Baker Steel Resources Trust Ltd Net Asset Value(s) (3212A)
June 07 2016 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 3212A
Baker Steel Resources Trust Ltd
07 June 2016
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 June 2016
31 May 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 May 2016:
Net asset value per Ordinary Share: 37.0 pence
Since 29 April 2016, the NAV per share has decreased by 1.9%
largely due to falls in the share prices of Metals Exploration plc
on the AIM market of the London Stock Exchange and of 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 31 May 2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 24.0%
Black Pearl Limited Partnership 17.7%
Metals Exploration plc 15.8%
Bilboes Gold Limited 9.1%
Ivanhoe Mines Limited 8.1%
Cemos Group plc 8.5%
Ironstone Resources Limited 5.2%
Gobi Coal & Energy Limited 2.7%
Archipelago Metals Limited 2.6%
China Polymetallic Mining Limited 2.4%
Other Investments 3.8%
Net Cash, Equivalents and Accruals 0.1%
Metals Exploration plc ("Metals Ex")
During May 2016, Metals Ex announced that it had commenced ore
commissioning and debugging of the processing plant and associated
operations following the lifting of the Partial Suspension Order by
the Mines & Geosciences Bureau Regional Office in the
Philippines at the end of April 2016.
Metals Ex also announced that it has been working with the two
bank lenders to the project to reschedule the debt repayment
profile as a result of the delay to the commencement of operations.
Resolution of this will be crucial to ensure the project does not
default on the first repayments due in June 2016.
During May 2016, Metals Ex fell 7% to 6.625 pence per share
following its 63% rise in April 2016.
Ivanhoe Mines Ltd ("Ivanhoe")
On 19 May 2016 Ivanhoe announced that it has initiated a
25,000-metre, in-fill and exploration drilling programme, at the
Kakula Discovery on the Kamoa Copper Mining Licence Area in the
Democratic Republic of Congo. The drilling campaign is a follow-up
to the exploration drilling in 2015, the results of which were
announced in January 2016 and included high grade intersections of
24.16 metres (24.13 metres true width) of 3.48% copper and 18.75
metres (18.47 metres true width) of 4.64% copper at a 1% copper
cut-off.
Kakula potentially represents a major extension of the Kamoa
copper deposit, approximately 10 kilometres southwest of the Kamoa
Project's planned initial mining area, at Kansoko Sud and is
expected to be well suited to low-cost, mechanised mining.
During May 2016, Ivanhoe shares fell back 8.0% to C$0.96 per
share on the Toronto Stock Exchange, following their 23.8% rise in
April 2016.
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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