Net Asset Value(s)

RNS Number : 1806A

Baker Steel Resources Trust Ltd

10 September 2018

 

BAKER STEEL RESOURCES TRUST LIMITED

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

 10 September 2018

31 August 2018 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 August 2018:

Net asset value per Ordinary Share:  54.9 pence

Since 31 July 2018 the NAV per share has decreased by 1.8% primarily due to falls in the market values of listed companies: Polymetal International PLC, Metals Exploration plc and Ivanhoe Mines Limited against a weak market background with the EMIX Global Mining Index down 8.6% during the month.

The Company had a total of 116,139,980 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 31 August 2018.

Portfolio Update

The Company's top 10 investments are as follows as a percentage of NAV:

Polymetal International PLC	28.8%
Bilboes Gold Limited	16.3%
Cemos Group plc	10.5%
Polar Acquisition Ltd	10.2%
Futura Resources Ltd	9.1%
Sarmin Mineral Exploration Inc	4.8%
Black Pearl Limited Partnership	4.2%
PRISM Diversified Inc	3.9%
Nussir ASA	3.3%
Metals Exploration plc	3.1%
Other Investments	4.7%
Net Cash, Equivalents and Accruals	1.1%

Investment Update

Polymetal International PLC (Polymetal)

On 21 August 2018 Polymetal announced its financial results for the six months ended 30 June 2018.

·    Adjusted EBITDA was US$305 million, an increase of 19% year-on-year, mostly driven by higher production volumes and commodity prices. The adjusted EBITDA margin increased by 1% to 39% (1H 2017: 38%).

·     Revenue in 1H 2018 increased by 16%, to US$ 789 million compared to 1H 2017 primarily driven by gold equivalent (GE) production growth of 11%.

·     All-in sustaining cash costs amounted to US$893/GE oz, decreased 1% year-on-year and well within Polymetal's guidance of US$875-925/GE oz.

·  An interim dividend of US$0.17 per share (1H 2017:US$0.14 per share), representing 50% of Polymetal Group's underlying net earnings for 1H 2018, has been declared and is payable on 28 September 2018.

Despite these strong interim figures Polymetal shares fell 3.2% during August against the weak market background during the month.

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 are set out in the Company's Prospectus dated 26 January 2015.

 

END

 

 

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