Net Asset Value(s)

RNS Number : 6549G

Baker Steel Resources Trust Ltd

05 March 2015

 



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 2015

27 February 2015 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 27 February 2015:

Net asset value per Ordinary Share:     42.5 pence

Since 31 January 2015, the NAV per share has decreased by 4.3% largely due to a fall in the price of Ivanhoe on the Toronto Stock Exchange and the dilution and expenses associated with the acquisition of assets and the Open Offer completed on 25 February 2015. The NAV per share at 27 February 2015 is 0.2% lower than that used for the acquisition of assets as calculated on 18 February 2015.

On 25 February 2015, the Company issued a total of 38,819,601 new ordinary shares in relation to the acquisition of additional assets. In addition the Company issued a total of 3,368,488 new ordinary shares in respect of cash subscriptions under the Open Offer to all shareholders. As a result the Company had a total of 113,891,865 Ordinary Shares in issue as at 27 February 2015.

Portfolio Update

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

Polar Silver Resources Ltd	19.8%
Global Oil Shale Group plc	17.9%
Black Pearl Limited Partnership	13.7%
Bilboes Gold Limited	9.7%
Metals Exploration plc	7.1%
Ivanhoe Mines Limited	6.9%
Gobi Coal & Energy Limited	5.7%
Archipelago Metals Limited	4.5%
China Polymetallic Mining Limited	3.0%
Ironstone Resources Limited	3.0%
Other Investments	7.4%
Net Cash, Equivalents and Accruals	1.3%

Global Oil Shale Group plc ("GOS")

On 1 September 2014, the Company announced that it had agreed to subscribe £585,000 as part of a pre-IPO fundraising being undertaken by GOS. This commitment has today been satisfied through the issue of 1,376,470 new Ordinary Shares of the Company at a price of 42.5 pence per share (equivalent to the latest NAV per Share of the Company).

GOS is a private oil shale explorer and developer whose key assets are the Julia Creek oil shale project in Queensland Australia which has a JORC Compliant Indicated Resource of 240 million barrels published in May 2013 and an Inferred Resource of 1.9 billion barrels of shale oil and the

Tarfaya project in Morocco containing JORC compliant measured resources of 308 million barrels of shale oil (November 2014). GOS has undertaken a preliminary economic assessment on Tarfaya which estimates a first phase development with a capital cost of US$322 million, producing 4,100 barrels of oil equivalent per day at an operating cost of US$27.9 per barrel. It envisages a second phase raising total production to 26,500 barrels of oil equivalent per day.

Application has been made for the 1,376,470 new Ordinary Shares to be admitted to listing on the premium segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. It is expected that Admission will take place at 8.00am on 10 March 2015.

Following the issue the Company will have 115,268,335 Ordinary Shares in Issue.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com 

Enquiries:

Baker Steel Resources Trust                             [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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