Net Asset Value(s)

RNS Number : 5454J

Baker Steel Resources Trust Ltd

08 April 2015

 



BAKER STEEL RESOURCES TRUST LIMITED

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

8 April 2015

31 March 2015 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 March 2015:

Net asset value per Ordinary Share:     43.3 pence

Since 27 February 2015, the NAV per share has risen by 1.9% largely due to an increase in the price of Ivanhoe Mines on the Toronto Stock Exchange and appreciation of the US Dollar against Sterling.

On 5 March 2015, the Company issued 1,376,470 new Ordinary Shares for the acquisition of 1,462,500 ordinary shares in Global Oil Shale Group plc. As a result the Company had a total of 115,268,365 Ordinary Shares in issue as at 31 March 2015.

Portfolio Update

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

Polar Silver Resources Ltd	20.0%
Global Oil Shale Group plc	18.5%
Black Pearl Limited Partnership	13.9%
Bilboes Gold Limited	9.8%
Ivanhoe Mines Limited	7.6%
Metals Exploration plc	5.9%
Gobi Coal & Energy Limited	5.7%
Archipelago Metals Limited	4.5%
Ironstone Resources Limited	3.0%
China Polymetallic Mining Limited	2.8%
Other Investments	7.2%
Net Cash, Equivalents and Accruals	1.1%

Ivanhoe Mines Limited ("Ivanhoe")

During March 2015 Ivanhoe announced that China's largest gold producer and second largest copper producer, Zijin Mining Group, had agreed to acquire a 9.9% stake in Ivanhoe by investing approximately C$105 million to help advance Ivanhoe's three mine-development projects in Africa. Under the terms of the agreement, Ivanhoe will issue 76,817,020 common shares to Zijin through a private placement at a price of C$1.36 per share.

Importantly, Ivanhoe also disclosed that it is in detailed discussions with Zijin about the strategic co-development of Ivanhoe's Kamoa copper discovery in the Democratic Republic of Congo. The financing of Kamoa will be the key to unlocking a significant portion of the latent value within Ivanhoe.

Red 5 Limited ("Red 5")

As part of the Acquisition of Assets transaction which closed in February 2015, the Company acquired a 1.8% interest in Australian Stock Exchange listed Red 5, whose principal asset is the Siana gold project situated on the island of Mindanao in the Philippines. 

Red 5 announced in March 2015 that commissioning of the new thickener and re-commissioning

of the process plant are progressing well, with 64,902 tonnes of ore being processed up to 28 February 2015. Once in full production the Siana mine is expected to produce approximately 65,000-75,000 ounces of gold per annum.

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 26 January 2015.

 

END

 

 

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