Baker Steel Resources Trust Ltd Net Asset Value(s) (5490G)

TIDMBSRT

RNS Number : 5490G

Baker Steel Resources Trust Ltd

09 August 2016

BAKER STEEL RESOURCES TRUST LIMITED

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

9 August 2016

29 July 2016 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 29 July 2016:

Net asset value per Ordinary Share: 40.0 pence

Since 30 June 2016, the NAV per share has increased by 3.4%, largely due to the 41% increase in the share price of Ivanhoe Mines on the Toronto Stock Exchange.

The Company had a total of 114,568,335 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 June 2016.

Portfolio Update

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

 
 Polar Silver Resources Ltd            28.0% 
 Metals Exploration plc                16.6% 
 Bilboes Gold Limited                  16.1% 
 Ivanhoe Mines Limited                  9.5% 
 Cemos Group plc                        7.8% 
 Black Pearl Limited Partnership        5.7% 
 Ironstone Resources Limited            5.3% 
 Gobi Coal & Energy Limited             2.8% 
 Archipelago Metals Limited             2.7% 
 China Polymetallic Mining              2.7% 
 Other Investments                      2.8% 
 Net Cash, Equivalents and Accruals     0.0% 
 
 

Metals Exploration PLC ("Metals Ex")

During July 2016 the Company participated in a US$5 million equity placing by Metals Ex at 5 pence per share to provide working capital. The start of commissioning to Metals Ex's Runruno Gold Mine in Indonesia was delayed by the damage from a super typhoon in 2015 and the necessary rehabilitation work. This had the knock on effect that Metals Ex was unable to meet the original loan schedule which it is in the process of renegotiating with the project lenders. Metals Ex had originally hoped to conclude these negotiations by the end of June 2016 when the first tranche of loan repayment and interest was due. However the discussions to reschedule the debt repayments have taken longer than Metals Ex management expected and although the debt repayment was deferred by the lenders, Metals Ex was still required to pay the interest due. This drained the project of the required working capital during the Project's commissioning. Metals Ex anticipates the debt restructuring to be completed by the end of August 2016 and the Runruno project to have ramped up to design specification by the end of October 2016.

Once in full production, the Runruno project is expected to produce approximately 100,000 ounces of gold per annum.

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 26 January 2015.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 09, 2016 02:01 ET (06:01 GMT)