Net Asset Value(s) January 2015

RNS Number : 0904E

Baker Steel Resources Trust Ltd

05 February 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 February 2015

30 January 2015 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 January 2015:

Net asset value per Ordinary Share:    44.4 pence

Since 31 December 2014, the NAV per share has decreased by 1.1% largely due to a 25% fall in the share price of Ivanhoe Mines on the Toronto Stock Exchange.  

At 30 January 2015, the Company had a total of 71,703,776 Ordinary Shares in issue.

Portfolio Update

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

Black Pearl Limited Partnership	21.3%
Polar Silver Resources Ltd	18.0%
Bilboes Gold Limited	15.2%
Gobi Coal & Energy Limited	8.9%
Metals Exploration plc	8.1%
Ivanhoe Mines Limited	6.7%
Global Oil Shale Group plc	6.6%
China Polymetallic Mining Limited	4.7%
Ironstone Resources Limited	4.4%
Ferrous Resources Limited	3.1%
Other Investments	3.0%
Net Cash, Equivalents and Accruals	0.0%

Potential Acquisitions and Issue of Equity

On 27 January 2015, the Company announced that it had conditionally agreed to acquire additional assets for equity in the Company, valued at approximately £18.6 million as at 31 December 2014, together with proposals to raise up to £100 million through a Placing and Open Offer of new Ordinary Shares. The proposals are subject to an Extraordinary General Meeting of the Company on 23 February 2015.

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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