Baker Steel Resources Trust Ltd Net Asset Value(s) (2600B)
October 06 2015 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 2600B
Baker Steel Resources Trust Ltd
06 October 2015
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 October 2015
30 September 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 September 2015:
Net asset value per Ordinary Share: 40.0 pence
Since 31 August 2015, the NAV per share has decreased by 2.4%
largely due to falls in the share prices of Metals Exploration on
the AIM market of the London Stock Exchange and Ivanhoe Mines on
the Toronto Stock Exchange.
The Company had a total of 114,568,335 Ordinary Shares in issue
with 700,000 shares held in treasury as at 30 September 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 21.4%
Global Oil Shale Group plc 18.1%
Black Pearl Limited Partnership 15.7%
Bilboes Gold Limited 10.5%
Gobi Coal & Energy Limited 6.1%
Ivanhoe Mines Limited 5.5%
Metals Exploration plc 5.1%
Archipelago Metals Limited 4.9%
Ironstone Resources Limited 4.3%
China Polymetallic Mining Limited 3.2%
Other Investments 3.6%
Net Cash, Equivalents and Accruals 1.6%
Metals Exploration PLC ("Metals Ex")
On 18 September 2015, Metals Ex announced that although staged
commissioning of the processing plant at its Runruno gold project
in Philippines had commenced in July 2015, it still required a
number of operational and occupancy permits from the respective
Philippine regulatory authorities before full commissioning and
operations could commence. As a result of this permitting delay,
Metals Ex has decided to raise additional funds to ensure it has
sufficient working capital until it commences operations through to
sustaining cashflow. Once in full production Runruno is scheduled
to produce approximately 100,000 ounces of gold per annum.
Metals Ex's largest three shareholders agreed to a placing of
US$5 million of new shares at 3 pence per new Metals Ex share and
have also agreed to provide an additional US$5 million in debt
securities if there is a protracted delay in receiving the permits.
On 28 September 2015, Metals Ex extended the opportunity to
participate in the equity issue through an open offer of up to GBP3
million to all other shareholders, also at 3 pence per share.
The Company is encouraged by the continuing support of Metals
Ex's major shareholders and is considering the level of its
participation in the Open Offer, which also includes the
opportunity to make an application in excess of a shareholder's pro
rata entitlement.
During September 2015 the Metals Ex share price fell 28.6% to
3.125p per share.
Ivanhoe Mines Limited ("Ivanhoe")
On 23 September 2015, the government of the Democratic Republic
of Congo ("DRC") approved the sale by Ivanhoe of a 49.5% stake in
Kamoa Holdings Limited to Zijin Mining Group Co., ending a
potential dispute between Ivanhoe and the government. Kamoa
Holdings Limited currently owns 95% interest in the local operating
company, Kamoa Copper SA, which holds the licence to the Kamoa
copper project in DRC, the world's largest undeveloped high-grade
copper discovery.
Ivanhoe also agreed to the sale of 1% of its share interest in
Kamoa Holdings to Crystal River Global Limited for US$8.32 million.
Zijin will have the right to acquire this interest upon arranging
project finance for the Kamoa project. Ivanhoe is also currently
finalising the terms of a definitive agreement to increase the
government's stake in Kamoa Copper SA to 20% from 5%.
The cash proceeds on completion of the sale of the 50.5%
interest in Kamoa Holdings Limited will total US$420.3 million,
equivalent to approximately C$0.72 per share. Although immediately
following the announcement of the DRC approval, Ivanhoe's share
price rose, it subsequently slipped back to close the month at
C$0.65 per share, a fall of 18.75% during September 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 +44 20 7389 8237
Francis Johnstone
Trevor Steel
Numis Securities Limited +44 20 7260 1000
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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