to a fall in the exchange rate of Sterling against the US$ and C$ in which the majority of the Company's investments are denominated.

At 29 August 2014, the Company had a total of 71,703,776 Ordinary Shares in issue.

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

Black Pearl Limited Partnership		14.8%
Ivanhoe Mines Limited		13.8%
Polar Silver Resources Ltd		13.1%
Ironstone Resources Limited		12.9%
Bilboes Gold Limited		10.4%
Metals Exploration plc		9.6%
Ferrous Resources Limited		6.5%
Gobi Coal & Energy Limited		6.5%
Global Oil Shale Group plc		4.7%
China Polymetallic Mining Limited		4.5%
Other Investments		3.2%
Net Cash, Equivalents and Accruals		0.0%

Investment Update

Global Oil Shale Group plc ("GOS")

During the month the Company made a further investment of £200,000 to acquire new shares in GOS following the initial investment during July 2014. This investment allowed GOS to commence a confirmatory resource drilling programme at its Tarfaya oil shale project in Morocco in ahead of GOS's pre-IPO fundraising to which the Company has committed a further £585,000 as announced on 1 September 2014. Tarfaya currently has a non compliant historic resource estimate containing 376 million barrels of shale oil. The drilling programme has been planned to allow the deposit to be defined in accordance with the standards of the JORC Code as produced by the Australasian Joint Ore Reserves Committee.

Ivanhoe Mines Limited ("Ivanhoe")

During August 2014, Ivanhoe announced the appointment of BMO Capital Markets Limited and Morgan Stanley & Co. International plc as financial advisers to conduct a strategic review of its Kamoa and Kipushi projects in the Democratic Republic of Congo (DRC). The strategic review will initially focus on the potential introduction of third-party strategic investors and/or joint-venture parties for the Kamoa and Kipushi projects. Ivanhoe will also continue to examine other corporate and project-level options such as a corporate reorganisation; project spin-offs (including potentially separating its South African platinum assets and its DRC copper and zinc assets into separately listed public companies); sales or joint-ventures; project- or corporate-level debt and/or equity investments; and additional and/or alternative stock-exchange listings for certain of Ivanhoe's projects.

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

Numis Securities Limited                                   [phone]

David Benda (corporate)

James Glass (sales)

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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