Net Asset Value(s)

RNS Number : 8699O

Baker Steel Resources Trust Ltd

04 June 2020

 

BAKER STEEL RESOURCES TRUST LIMITED

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

4 June 2020

29 May 2020 Unaudited NAV Statement

Net Asset Value ("NAV")

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 29 May 2020:

Net asset value per Ordinary Share:  70.0 pence

The NAV per share increased by 1.0% against the NAV per share at 30 April 2020, largely due to an increase in the share prices of the listed securities in the portfolio and weakening of Sterling.

The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 29 May 2020 .

Portfolio Update

The Company's top 12 investments at 29 May 2020 were as follows as a percentage of NAV:

Bilboes Gold Limited	18.1%
Futura Resources Ltd	17.2%
Polar Acquisition Ltd	10.1%
Tungsten West Limited	8.9%
Cemos Group plc	8.4%
Azarga Metals Corp	5.3%
Mines & Metals Trading Peru PLC	5.2%
Nussir ASA	4.3%
Black Pearl Limited Partnership	3.8%
Anglo Saxony Mining Limited	3.5%
Sarmin Minerals Exploration	3.1%
PRISM Diversified	2.2%
Other Investments	3.2%
Net Cash, Equivalents and Accruals	6.7%

Investment Update

Liquidity Diversification

During May 2020, the Company decided to diversify the liquid portion (listed securities) of its portfolio which it considered to be prudent particularly in the light of current volatile markets. Accordingly, the Company's holdings in Polymetal International Plc and Ivanhoe Mines Ltd were sold down during the month to take advantage of the recent strong rises in their respective share prices. The cash generated from these sales is in the process of being reinvested in a spread of listed precious metal shares, selection of which will  draw on the research and expertise of the Investment Manager's highly rated gold and precious metals team. These investments will all be highly liquid and be held in the portfolio to provide a source of working capital and until the funds are required for reinvestment in the Company's core strategy so that the Company remains fully invested in the mining market.

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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