Portfolio update and potential issue of equity

RNS Number : 6424G

Baker Steel Resources Trust Ltd

16 May 2011

 



BAKER STEEL RESOURCES TRUST LIMITED ("the Company")

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

16 May 2011

Portfolio update and potential issue of equity

As at 28 April, the Company was 92.5% invested. A further investment to which the Company has recently committed would take this to approximately 97% invested.

In addition it is noted that Ivanhoe Nickel and Platinum Limited ("Ivanplats") which represented 25.3% of the Company's NAV at the end of April, has convened a shareholder meeting to approve a reorganisation ahead of a planned IPO. Speculation in the media has suggested that a potential IPO for Ivanplats could be at a substantial premium to the Company's current carrying value. This would increase further the percentage of the Company's portfolio represented by Ivanplats.

As part of the proposed reorganisation of Ivanplats, the Company's holding would be subject to a lock-up period. The Company is therefore considering the possibility of an issue of equity in order to facilitate portfolio diversification as well as to take advantage of a pipeline of new investment opportunities currently being considered by the Investment Manager.

Enquiries:

Baker Steel Resources Trust Limited [phone]

Francis Johnstone
Trevor Steel

Winterflood Investment Trusts [phone]/0250

Robert Peel

James Moseley

RBC Capital Markets [phone]

Martin Eales

Pelham Bell Pottinger

Lorna Spears    [phone]

Damian Beeley [phone]

Charles Vivian [phone]

 

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